Eloro Resources Ltd. (TSX-V: ELO) (OTCQX: ELRRF) (FSE: P2QM) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in Potosi Department, southern Bolivia. To date, the Company has completed 46 diamond drill holes totalling 22,398.9 metres (m) to test major target areas at Iska Iska. This press release reports drilling results from four (4) additional holes which tested the mineralized envelope of the Santa Barbara Breccia Pipe (“SBBP”) and the central-southern part of the Central Breccia Pipe (“CBP”). To date, every drill hole that has been assayed has returned multiple reportable mineralized intercepts. Currently three drill rigs are in operation at Iska Iska. One surface drill rig is completing first pass drilling of the major Porco (South) Target. The second surface drill is currently cleaning out drill holes on the SBBP radial platform for the planned downhole induced polarization/resistivity (IP/RES) survey then will be moved to test the gap area between the Central and Porco Breccia Pipes. The third drill, an underground rig, is testing the northeast part of SBBP and its mineralized envelope. This drill will shortly be moved to a new drill bay recently completed on the west end of the Santa Barbara adit. Figure 1 is a geological plan map showing locations of drill holes and an updated geological interpretation. Figure 2 is a more detailed geological plan map of the SBBP and northern CBP areas showing the magnetic low target to the northwest of the SBBP where drilling is planned (see press release June 7, 2021 for an overview of the magnetic results). Table 1 provides significant drilling results and Table 2 lists holes completed with assays pending as well as holes in progress in the three major target areas. Highlights are as follows:
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “We are close to completing first pass drilling over three of our major target areas in the Iska Iska Caldera Complex. Following completion of the downhole IP/Res survey, we will be carrying out additional drilling in the SBBP and its surrounding envelope to define the full extent of mineralization which remains open in all directions. This drilling will also test the potential extension of the mineralized zone to the northwest as indicated by the strong magnetic low as shown in Figure 2. Hole DCS-01 intersected silver-tin polymetallic mineralization similar to what we are seeing visually in the initial drill holes on Porco. Analysis of the magnetic data suggests the potential for a centre of mineralization in the gap zone between CBP and Porco; this will be drill tested soon. The northern part of CBP is primarily an Sn target with some Ag. We will determine the follow-up drill plan there once we receive pending assays from the drill holes. Our Tupiza-based exploration team led by Dr. Osvaldo Arce, P.Geo. continues to do an excellent job keeping up with all the drilling and we thank our drill contractor Leduc Drilling for the continuing high quality drill production.”
Dr. Quinton Hennigh, Senior Technical Advisor to Eloro stated: “The 300.75m intercept grading 129.65 g Ag eq/t in hole DHK-18 generates a metal factor of approximately 39,000 gram-meters Ag eq/t, a remarkable result and a clear testament to the strength of the Iska Iska Ag-Sn-base metal system. For those more familiar with gold, this grade is equivalent to almost 2 g Au eq/t over 300.75m. Importantly, mineralization occurs in the wall rock envelope east of the SBBP, thus the system is not constrained to the limits of the breccia pipes. All holes drilled across the project to date display intervals of alteration and mineralization, and the limits of the system have not yet been delineated. In short, all geologic settings, either in or out of the breccia pipes, can be considered prospective, and the deposit is wide open for expansion in all directions. We have lots to look forward to as results return from multiple outstanding holes including those recently completed at Porco (South).”
Table 1: Significant Diamond Drilling Results, Iska Iska, as at July 28, 2021:
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. Percentage metal contents are shown for each element.
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:
|Element||Price (per kg)||Ratio to Ag|
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.
Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from press release of July 28, 2021.
|Underground Drilling Huayra Kasa – Santa Barbara Area|
|Central Breccia Pipe – Surface Radial Drill Program – North Setup|
|Central Breccia Pipe – Surface Radial Drill Program – South Setup|
|Porco Central – Surface Radial Drill Program|
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 is 22,398.9m in 46 holes (18 underground holes and 28 surface holes) with one underground and one surface hole in progress. The second surface drill is cleaning out holes for the downhole IP survey.
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 National Instrument 43-101 (“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. Arce. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.
Drill samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis, As announced in the February 26, 2021 press release, Eloro has changed the assay protocol to utilize X-ray fluorescence (XRF) to more accurately analyze higher Sn. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. 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.
Unfortunately, the ALS Global laboratory in Lima where the Iska Iska samples are being analyzed has had major delays in turnaround time due to the impact of the COVID-19 lockdown of Lima by the Peruvian government. This has restricted availability of critical supplies necessary to carry out analytical work. As a result, there will be delays in reporting of assay results.
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 Santa Barbara Breccia Pipe 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 Central Breccia Pipe (“CBP”). The SBBP thus far extends 800m along strike by 400+m wide and extends to at least 700m depth. CBP extends for 700m along strike by 400+m wide and extends to at least 900m deep.
A substantive mineralized envelope which is open along strike and down-dip extends around the breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 gAg/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.
On May 4, 2021, Eloro released results from the first drill hole on the CBP. Hole DCN-01 intersected multiple mineralized intercepts including 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m and containing 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53m.
On May 26, 2021 Eloro released results from Hole DSB-07 drilled at -60 degrees to a depth of 683.4m to the southeast from the radial drill platform on SBBP which intersected multiple mineralized intercepts including:
Eloro Resources reported additional multiple holes with significant silver-tin polymetallic Intercepts in the Santa Barbara and Central Breccia Pipes on July 6, 2021 including:
A detailed ground magnetic survey of the Iska Iska property reported on June 6, 2021 confirmed the extent of the Iska Iska Caldera as determined from geological mapping and satellite interpretation including Aster data. The Santa Barbara and Central Breccia Pipes, both of which have been confirmed by drill-testing, are marked by prominent low anomalies reflecting strong alteration. The magnetic data suggests that the that the Central and Porco Breccia Pipes likely merge at depth. There is a prominent area of low intensity magnetics northwest of the Santa Barbara Breccia Pipe which requires follow-up work.
Geological mapping and satellite interpretation identified a third major breccia pipe target Porco (South) that is approximately 600m in diameter (South) located southeast of CBP in the southern part of the Iska Iska caldera complex. The Porco (South) Breccia Pipe target has a similar magnetic signature to the Santa Barbara and Central Breccia Pipes, further confirming the likelihood of it being a major breccia pipe. This target is currently being drill tested. Previous channel sampling in the Porco adit located adjacent the target area 200m to the southeast returned 50m grading 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn over an average sample width of 2.49m.
Currently three diamond drill rigs are active at Iska Iska, two surface rigs and one underground drill. Planned drilling for 2021 is 51,000m with the aim of outlining an initial inferred NI 43-101 mineralization by late fall. A a downhole induced polarization/resistivity survey is in progress to further define drill targets and aid resource definition drilling. Preliminary metallurgical tests are also in progress. An updated NI 43-101 Technical Report is being prepared by independent consultant Micon International Ltd.
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. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and 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.
Figure 1: Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets and diamond drill holes:
Figure 2: Detailed Geological Plan Map of the Santa Barbara and Central Breccia Pipe areas showing location of strong magnetic low target:
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