Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE:
P2QM) (“Eloro”, or the “Company”) is pleased to announce
assay results from two (2) additional diamond drill holes from its
on-going drilling program at the Iska Iska silver-tin polymetallic
project in the Potosi Department, southern Bolivia. Hole DSBU-10 is
an underground hole drilled at azimuth 400 at -600 dip across the
higher-grade feeder zone. Hole DHK-24 is a surface drill hole
collared near Huayra Kasa approximately 100m SE of Hole DSBU-10 and
drilled to the SW at -600. Four drills including three surface
drills and one underground drill are focussed on completing
drilling in the Santa Barbara Resource Definition Drilling Area. A
fourth surface drill has been added to further expand drilling
capacity.
Overall, the Company has completed
64,573m in 102 drill holes to-date at Iska Iska,
including four holes in progress, as shown in Figure 1. Tables 1
and 2 list significant assay results for the two drill holes
reported and Figure 2 is a geological cross section.
Prices used for calculating Ag equivalent grades have been updated
to current metal prices as noted below. Table 3 summarizes drill
holes with assays pending. Highlights are as follows:
Santa Barbara Mineral Resource
Definition Target Area – Surface Drilling
Significant results are as follows:
- 188.64 g
Ag eq/t (44.75 g Ag/t, 0.08 g Au/t, 1.05% Zn, 0.76% Pb and 0.14%
Sn) over 349.08m from 0.0 to 349.08m in underground hole
DSBU-10 in the core of feeder zone in the Santa Barbara Target Area
- Notably,
59% of the overall length of this
878.9m long hole yielded reportable intersections
which collectively average 160.14 g Ag eq/t.
- Hole DHK-24,
collared at surface near Huayra Kasa approximately 100m SE of Hole
DSBU-10 and drilled to the SW at -600 intersected multiple
intersections including;
- 114.62 g
Ag/t (17.89 g Ag/t, 0.04 g Au/t, 1.58% Zn, 0.62% Pb and 0.05% Sn)
over 112.91m from 22.01 to 134.92m, including a
higher-grade portion of 226.05 g Ag/t (26.25 g Ag/t, 2.74%
Zn and 0.95% Pb) over 52.86m from 64.12m to 116.98m
- 84.31 g
Ag eq/t (2.61 g Ag/t, 0.10 g Au/t, 1.22% Zn and 0.21% Pb) over
162.48m from 143.88 to 306.36m
- 120.0 g
Ag eq/t (5.51 g Ag/t, 0.09 g Au/t, 1.71 %Zn and 0.34%Pb) over
65.73m from 395.30m to 461.03m including a higher-grade
portion of 299.92 g Ag eq/t (17.19 g Ag/t, 0.31 g Au/t,
4.34% Zn and 0.59% Pb) over 17.06m from 414.84 to
431.90m
- 110.91 g
Ag eq/t (43.67 g Ag/t, 0.07 g Au/t, 0.35% Zn, and 0.10 % Sn) over
177.86m from 546.78m to 724.64m including higher-grade
portions of
- 967.90 g
Ag eq/t (764.26 g Ag/t, 1.03 g Au/t, 0.34% Zn, 0.20% Pb, 0.09% Cu
and 0.10% Sn) over 7.57m from 549.82m to 557.39m
- 183.56 g
Ag eq/t (81.68 g Ag/t, 0.34% Zn and 0.21% Sn) over 7.54m
from 635.69m to 643.23m and
- 221.65 g
Ag eq/t (20.34 g Ag/t, 0.81% Zn, 0.15% Pb and 0.39% Sn) over
12.16m from 682.30m to 694.46m
- Notably,
62% of the overall length of this
926.3m long hole yielded reportable intersections
which collectively average 110.70 g Ag eq/t.
Tom Larsen, CEO of Eloro said: “These are the
best drilling results to date at Iska Iska, even with the
discounted metal prices being quoted in comparison to higher values
used for previous silver equivalent drill hole results. The
significance of DSBU-10 and DHK-24 both drilled at -60 degrees
further strengthens our geological belief that there is major
tonnage potential in this feeder system that further expands the
already extensive initial Santa Barbara mineral resource definition
target area currently being drilled.”
Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice
President, Exploration commented: “We continue to get impressive
results from the higher-grade feeder zone at Santa Barbara. Based
on geological and geophysical evidence, it appears that this feeder
zone may extend much further to the SE across the centre of the
Iska Iska Caldera. We are currently completing addition drill holes
to test this possibility and have added an additional drill to
further accelerate the program.”
Table 1: Significant Results, Underground Diamond
Drilling, Santa Barbara Resource Definition Target Area as at July
21,
2022: https://www.globenewswire.com/NewsRoom/AttachmentNg/b3f6ee24-8f39-4f6e-bb5d-7a852571ac6a
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 July 21, 2022, to more accurately
reflect current metal prices):
Element |
Price $US (per kg) |
Ratio to Ag |
Ag |
$607.00 |
1.0000 |
Sn |
$23.55 |
0.0589 |
Zn |
$2.98 |
0.0046 |
Pb |
$1.92 |
0.0032 |
Au |
$54,932.80 |
79.7221 |
Cu |
$7.00 |
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,
Santa Barbara Resource Definition Target Area as at July 21,
2022: https://www.globenewswire.com/NewsRoom/AttachmentNg/e7fd6c70-9adf-4443-a732-8709e67fb979
See Note Table 1.
Figure 1 – Geological Plan Map showing Drilling in Santa
Barbara Area with Holes referred to in this release
highlighted: https://www.globenewswire.com/NewsRoom/AttachmentNg/01d22763-e26d-4338-a342-dc041040e4e1
Figure 2: Geological Cross of Diamond Drill Holes
DSBU-10 and DHK-24 showing Major Higher Grade Feeder
Zone: https://www.globenewswire.com/NewsRoom/AttachmentNg/6333376b-47e5-485f-a6dc-564ad6dd358e
Table 3: Summary of Diamond Drill Holes Completed with
Assays Pending and Drill Holes in Progress at Iska Iska from July
21, 2022 press
release: https://www.globenewswire.com/NewsRoom/AttachmentNg/427b6928-b654-4a12-a8ab-c013ce0c0159
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.
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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