Eloro Resources Ltd. (TSX.V: ELO)
Provided an update on its Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia.
By the end of 2021, the Company completed 40,468 metres (m) in 73 drill holes at Iska Iska. Currently there are two surface drill rigs and one underground drill rig on site. Drilling with all rigs recommenced on January 17, 2022.
|Eloro Resources||TSX.V: ELO|
|Market cap||C$232m @ C$3.76|
Eloro Resources Announces Restart of Diamond Drilling and Provides Update on Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia
TORONTO, Jan. 18, 2022 (GLOBE NEWSWIRE) – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia.
By the end of 2021, the Company completed 40,468 metres (m) in 73 drill holes at Iska Iska.
Currently there are two surface drill rigs and one underground drill rig on site. Drilling with all rigs recommenced on January 17, 2022.
Highlights of work in progress are as follows:
- Definition drilling has been substantially completed over the Santa Barbara target zone which extends for over a strike length of approximately 1,400m, across a width of 500m and to a depth of 600+m. All drill holes in the Northwest Extension intersected significant mineralization confirming that the Santa Barbara mineralization extends across the full 1,400m long resource definition target zone. The mineralized system remains open along strike to the northwest and southeast as well as to the southwest.
- More assay results are expected to be released in the next 2-3 weeks, but further delays have been experienced due to the impact of Covid-19 on staffing at the laboratories. All drill core completed prior to shutdown of drilling on December 17, 2021, has been logged, sawn and sampled with samples shipped to the laboratories.
- The Iska Iska caldera complex, which we now know has both a main caldera and two nested secondary calderas, extends along strike in a northwest-southeast direction for at least 2.5km, a width of at least 2km and likely extends to a depth of more than 1km.
- Going forward exploration drilling will be focused on testing the major targets in the Porco and Mina 2 areas along with the potential for a tin porphyry at depth. We are working closely with Micon International Limited to facilitate the National Instrument (“NI”) 43-101 mineral resource estimation process which we are now targeting to be completed in Q2 2022.
Eloro Resources management comments
“The last two years have proven to be Eloro’s most transformative and exciting to date.
“Our decision in 2019 to pursue a new mineral resource project, which resulted in the January 2020 signing of the Iska Iska silver-tin polymetallic property option agreement, has proven to be the catalyst for the Company’s upward trajectory and promising future.
“In just 15 months since the start of diamond drilling, Iska Iska has advanced from a promising grass roots project to being on the verge of outlining a significant NI 43-101 compliant mineral resource.
“Under the leadership of Dr. Osvaldo Arce, P. Geo., our in-country General Manager, and Dr. Bill Pearson, P, Geo., our Executive Vice President Exploration, we have built a very strong in-country technical team based in Tupiza, Bolivia.
“This team is supported by several excellent local contractors including Leduc Drilling who have completed more than 40,000 metres of diamond drilling since we started. As outlined in this update, we have a tremendous amount of work in progress, which will lead to the inaugural mineral resource, confirmation of metallurgical recoveries and drill-testing of more major targets in this remarkable mineralized system.”
Tom Larsen, CEO of Eloro Resources
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