Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE:
P2QM) (“Eloro”, or the “Company”) is pleased to announce
assay results from an additional two (2) diamond drill holes from
its on-going drilling program at the Iska Iska silver-tin
polymetallic project in the Potosi Department, southern Bolivia.
Hole DSBS-02 is a surface hole drilled due north at -300 from the
south side of Santa Barbara across the higher-grade likely feeder
zone. Hole DPC-09 is the first in a series of drill holes to test
the extensive magnetic susceptibility anomaly in the Porco area in
the southern part of the property. Four drills including three
surface drills and one underground drill are focussed on completing
drilling in the Santa Barbara Resource Definition Drilling Area.
The underground drill is on its last hole and will be moved to
surface to complete drill holes requested by Micon International
Limited (“Micon”) to better define the preliminary open pit to be
utilized for the maiden mineral resource estimate targeted for
completion at the end of Q3.
Overall, the Company has completed
59,499m in 95 drill holes to-date, including four
holes in progress, as shown in Figure 1. Tables 1 and 2 list
significant assay results for the two drill holes reported. Prices
used for calculating Ag equivalent grades are as outlined in
Eloro’s February 1, 2022, press release. Table 3 summarizes drill
holes with assays pending. Highlights are as follows:
Santa Barbara Mineral Resource
Definition Target Area – Surface Drilling
Hole DSBS-02 was collared in
the south part of the Santa Barbara target at an azimuth of 00 and
dip of -300 to test across the likely higher grade feeder zone for
the Santa Barbara Ag-Sn polymetallic mineralization. This hole was
drilled to a length of 1,023.4m, corresponding to a vertical depth
of 745m, with 67% of the hole containing
reportable intersections which collectively average 100.42
g Ag eq/t. Significant results are as follows:
- 146.65 g
Ag eq/t (10.74 g Ag/t, 1.01 g Au/t, 0.31% Zn, 0.11% Pb and 0.06%
Sn) over 88.66m from 319.36m to 408.02m, including a
higher-grade section of:
- 737.33 g
Ag eq/t (51.11 g Ag/t, 6.82 g Au/t, 0.24% Zn, 0.31% Pb, and 0.19%
Sn) over 12.06m from 355.39m to 367.45m. Notably, this is
the strongest gold-bearing intercept encountered to date at Iska
Iska.
- 131.86 g
Ag eq/t (21.38 g Ag/t, 0.06 g Au/t, 0.25% Zn, 0.24% Pb and 0.14%
Sn) over 104.38m from 531.22m to 635.60m, including
higher-grade sections of:
- 224.16g
Ag eq/t (50.19 g Ag/t, 0.02 g Au/t, 0.41% Zn, 0.38% Pb and 0.24%Sn)
over 26.79m from 543.09 to 569.88,
- 300.90g
Ag eq/t (35.33 g Ag/t, 0.20 g Au/t, 0.26 % Zn. 0.78% Pb and 0.36%
Sn) over 10.38m from 590.84m to 601.22m.
- 78.94 g
Ag eq/t (12.77 g Ag/t, 0.06 g Au/t, 0.66% Zn, 0.12% Pb and 0.04%
Sn) over 235.43m from 670.27m to 905.70m which included
higher grade sections of:
- 494.81 g
Ag eq/t (170.06 g Ag/t, 0.49 g Au/t, 0.37% Zn, 0.35 %Pb, 0.40 % Sn)
over 4.46m from 722.70m to 727.16m,
- 181.64 g
Ag eq/t (76.79 g Ag/t, 0.19g Au/t, 0.76% Zn, 0.23 %Pb and 0.07% Sn)
over 4.35m from 770.73m to 775.08m,
- 120.54 g
Ag eq/t (15.50g Ag/t, 0.01 g Au/t, 1.57% Zn, 0.34% Pb and 0.03%Sn)
over 10.96 m from 800.44m to 811.40m, and
- 129.54 g
Ag eq/t (6.44 g Ag/t, 0.08 g Au/t, 2.03% Zn, 0.34% Pb and 0.02% Sn)
over 8.94 m from 853.28m to 862.22m.
Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice
President, Exploration commented: “Grade shell modelling in
Leapfrog of the Santa Barbara Deposit by the Iska Iska geological
team indicates that drilling has defined a higher-grade zone >90
g Ag eq/t that extends approximately 750m along strike, is 650m
wide and extends to a depth of at least 750m. The deposit is open
in all directions. Figure 2 shows the Santa Barbara deposit model
relative to the extensive 3D inverse magnetic susceptibility model,
demonstrating the remarkable scale of this enormous mineralized
system.”
Dr. Pearson continued: “Figure 3 is a 3D model
combining the inverse magnetic susceptibility model and the bore
hole induced polarization (“BHIP”) chargeability and conductivity
data that clearly shows how this new hole DSBS-02 intersected
significant mineralization in an area of an extensive chargeability
anomaly coincident with a magnetic high. In the lower part of this
hole conductivity increases substantially and indicates that this
hole stopped just short of a likely area of massive sulphide
mineralization. The coincidence of the magnetic inverse model with
the chargeability/conductivity model provides a powerful tool to
outline very prospective drill targets. BHIP surveys to a depth of
almost 1,000m show that the conductivity increases with depth at
Santa Barbara, indicating that the potential feeder zone could be
even more substantive.”
Dr. Chris Hale, P.Geo., Chief Geophysicist for
Eloro said: “Geophysical targeting is very useful at Iska Iska
because the mineralization often occurs in association with
pyrrhotite, a mineral that affects both the electrical and magnetic
properties of the host rock. BHIP helps to correlate mineralization
between the holes because it samples a much larger volume around
the borehole than each assay does. BHIP provides two electrical
measures of the quantity of mineralization; chargeability that
measures the amount of disseminated mineralization and conductivity
that shows when the strength of mineralization reaches the point of
“connectivity”, resulting in a conductive deposit. This explains
the strong spatial correlation between the grade of mineralization
and the chargeable volume around DSBS-02. We do not yet have BHIP
surveys under DPC-09 but this hole was targeted to test a peak in
the magnetic susceptibility that was modelled using surface
magnetic data. The excellent spatial coincidence between the
mineralized intersection and the peak in magnetic susceptibility
gives us confidence that we will also likely intersect
mineralization when we drill the larger magnetic susceptibility
zone that is modelled deeper and farther to the south.”
Porco Area – Magnetic Inverse Anomaly –
Surface Drilling
Hole DPC-09 is the first of a
series of holes to test the major inverse magnetic susceptibility
anomaly in the Porco area, as outlined in Eloro’s March 1, 2022
press release. This hole intersected 41 reportable
mineralized intersections, representing 29% of
this 1,124.4m long hole that collectively averaged
94.73 g Ag eq/t. Highlights include:
- 143.47 g
Ag eq/t (10.67 g Ag/t, 0.25 g Au/t, 1.90 % Zn, 0.23%Pb, 0.09% Cu
and 0.01% Sn) over 11.96m from 363.57 to 375.53m
- 84.46 g
Ag eq/t (6.52 g Ag/t, 0.03 g Au/t, 1.13% Zn, 0.37% Pb and 0.01% Sn)
over 10.63m from 410.09 to 420.72m
- 79.46 g
Ag eq/t (4.47 g Ag/t, 0.02 g Au/t, 1.12% Zn, 0.08 %Pb and 0.03 %
Sn) over 42.55m from 740.63m to 783.18m.
- 82.64 g
Ag eq/t (3.48 g Ag/t, 0.05 g Au/t, 0.50% Zn, 0.09% Pb, and 0.08%
Sn) over 57.34m from 798.15m to 855.49m including a higher
grade section of:
- 127.94 g
Ag eq/t (3.37 g Ag/t, 0.05 g Au/t, 0.50% Zn,0.12% Pb and 0.16%
Sn) over 12.02m from 798.15 to 810.17m,
- 96.13 g
Ag eq/t (8.14 g Ag/t, 0.15 g Au/t, 0.40% Zn, 0.11% Pb and 0.09% Sn)
over 14.83m from 972.51m to 987.34m,
- 69.88 g
Ag eq/t (8.73 g Ag/t, 0.11 g Au/t, 0.22% Zn, 0.05% Pb and 0.06%
Sn) over 40.24m from 1045.82m to 1086.06m including a
higher grade section of
- 100.05 g
Ag eq/t (16.71 g Ag/t, 0.08 g Au/t, 0.35% Zn, 0.06% Pb and 0.09%
Sn) over 13.25m from 1068.37 to 1081.62m
- 163.35 g
Ag eq/t (48.35 g Ag/t, 0.12 g Au/t, 0.05% Zn, 0.05% Pb, 0.09% Cu
and 0.15% Sn) over 5.95m from 1114.63m to 1120.58m
As shown in Figure 4, this hole intersected a
very extensive inverse magnetic susceptibility anomaly which, at
elevation 3,400m, extends for approximately 1.6km along strike by
700m wide with a vertical extent of approximately 750m. The 3,400m
elevation is approximately 100m above the valley floor.
Significantly, the last reportable intersection near the bottom of
the hole is higher in Ag and Sn with very low values of Zn and Pb.
This is typical of what is seen in the Santa Barbara area in the
transition from the Ag-Zn-Pb-Sn polymetallic mineralization to the
more tin dominant mineralization at depth.
Table 1: Significant Results, Surface
Diamond Drilling, Santa Barbara Resource Definition Target Area as
at June 14, 2022.
SANTA BARBARA RESOURCE DEFINITION TARGET ZONE |
SURFACE DIAMOND DRILLING |
Hole No. |
From (m) |
To (m) |
Length (m) |
Ag |
Au |
Zn |
Pb |
Cu |
Sn |
Bi |
Cd |
Ag eq |
g/t |
g/t |
% |
% |
% |
% |
% |
% |
g/t |
DSBS-02 |
7.84 |
24.44 |
16.60 |
1.36 |
0.01 |
0.00 |
0.01 |
0.00 |
0.07 |
0.001 |
0.001 |
44.49 |
|
116.64 |
119.75 |
3.11 |
11.60 |
0.01 |
0.04 |
0.54 |
0.03 |
0.04 |
0.001 |
0.001 |
58.37 |
|
140.40 |
153.60 |
13.20 |
0.72 |
0.01 |
1.11 |
0.15 |
0.00 |
0.01 |
0.001 |
0.003 |
60.89 |
|
170.99 |
174.10 |
3.11 |
0.74 |
0.01 |
0.99 |
0.07 |
0.01 |
0.01 |
0.001 |
0.004 |
53.28 |
|
181.52 |
210.84 |
29.32 |
1.61 |
0.01 |
1.04 |
0.11 |
0.02 |
0.02 |
0.001 |
0.004 |
64.93 |
Incl. |
204.66 |
209.33 |
4.67 |
4.63 |
0.01 |
2.69 |
0.35 |
0.06 |
0.04 |
0.002 |
0.008 |
172.94 |
|
235.15 |
255.86 |
20.71 |
5.43 |
0.06 |
1.83 |
0.55 |
0.01 |
0.09 |
0.003 |
0.007 |
168.10 |
|
270.96 |
281.72 |
10.76 |
7.62 |
0.04 |
0.49 |
0.22 |
0.02 |
0.06 |
0.001 |
0.002 |
78.72 |
|
290.74 |
293.71 |
2.97 |
15.53 |
0.05 |
0.06 |
0.14 |
0.04 |
0.05 |
0.001 |
0.001 |
59.26 |
|
298.26 |
308.78 |
10.52 |
26.84 |
0.11 |
0.05 |
0.09 |
0.08 |
0.02 |
0.001 |
0.001 |
65.08 |
|
319.36 |
408.02 |
88.66 |
10.74 |
1.01 |
0.31 |
0.11 |
0.01 |
0.06 |
0.008 |
0.001 |
146.65 |
Incl. |
355.39 |
367.45 |
12.06 |
51.11 |
6.82 |
0.24 |
0.31 |
0.02 |
0.19 |
0.047 |
0.001 |
737.33 |
|
438.04 |
447.12 |
9.08 |
3.67 |
0.21 |
1.53 |
0.10 |
0.01 |
0.05 |
0.001 |
0.007 |
126.04 |
|
469.60 |
483.12 |
13.52 |
1.17 |
0.06 |
0.59 |
0.05 |
0.01 |
0.06 |
0.001 |
0.002 |
69.05 |
|
489.14 |
517.80 |
28.66 |
6.00 |
0.02 |
0.55 |
0.34 |
0.01 |
0.04 |
0.001 |
0.002 |
68.65 |
|
522.20 |
525.40 |
3.20 |
6.50 |
0.04 |
0.27 |
0.12 |
0.01 |
0.07 |
0.001 |
0.001 |
66.24 |
|
531.22 |
635.60 |
104.38 |
21.38 |
0.06 |
0.25 |
0.24 |
0.01 |
0.14 |
0.002 |
0.001 |
131.86 |
Incl. |
543.09 |
569.88 |
26.79 |
50.19 |
0.02 |
0.41 |
0.38 |
0.01 |
0.24 |
0.001 |
0.001 |
224.16 |
Incl. |
590.84 |
601.22 |
10.38 |
35.33 |
0.20 |
0.26 |
0.78 |
0.01 |
0.36 |
0.006 |
0.001 |
300.90 |
|
647.53 |
658.12 |
10.59 |
10.57 |
0.01 |
0.23 |
0.28 |
0.01 |
0.14 |
0.001 |
0.001 |
116.41 |
|
670.27 |
905.70 |
235.43 |
12.77 |
0.06 |
0.66 |
0.12 |
0.01 |
0.04 |
0.005 |
0.002 |
78.94 |
Incl. |
722.70 |
727.16 |
4.46 |
170.06 |
0.49 |
0.37 |
0.35 |
0.04 |
0.40 |
0.104 |
0.003 |
494.81 |
Incl. |
770.73 |
775.08 |
4.35 |
76.79 |
0.19 |
0.76 |
0.23 |
0.01 |
0.07 |
0.013 |
0.001 |
181.64 |
Incl. |
800.44 |
811.40 |
10.96 |
15.50 |
0.01 |
1.57 |
0.34 |
0.01 |
0.03 |
0.001 |
0.004 |
120.54 |
Incl. |
853.28 |
862.22 |
8.94 |
6.44 |
0.08 |
2.03 |
0.34 |
0.01 |
0.02 |
0.001 |
0.006 |
129.54 |
|
917.78 |
931.28 |
13.50 |
7.05 |
0.03 |
0.78 |
0.13 |
0.01 |
0.04 |
0.002 |
0.002 |
73.10 |
|
953.83 |
955.34 |
1.51 |
16.00 |
0.01 |
0.48 |
1.24 |
0.01 |
0.19 |
0.001 |
0.001 |
191.90 |
|
964.38 |
971.84 |
7.46 |
5.96 |
0.01 |
0.53 |
0.14 |
0.01 |
0.04 |
0.001 |
0.001 |
62.14 |
|
980.80 |
1022.40 |
41.60 |
38.97 |
0.08 |
0.24 |
0.34 |
0.03 |
0.10 |
0.007 |
0.001 |
132.38 |
Note: True width of the mineralization is not
known at the present time, but based on the current understanding
of the relationship between drill orientation/inclination and the
mineralization within the breccia pipes and the host rocks such as
sandstones and dacites, it is estimated that true width ranges
between 70% and 90% of the down hole interval length but this will
be confirmed by further drilling and geological modelling.
Chemical symbols: Ag= silver, Au = gold, Zn =
zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium
and g Ag eq/t = grams silver equivalent per tonne. Quantities are
given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per
tonne (g/t) for Ag, Au and Ag eq.
Metal prices and conversion factors used for
calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as
follows (Prices updated as of February 1, 2022, to more accurately
reflect current metal prices):
Element |
Price $US (per kg) |
Ratio to Ag |
Ag |
$722.56 |
1.0000 |
Sn |
$42.56 |
0.0589 |
Zn |
$3.30 |
0.0046 |
Pb |
$2.33 |
0.0032 |
Au |
$57,604.00 |
79.7221 |
Cu |
$9.68 |
0.0134 |
Bi |
$12.76 |
0.0177 |
Cd |
$5.50 |
0.0076 |
In calculating the intersections reported in
this press release a sample cutoff of 30 g Ag eq/t was used with
generally a maximum dilution of 3 continuous samples below cutoff
included within a mineralized section unless more dilution is
justified geologically.
The equivalent grade calculations are based on
the stated metal prices and are provided for comparative purposes
only, due to the polymetallic nature of the deposit. Metallurgical
tests are in progress by Blue Coast Ltd. to establish levels of
recovery for each element reported but currently the potential
recovery for each element has not yet been established. While there
is no assurance that all or any of the reported concentrations of
metals will be recoverable, Bolivia has a long history of
successfully mining and processing similar polymetallic deposits
which is well documented in the landmark volume “Yacimientos
Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa,
P.Geo.
Table 2: Significant Results, Surface
Diamond Drilling, Porco Area – Magnetic Inverse Anomaly as at June
14, 2022.
PORCO AREA - MAGNETIC INVERSE ANOMALY |
SURFACE DIAMOND DRILLING |
Hole No. |
From (m) |
To (m) |
Length (m) |
Ag |
Au |
Zn |
Pb |
Cu |
Sn |
Bi |
Cd |
Ag eq |
g/t |
g/t |
% |
% |
% |
% |
% |
% |
g/t |
DPC-09 |
0.00 |
5.42 |
5.42 |
1.89 |
0.01 |
0.00 |
0.01 |
0.00 |
0.15 |
0.001 |
0.001 |
94.64 |
|
104.28 |
109.27 |
4.99 |
1.67 |
0.01 |
0.97 |
0.04 |
0.03 |
0.01 |
0.002 |
0.002 |
60.29 |
|
162.18 |
172.74 |
10.56 |
0.64 |
0.03 |
0.84 |
0.07 |
0.01 |
0.01 |
0.002 |
0.003 |
54.18 |
|
177.18 |
178.65 |
1.47 |
2.00 |
0.01 |
1.10 |
0.32 |
0.00 |
0.02 |
0.001 |
0.004 |
72.61 |
|
195.31 |
196.80 |
1.49 |
3.00 |
0.01 |
0.81 |
0.41 |
0.00 |
0.01 |
0.001 |
0.003 |
59.66 |
|
207.43 |
208.91 |
1.48 |
9.00 |
0.05 |
4.04 |
0.38 |
0.01 |
0.01 |
0.001 |
0.019 |
215.09 |
|
211.94 |
213.44 |
1.50 |
0.30 |
0.01 |
1.04 |
0.07 |
0.01 |
0.01 |
0.001 |
0.003 |
55.60 |
|
216.47 |
217.95 |
1.48 |
2.00 |
0.05 |
1.67 |
0.22 |
0.00 |
0.01 |
0.001 |
0.006 |
93.82 |
|
270.53 |
271.99 |
1.46 |
8.00 |
0.03 |
3.61 |
0.20 |
0.05 |
0.01 |
0.001 |
0.018 |
194.48 |
|
363.57 |
375.53 |
11.96 |
10.67 |
0.25 |
1.90 |
0.23 |
0.09 |
0.01 |
0.004 |
0.014 |
143.47 |
|
392.13 |
393.60 |
1.47 |
8.00 |
0.02 |
1.52 |
0.34 |
0.01 |
0.01 |
0.001 |
0.007 |
94.61 |
|
410.09 |
420.72 |
10.63 |
6.52 |
0.03 |
1.13 |
0.37 |
0.01 |
0.01 |
0.008 |
0.005 |
84.46 |
|
425.11 |
426.61 |
1.50 |
12.00 |
0.01 |
1.11 |
0.34 |
0.02 |
0.01 |
0.001 |
0.004 |
81.08 |
|
468.78 |
473.31 |
4.53 |
7.01 |
0.32 |
0.95 |
0.27 |
0.04 |
0.01 |
0.004 |
0.002 |
98.88 |
|
621.97 |
624.95 |
2.98 |
29.49 |
0.15 |
7.91 |
0.48 |
0.02 |
0.05 |
0.001 |
0.027 |
451.93 |
|
668.49 |
674.45 |
5.96 |
16.81 |
0.11 |
3.40 |
0.38 |
0.02 |
0.02 |
0.001 |
0.018 |
211.05 |
|
684.96 |
686.38 |
1.42 |
3.00 |
0.34 |
0.31 |
0.11 |
0.02 |
0.01 |
0.001 |
0.001 |
58.23 |
|
704.50 |
710.58 |
6.08 |
8.75 |
0.49 |
1.56 |
0.17 |
0.03 |
0.01 |
0.005 |
0.014 |
135.68 |
|
731.63 |
736.15 |
4.52 |
11.62 |
0.11 |
2.11 |
0.36 |
0.02 |
0.06 |
0.001 |
0.013 |
165.28 |
|
740.63 |
783.18 |
42.55 |
4.47 |
0.02 |
1.12 |
0.08 |
0.01 |
0.03 |
0.001 |
0.007 |
79.46 |
|
798.15 |
855.49 |
57.34 |
3.48 |
0.05 |
0.50 |
0.09 |
0.02 |
0.08 |
0.002 |
0.002 |
82.64 |
Incl. |
798.15 |
810.17 |
12.02 |
3.37 |
0.03 |
0.50 |
0.12 |
0.00 |
0.16 |
0.001 |
0.002 |
127.94 |
|
865.90 |
868.95 |
3.05 |
1.50 |
0.02 |
0.54 |
0.06 |
0.02 |
0.06 |
0.001 |
0.002 |
69.83 |
|
879.52 |
881.00 |
1.48 |
11.00 |
2.81 |
1.92 |
0.06 |
0.04 |
0.09 |
0.001 |
0.010 |
382.28 |
|
896.05 |
897.54 |
1.49 |
3.00 |
0.02 |
0.51 |
0.10 |
0.01 |
0.09 |
0.001 |
0.001 |
83.89 |
|
902.05 |
903.54 |
1.49 |
6.00 |
0.68 |
0.97 |
0.09 |
0.03 |
0.05 |
0.001 |
0.003 |
139.62 |
|
911.06 |
912.57 |
1.51 |
2.00 |
0.03 |
0.31 |
0.02 |
0.01 |
0.09 |
0.001 |
0.001 |
71.60 |
|
921.60 |
923.15 |
1.55 |
2.00 |
0.02 |
0.53 |
0.02 |
0.01 |
0.06 |
0.001 |
0.002 |
66.00 |
|
924.64 |
926.07 |
1.43 |
3.00 |
0.01 |
0.59 |
0.01 |
0.01 |
0.05 |
0.001 |
0.003 |
59.22 |
|
933.55 |
936.56 |
3.01 |
4.03 |
0.06 |
0.73 |
0.08 |
0.01 |
0.12 |
0.001 |
0.004 |
114.76 |
|
941.08 |
944.06 |
2.98 |
4.47 |
0.03 |
0.22 |
0.06 |
0.01 |
0.06 |
0.001 |
0.001 |
58.50 |
|
945.53 |
946.99 |
1.46 |
10.00 |
0.04 |
0.29 |
0.33 |
0.01 |
0.16 |
0.001 |
0.001 |
133.74 |
|
951.57 |
953.02 |
1.45 |
20.00 |
0.01 |
0.71 |
0.52 |
0.01 |
0.03 |
0.001 |
0.003 |
86.78 |
|
957.59 |
960.51 |
2.92 |
5.00 |
0.07 |
0.46 |
0.10 |
0.01 |
0.17 |
0.001 |
0.002 |
136.71 |
|
972.51 |
987.34 |
14.83 |
8.14 |
0.15 |
0.40 |
0.11 |
0.02 |
0.09 |
0.002 |
0.002 |
96.13 |
|
994.96 |
997.89 |
2.93 |
4.51 |
0.06 |
0.35 |
0.03 |
0.00 |
0.04 |
0.001 |
0.001 |
53.12 |
|
1003.85 |
1005.30 |
1.45 |
14.00 |
0.07 |
0.69 |
0.03 |
0.02 |
0.03 |
0.005 |
0.002 |
74.61 |
|
1014.23 |
1035.30 |
21.07 |
6.83 |
0.03 |
0.24 |
0.06 |
0.01 |
0.05 |
0.002 |
0.001 |
56.12 |
|
1045.82 |
1086.06 |
40.24 |
8.73 |
0.11 |
0.22 |
0.05 |
0.02 |
0.06 |
0.003 |
0.001 |
69.88 |
Incl. |
1068.37 |
1081.62 |
13.25 |
16.71 |
0.08 |
0.35 |
0.06 |
0.04 |
0.09 |
0.004 |
0.001 |
100.05 |
|
1090.64 |
1093.67 |
3.03 |
9.53 |
0.19 |
0.09 |
0.02 |
0.03 |
0.05 |
0.005 |
0.001 |
62.69 |
|
1104.16 |
1108.73 |
4.57 |
6.67 |
0.08 |
0.13 |
0.01 |
0.03 |
0.04 |
0.003 |
0.001 |
48.93 |
|
1114.63 |
1120.58 |
5.95 |
48.38 |
0.12 |
0.05 |
0.05 |
0.09 |
0.15 |
0.018 |
0.001 |
163.35 |
See Note Table 1.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b00bb012-0067-4bf2-b22f-fe3d2b787bae
https://www.globenewswire.com/NewsRoom/AttachmentNg/bf108382-d9d3-4d2a-a052-5cacf022835c
https://www.globenewswire.com/NewsRoom/AttachmentNg/61ed7775-0c9b-4f46-af99-6dc6844faf39
https://www.globenewswire.com/NewsRoom/AttachmentNg/b2b16fed-ec98-42ea-958c-26f66b8625a9
Table 3: Summary of Diamond Drill Holes
Completed with Assays Pending and Drill Holes in Progress at Iska
Iska from June 14, 2022 press release.
SUMMARY DIAMOND DRILLING ISKA ISKA |
Hole No. |
Type |
Collar Easting |
Collar Northing |
Elev |
Azimuth |
Angle |
Hole length (m) |
Surface Drilling Santa Barbara Breccia |
DHK-24 |
S |
205529.4 |
7656222.5 |
4153.4 |
225° |
-60° |
926.3 |
DHK-25 |
S |
205526.9 |
7656384.7 |
4178.1 |
225° |
-55° |
1,147.3 |
|
|
|
|
|
|
Subtotal |
2,073.6 |
Surface Drilling Northwest Extension Santa
Barbara |
DSB-16 |
S |
204973.9 |
7657053.1 |
4147.1 |
225° |
-65° |
862.0 |
DSB-17 |
S |
205136.3 |
7656770.8 |
4168.1 |
225° |
-40° |
841.0 |
DSB-18 |
S |
205209.3 |
7656683.3 |
4172.5 |
225° |
-40° |
890.4 |
DSB-19 |
S |
205209.9 |
7656684 |
4172.5 |
225° |
-65° |
803.3 |
DSB-23 |
S |
205343.3 |
7656534.4 |
4176.1 |
225° |
-40° |
863.2 |
DSB-27 |
S |
205044.5 |
7656982.6 |
4150 |
225° |
-65° |
800.4 |
DSB-28 |
S |
205512 |
7656112 |
4162 |
225° |
-60° |
851.4 |
|
|
|
|
|
|
Subtotal |
5,911.7 |
DSB-29 |
S |
205511 |
7655966.9 |
4134 |
225° |
-60° |
In progress |
DSB-30 |
S |
205440.27 |
7656179.06 |
4192 |
225° |
-60° |
In progress |
DSB-31 |
S |
205652.403 |
7656108.35 |
4088 |
225° |
-60° |
In progress |
Underground Drilling Santa Barbara Adit |
DSBU-09 |
UG |
205284.5 |
7656080 |
4167.1 |
90° |
-60° |
904 |
DSBU-10 |
UG |
205284.5 |
7656080.0 |
4167.1 |
40° |
-60° |
878.9 |
|
|
|
|
|
|
Subtotal |
1,782.9 |
DSBU-11 |
UG |
205284.502 |
7656080.03 |
4167.117 |
180° |
-55° |
In progress |
Surface Drilling South Extension Santa
Barbara |
DSBS-02 |
S |
205300 |
7655563 |
4195 |
0° |
-45° |
1,023.4 |
|
|
|
|
|
|
Subtotal |
1,023.4 |
Porco Target Area - Surface Drill Program Testing Magnetic
Inverse Model |
DPC-07 |
S |
205090.1 |
7655340.9 |
4310 |
235° |
-60° |
791.4 |
DPC-08 |
S |
205585 |
7655423.6 |
4089 |
235° |
-65° |
800.4 |
DPC-09 |
S |
205456.7 |
7655516.6 |
4125 |
180° |
-75° |
1,124.4 |
DPC-10 |
S |
205396.5 |
7655701.2 |
4148 |
225° |
-60° |
1,088.4 |
DPC-11 |
S |
205456.7 |
7655516.6 |
4125 |
235° |
-70° |
1,065.0 |
DPC-12 |
S |
205650 |
7655200 |
4100 |
235° |
-70° |
941.4 |
|
|
|
|
|
|
Subtotal |
5,811.0 |
Mina 2 Target Area - Surface Drill Program Testing Magnetic
Inverse Model |
DM2-01 |
S |
205944 |
7654211 |
3674 |
30° |
-60° |
860.3 |
|
|
|
|
|
|
Subtotal |
860.3 |
|
|
|
|
|
|
TOTAL |
17,463.3 |
S = Surface UG=Underground; collar coordinates
in metres; azimuth and dip in degrees. Total drilling completed
since the start of the program on September 13, 2020 to December
17, 2021 is 40,468 m in 73 holes (26 underground holes and 47
surface holes). From re-start of drilling on January 17, 2022, an
additional 19,031m have been completed bringing the overall total
to 59,499 m in 95 drill holes (31 underground drill holes and 64
surface drill holes) including 4 holes in progress.
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 exploration experience, including
extensive work in South America, manages the overall technical
program, 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 Micon
are regularly consulted on technical aspects of the project.
The magnetic survey was carried out by MES
Geophysics using a GEM Systems GSM-19W Overhauser magnetometer. Dr.
Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent
Exploration provided the survey design, preparation of the maps and
interpretation from data processed and quality reviewed by Rob
McKeown, P. Geo. of MES Geophysics. Messrs. Hale, Gilliatt and
McKeown are Qualified Persons as defined under NI 43-101. Mr. Joe
Mihelcic, P.Eng., P.Geo., of Clearview Geophysics, a QP under NI
43-101, completed the 3D magnetic inversion model in consultation
with Dr. Hale and Mr. Gilliatt. The Borehole IP surveys are being
carried out by MES Geophysics under the supervision of Dr. Hale and
Mr. Gilliatt.
Eloro is utilizing both ALS and AHK for drill
core analysis, both of whom are major international accredited
laboratories. Drill samples sent to ALS are 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. More
recently Eloro has had ALS send pulps to their laboratory at Galway
in Ireland. 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 are
prepared in a preparation facility installed and managed by AHK in
Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and
Sn analysis on these samples is done by ALS Bolivia Ltda in Lima.
Check samples between ALS and AHK are regularly done as a QA/QC
check. AHK is following the same analytical protocols used as with
ALS and with the same QA/QC protocols. Turnaround time continues to
improve, as laboratories return to more normal staffing levels.
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. Eloro has an option to earn a 99%
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 DHK-15 which returned 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 along with geophysical data
has defined a target zone 1400m along strike, 500m wide and that
extends to a depth of 600m. This zone is open along strike to the
northwest and southeast as well as to the southwest. The Company’s
nearer term objective is to outline a maiden NI 43-101 compliant
mineral resource within this large target area. This work is
advancing well with the 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.
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 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 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.
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 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.
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