Eloro Resources Outlines an Extensive IP Conductivity Anomaly on the Casiterita property adjacent to the Iska Iska Silver-Tin Polymetallic Project, Southern Bolivia
Eloro Resources Outlines an Extensive IP Conductivity Anomaly on the Casiterita property
adjacent to the Iska Iska Silver-Tin Polymetallic Project, Southern Bolivia
Magnetic data strongly suggest that a large intrus ive body lies below the Iska Iska Caldera
Complex and that it is nearer to surface on the Casiterita property. This intrusive is
approximately 5km long by 3 km wide.
Diamond drilling and geophysical surveys are in pr ogress to test for a potential major tin
porphyry south of Iska Iska and on the adjacent Casiterita property.
Toronto, Canada. February 14, 2023 – Eloro Resource s Ltd. (TSX-V: ELO; OTCQX: ELRRF;
FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce results of additional modeling of
ground magnetic data and completion of an initial Induced Polarization/Resistivity survey (“IP/Res”)
on the Casiterita property adjoining the Iska Iska Silver-Tin Polymetallic property (“Iska Iska”) to the
southwest. These new data, combined with previous magnetic modeling and borehole IP/Res
surveys (“BHIP”) on Iska Iska, have significantly enhanced the understanding of the overall geological
environment on both properties and outlined major n ew targets for exploration on the optioned
Casiterita property (see Eloro’s news release dated November 22, 2022).
Figure 1 is a plan map showing the combined magnetic analytical signal for Iska Iska and Casiterita.
These data strongly suggest that an intrusive body approximately 5 km long by 3 km wide extends
across both properties.
Figure 2, is a longitudinal section of an updated 3 -D inverse magnetic model incorporating new
magnetic data from Casiterita showing the remarkable continuity of the magnetic anomaly from the
Santa Barbara Deposit area southwards to Casiterita , a distance of 4.5km. Along this section, late
east-west striking faults progressively down drop t he magnetic body to the south before it is again
uplifted across a graben structure immediately sout h of Porco-Mina 1-2. It is believed that the
magnetic anomalies to the south potentially reflect a major tin porphyry for which we see evidence in
the drill results on the southwest side of Santa Ba rbara and in deep holes where the bottom
intersections typically contain tin.
Five East-West lines of Pole-Dipole IP/Res were surveyed across from the southern Iska-Iska block
into the Casiterita property with eight 50m dipoles providing a depth of investigation approaching
200m. Figure 3 is a plan map showing the 3D conductivity model in Iska Iska from BHIP (previously
released) along with the contoured conductivity fro m the new IP/Res data at an elevation of 100m
below surface on Casiterita. This new anomaly exten ds for approximately 1km along strike and is
across all five lines. It is readily evident that t he strong conductivity anomaly outlined on Iska Isk a
continues southwards onto Casiterita, reflecting th e enormous potential size of the mineralizing
system of the underlying intrusive.
Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice Pre sident, Exploration commented: “Geophysics
continues to be a very effective exploration tool at Iska Iska and now at the Casiterita property. We
plan additional BHIP and IP/Res lines in the Porco area north of the magnetic anomaly to tie this area
to the major conductive zone further south. Drilling has commenced, initially in the Porco and Mina
20 Adelaide Street East, Suite 200, Toronto, Ontari o CANADA M5C 2T6 Tel.: (416) 868-9168
TSX.V Symbol: ELO www.elororesources.com
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1-2 areas, then will move into the Casiterita prope rty to test this major target for a potential tin
porphyry once old roads are rehabilitated and drill pads prepared.”
Dr. Chris Hale, P.Geo, Eloro’s Chief Geophysicist c ommented: “The conductor revealed by the
Casiterita IP/Resistivity survey is remarkable both for its strength and its areal extent. The
coincidence of conductive and magnetic anomalies suggests that pyrrhotite may be responsible for
both expressions. The highly conductive, deep sulphide zone found in Iska Iska BHIP surveys and
intersected in several deep diamond drill holes now appears to extend southward into Casiterita
where the lower elevation allows it to be detected nearer to surface. This is an important marker
because such sulphide zones commonly occur as halos around many Bolivian tin porphyry deposits.”
Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’ s Bolivian subsidiary, Minera Tupiza, S.R.L.
and an expert on Bolivian metalliferous deposits notes: “The Iska Iska polymetallic system is a large
multi-stage porphyry deposit overprinted by a high to intermediate-sulphidation epithermal deposit. It
is part of the extensive Bolivian porphyry tin belt, which follows a NW-SE structural corridor for some
100 km through Iska Iska northwestwards including T asna, Chorolque, Tatasi-Portugalete and
Chocaya-Animas-Siete Suyos mining districts. All of these deposits are the classic Bolivian silver-
tin polymetallic-type.”
Dr. Arce continued: “The deposit at Iska Iska is centered on granodioritic porphyry stocks, which were
postdated by dacitic volcanic domes and closely ass ociated with large magmatic-hydrothermal
breccias. Alteration-mineralization zoning is well developed: silicic and argillic alteration overprinted
quartz-tourmaline and sericite assemblages that grade outward to propylitic alteration. The deposit,
which is product of widespread hydrothermal activity from approximately 14 to 12 million years ago,
is profoundly telescoped. Epithermal overprinting o n porphyry alteration and mineralization is
characterized by veins and fracture filling as well as replacement textures between multiple episodes
of alteration and deposition of sulphide minerals.”
He concluded that:” Iska Iska when compared with other polymetallic deposits in the region, including
the large systems at Tatasi-Portugalete and Chocaya-Animas-Siete Suyos, is unique geologically as
it is a synthesis of all of these deposit types, since it includes the highest level mineralized phreatic
breccias down to the much deeper tin porphyry. The Iska Iska system has been remarkably
preserved due to the erosionally resistant Ordovici an quartz sandstone basement rocks and the
silicification associated with the porphyry-epither mal mineralization. It was not found historically
because intense oxidation stripped all the metals near surface.”
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Figure 1: Plan map of Analytical Signal for Iska Is ka and Casiterita showing likely extent of
major magnetic intrusive body.
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Figure 2: North-South Longitudinal Section showing Inverse Magnetic Susceptibility Model.
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Figure 3 – Plan Map showing location of Major Conductivity Anomaly on Iska Iska from BHIP
and on the newly surveyed area on Casiterita. Section A-B is the modelled conductivity on
Line 54200N
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Qualified Person
Dr. Osvaldo Arce, P. Geo., General Manager of Eloro ’s Bolivian subsidiary, Minera Tupiza S.R.L.,
and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content
of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who
has more than 45 years of worldwide mining explorat ion experience, including extensive work in
South America, manages the overall technical progra m, working closely with Dr. Osvaldo Arce,
P.Geo. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical
Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Mi con are regularly consulted on technical
aspects of the project.
The magnetic survey was carried out by MES Geophysi cs using Eloro’s GEM Systems GSM-19W
Overhauser magnetometers. IP/Res surveys were carri ed out by MES Geophysics using 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 re viewed by Mr. Rob McKeown, P. Geo. of MES
Geophysics. Messrs. Hale, Gilliatt and McKeown are Qualified Persons as defined under NI 43-101.
About Iska Iska
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. Through its Bolivian
subsidiary, 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 located in the same 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 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 DHK-15 which retu rned 129.60 g Ag eq/t over 257.5m (29.53g
Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m
to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization
in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike
and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa
Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb
and 0.14% Cu) over 166m including 1,092 g Ag eq/t ( 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, Eloro has released a number of significant drill results in the SBBP
and the surrounding mineralized envelope which alon g with geophysical data has defined an
extensive target zone. In its September 20, 2022 p ress release, the Company reported that new
downhole geophysical data have significantly extended the strike length of the high-grade zone at
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Santa Barbara a further 250m along strike to the so uth-southeast from existing drilling. The 3D
inverse magnetic model which correlates very strongly with the conductive zone suggested that the
high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along
strike for a total potential strike length of at least 2 km. As reported, the definition drill program was
modified to sectionally drill this potential extension to define a major open pittable deposit in the valley
of the caldera. As a result, the estimated completion date for the maiden National Instrument 43-101
mineral resource was pushed back to the end of Q1 2023.
The Company completed 84,495m in 122 drill holes for the definition drill program in the Santa
Barbara target area as announced on November 27, 2022.
On November 22, 2022, Eloro announced the acquisiti on of the Mina Casiterita and Mina Hoyada
properties covering 14.75 km 2 southwest and west of Iska Iska. These properties connect with the
TUP-3 and TUP-6 claims previously staked by Eloro. Eloro has also staked additional land in the
area. Following the acquisition, the total land package in the Iska Iska area to be controlled by Eloro
will total 1,935 quadrants covering 483.75 km 2.
Artisanal mining in the 1960’s identified high grade tin (Sn) veins on the Mina Casiterita property that
are hosted in an intrusive dacite. Production from 1962 to 1964 is reported by the Departamento
Nacional de Geología in Bolivia to be 69.85 tonnes grading 50.60% Sn.
Magnetic surveys recently completed by Eloro have o utlined an extensive, near surface, magnetic
intrusive body on the Mina Casiterita property imme diately southwest of Iska Iska. This intrusive
hosts the previously mined high-grade tin veins and is very likely the continuation of the porphyry tin
intrusion projected to be below the epithermal Ag-Sn-Zn-Pb mineralization at Iska Iska.
The Porco adit from which previously reported chann el sampling returned 103m grading 521 g Ag
eq/t (including 117g Ag/t, 1.44 g Au/t, 0.54% Cu an d 0.66% Sn) in altered basement sediments, is
located near the northeast part of the magnetic anomaly, attesting to the potential strength and high-
grade nature of the mineralized system in the area.
Drilling is planned in the Porco area and on Mina C asiterita commencing in February 2023 with
geological mapping, sampling and geophysical survey s now in progress on the full land package
across the Iska Iska region.
About Eloro Resources Ltd.
Eloro is an exploration and mine development compan y with a portfolio of gold and base-metal
properties in Bolivia, Peru and Quebec. Through its Bolivian subsidiary, Eloro has an option to acquire a
100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic
epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern
Bolivia. A recent NI 43-101 Technical Report on Isk a Iska, which was completed by Micon
International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a
road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver
Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas
Norte Gold Mine and Pan American Silver’s La Arena Gold Mine.
For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge
Estepa, Vice-President at (416) 868-9168 .
Information in this news release may contain forwar d-looking information. Statements containing forwar d-looking
information express, as at the date of this news re lease, the Company’s plans, estimates, forecasts, p rojections,
expectations, or beliefs as to future events or res ults and are believed to be reasonable based on inf ormation currently
available to the Company. There can be no assurance that forward-looking statements will prove to be a ccurate. Actual
results and future events could differ materially from those anticipated in such statements. Readers should not place undue
reliance on forward-looking information.
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