Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE:
P2QM) (“Eloro”, or the “Company”) is pleased to announce
the final results of its bulk metallurgical test program on the
Iska Iska silver-tin polymetallic project in the Potosi Department
of southwestern Bolivia.
Tom Larsen, CEO of Eloro commented: “The
substantive difference in average silver grade in the bulk sample
compared to the twinned holes strongly suggests that the silver
grade in the two original twinned holes is likely significantly
underreported due to the much smaller sample size. The recently
released results from the definition drill program in the same
general area within the initial MRE (see Eloro press releases dated
December 18, 2023 and January 11, 2024) which yielded a number of
higher-grade Ag intersections, also reflected in the improved
silver grade equivalent values, further supports this underreported
silver grade conclusion. These results highlight the fact that
tighter spaced drilling is required to have a more representative
sampling of high-grade areas in the Iska Iska deposit to obtain a
more accurate estimate of the likely true overall grade."
Mr. Larsen continued: “While the initial test
program focussed on the higher-grade part of the Polymetallic
Domain as this is where the bulk of the current mineral resource
is, further testwork is planned on the Tin Domain which is very
under-drilled. The recent definition drilling reported significant
Sn results and it is expected that additional definition drilling
will expand and upgrade the tin resource so that it can potentially
be included in the preliminary economic assessment (“PEA”) in
progress.”
Mike Hallewell, newly appointed as Eloro’s
Senior VP Engineering Projects/Metallurgy said: “The results
indicate that 91.9% of the Silver and Lead, and 76.0% of the zinc
can be pre-concentrated into a relatively high-grade mill feed
product constituting only 46.6% of the original tonnage. The
upgraded product results in higher flotation plant feed grades that
will assist flotation stage recoveries. Both XRT “Ore Sorting” and
DMS are well known, low risk separation technologies that provide
Eloro with a great opportunity to significantly reduce operating
and capital costs, reduce the mine cut-off grade and enhance
flotation stage recoveries. The small differences in the -60mm+25
mm and -25mm+9.5 mm size fractions suggests that the top size could
be increased above 60 mm. This would increase the percentage of
Run-of-Mine (“ROM”) secondary crushed material that would report
for pre-concentration, which would enhance the overall benefit of
pre-concentration. The much higher Ag grades of 91 g Ag/t in the
bulk metallurgical sample as compared to the twinned holes grade of
31g Ag/t is very encouraging. This along with the very high test
recoveries for Ag, will have a major positive effect on potential
project economics.”
METALLURGICAL TEST PROGRAM
As previously reported (see Eloro press release
dated November 1, 2023), three metallurgical drill holes totalling
940 m were completed at the Iska Iska project. Two holes targeted
the higher-grade Polymetallic (Ag-Pb-Zn) Domain while the third
hole sampled the higher-grade Tin Polymetallic (Sn-Ag-Pb) Domain.
These metallurgical holes were drilled using PQ core (~85mm Ø) and
were designed to twin previous HQ core drill holes which contained
representative mineralization with values for the predominant
higher grade Polymetallic (Ag-Zn-Pb) outlined in Table 1. As shown
in Figure 1, these metallurgical holes were targeted in the
potential higher-grade starter pit area at Santa Barbara which
contains an estimated mineral resource at a cutoff of NSR US$25/t
of 132 million tonnes at 24.3 g Ag/t, 1.11% Zn and 0.50% Pb (72.06
g Ag eq/t) (see Eloro press release dated October 17, 2023). The
drill core selected for testing from these holes, which totaled 7.9
tonnes from 519 m of drill core, was shipped to Wardell Armstrong
International (“WAI”) in Cornwall, England, for crushing to 60mm
and sizing into five different size fractions. The -60 mm+9.5 mm
crushed and sized product was sent to TOMRA GmbH based in Wedel,
Germany, for separate cascade “ore-sorting” tests on -60 mm+25 mm
and -25mm+9.5 mm.
The testing program reported in this release
focussed on the two PQ drill holes in the Polymetallic Domain which
contain the majority of the tonnage and metal, namely MET-DSBU-10
and MET-DSB-30. The sample size tested was 6.3 tonnes from 418m of
the overall drill core sent to WAI. Further PQ diamond drilling is
planned to obtain a bulk metallurgical sample from the sulphide Tin
Domain, in addition to testing MET-DSB-32 which is in the oxide
zone of the Tin Domain. The Tin Domain, although it contains an
inferred mineral resource of 110 million tonnes grading 0.12% Sn,
14.2 g Ag/t and 0.14% Pb (38.02 g Ag eq/t) (see Eloro press release
of October 17, 2023), is very under-drilled especially to the west.
The recent definition drilling reported significant Sn results and
it is expected that additional definition drilling will expand and
upgrade the Sn resource so that it can potentially be included in
the PEA in progress.
The -9.5 mm+0.85 mm size fractions were subject
to heavy liquid analysis performed on two separate size fractions
(-9.5mm+5mm and -5mm+0.85 mm) to identify the amenability of the
finer size fractions to Dense Media Separation (“DMS”). The -0.85
mm material and the pre-concentrated products from the “ore
sorting” and heavy liquid tests will provide testwork material for
further PEA level grinding and flotation metallurgical testwork at
WAI. This work builds on previous metallurgical test work using
representative Iska Iska samples, as summarized in the Company’s
National Instrument 43-101 (“NI 43-101”) Technical Report filed on
Sedar+ (see Eloro press release dated October 17, 2023).
These metallurgical drill holes also provided an
important comparative bulk sample test of mineralization grade
relative to the weighted average grade of the twinned holes.
Figure 1: Cross Section of MRE Block
Model showing Locations of Metallurgical PQ Holes and Original
Holes Twinned
Notes: OP = Open Pit defining mineral resource estimate (MRE),
NSR – Net Smelter Revenue, HG = Higher Grade, LG= Lower Grade.
Block model from Micon International Limited MRE (see Eloro press
release dated October 17, 2023)
SUMMARY HIGHLIGHTS
1. Overall
Summary Tests
The main focus of this testwork phase has been
on the predominant Ag-Pb-Zn Sulphide Domain which accounts for the
majority of the mineral resource tonnage and metal values. Table 1
below shows the compelling results from this preliminary study on
the full bulk PQ sample representative of the higher grade
Polymetallic (Ag-Zn-Pb) Sulphide domain. The results indicate that
91.9% of the silver and lead, and 76.0% of the zinc can be
pre-concentrated into a relatively high-grade mill feed product
constituting only 46.6% of the original tonnage. The upgraded
product results in higher flotation plant feed grades that will
assist flotation stage recoveries. While 91.1% of the bulk sample
(-60mm+0.85mm) reports to pre-concentration the remaining 8.9% of
the material by-passes pre-concentration and can be blended
directly with the pre-concentrated feed ahead of grinding.
Table 1: Overall Pre-concentration
Results
Test Parameters |
Mill Feed |
Size Fraction |
Pre-conc Technique |
Unoptimised Setting |
Wt% |
g/t Ag |
%Pb |
%Zn |
Ag eq |
Ag Rec % |
Pb Rec % |
Zn Rec % |
-60mm+25mm |
XRT "Ore" Sorting |
Eject
Medium Low Grade |
12.9 |
180.0 |
2.05 |
2.91 |
308.37 |
25.3 |
27.6 |
23.7 |
-25mm+9.5mm |
XRT "Ore" Sorting |
Eject
Medium Low Grade |
17.7 |
183.0 |
1.72 |
2.96 |
305.13 |
37.5 |
31.8 |
24.9 |
-9.5mm+5.0mm |
DMS |
2.65 SG
Sinks |
2.0 |
156.0 |
2.38 |
3.47 |
314.61 |
3.5 |
5.0 |
4.4 |
-5.0mm+0.85mm |
DMS |
2.65 SG
Sinks |
5.1 |
196.0 |
2.37 |
3.68 |
356.98 |
11.0 |
12.7 |
11.9 |
-0.85mm |
None |
N/A |
8.9 |
149.0 |
1.58 |
1.96 |
236.74 |
14.6 |
14.7 |
11.0 |
Mill Feed |
46.6 |
176.0 |
1.88 |
2.86 |
299.15 |
91.9 |
91.9 |
76.0 |
Notes: |
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Abbreviations are as follows: mm = millimetres, Pre-conc=
Pre-concentration, XRT=X-Ray Transmission. SG = Specific Gravity,
Wt% = Weight percent, |
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XRT=X-Ray Transmission, DMS = Dense Media Separation, SG =
Specific Gravity, Wt% = Weight percent, g/t = grams per tonne,
Ag=Silver, Pb=Lead, |
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Zn = Zinc, Ag eq = Silver equivalent, Rec = Recovery. 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%, Pb= 80%. |
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Table 2 below compares the individual back
calculated head assays coming from the PEA preconcentration test
work program with the assays from the 1/2 HQ twinned exploration
holes. The overall weighted average Ag assay was significantly
higher in the bulk PQ metallurgical hole sample at 91 g/t
Ag as compared with the two original HQ geological twinned
holes at 31 g/t Ag. This substantive difference in
average Ag grade strongly suggests that the silver grade in the two
original twinned holes is likely to be significantly underreported
due to the much smaller sample size. The recently released results
from the definition drill program in the same general area (see
Eloro press releases dated December 18, 2023, and January 11, 2024)
which yielded a number of higher-grade Ag intersections, further
supports this conclusion. These results highlight the fact that
tighter spaced drilling is required to have a more representative
sampling of high-grade areas in the Iska Iska deposit to obtain a
more accurate estimate of the likely true overall grade.
Table 2: Back Calculated Head
Assay
Size Fraction |
Wt kg |
Wt% |
%Pb |
%Zn |
g/t Ag |
Ag eq |
-60mm+25mm |
2137 |
33.8 |
0.87 |
1.42 |
75 |
136.16 |
-25mm+9.5mm |
2689 |
42.5 |
0.80 |
1.50 |
89 |
149.68 |
-9.5 mm 45m m |
278 |
4.4 |
1.18 |
1.87 |
78 |
161.83 |
-5mm+0.85mm |
653 |
10.3 |
1.23 |
1.99 |
105 |
190.98 |
-0.85mm |
563 |
8.9 |
1.58 |
1.96 |
149 |
236.74 |
PQ Drill Core |
6320 |
100.0 |
0.95 |
1.58 |
91 |
157.73 |
1/2 HQ Twinned Holes |
898 |
|
1.10 |
1.92 |
31 |
120.38 |
See Notes on Table 1. kg = kilograms |
2. Ag-Zn-Pb
Sulphide Domain -60 mm+25 mm XRT
Ore Sorter Result
In test 4.4, metal recoveries of 77.8%, 89.2%
and 91.0% of zinc, lead and silver, respectively, were achieved
into a pre-concentrate that comprised 38.1% of the feed weight. The
pre-concentrate assayed 2.91% Zn, 2.05% Pb and 180g/t Ag (308.37 g
Ag eq/t). These “ore” sorter results are presented in Table 3 and
Figure 2 below.
Table 3: -60mm+25mm XRT “Ore” Sorter
Cascade Results
Sample ID |
Mass |
Assay |
Metal Distribution, % |
kg |
% |
Σ Mass % to Product |
Σ% Zn Product |
Σ% Pb Product |
Σg/t Ag Product |
Σ Ag eq Product |
Σ Zn Product |
Σ Pb Product |
Σ Ag Product |
Test 4.1 Eject High Grade |
86.5 |
4.19 |
4.19 |
6.85 |
8.06 |
832 |
1160.02 |
20.1 |
38.5 |
46.2 |
Test 4.2 Eject High Medium Grade |
105.5 |
5.11 |
9.30 |
5.51 |
5.22 |
534 |
784.85 |
35.9 |
55.4 |
65.8 |
Test 4.3 Eject Medium Grade |
269.0 |
13.04 |
22.34 |
3.82 |
3.03 |
283 |
453.75 |
59.9 |
77.1 |
83.5 |
Test 4.4 Eject Medium Low Grade |
325.5 |
15.77 |
38.11 |
2.91 |
2.05 |
180 |
308.37 |
77.8 |
89.2 |
91.0 |
Test 4.5 Eject Low Grade |
505.5 |
24.50 |
62.61 |
2.08 |
1.35 |
106 |
197.80 |
91.4 |
96.2 |
95.3 |
Test 4.5 Non-Eject Waste |
771.5 |
37.39 |
100.00 |
1.35 |
0.87 |
74 |
132.82 |
100.0 |
100.0 |
100.0 |
|
2063.3 |
100.00 |
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Test 4.5 Non-Eject Waste -20mm |
73.7 |
3.45 |
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TOTAL |
2137.2 |
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See NotesTable 1. Σ = Sum |
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Figure 2: -60mm+25mm Weight Yield Vs
Metal Recovery to product
3. Ag-Pb-Zn
Sulphide Domain -25 mm+9.5 mm XRT
“Ore” Sorter Result
In test 1.4, metal recoveries of 81.9%, 89.5%
and 89.6% for zinc, lead and silver, respectively, were achieved
into a pre-concentrate that comprised 41.6% of the sample feed
weight. The pre-concentrate assayed 2.96%Zn, 1.72%Pb and 183g/t Ag
(305.13 g Ag eq/t). These “ore sorter” results are presented in
Table 4 and Figure 3 below.
Table 4: -25mm+9.5mm XRT Ore Sorter
Cascade Results
Sample ID |
Mass |
Assay, % |
Metal Distribution, % |
kg |
% |
Σ Mass% to Product |
Σ% Zn Product |
Σ% Pb Product |
Σg/t Ag Product |
Σ Ag-eq Product |
Σ Zn Product |
Σ Pb Product |
Σ Ag Product |
Test 1.1 Eject High Grade |
170.5 |
6.46 |
6.46 |
7.83 |
6.76 |
845 |
1175.91 |
33.7 |
54.7 |
64.3 |
Test 1.2 Eject High Medium Grade |
225.0 |
8.52 |
14.98 |
5.41 |
3.74 |
435 |
659.96 |
54.0 |
70.2 |
76.7 |
Test 1.3 Eject Medium Grade |
350.5 |
13.28 |
28.26 |
3.84 |
2.35 |
257 |
415.84 |
72.3 |
83.0 |
85.4 |
Test 1.4 Eject Medium Low Grade |
352.5 |
13.35 |
41.62 |
2.96 |
1.72 |
183 |
305.13 |
81.9 |
89.5 |
89.6 |
Test 1.5 Eject Low Grade |
566.5 |
21.46 |
63.08 |
2.18 |
1.20 |
123 |
212.82 |
91.6 |
94.9 |
95.5 |
Test 1.5 Non-Eject Waste |
974.5 |
36.92 |
100.00 |
1.40 |
0.77 |
87 |
143.70 |
100.0 |
100.0 |
100.0 |
|
2639.5 |
100.00 |
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Test 1.5 Non-Eject Waste -8mm |
49.3 |
1.83 |
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TOTAL |
2688.8 |
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See NotesTable 1. Σ = Sum |
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Figure 3 -25mm+9.5mm Weight Yield Vs
Metal Recovery to product
4. Ag-Zn-Pb
Sulphide Domain -9.5 mm+5.0 mm
DMS Heavy Liquid Results
In 2.65 Specific Gravity (“SG”) sinks, metal
recoveries of 85.3%, 92.7% and 92.3% of zinc, lead and silver,
respectively, were achieved into a pre-concentrate that consisted
of 45.9% of the feed weight. The 2.65 SG Sink product assayed 3.47%
Zn, 2.38% Pb and 156 g/t Ag (314.61 g Ag eq/t). These heavy liquid
test results are presented in Table 5 and Figure 4 below.
Table 5: -9.5mm+5.0mm DMS Heavy Liquid
Results
Product |
Weight |
Assay, % (ppm) |
Distribution, % |
Σ Mass% to Product |
Σ %Pb to Product |
Σ %Zn to Product |
Σg/t Ag to Product |
Σ Ag eq Product |
Σ Pb Product |
Σ Zn Product |
Σ Ag Product |
2.65 SG |
45.94 |
2.38 |
3.47 |
156 |
314.61 |
92.66 |
85.25 |
92.27 |
2.70 SG |
29.54 |
3.52 |
4.86 |
263 |
484.13 |
88.20 |
76.83 |
89.45 |
2.75 SG |
22.90 |
4.38 |
5.82 |
339 |
604.73 |
85.22 |
71.25 |
86.78 |
2.80 SG |
16.75 |
5.72 |
7.18 |
463 |
792.78 |
81.25 |
64.34 |
84.53 |
2.85 SG |
10.90 |
8.06 |
9.31 |
711 |
1140.22 |
74.60 |
54.33 |
78.49 |
2.90 SG |
9.25 |
9.16 |
10.33 |
838 |
1313.37 |
71.91 |
51.12 |
75.36 |
See NotesTable 1. Σ = Sum, SG-Specific Gravity |
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Figure 4: -9.5mm+5.0mm Weight Yield Vs
Metal Recovery to product
5. Ag-Zn-Pb
Sulphide Domain -5.0 mm+0.85 mm
DMS Heavy Liquid Results
In the 2.65 SG sinks, metal recoveries of 91.4%,
95.5% and 92.1% of zinc, lead and silver, respectively, were
achieved into a pre-concentrate that comprised 49.5% of the feed
weight. The 2.65 SG Sink product assayed 3.68%Zn, 2.37%Pb and
196g/t Ag (356.98 g Ag eq/t). These heavy liquid test results are
presented in Table 6 and Figure 5 below.
Table 6: -5.0mm+0.85mm DMS Heavy Liquid
Results
Product |
Weight |
Assay, % (ppm) |
Distribution, % |
Σ Mass% to Product |
Σ %Pb to Product |
Σ %Zn to Product |
Σg/t Ag to Product |
Σ Ag-eq Product |
Σ Pb Product |
Σ Zn Product |
Σ Ag Product |
2.65 SG |
49.50 |
2.37 |
3.68 |
196 |
356.98 |
95.48 |
91.39 |
92.12 |
2.70 SG |
29.11 |
3.86 |
5.63 |
361 |
605.37 |
91.33 |
82.28 |
88.73 |
2.75 SG |
26.26 |
4.23 |
6.11 |
400 |
665.16 |
90.43 |
80.52 |
87.97 |
2.80 SG |
18.28 |
5.83 |
7.93 |
575 |
920.31 |
86.66 |
72.72 |
85.14 |
2.85 SG |
13.65 |
7.49 |
9.72 |
770 |
1193.39 |
83.15 |
66.54 |
81.92 |
2.90 SG |
12.30 |
8.15 |
10.39 |
854 |
1306.19 |
81.55 |
64.11 |
80.50 |
See NotesTable 1. Σ = Sum, SG-Specific Gravity |
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Figure 5: -5.0mm+0.85mm Weight Yield Vs
Metal Recovery to product
Qualified Person (“QP”)
The metallurgical test program was directed by
Mike Hallewell, B.Sc., F.I.M.M.M., F.S,A.I.M.M., F.M.E.S., C.Eng,
Senior VP Engineering Projects/Metallurgy, and a Qualified Person
(QP) as defined by NI 43-101 in consultation with Richard Gowans,
P.Eng., an independent QP as defining by NI 43-101. Previous
metallurgical work completed on Iska Iska is summarized 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.
Wardell Armstrong International, based in
Cornwall, UK, an internationally respected minerals processing
laboratory, carried out the crushing of the bulk sample for
shipment to TOMRA and completed metallurgical tests and assays on
resulting products.
As part of the Tomra Group, TOMRA Mining,
headquartered in Wedel, Germany, is a leading provider of ore
sorting technologies, particularly specializing in X-ray
Transmission (XRT) sorting. Among the latest advancements to
enhance and improve finer particle separation, Tomra introduced a
cutting-edge ejection module. This innovative module is
specifically designed to increase separation accuracy and
significantly reduce air consumption, thereby positively impacting
operational expenditures (OPEX). Tomra’s extensive global reach has
a proven track record in handling large-scale projects.
Dr. Bill Pearson, P.Geo., Vice President
Exploration, Eloro 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 Qualified Person
in the context of NI 43-101, who has supervised all field work
carried out at Iska Iska. Dr. Arce supervised the on-site drilling
and collection of the PQ core. Shipping to Wardell Armstrong in
Cornwall for sample crushing was done through the facilities of
Alfred H. Knight (AHK). Crushed material was shipped to Tomra in
Germany for the cascade test on the ore-sorter then the
concentrates were shipped to WAI for final metallurgical testing
and assaying.
Silver equivalent (Ag eq) grades are calculated
using 3-year average metal prices of Ag = US$22.52/oz, Zn =
US$1.33/lb , Pb = 0.95/lb and Sn = US$12.20/lb, and preliminary
metallurgical recoveries of Ag = 88%, Zn = 87%, Pb= 80% and Sn =
50%.
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 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 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/51a26eef-97a1-44df-adcf-3922a2956fe4https://www.globenewswire.com/NewsRoom/AttachmentNg/639a4a28-6ada-465c-aa73-162e7067754ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/4f0e743b-29ce-4ff4-9c36-b78a1d373f87https://www.globenewswire.com/NewsRoom/AttachmentNg/c82c16ae-45ec-48ca-94de-ba7422a153afhttps://www.globenewswire.com/NewsRoom/AttachmentNg/8b513be2-cb79-4361-a2eb-f6c3e2ace0b8
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