Eloro Resources Intersects Significant Intervals of Silver and Tin-rich Mineralization in Step- out Drilling at its Iska Iska Ag-Sn-Polymetallic Project, Potosi Department, Bolivia
Eloro Resources Intersects Significant Intervals of Silver and Tin-rich Mineralization in Step-
out Drilling at its Iska Iska Ag-Sn-Polymetallic Project, Potosi Department, Bolivia
Hole DSB-76, a stepout hole 100m south-southeast of discovery hole DSB-72, intersected a
high-grade silver zone in the upper part of the hol e grading 129.57 g Ag/t over 52.50m
beginning at 151.50m including a higher grade secti on of 252.64 g Ag/t over 25.50m
beginning at 171.00m.
This hole intersected significant deeper tin minera lization returning 0.31% Sn over 28.50m
beginning at 334.50m and including 0.63%Sn over 3.0m and 1.32%Sn over 3.0m, 0.15%
Sn over 10.50m beginning at 406.50m and 0.24% Sn over 10.50m beginning at 490.50m.
Hole DSB-77 , collared 50m west of discovery hole DSB-72, intersected a number of
significant tin intersections:
0.23% Sn and 5.89 g/t Ag over 79.50m beginning at 1.50m including 0.30% Sn and 5.15
g/t Ag over 19.50m beginning at 7.50m and 0.36% Sn and 4.64 g/t Ag over 16.50m
beginning at 55.50m ,
0.13% Sn and 14.08 g/t Ag over 69.00m beginning at 126.00m including 0.33% Sn over
7.50m beginning at 135.00m ,
0.24% Sn over 63.0m beginning at 280.50m including 0.48% Sn over 24.0m beginning
at 307.50m , and
0.37% Sn over 31.5m beginning at 501.00m including 0.79% Sn over 10.50m beginning
at 501.00m and 0.55% Sn over 4.50m beginning at 528.00m.
The broad tin intersections in both drill holes con tain visually coarse-grained cassiterite
which is likely to be amenable to gravity separation . Further TIMA mineralogy is planned
to confirm cassiterite grain size and other mineral ogical attributes associated with tin
recovery.
This definition drill program has clearly demonstra ted that as drill hole density within the
deposit is increased, grades, especially for silver and tin, notably appear to increase .
Eloro thinks this trend is likely to continue as fu rther drilling is undertaken in the next drill
campaign. In addition, recent definition drilling h as consistently reduced and/or eliminated
areas that were previously modeled as waste within the resource model due to lack of drilling.
Toronto, Canada, April 15, 2025 – Eloro Resources L td. (TSX: ELO; OTCQX: ELRRF; FSE:
P2QM) (“Eloro”, or the “Company”) is pleased to announce the final assay results from its 10-hole
definition diamond drilling program in the potentia l Santa Barbara starter pit area in the Iska Iska
silver-tin polymetallic project in the Potosi Department of southwestern Bolivia. A total of 5,799.4m
of diamond drilling have been completed in eleven ( 11) holes in this phase of drilling. Assays are
pending for the one step out hole on the SE chargea bility anomaly. Figure 1 shows the location of
drill holes reported, Table 1 lists significant assay results and Table 2 lists drill hole coordinates.
20 Adelaide Street East, Suite 200, Toronto, Ontari o CANADA M5C 2T6 Tel.: (416) 868-9168
TSX Symbol: ELO www.elororesources.com
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Tom Larsen, Eloro’s CEO commented: “The definition drilling phase completed this year at Iska Iska
has resulted in the step-out intersection of additi onal mineralization and provided new information
regarding the geometry of the zone at depth in both the tin and the silver polymetallic domains. We
are very excited that we have intersected significa nt silver-tin mineralization in all ten holes of th e
First Phase Definition Drilling Program, stepping out from our discoveries between 2021 and 2023.
These results will add greatly to the potential economic value in the next phase PEA study and will
assist to plan more systematic future drilling at the Santa Barbara zone. With the successful closing
of our recent financing (see Eloro’s press release dated April 8, 2025), we are well positioned to
continue drilling to further expand resources and increase grade in the highly prospective feeder zone
area of Santa Barbara.”
Dr. Bill Pearson, P.Geo., Executive Vice President, Exploration for Eloro added: “The definition drill
program has been designed to fill-in major gaps in the resource block model as well as upgrade and
expand the higher-grade silver and tin zones both along and across strike in the potential starter pit
area at Santa Barbara. As noted by Micon International Limited, authors of the National Instrument
43-101 (“NI 43-101”) Technical Report detailing the initial Iska Iska mineral resource estimate
(“MRE”) (see Eloro press release dated October 17, 2023), the highest-grade areas in the mineral
resource model are also the best drilled. The geological and geophysical signature of the Iska Iska
mineralizing system indicates that it is very extensive and continuously mineralized. This definition
drill program has clearly demonstrated that as dril l density in the deposit is improved, grades,
especially for silver and tin, increase. This tren d is likely to continue with further drilling plann ed in
the next phase. In addition, the definition drilling has reduced and/or eliminated areas that previously
were waste in the resource model due to lack of drilling data.”
Definition Drill Program, Santa Barbara Potential Starter Pit Area
Holes DSB-76 and DSB-77 were drilled on the western margin of the potential starter pit area at
Santa Barbara as shown in Figure 1. Hole DSB-76 is located 100m southeast of discovery hole DSB-
72 and DSB-77 is located 50m to the west of hole DS B-72. Both holes intersected significant tin
mineralization in intrusion breccia (TIB), the principal host for higher grade tin mineralization at Iska
Iska (see Eloro press releases dated January 23, 2025 and February 20, 2025 for further detail). Tin
intersections in both holes are visibly coarse cass iterite which are likely to be amenable to gravity
separation. Further TIMA mineralogy is planned to c onfirm cassiterite grain size and other
mineralogical attributes associated with tin recovery.
Hole DSB-76, which was primarily a tin stepout hole, intersected a high grade silver zone in the upper
part of the hole grading 129.57 g Ag/t over 52.50m from 151.5m to 204.0m including a higher grade
section of 252.64 g Ag/t over 25.5m from 171.0m to 196.5m.
This hole intersected significant deeper tin minera lization returning 0.31% Sn over 28.50m from
334.50m to 363.0m including 0.63%Sn over 3.0m and 1.32%Sn over 3.0m ; 0.15% Sn over 10.50m
from 406.50m to 417.0m; and 0.24% Sn over 10.50m from 490.50m to 501.0m.
Hole DSB-77 intersected a number of significant tin intersections as follows:
0.23% Sn and 5.89 g/t Ag over 79.50m from 1.5m to 81.0m including:
o 0.30% Sn and 5.15 g/t Ag over 19.50m from 7.5m to 27.0m
o 0.36% Sn and 4.64 g/t Ag over 16.50m from 55.5m to 72.0m
0.13% Sn and 14.08 g/t Ag over 69.00m from 126.00m to 195.00m including 0.33% Sn over
7.50m from 135.00m to 142.50m
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0.24% Sn over 63.0m from 280.5m to 343.5m including 0.48% Sn over 24.0m from 307.5m
to 331.50m
0.37% Sn over 31.5m from 501.00m to 532.50m including:
o 0.79% Sn over 10.50m from 501.00m to 511.50m
o 0.55% Sn over 4.50m from 528.00m to 532.50m
Further definition drilling to continue to test for high grade tin mineralization in the intrusive bre ccia
(TIB) unit will be a major focus for the next phase definition diamond drill program in the Santa
Barbara potential starter pit area. Additional loc ations where more definition drilling can potentially
further upgrade and expand the high grade silver-polymetallic domain mineralization have also been
identified.
Appointment of Colin Belshaw, IEng, as Vice President Mining
Eloro is pleased to announce the appointment of Col in Belshaw, IEng, as Vice President Mining,
effective April 15, 2025. Colin has extensive international mining experience in base metals and gold
in both open pit and underground operations, ten years of which included narrow vein underground
mining at the South Crofty tin mine in Cornwall, England. His Cornwall experience is relevant in view
of the marked similarities between South Crofty’s tin operations and many of those in Bolivia. Colin’s
extensive previous operational experience at General Manager level, VP Operations level, and COO
level will add to the strong geological and metallurgical expertise of the existing team. Colin studied
mining engineering at the Camborne School of Mines in Cornwall and is a Fellow of the UK’s
Institution of Materials Minerals and Mining (FIMMM ). Colin stated, “I am delighted to accept the
position with Eloro and look forward to assisting t he team with the development of the Iska Iska
polymetallic project.”
Eloro Retains CPM Group
Eloro also announces that it has retained CPM Group LLC, led by CPM Managing Partner, Jeffrey
M. Christian, as consultants to provide research and advisory services related to silver, commodities
in general, and financial matters related to silver and mining. Additionally, Eloro will sponsor CPM
Group’s 2025 Silver Yearbook, due for release May 2 7, 2025. CPM’s Silver Yearbooks have been
produced since the early 1970s and represent the mo st detailed and accurate estimates of silver
supply, fabrication demand, investment demand, and global inventories. CPM provides a range of
research and financial advisory services related to precious metals and commodities, advising a
range of institutional investors, governments, central banks, producers, and other companies. Jeffrey
M. Christian has been a prominent expert on silver, gold, platinum group metals, copper, and other
commodities, including financial engineering aimed at improving its clients’ exposure to precious
metals and commodities prices.
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Table 1: Definition Diamond Drill Results as of April 15, 2025, Santa Barbara, Iska, Iska
SANTA BARBARA DEFINITION DIAMOND DRILL RESULTS – AG-ZN-PB POLYMETALLIC DOMAIN
Hole No. From (m) To (m) Length (m) Ag Zn Pb Sn Ag eq
g/t % % % g/t
DSB-76 118.50 139.50 21.00 3.01 0.00 0.23 0.15 38.04
151.50 204.00 52.50 129.57 0.00 0.02 0.07 128.42
Incl. 171.00 196.50 25.50 252.64 0.00 0.01 0.07 237.20
222.00 232.50 10.50 21.07 0.00 0.02 0.11 40.45
277.50 297.00 19.50 11.05 0.00 0.03 0.14 37.03
303.00 310.50 7.50 10.10 0.00 0.00 0.08 23.82
334.50 363.00 28.50 1.76 0.00 0.01 0.31 63.13
Incl. 337.50 340.50 3.00 8.85 0.00 0.03 0.63 130.95
Incl. 354.00 357.00 3.00 1.25 0.00 0.04 1.32 259.81
406.50 417.00 10.50 0.30 0.00 0.01 0.15 28.82
435.00 450.00 15.00 0.81 0.01 0.01 0.13 26.63
490.50 501.00 10.50 0.39 0.02 0.01 0.24 47.22
DSB-77 1.50 81.00 79.50 5.89 0.00 0.01 0.23 51.30
Incl. 7.50 27.00 19.50 5.15 0.00 0.01 0.30 63.10
Incl. 55.50 72.00 16.50 4.64 0.00 0.01 0.36 75.36
126.00 195.00 69.00 14.08 0.00 0.01 0.13 37.86
Incl. 135.00 142.50 7.50 9.20 0.00 0.00 0.33 72.81
220.50 223.50 3.00 19.00 0.00 0.23 0.31 83.18
280.50 343.50 63.00 2.81 0.00 0.01 0.24 50.27
Incl. 307.50 331.50 24.00 3.94 0.00 0.01 0.48 97.02
355.50 357.00 1.50 1.00 0.00 0.10 0.49 98.31
501.00 532.50 31.50 2.02 0.01 0.01 0.37 74.00
Incl. 501.00 511.50 10.50 4.50 0.01 0.02 0.79 159.56
Incl. 528.00 532.50 4.50 1.00 0.00 0.00 0.55 108.49
568.50 580.50 12.00 2.63 0.01 0.00 0.15 32.06
Note: True width is approximately 80% of core length. Si lver equivalent (Ag eq) grades are calculated using
3-year average metal prices of Ag = US$24.14/oz, Zn = US$1.36/lb , Pb = 0.98/lb and Sn = US$13.74/lb, and
preliminary metallurgical recoveries of Ag = 88%, Zn = 87%, Pb= 80% and Sn = 50%. In selecting intervals,
a cutoff grade of 30 g Ag eq/t has been used. Lowe r grade material may be included in intersections w here
geological continuity is warranted.
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Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara zone, Iska Iska. The
yellow circles highlight the location of holes DSB-76 and DSB-77 referred to in this release.
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Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Completed at Iska Iska
as of April 15, 2025
SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No. Type Collar
Easting
Collar
Northing Elev Azimuth Angle Hole
Length (m)
Santa Barbara Surface Definition Drill Holes Reported and In Progress
DSB-68 S 205390 7656251 4220.0 225° -50° 402.9
DSB-69 S 205262 7656133 4291.8 225° -85° 502.0
DSB-70 S 205460 7656319 4191.0 225° -50° 467.3
DSB-71 S 205203 7656016 4282.0 225° -85° 533.7
DSB-72 S 205088 7656107 4341.0 225° -85° 653.4
DSB-73 S 205291 7656269 4273.0 225° -85° 479.6
DSB-74 S 205205 7656072 4305.6 225° -75° 470.5
DSB-75 S 205310 7656329 4257.0 225° -85° 605.4
DSB-76 S 205022 7656003 4342.0 225° -85° 521.6
DSB-77 S 205035 7656126 4357.0 225° -85° 653.6
Subtotal 5,290 .0
Southeast Extension Exploration Drilling
DSE-01 S 206198.0 7655779.0 4000.0 225° -65° 509.4
Subtotal 509.4
TOTAL 5,799.4
S = Surface; collar coordinates in metres; azimuth and dip in degrees. Total drilling since start of the definition drilling
program on October 4, 2024 is 5,799.0m in 11 holes. Since the start of the drilling at Iska Iska on S eptember 20,
2020, a total of 108,997.9m in 162 drill holes (32 underground holes and 130 surface holes) have been completed.
Qualified Person (“QP”)
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President, Exploration, and a Qualified Person (“QP”)
as defined by National Instrument (“NI”) 43-101 has reviewed and approved the technical content of
this news release. Dr. Pearson who has more than 5 0 years of worldwide mining exploration,
development and production experience, including extensive work in South America, manages the
overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Executive Vice President,
Latin America for Eloro and General Manager of Elor o’s Bolivian subsidiary, Minera Tupiza S.R.L.,
and a QP in the context of NI 43-101, who has supervised all field work carried out at Iska Iska.
Eloro utilized both ALS and AHK for drill core anal yses, both of whom are major international
accredited laboratories. Drill samples sent to ALS were prepared in both ALS Bolivia Ltda’s
preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps
sent to the main ALS Global laboratory in Lima for analysis. Eloro employs an industry standard
QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed
with selected check samples sent to a separate accredited laboratory.
Drill core samples sent to AHK Laboratories were pr epared in a preparation facility installed and
managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Check samples
between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical
protocols used as with ALS and with the same QA/QC protocols.
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About Iska Iska
The Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly
controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza
city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option
to earn a 100% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic porphy ry-epithermal complex associated with a Miocene
possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes,
dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical
extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits
such as San Vicente, Chorolque, Tasna and Tatasi, a ll located along the same overall geological
trend.
Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska
on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant
breccia pipe with extensive silver polymetallic min eralization just east of the Huayra Kasa
underground workings and a high-grade gold-bismuth zone in the underground workings. On
November 24, 2020, Eloro announced the discovery of the Santa Barbara Breccia Pipe (SBBP)
approximately 150m southwest of the Huayra Kasa underground workings.
Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the
SBBP including the discovery hole from 0.0m to 257. 5m. Subsequent drilling has confirmed the
presence of significant values of Ag-Sn polymetalli c mineralization in the SBBP and the adjacent
Central Breccia Pipe (CBP). A substantive minerali zed envelope which is open along strike and
down-dip extends around both major breccia pipes. Continuous channel sampling along the walls of
the Santa Barbara Adit located to the east of SBBP returned average grades of 164.96 g Ag/t,
0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 446 g Ag/t, 9.03% Pb and 1.16% Sn over
56.19m. The west end of the adit intersects the end of the SBBP.
Since the initial discovery hole DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb,
0.080%Cu and 0.056%Sn over 257.5m, Eloro has released a number of significant drill results in the
SBBP and the surrounding mineralized envelope which, along with geophysical data, has defined an
extensive target zone. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the
initial inferred MRE for Iska Iska, prepared by independent consultants Micon International Limited.
The MRE was reported in two domains, the Polymetallic (Ag-Zn-Pb) Domain which is primarily in the
east and south of the Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the
west and north.
The Polymetallic Domain is estimated to contain 560Mt at 13.8 g Ag/t, 0.73% Zn & 0.28% Pb at an
NSR cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40 for potential
underground. The majority of the mineral resource is contained in the constraining pit which has a
stripping ratio of 1:1. The Polymetallic Domain con tains a higher-grade mineral resource at a NSR
cutoff of $US25/t of 132 million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a net NSR
value of US$34.40/t which is 3.75 the estimated operating cost of US$9.20/t. The Tin Domain which
is adjacent to the Polymetallic Domain and does not overlap, is estimated to contain a mineral
resource of 110Mt at 0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.
Results of the definition drill program which totalled 5,267.7m in 11 holes were reported on December
18, 2023 and January 11, 2024, respectively. Significant results included 279.22 g Ag/t, 0.47% Pb
and 0.43% Sn (339.82g Ag eq/t) over 62.84m and 33.83 g Ag/t, 1.53% Zn, 0.93% Pb and 0.14% Sn
(130.88g Ag eq/t) over 178.99m including 120.37 g Ag/t, 2.13% Zn, 1.57% Pb and 0.19% Sn in hole
DSB-61; 57.62g Ag/t, 1.26% Zn, 0.94% Pb and 0.12% S n (139.94g Ag eq/t) over 136.11m in hole
DSB-66 and 118.86g Ag/t, 0.35% Zn, 0.35% Pb and 0.15% Sn (152.29g Ag eq/t) over 81.28m in hole
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DSB-65. This latter intersection in hole DSB-65 included a very high-grade sample of 5,080g Ag/t,
0.12 g Au/t, 0.26% Zn, 1.34% Pb, 1.53% Cu and 1.27% Sn (4,746.46g Ag eq/t) over 1.46m.
Metallurgical tests reported on January 23, 2024 fr om a 6.3 tonne PQ drill core bulk sample
representative of the higher grade Polymetallic (Ag -Zn-Pb) Domain returned a significantly higher
average silver value of 91 g Ag/t compared to the w eighted average grade of the original twinned
holes at 31 g Ag/t strongly suggesting that the ave rage silver grade is likely significantly
underreported in the original twinned holes due to the much smaller sample size.
On January 29, 2024, the Company reported that the new chargeability high outlined southeast of
the MRE open pit by the expanded induced polarizati on (IP) survey indicates that the major
mineralized structural corridor that is up to 800m wide extends a further 600m along strike to the
southeast for an overall strike length of at least 2km. This new area has not been drilled.
The Company reported on July 30, 2024, that updated modelling of the potential starter pit area at
Santa Barbara zone highlights the importance of com pleting additional drilling to better define the
grade and extent of the mineral resource in this area. Areas with higher-grade resource typically have
much better drilling density but holes outside the core potential pit area are too widely spaced to give
an accurate estimate of grade.
On September 4, 2024, the Company announced the res tart of definition drilling in the potential
starter pit area at Santa Barbara. Previous drilli ng has shown that areas with high-grade
mineralization typically have much better drilling density, whereas holes outside the core area are
too widely spaced to give an accurate grade estimat e. This increased drilling density is particularly
important for defining the extent of the high-grade Ag-bearing and Sn-bearing structures, and for
categorizing the mineral resources from inferred to indicated, which have a major influence on overall
grade and resources that will contribute to the preliminary economic assessment (“PEA”).
Results from the first definition drill hole DSB-68 were released on November 26, 2024. This hole
intersected 66.90g Ag/t, 0.63% Zn, 0.42% Pb and 0.11% Sn (111.1 4g Ag eq/t) over 289.13m
including higher grade intervals of:
126.10g Ag/t, 0.55% Zn, 0.60% Pb and 0.09% Sn (160.72g Ag eq/t) over 122.03m,
47.61g Ag/t, 0.22% Zn, 0.40% Pb and 0.45% Sn (146.06g Ag eq/t) over 16.51m, and
25.52g Ag/t, 2.19% Zn, 0.65% Pb and 0.10% Sn (129.60g Ag eq/t) over 7.46m
Further drill results were released on January 6, 2025:
Hole DSB-69 intersected 127.49g Ag/t, 0.50% Zn, 0.16% Pb and 0.31% Sn (193. 00g Ag
eq/t) over 41.25m within a broader interval of 49.71g Ag/t, 0.78% Zn, 0.32% Pb and 0.15%
Sn (106.97g Ag eq/t) over 142.50m.
Hole DSB-70 intersected, 45.71g Ag/t, 3.11% Zn, 1.91% Pb and 0.23% Sn (232.3 5g Ag
eq/t) over 81.00m within a broader interval of 30.08g Ag/t, 1.63% Zn 0.98% Pb and 0.13%
Sn (127.89g Ag eq/t) over 255.75m
Hole DSB-71 intersected 53.17 Ag/t, 0.72% Zn, 0.40% Pb and 0.19% Sn (116.62 g Ag eq/t)
over 45.00m within a broader interval of 29.26 Ag/t, 0.58% Zn, 0.22% Pb and 0.11% Sn
(71.46g Ag eq/t) over 127.50m.
On January 23, 2025, the Company reported discovery hole DSB-72 that opens up a major tin zone
intersecting 33m grading 1.39% Sn within 87m grading 0.74% Sn. Tin mineralization is hosted in an
extensive intrusion breccia unit (TIB) that is approximately 750m long by 450m wide and extends to
a depth of at least 700m. Previous wide space reconnaissance drilling has intersected a number of
significant Sn intersections in this breccia unit which is very under-drilled