Eloro Resources Stakes Additional Properties in the Iska Iska Polymetallic Property Area, Potosi Department, Southern Bolivia
Eloro Resources Stakes Additional Properties in the Iska Iska Polymetallic Property
Area, Potosi Department, Southern Bolivia
Toronto, Canada, October 14, 2020 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF
FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that Minera Tupiza S.R.L.,
Eloro’s Bolivian subsidiary has staked nine (9) add itional properties (known as “Mining Areas”
under Bolivian law) covering a total of 311.75 squa re kilometres in the Potosí Department,
southern Bolivia where Iska Iska is located as shown in Figure 1. The geological characteristics
and target mineralization of these properties are s ummarized in Table 1. Figure 2 shows the
regional geology in the area of the new properties. The properties are located on prominent
ASTER (Advanced Spaceborne Thermal Emission and Reflection Radiometer) anomalies with a
similar hydrothermal alteration signature to that of Iska Iska. The Tup-5 property ties directly onto
the Iska Iska property.
Tom Larsen, President and CEO of Eloro, commented: “As outlined in the NI 43-101 Technical
Report by Micon International (see press release April 29, 2020), Iska Iska has excellent potential
to host a significant silver polymetallic mineral d eposit. We are currently carrying out an
underground drill program (see press release Septem ber 14, 2020) with results pending.
Acquisition of these additional properties which ap pear to have similar hydrothermal alteration
signatures to Iska Iska further expands our very prospective land position in the area.”
Table 1: Summary of Geology and Exploration Targets , New Properties Iska Iska Area, Bolivia
(see Figure 1 for locations).
No. NAME SQ. K M GEOLOGICAL DESCRIPTION TARGET
1 Puna 22 SE part of the Early Miocene resurgent Ka ri Kari
caldera. It is filled with welded ignimbrites and a sh
flows from 8-5 Ma. Comprises a Complex fault
system of N-S, NNE-SSW and E-W directions that
are filled with Sn, W and base metal mineralization.
Main alteration products are silicification and highly
altered Fe minerals.
Sn, W, Base
Metals
2 Khuchu
Ingenio
17 Subvolcanic dacites and andesites hosting Ag, Pb
and Zn mineralization. Basement is the Silurian
Llallagua Formation sandstone. The neighboring
area is composed of wide and long veins hosting
enriched mineralized pockets. Main hydrothermal
alterations are sericitization and argillization.
Polymetallic
Ag, Pb, Zn
3 Tomave 125 The claim area is composed of mainly siliciclas tic
sediments of Silurian age that comprises
diamictites, shales, slates, sandstones and
quartzites. They are likely to host both high
temperature tin, and late stage Ag, Zn and Pb
mineralization. Hydrothermal alterations are
Polymetallic
Ag, Zn, Pb
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silicification, sericitization, argillization and
propylitization.
4 Atocha
Florida
23.75 Tertiary volcanics extruding Silurian sedimen ts,
mineralization occurs in both rocks and are
composed of veins, stockworks and veinlets hosting
Zn-Pb-Ag. Main alteration products are
sericitization and advanced argillization.
Polymetallic
Zn, Pb, Ag,
Au
5 Atocha 38 Polymetallic (Ag, Pb, Zn) mineralizatio n associated
with a collapsed caldera, which consists of
pyroclastic rocks, flows, volcanic domes, and
dacitic to andesitic dikes. Hydrothermal alteration s
are sericitization and advanced argillization.
Polymetallic
Ag, Pb, Zn,
Au
6 Tup 3 18.5 Includes a remarkable circular feature that outlines
a structural basin in Ordovician sedimentary rocks,
covering an area of about 16 km2 (4 x 4 km) and a
neighboring southern extension of about 9 km long
by 5 km wide, in which several hydrothermal
alteration types are present on the processed
satellite imagery. Hydrothermal alteration consists
of carbonatic, argillic and sericitic alterations a long
with minor illite, Fe oxide , chlorite and kaolinite.
Sn, Base
metals
7 Tup 4 5.5 Rocks are mostly sedimentary, although some
volcanics also probably occur in the vicinity. The
main geological feature corresponds to a N-S
regional fault located in the center of the propert y
that appears to control mineralization in the zone.
Intense alteration zones composed of abundant
sericite, argillic and kaolinite and minor illite,
chlorite, Fe oxide and carbonates.
Polymetallic
Ag, Pb, Zn,
Au
8 Tup 5 10.25 Ordovician sandstones and shales with in an
eastern extension of an intrusion. Main alteration
products are jarositization, argillization and
sericitization.
Sn, Base
Metals
9 Pajchi 42.75 Possible collapsed volcano with resu rgent eroded
dacite domes and lava flows that are hosting a
probably polymetallic mineralization composed of a
high temperature tin mineralization overlapped by
Ag-Zn-Pb mineralization. Hydrothermal alteration
types are argillization, strong oxidation, and
sericitization.
Polymetallic
Ag-Zn-Pb, Au
Au=gold, Ag=silver, Zn=zinc, Pb=lead, Sn=tin, W=tungsten
Qualified Person
Dr. Osvaldo Arce, P. Geo., an expert on Bolivian ge ology and a Qualified Person in the context
of National Instrument 43-101 (NI 43-101) has revie wed and approved the technical content of
this news release. ASTER is public domain data made available by the Jet Propulsion Laboratory
of NASA. Processing of the ASTER and satellite data was done by Sandra L. Perry, MS, P.Geo.
of Perry Remote Sensing LLC in Denver, Colorado. M s. Perry is a Qualified Person as defined
by NI 43-101.
About Iska Iska
Iska Iska 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. T he property can be classified as a
polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) epith ermal-porphyry complex. This is an important
mineral deposit type in Bolivia.
Geological mapping on the property by Eloro has rev ealed the spatial and temporal zonation of
alteration and vein minerals in an area of about 5 square kilometres. The polymetallic
mineralization occurs mainly as veins, subsidiary v ein swarms, veinlets, stockworks, and
disseminations, forming a subvertical vein system i n both the stock and the volcanic and
sedimentary rocks. Preliminary evaluation work inc luding 42 channel samples in underground
and on surface workings at Iska Iska returned significant results as summarized below. All of the
channel samples included altered wall rock with wid ths ranging between 1.20 to 5.55 m,
averaging 2.90 m (see press release of October 8, 2019 for further details).
Silver. Anomalous silver values range between 35.5-694 g/t Ag (46% of channel samples).
Gold. Anomalous gold values range between 0.31-28.6 g/t Au (42% of channel samples).
Zinc. Anomalous zinc values range between 1.05-16.95% Zn (37% of channel samples).
Lead. Anomalous lead values range between 0.41- 16.95% Pb (49% of channel samples).
Copper. Anomalous copper values range between 0.1->1% (22% of channel samples).
Bismuth. Anomalous bismuth values range between 967-7,380 g/ t Bi (22% of channel
samples).
Indium. Anomalous indium values range between 10.35->500 g/ t In (34% of channel
samples).
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. Eloro has an option to acquire a 99% interest in the highly
prospective Iska Iska Property, which can be classi fied as a polymetallic epithermal-porphyry
complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro
recently commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by
Micon International Limited and is available on Elo ro’s website and under its filings on SEDAR.
Iska Iska is a road-accessible, royalty-free proper ty. 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. La Victoria
consists of eight mining concessions and eight mini ng claims encompassing approximately 89
square kilometres. La Victoria has good infrastruct ure with access to road, water and electricity
and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
For further information please contact either Thoma s G. Larsen, President 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 release, the Company’s plans, estimates, forecasts,
projections, expectations, or beliefs as to future events or results and are believed to be reasonable based
on information currently available to the Company. There can be no assurance that forward-looking
statements will prove to be accurate. Actual result s and future events could differ materially from th ose
anticipated in such statements. Readers should not place undue reliance on forward-looking information .
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this release.
Figure 1: Location map of new properties, Iska Iska - Potosi area.
Figure 2: Regional geology in area of new properties, Iska Iska – Potosi area.