Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE:
P2QM) is pleased to announce that an expanded induced
polarization/resistivity (IP/Res) survey now covers most of the
Iska Iska Project, Potosi Department, Southwestern Bolivia.
East-west lines have been completed every 200m across and southeast
of the Santa Barbara mineral resource using a deep-penetrating
array of 50m and offset 100m dipoles to obtain a depth of
investigation approaching 400m. The new array and lower surface
elevations make it possible to image mineralization at elevations
below 3600m in an extension beyond the open southeastern side of
the pit that defines the initial mineral resource estimate (“MRE”)
(see Eloro press release dated October 17, 2023). In this survey,
chargeability highs across the volume already drilled for the Santa
Barbara MRE coincide with peaks in the grade of the polymetallic
Ag-Zn-Pb mineralization expressed as silver equivalent.
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice
President, Exploration commented: “We have had great success with
our borehole IP/Res program correlating mineralization between the
drillholes, but the surface IP/Res provides a 3-dimensional view
well beyond where we have drill hole coverage. The new
chargeability anomaly, extending southeastward from the open pit
that defines the MRE, adds at least an additional 600m of potential
strike length to the major mineralized structural corridor that is
up to 800m wide for an overall strike length of at least 2km. This
new target area has not been drilled. In addition, the
chargeability anomaly southeast of the pit is very strong,
suggesting that it is a prime target for outlining additional
higher-grade polymetallic mineralization.”
Figure 1 shows the same section that was
reported in the Eloro press release dated January 11, 2024. Green
solids indicate high grade mineralized zones where the silver
equivalent grade is greater than 50 g Ag eq/t. These high-grade
areas coincide very closely with high chargeability (> 20 mV/V),
confirming the correlation of grade with borehole IP between drill
holes inside the MRE pit.
The chargeability anomaly is open along strike
and at depth as exploration work has still not defined the full
limits of this remarkable mineralized system.
Figure 1. Cross Section along Line
56100N of the Chargeability Anomaly with areas with greater than 50
g Ag eq/t superimposed to show the very strong correlation. The
strong anomaly to the southeast is largely outside the open pit
defining the MRE and this area has not been drilled. Figures 2 and
3 show the location of the section line.
Figure 2 is a plan view of the model
chargeability at an elevation of 3700 m where the highest
chargeability outlined in red extends southeastward, well beyond
the MRE open pit shown in black. Drill hole pierce points at 3700 m
(grey circles) demonstrate that much of the high chargeability
anomaly has not yet been drill tested. Figure 3 is the same plan
showing the strong correlation of high-grade areas with the
chargeability anomaly.
Figure 2: Plan map of Chargeability
Model at 3700m elevation showing the extent of the chargeability
anomaly southeast of the open pit defining the MRE. Pierce points
of drill holes on the 3700 m elevation clearly show that this major
anomaly is essentially untested by drilling.
Figure 3 is a Plan Map of the same
Chargeability Model at 3700m elevation shown in Figure 2 with the
contoured 50 g Ag eq superimposed showing the strong correlation of
high-grade areas with the chargeability anomaly.
Qualified Person (“QP”)IP/Res surveys were
carried 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 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”).
The inaugural MRE for Iska Iska is outlined in
the NI 43-101 Technical Report (see Eloro press release dated
October 17, 2023) prepared by Micon International Limited.
Independent QPs for the Technical Report are Charley Murahwi,
P.Geo., FAusIMM, Richard Gowans, P.Eng., Ing. Alan J. San Martin,
MAusIMM (CP) and Abdul Aziz, Drame, P.Eng., all of whom are
independent QP’s as defined by NI 43-101. Mr. Murahwi completed
site visits in January 2020 and November 2022.
Silver equivalent (Ag eq) grades are calculated
using 3-year average metal prices of Ag = US$22.52/oz, Zn =
US$1.33/lb and Pb = 0.95/lb and preliminary metallurgical
recoveries of Ag = 88%, Zn = 87% and Pb= 80%.
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice
President Exploration and a QP as defined by NI 43-101 has reviewed
and approved the technical content of this news release. Dr.
Pearson who has more than 49 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. 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.
About Iska IskaIska 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
porphyry-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
mineralization 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 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 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 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 contains 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 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.
The Company has completed a 5,267.7m definition
drill program to upgrade and expand the higher-grade mineral
resource in the Polymetallic Domain and has commenced a preliminary
economic evaluation (PEA) led by Lycopodium.
About Eloro Resources Ltd.Eloro
is an exploration and mine development company with a portfolio of
gold and base-metal properties in Bolivia, Peru and Quebec. 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 Iska 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 the Lagunas Norte Gold Mine and the 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
forward-looking information. Statements containing forward-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 results and future events could differ
materially from those anticipated in such statements. Readers
should not place undue reliance on forward-looking information.
Neither the TSX nor its Regulation Services
Provider (as that term is defined in the policies of the TSX)
accepts responsibility for the adequacy or accuracy of this
release.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/9b618cf9-6f02-4d2d-983d-e26bf07b0d7e
https://www.globenewswire.com/NewsRoom/AttachmentNg/fcec81a1-d0db-437d-ac32-14bc08cacfa5
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