Eloro Resources Opens Up Major Tin Zone Intersecting 33m grading 1.39% Sn within 87m grading 0.74% Sn in its Definition Drilling Program at its Iska Iska Deposit, Potosi Department, Bolivia Tin mineralization is hosted in an extensive intrusion breccia unit (TIB) that is approximately
Eloro Resources Opens Up Major Tin Zone Intersecting 33m grading 1.39% Sn within 87m
grading 0.74% Sn in its Definition Drilling Program at its Iska Iska Deposit, Potosi
Department, Bolivia
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
High grade tin mineralization in Hole DSB-72 reported here occurs as visible coarse-grained
high temperature cassiterite which is likely to be amenable to gravity separation. Core from
this hole will be used for additional metallurgical testing.
Geophysically, the intrusion breccia has low chargeability which contrasts considerably with
the adjacent later epithermal Ag-Zn-Pb mineralizati on which is marked by a strong
chargeability anomaly.
The intrusive breccia is very likely an offshoot or apophysis from a large tin porphyry at depth.
The likely top of this tin porphyry is marked by a highly conductive zone that is interpreted as
a pyrite-pyrrhotite halo around this porphyry. Sim ilar pyritic halos have been reported from
other major tin deposits in the Bolivian Tin Belt.
With this discovery of a presumed shallow level apophysis of a tin porphyry at depth, Eloro is
in a unique position of having two discernable different deposit styles juxtaposed against one
another; a very large silver-zinc-lead dominant system next to a high-grade tin system. While
these two systems are likely genetically related, this means that the Company may potentially
have two world class deposits on the same property.
Toronto, Canada, January 23, 2025 – Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE:
P2QM) (“Eloro”, or the “Company”) is pleased to announce further assay results from its definition
diamond drilling program in the potential Santa Bar bara starter pit area in the Iska Iska silver-tin
polymetallic project in the Potosi Department of southwestern Bolivia. To date 5145.8m of diamond
drilling have been completed in ten (10) holes. PQ core size has been used for all holes in this
program to obtain larger, more representative core samples.
Hole DSB-72 is the first hole completed into the tin domain. Table 1 below lists significant results for
this hole and Figure 1 shows locations of all the d efinition drill holes completed to date and in
progress. Silver equivalent values (g Ag eq/t) hav e been calculated using 3-year average metal
prices and preliminary metallurgical recoveries (see note below Table 1 for more information). Table
2 lists the coordinates of the drill holes completed and in progress.
Hole DSB-72, collared 160m southwest of previously reported dri ll hole DSB-69 (see Eloro press
release of January 6, 2025) returned a long high grade tin intersection grading 1.39% Sn over 33m
from 339.80m to 372.80m within 0.74% Sn over 87m from 291.8m to 378.8m. The higher grade
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zone displays cassiterite veins within well mineral ized breccia; individual 1.5m long samples
encompassing veins returned values of 6.65%Sn, 4.97%Sn, 3.50% Sn and 2.75%Sn.
Notably, in the upper part of this hole, higher grade silver mineralization of 24.48 g Ag/t over 45.0m
was intersected from 117.80m to 162.80m.
During the early stages of the reconnaissance expl oration drilling program at Iska Iska, significant
wide spaced tin intersections were reported as summarized in Table 2; the most notable being 0.43%
Sn over 73.29m in hole DSB-06, 1.18% Sn over 11.52m in hole DSB-17, 0.25% Sn over 82.11m
in hole DSB-25 and 1.41% over 21.25m including 3.08% Sn over 9.04m in hole DSB-33 (see Eloro
press releases – April 12, 2021, September 20, 2022 and October 5, 2022). All of these intersections
are now recognized to be in the intrusion breccia (TIB) unit. Locations of these drill holes pierce points
are shown in Figure 2, a longitudinal section showi ng distribution of chargeability. The intrusion
breccia has low chargeability which contrasts considerably with the adjacent later epithermal Ag-Zn-
Pb mineralization which is marked by a strong chargeability anomaly.
Tin mineralization is hosted in an extensive intrus ion breccia unit (TIB) that is approximately 750m
long by 450m wide and extends to a depth of least 7 00m. Previous wide space reconnaissance
drilling has intersected a number of significant Sn intersections (see Table 3 below) in this breccia
unit which is very under-drilled. High grade tin m ineralization in Hole DSB-72 occurs as visible
coarse-grained high temperature cassiterite which i s likely to be amenable to gravity separation.
Core from this hole will be used for additional metallurgical testing.
The intrusive breccia is very likely an offshoot or apophysis from a large tin porphyry at depth. The
likely top of this tin porphyry is marked by a high ly conductive zone that is interpreted as a likely
pyrite-pyrrhotite halo around this porphyry. Similar pyritic halos have been reported from other major
tin deposits in the Bolivian Tin Belt.
Dr. Osvaldo Arce, P.Geo., Eloro’s Executive Vice President, Latin America and General Manager of
Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., said: “Our understanding of the immense
mineralizing system at Iska Iska continues to advan ce leading to the very targeted definition drill
program which is producing very good results and co ntinuing to expand resource potential. Areas
with significant tin mineralization occur where min eralizing fluids were deposited through intrusion
breccias and injection tourmaline breccias in favor able lithologies and structures forming enriched
bodies with significant resource potential.”
Dr. Arce continued: “Bolivia, since the early 1900s, has been a global tin producer, presently ranked
as the world’s fourth largest tin producer, together with other metals including silver, zinc, antimony,
and lithium. Tin has been produced for over 100 yea rs. The tin deposits are mainly located in the
Bolivian Tin Belt that extends over 1,000 km in len gth making it one of the largest tin metallogenic
belts worldwide. In 2019, this belt accounted for approximately 6% of global tin production, 5% of
silver and 1.5% of tungsten (USGS 2020).”
He further commented: “Some of the most outstanding deposits are named as “Bolivian-type”
polymetallic veins and classified as "giant”, such as Cerro Rico de Potosí (Ag, Sn), Llallagua (Sn),
Chorolque (Sn), and the Peruvian San Rafael (Cu-Sn) mine. These deposits are large, mineralized
masses as combinations of veins, veinlets, stockworks, and disseminations. Llallagua is the largest
vein-type tin deposit in Bolivia and one of the lar gest in the world, where total production has been
estimated at more than one million tonnes of tin. Chorolque, located 30km north of Iska Iska contains
extensive tin mineralization grading 0.3-0.5% Sn, hosted mostly in intrusion and intrusive breccias in
rhyodacite intrusion. The San Rafael underground tin mine in Peru, located in the northern extension
of the Bolivian tin belt, where approximately 12% of the world's tin is produced, is one of the world's
richest hydrothermal tin Iodes. In these deposits, large-scale, structurally complex, cassiterite-
bearing hydrothermal veins (“tin Iodes”) are commonly characterized by high grade tin (1-5 % Sn),
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and most of these deposits have been reported to contain in excess of 1,000 tonnes Sn, with some
hosting greater than 50,000 tonnes Sn.”
Dr. Bill Pearson, P.Geo., Executive Vice President, Exploration noted: “The specific mineralized
domains at Iska Iska, i.e. an earlier Sn-Ag porphyr y system followed by a later Ag-Zn-Pb high
sulphidation epithermal event, are readily evident in the chargeability section shown in Figure 2
below. The recognition of the extensive intrusion breccia unit (TIB) which was only marginally drilled
previously is a major step forward in focussing further exploration drilling, especially for tin. Our goal
continues to be to upgrade and expand the mineral r esource at Iska Iska to form the basis for the
planned PEA. The more we drill, however, the more we expand this remarkable mineralized system
which has yet to be completely defined in any dimension.”
Table 1: Definition Diamond Drill Results as of January 23, 2025, Santa Barbara, Iska, Iska
SANTA BARBARA DEFINITION DIAMOND DRILL RESULTS
Hole No. From (m) To (m) Length (m) Ag Zn Pb Sn Ag eq
g/t % % % g/t
DSB-72 38.30 65.30 27.00 6.84 0.00 0.01 0.34 73.01
84.80 96.80 12.00 8.20 0.00 0.06 0.17 42.52
117.80 162.80 45.00 24.48 0.02 0.04 0.12 46.12
192.80 194.30 1.50 33.30 0.00 0.38 1.97 422.20
209.30 213.80 4.50 4.60 0.00 0.02 0.24 51.04
245.30 249.80 4.50 16.70 0.00 0.32 0.20 61.56
291.80 378.80 87.00 2.62 0.00 0.03 0.74 147.41
Incl. 339.80 372.80 33.00 3.49 0.00 0.08 1.39 275.12
425.30 428.30 3.00 0.30 0.01 0.00 0.32 62.09
434.30 435.80 1.50 1.40 0.01 0.01 0.59 116.64
606.80 622.55 15.75 3.70 0.02 0.07 0.17 39.19
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, Iska Iska. The
yellow circle highlights the location of the hole in this release.
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Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Reported, Completed
and in Progress at Iska Iska as of January 23, 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 205390.0 7656251.0 4220.0 225° -50° 402.9
DSB-69 S 205262.0 7656133.0 4291.8 225° -85° 502.0
DSB-70 S 205460.0 7656319.0 4191.0 225° -50° 467.3
DSB-71 S 205203.0 7656016.0 4282.0 225° -85° 533.7
DSB-72 S 205088.0 7656107.0 4341.0 225° -85° 653.4
DSB-73 S 205291.0 7656269.0 4273.0 225° -85° 479.6
DSB-74 S 205205.0 7656072.0 4305.6 225° -75° 470.5
DSB-75 S 205310.0 7656329.0 4257.0 225° -85° 605.4
DSB-76 S 205022.0 7656003.0 4342.0 225° -85° 521.60
Subtotal 4,636.4
Southeast Extension Exploration Drilling
DSE-01 S 206198.0 7655779.0 4000.0 225° -65° 509.4
Subtotal 509.4
TOTAL 5,145.8
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 5,073.4m in 10 holes with 1 hole in progress. Since the start of the drilling at Iska Iska on
September 20, 2020, a total of 108,344.3m in 162 dr ill holes (32 underground holes and 130 surface hol es) have been
completed.
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Table 3: Summary of Significant Sn Assay Results in Early Reconnaissance Diamond
Drilling, Santa Barbara area.
SANTA BARBARA TIB DDH RESULTS
SURFACE DIAMOND DRILLING
Hole No. From (m) To (m) Length (m) Ag Zn Pb Sn Ag eq
g/t % % % g/t
DSB-06 402.48 475.77 73.29 5.99 0.02 0.00 0.43 89.03
DSB-12 487.76 505.80 18.04 10.19 0.22 0.03 0.13 43.12
594.44 618.51 24.07 10.18 0.05 0.01 0.10 30.66
717.52 738.57 21.05 7.80 0.39 0.03 0.14 47.24
DSB -17 330.66 342.48 11.82 5.19 0.01 0.03 1.18 235.30
624.82 642.96 18.14 30.61 0.02 0.01 0.13 53.23
Incl. 639.95 642.96 3.01 106.47 0.03 0.01 0.47 187.43
DSB-18 401.80 435.68 33.88 3.49 0.01 0.02 0.09 22.16
DSB -23 598.13 631.24 33.11 22.28 0.31 0.07 0.10 51.50
613.50 625.19 11.69 38.19 0.12 0.07 0.19 77.18
655.17 676.33 21.16 13.29 0.07 0.04 0.10 34.46
Incl. 668.67 676.33 7.66 22.87 0.07 0.05 0.15 52.50
DSB -25 356.93 439.04 82.11 25.01 0.01 0.03 0.25 71.61
Incl. 379.18 397.11 17.93 55.88 0.01 0.04 0.53 153.60
DSB -27 130.56 132.10 1.54 9.00 0.86 0.54 0.80 204.18
515.37 516.87 1.50 12.00 1.04 0.03 0.11 67.28
DSB -33 259.92 282.51 22.59 16.39 0.00 0.02 0.11 35.62
Incl. 262.93 268.89 5.96 32.45 0.00 0.06 0.16 61.89
354.98 376.23 21.25 8.86 0.00 0.01 1.41 282.74
Incl. 356.56 365.60 9.04 16.16 0.00 0.02 3.08 615.47
673.43 682.44 9.01 15.66 0.01 0.01 0.11 36.11
DSB-45 280.28 305.84 25.56 10.17 0.02 0.03 0.09 27.91
Incl. 298.27 302.82 4.55 21.75 0.03 0.03 0.27 73.29
506.84 509.86 3.02 15.00 0.20 0.05 0.27 74.44
578.10 592.40 14.30 15.88 0.21 0.02 0.13 46.06
Incl. 584.05 589.35 5.30 19.23 0.33 0.02 0.30 86.13
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.
For complete results on the holes listed above, please refer to Eloro press releases dated April 13,
2021 (DSB-06), February 23, 2022 (DSB-12), September 20, 2022 (DSB-17, DSB-18, DSB-23, DSB-
25 and DSB-27), October 5, 2022 (DSB-33) and April12, 2023 (DSB-45).
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Figure 2: Longitudinal Section Showing Major High Chargeability Domain (Epithermal Ag-
Zn-Pb) and Low Chargeability Domain (Intrusion Breccia -TIB- Sn-Ag). Location of Section
Line is shown on the plan map in Figure 2.
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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 Eloro’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.
IP/Res surveys were carried out by MES Geophysics u sing Eloro’s ELREC-Pro 10 channel IP
receiver and GDD 3600 watt IP transmitter. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of
Intelligent Exploration provided the survey design, preparation of the maps and interpretation of data
processed, and quality reviewed by Mr. Rob McKeown, P. Geo. of MES Geophysics. Messrs. Hale,
Gilliatt and McKeown are Qualified Persons (“QP”) as defined under National Instrument 43-101 (“NI
43-101”).
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 followed the same analytical
protocols used as with ALS and with the same QA/QC protocols.
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