Eloro Resources Files Updated NI 43-101 Technical Report on Iska Iska Project
May 11 2022 - 03:21PM
Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V:
ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that
it has filed on SEDAR an updated technical report (“Technical
Report”) on the Company’s Iska Iska silver-tin polymetallic
project, prepared by Micon International Limited (“Micon”) and in
accordance with National Instrument 43-101.
Eloro also announces that it has filed a final
short form base shelf prospectus with the securities regulatory
authorities in each of the provinces of Canada except Québec.
Updated NI 43-101 Technical
Report
The Technical Report supports the interpretation
of the drilling and other exploration results thus far, and details
Eloro’s next exploration phase leading to the estimation of mineral
resources. Micon’s conclusions in the Technical Report include the
following:
- The potential of the Iska Iska
Project is unquestionable in terms of its regional geological
setting. It is in the midst of a proven metallogenic district with
well-established world-class mines such as Cerro Rico de Potosi,
Chorolque, and San Vicente. The fact that nearby mines of the
Bolivian polymetallic type are operating profitably, is positive
for the current drill definition and metallurgical investigations
at Iska Iska.
- Proximity of the deposit to surface
offers an opportunity/potential for both open pit and underground
exploitation, especially in the Santa Barbara – Huayra Kasa
area.
- Geological mapping, geophysical
surveys, and diamond drilling have revealed a potentially large
deposit of significance but yet to be converted into a resource. So
far, the mineralization/deposit is isotropic, lacking any preferred
alignment; this is corroborated by variography and downhole IP
surveys.
- All holes drilled across the
project to date display intervals of alteration and significant
mineralization, and the limits of the system have not yet been
delineated. The deposit is wide open for expansion in all
directions.
- The “epicentre” of mineralization
appears to be in the Santa Barbara adit area, where the highest
grades and widest widths have been encountered to date. Therefore,
resource development and expansion should radiate outwards from
here.
In making recommendations in the Technical
Report, Micon states: Eloro’s nearer term objective is a maiden
mineral resource estimate within this large target area. This work
is advancing well with the initial mineral resource targeted to be
completed in Q3 2022. Exploration drilling is also planned on other
major targets in the Iska Iska Caldera Complex including the Porco
and Mina 2 areas. Accordingly, Micon recommends a two-pronged
approach for Eloro to achieve its objectives, namely an initial
phase of geophysics and additional delineation drilling followed by
a second phase of resource expansion and preliminary economic
assessment.
Final Base Shelf Prospectus
The base shelf prospectus filed by Eloro will
allow Eloro to qualify the distribution by way of prospectus of up
to C$100 million, in aggregate, of common shares, warrants and
units, or any combination thereof, from time to time during the
25-month period during which the base shelf prospectus is
effective. The specific terms of any future offering will be
established in a prospectus supplement to the base shelf
prospectus, which supplement will be filed with the applicable
Canadian securities regulatory authorities in connection with any
such offering.
Eloro has filed the base shelf prospectus to
provide the Company with greater financial flexibility going
forward but has not entered into any agreements or arrangements to
authorize or offer any securities of the Company at this time.
A copy of the final short form base shelf
prospectus is available under Eloro’s profile on SEDAR at
www.sedar.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of, any securities of the Company in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
Qualified Person
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice
President Exploration and a Qualified Person as such term is
defined in National Instrument 43-101, has reviewed and approved
the technical content of this news release.
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 99%
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 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 Barrick’s
Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold
Mine. La Victoria consists of eight mining concessions and eight
mining claims encompassing approximately 89 square kilometres. La
Victoria has good infrastructure 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 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
(forward-looking statements in this news release include, without
limitation, statements regarding an initial mineral resource
estimate for the Iska Iska project and regarding future financings,
if any, pursuant to the short form base shelf prospectus referred
to in this news release). 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 Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Eloro Resources (TSXV:ELO)
Historical Stock Chart
From Feb 2024 to Mar 2024
Eloro Resources (TSXV:ELO)
Historical Stock Chart
From Mar 2023 to Mar 2024