Eloro Resources intersects Significant Tin Mineralization (0.17% Sn over 52.75m) in Mina Casiterita Property and also Receives Strong Results from Infill Holes at Santa Barbara Deposit, Potosi Department, Bolivia
Eloro Resources intersects Significant Tin Mineralization (0.17% Sn over 52.75m) in Mina
Casiterita Property and also Receives Strong Results from Infill Holes at Santa Barbara
Deposit, Potosi Department, Bolivia
Tin mineralization at Casiterita is located 2km southwest of the Santa Barbara deposit
indicating that the overall Iska Iska mineralizing system is much more extensive, as predicted
from geophysical data. Further drilling is required to fully evaluate this prospective target area.
Holes DHK-31, DSB-53 and DSB-54, drilled to fill-in gaps in drill coverage in the eastern part
of the Santa Barbara deposit, returned well mineralized intersections as follows:
o 125.99g Ag eq/t (12.99g Ag/t, 1.76% Zn and 0.45% Pb) over 125.79m including
257.66 g Ag eq/t (44.82g Ag/t, 3.34% Zn and 1.17% Pb) over 8.94m (DHK-31)
o 177.41g Ag eq/t (28.89g Ag/t, 1.02% Zn, 0.43% Pb and 0.19% Sn) over 60.14m
including 1,228 g Ag eq/t (305.21g Ag/t, 0.21 g Au/t, 2.81% Zn, 2.74% Pb and 1.64%
Sn) over 4.49m (DHK-31)
o 128.23g Ag eq/t (7.86g Ag/t, 2.06% Zn and 0.37% Pb) over 85.52m including 165.82
g Ag eq/t (7.99g Ag/t, 2.69% Zn and 0.44% Pb) over 29.95m (DSB-54)
o 185.07g Ag eq/t (12.38g Ag/t, 0.11 g Au/t, 2.95% Zn and 0.38% Pb) over 24.04m
including 483.12 g Ag eq/t (31.24g Ag/t, 0.24 g Au/t, 7.94% Zn and 0.89% Pb) over
7.62m (DSB-54)
o 83.98g Ag eq/t (5.88g Ag/t, 1.27% Zn and 0.21% Pb) over 34.56 and 67.14 g Ag
eq/t (10.25g Ag/t, 0.79% Zn and 0.32% Pb) over 34.33m (DSB-53)
Holes DSB-55 and DSB-56 drilled in the southern extension of the Santa Barbara deposit
100m and 200m, respectively, south of previous drilling intersected:
o 145.69g Ag eq/t (6.37g Ag/t, 0.17 g Au/t, 1.94% Zn and 0.29% Pb) over 70.79m
including 341.78g Ag eq/t (12.75g Ag/t, 0.66 g Au/t, 4.31% Zn and 0.54% Pb) over
10.55m (DSB-55),
o 159.55g Ag eq/t (13.97g Ag/t, 0.36g Au/t, 1.16% Zn, 0.20% Pb and 0.29% Cu) over
54.10m including 329.05g Ag eq/t (36.32g Ag/t, 0.85g Au/t, 1.89% Zn, 0.36% Pb
and 0.68% Cu) over 12.01m (DSB-56), and
o 241.06g Ag eq/t (12.77g Ag/t, 0.33 g Au/t, 2.70% Zn, 0.34% Pb and 0.44% Cu) over
22.59m including 411.52g Ag eq/t (22.71g Ag/t, 0.43g Au/t, 4.70% Zn. 0.58% Pb
and 0.82% Cu) over 10.54m (DSB-56)
o These holes extend the strike length of the Santa Barbara deposit to over 1,400m,
still open in all directions.
Toronto, Canada, August 22, 2023 – Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE:
P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from reconnaissance drilling
on the Mina Casiterita Property (8 holes totalling 5,726.8m), additional definition drilling on the
eastern margin and southern extension of the Santa Barbara deposit (5 holes totalling 4,223.7m) and
reconnaissance drilling in the Porco-Mina 2 area (3 holes totalling 2,544.9m). In total 16 holes totaling
20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868-9168
TSX Symbol: ELO www.elororesources.com
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12,495.4m have been completed as shown in Figure 1 (Casiterita/Porco-Mina 2) and Figure 2 (Santa
Barbara). Table 1 provides the coordinates of the drill holes for which results are reported in this
press release and Table 2 lists information for holes for which assay results are still pending.
Significant results are listed in Tables 3 (Casiterita), 4 and 5 (Santa Barbara) and 6 (Porco-Mina 2).
Tom Larsen, CEO of Eloro, said: “We are encouraged by the initial drilling results from Mina
Casiterita, especially considering the reconnaissance nature of the drill program. The grade and width
intersected in hole DCT-03, considering the recently reported positive “ore-sorting” results (see Eloro
press release dated July 26, 2023), is attractive particularly with the higher-grade sections. Continued
diamond drilling is being delayed pending the finalization of the granting of the mining rights process
for the Mina Casiterita and Mina Hoyada properties (“Additional Properties”), through the signing of
Administrative Mining Contracts between the regional Jurisdictional Administrative Mining Authority
in Bolivia and the Additional Properties Title Holder, from whom the properties are being acquired.”
Mr. Larsen further noted: “Upon completion of this internal process within the Bolivian mining
regulator AJAM, Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L. will consolidate its one hundred
percent (100%) participation in the Additional Properties, pursuant to its option agreement with the
vendor. In connection with this transaction, 200,000 common shares of Eloro will be issued to acquire
the capital quotas of the Additional Properties Title Holder (see Eloro press release dated November
22, 2022).”
Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “The inaugural
mineral resource is near completion and is expected to be released by the end of August. Following
completion of the recent $6.9 million bought deal financing (see Eloro press release dated August 3,
2023), the planned next phase of work at Iska Iska has begun. The work plan consists of an initial
5,600m of definition drilling at Santa Barbara to better define higher grade areas in the shallower
parts of the potential pit to enhance earlier payback; drilling of four PQ metallurgical holes totaling
1,250m for further metallurgical tests including “ore-sorting”; and preparation of a PEA, including
required site work, on the Santa Barbara deposit. The project budget includes allowances for
important ESG and community support programs, a grav ity survey over Iska Iska to test for the
deeper tin porphyry and for exploration, including geophysical surveys on the outside properties.”
Reconnaissance Diamond Drilling Mina Casiterita
The Mina Casiterita property which ties on to the southwest part of the Iska Iska (Porvenir) property
as shown in Figure 1, is underlain by Ordovician sedimentary rocks which have been intruded by a
large dacitic dome which is in the central part of the property. Geophysical surveys outlined an
extensive strong conductivity anomaly at least 1km long in the centre of the property (see Eloro press
release dated February 14, 2023). There are numerous artisanal tin workings on the property with
production from 1962 to 1964 reported by the Departamento Nacional de Geología (National
Department of Geology) in Bolivia to be 69.85 tonnes grading 50.60% Sn, which is a typical grade
of Sn concentrate achieved by conventional gravity separation.
Eight (8) holes totalling 5,726.8m were drilled on the Casiterita property. As show in Figure 1, Holes
DCT-01 and DCT-02 were drilled in the eastern side of the property. Hole DCT-03, drilled in the
northwestern corner of the property, tested an area with numerous artisanal tin workings while holes
DCT-04 to DCT-08 inclusive tested a section across the centre of the property. These latter five
holes intersected the large dacitic dome that underlies the centre of the property.
Widespread lower grade sulphide mineralization was intersected in all holes in vein breccias, veins,
veinlets and replacement zones. Typical minerals were pyrite, sphalerite, hematite, jarosite,
cassiterite with local arsenopyrite and chalcopyrite. Oxidation typically extends to a depth of 50m
followed by a 10-15m thick transitional zone. The widespread sulphides explain the strong
conductivity anomaly over the area.
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The best results were obtained from hole DCT-03, collared in vicinity of the artisanal mine workings
in the northwestern part of the property, which returned 0.17% Sn, 5.48 g Ag/t and 0.15 g Au/t over
52.75m from 70.20m to 122.95m which included higher grade intersections of 0.35% Sn and 0.35 g
Au/t over 6.11m from 89.59m to 95.70m and 1.02% Sn and 0.14 g Au/t over 4.54m from 116.96m
to 121.50m. The higher-grade tin occurs as cassiterite in quartz veins/vein breccias cutting the
Ordovician sediments on the margin of the dacitic intrusion.
Sn mineralization at Casiterita is located 2km southwest of the Santa Barbara deposit indicating that
the overall Iska Iska mineralizing system is much more extensive as predicted from geophysical data
(see Eloro press release February 14, 2023). Further drilling outside the dacitic dome in the
Ordovician sediments and deeper for the source of the tin mineralization is required to fully evaluate
this prospective target area.
Santa Barbara Drilling Eastern/Southern Extension
Initial modeling of the Santa Barbara mineralization indicated that there were gaps in drilling in the
eastern part of the deposit that needed to be filled in.
Hole DHK-31 drilled in the northeastern part of the Santa Barbara deposit, returned well mineralized
intersections as follows:
125.99g Ag eq/t (12.99g Ag/t, 1.76% Zn and 0.45% Pb) over 125.79m from 174.32 to
300.11m including:
o 255.65 g Ag eq/t (11.41g Ag/t, 0.30 g Au/t, 1.76% Zn and 10.45% Pb) over 8.07m
from 174.32m to 182.39m,
o 257.66 g Ag eq/t (44.82g Ag/t, 3.34% Zn and 1.17% Pb) over 6.00m from 256.55m
to 265.49m, and
o 259.18 g Ag eq/t (36.64g Ag/t, 3.43% Zn and 1.10% Pb) over 8.94m from 277.53 to
283.53m.
177.41g Ag eq/t (28.89g Ag/t, 1.02% Zn, 0.43% Pb and 0.19% Sn) over 60.14m including
o 244.92 g Ag eq/t (13.69g Ag/t, 0.21 g Au/t, 2.81% Zn, 2.74% Pb and 1.64 %Sn)
over 13.69m
o 1,228 g Ag eq/t (305.21g Ag/t, 0.21 g Au/t, 2.81% Zn, 2.74% Pb and 1.64 %Sn)
over 4.49m
Holes DSB-53 and DSB-54 , drilled to fill-in a drilling gap as shown in Figure 2, returned well
mineralized intersections as follows:
128.23g Ag eq/t (7.86g Ag/t, 2.06% Zn and 0.37% Pb) over 85.52m from 280.88. to
366.40m including 165.82 g Ag eq/t (7.99g Ag/t, 2.69% Zn and 0.44% Pb) over 29.95m
from 294.33m to 324.28m (DSB-54)
185.07g Ag eq/t (12.38g Ag/t, 0.11 g Au/t, 2.95% Zn and 0.38% Pb) over 24.04m from
459.88m to 483.92m including 483.12 g Ag eq/t (31.24g Ag/t, 0.24 g Au/t, 7.94% Zn and
0.89% Pb) over 7.62m from 473.34 to 480.96m (DSB-54)
83.98g Ag eq/t (5.88g Ag/t, 1.27% Zn and 0.21% Pb) over 34.56 from 373.35m to 407.91m
and 67.14 g Ag eq/t (10.25g Ag/t, 0.79% Zn and 0.32% Pb) over 34.33m 529.40m to
563.73m (DSB-53)
The results from these two holes have been incorporated into the drill database for estimation of the
inaugural mineral resource estimate expected in the latter part of August. Results from DHK-31 as
well as DSB-55 and DSB-56 outlined below were received after the cutoff date for the assay database
of the inaugural MRE.
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Holes DSB-55 and DSB-56 were drilled to further test the southern extension of the Santa Barbara
deposit as shown in Figure 2. Hole DSB-55 was co llared 100m south of previous drilling while hole
DSB-56 was collared a further 100m south. Significant results are as follows:
145.69g Ag eq/t (6.37g Ag/t, 0.17g Au/t, 1.94% Zn, and 0.29% Pb) over 70.79m from
417.80m to 488.59m (DSB-55), including:
o 341.78g Ag eq/t (12.75g Ag/t, 0.66g Au/t, 4.31% Zn, 0.54% Pb and 0.03%Sn) over
10.55m from 417.80m to 428.35m (DSB-55)
159.55g Ag eq/t (13.97g Ag/t, 0.36g Au/t, 1.16% Zn, 0.20% Pb and 0.29% Cu) over 54.10m
from 303.05m to 357.15m including:
o 329.05g Ag eq/t (36.32g Ag/t, 0.85g Au/t, 1.89% Zn, 0.36% Pb and 0.68% Cu) over
12.01m from 307.52m to 319.53m (DSB-56),
241.06g Ag eq/t (12.77g Ag/t, 0.33 g Au/t, 2.70% Zn, 0.34% Pb and 0.44% Cu) over
22.59m from 307.52m to 319.53m including:
o 411.52g Ag eq/t (22.71g Ag/t, 0.43g Au/t, 4.70% Zn. 0.58% Pb and 0.82% Cu) over
10.54m from 420.42m to 430.96m (DSB-56)
These two holes collectively extend the strike length of the Santa Barbara deposit to over 1,400m;
still open in all directions.
Reconnaissance Drilling Porco – Mina 2 Area
Three (3) reconnaissance drill holes, two at Po rco (DPC-14 and DPC-15) and one at Mina 2 were
completed to test across the valley between the Iska Iska Caldera and Mina Casiterita (Figure 1). All
of these holes intersected Ordovician sediments that form the basement rocks of the caldera.
Hole DPC-15 intersected 81.99 g Ag eq/t (12.52 g Ag/t, 0.16g Au/t, and 0.11% Sn) over 15.14m
from 225.31m to 240.45m as well as a number of shorter lower grade sections. The Ordovician
sediments are typically the least favourable host rocks at Iska Iska but the high intensity of the Iska
Iska mineralizing system has mineralized even thes e sediments. Assays for DPC-13 and DPC-14
are pending.
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Figure 1: Geological Map of the Mina Casiterita and Porco-Mina 2 Target Areas Showing
Locations of Diamond Drill Holes. Holes reported in this release are highlight in red circles.
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Figure 2: Geological Map of the Santa Barbara Deposit area in Iska Iska Showing Locations
of Diamond Drill Holes. Holes reported in this release are highlighted in yellow circles.
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Table 1: Summary of Drill Hole Coordinates and Collar Orientations for Holes Reported in
this Release.
DIAMOND DRILLING ISKA ISKA – HOLES REPORTED AUGUST 22, 2023
Hole No. Type Collar
Easting
Collar
Northing Elev. Azimuth Angle Hole Length
(m)
Reconnaissance Drilling Mina Casiterita
DCT-01 S 204593.4 7654163.2 3853.2 225° -80° 757.5
DCT-02 S 204990.12 7654151.2 3819.3 180° -60° 194.5
DCT-03 S 202658.37 7654496.9 4080.3 220° -50° 407.2
DCT-04 S 203499.22 7654100.5 4044.1 220° -55° 841.4
DCT-06 S 203695.25 7654499.8 4019.2 220° -50° 905.2
DCT-07 S 203695.81 7654500.4 4019.2 220° -70° 834.3
Subtotal 3,940.1
Fill-in Drilling Eastern Extension Santa Barbara
DHK-31 S 205528.3 7656225.6 4153.7 270° -65° 914.3
DSB-53 S 205748.03 7655773.6 4050.0 225° -60° 872.4
DSB-54 S 205818.59 7655694.5 4039.9 225° -60° 815.3
Subtotal 2,602.0
Drilling Southern Extension Santa Barbara
DSB-55 S 206029.4 7655483.5 4006.1 225° -60° 806.3
DSB-56 S 206103.7 7655419.5 3997.4 225° -60° 815.4
Subtotal 1,621.7
Reconnaissance Drilling Porco-Mina 2 Area
DPC-15 S 205254.76 7654636.6 4056.9 200° -45° 803.4
Subtotal 803.4
TOTAL 8,967.2
S = Surface UG=Underground; collar coordinates in meters; azimuth and dip in degrees. Total drilling
completed since the start of the 2023 program on Februa ry 26, 2023, is 12,495.4m in 16 holes. Total drilling
since start of the Iska Iska project in September 2020 is 96,990.9m in 138 holes.
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Table 2: Summary of Diamond Drill Holes in the Santa Barbara Deposit Extension and
Porco-Mina 2 Area with Assays Pending as of August 22, 2023.
DIAMOND DRILLING ISKA ISKA – HOLES ASSAYS PENDING
Hole No. Type Collar
Easting
Collar
Northing Elev. Azimuth Angle Hole Length
(m)
Reconnaissance Drilling Mina Casiterita
DCT-05 S 203499.6 7654100.5 4044.2 180° -75° 1,160.4
DCT-08 S 203499.51 7654100.0 4044.3 40° -65° 626.3
Subtotal 1,786.7
Exploration Drilling Porco-Mina 2 Area
DPC-13 S 205887.61 7654859.3 4089.917 180° -47° 833.1
DPC-14 S 205255.13 7654636.5 4056.835 180° -45° 908.4
Subtotal 1741.5
TOTAL 3,471.2