Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM)
(“Eloro: or the “Company”) is pleased to provide an update
on Eloro’s Iska Iska silver-tin polymetallic project in Potosi
Department, southern Bolivia.
Tom Larsen, CEO of Eloro commented: “Updated
modelling of the potential starter pit area at Santa Barbara zone
highlights the importance of completing additional drilling to
better define the grade and extent of the mineral resource in this
area. Areas with higher-grade resource typically have much better
drilling density whereas holes outside the core area are too widely
spaced to give an accurate estimate of grade. Previous
channel sampling along the Santa Barbara adit which returned 165 g
Ag/t, 3.46% Pb and 0.46% Sn over a 166m strike length including an
exceptional section with 1,024 g Ag/t, 25% Pb and 1.16% Sn over an
8.11m length highlight the important high grade silver-bearing
structures present in the Iska Iska mineralized system (see Eloro
press release of April 13, 2021) Better definition of these high
grade structures in the potential starter pit area to determine
their lateral and vertical extents as well as outline additional
high grade structures will be a key focus in the next definition
drilling program.”
Mr. Larsen continued: “While geological and
especially geophysical data clearly show that the mineralization is
continuous between wide spaced holes, additional definition
drilling is required to provide a more accurate estimate of grade.
Supporting this view are the results from our bulk metallurgical
testing that returned substantially higher grades than the original
twinned diamond drill holes - 91 g Ag/t in the bulk sample versus
31 g Ag/t in the original holes that were twinned (see Eloro press
release January 23, 2024), suggesting that grades, especially for
silver, may be underestimated, in some cases significantly.
Highlighting the substantive progress on the
PEA, Mr. Larsen said: “Our engineering team led by Mike Hallewell,
C.Eng, Senior VP Engineering Projects/Metallurgy has made major
strides on the PEA. The preliminary optioneering study has shown
that a 12 million tpa mining operation appears to be the most
attractive option based upon XRT Ore Sorting and/or Dense Media
Separation followed by milling and differential
lead-zinc flotation. These advanced processing
techniques effectively double the grade feeding the milling and
flotation circuit, while halving the tonnages required for the
downstream milling, froth flotation and wet TSF. The higher
flotation plant feed grade is likely to improve downstream metal
recoveries. Metallurgical studies are well advanced and information
on local costs are much better defined which has led to lower
capital and operating cost estimates. Some engineering work remains
to be completed but our priority in the shorter turn is get the
drills turning again to complete the necessary definition drilling
to optimize and expand the high grade mineral resource in the
potential starter pit area on which the PEA will be based.”
Commenting on additional major upsides at Iska
Iska, Larsen added: “The high chargeability anomaly in the
southeast that extended the mineralized structural corridor at Iska
Iska 600m further to the southeast for an overall strike length of
at least 2km (see Eloro’s press release of January 29, 2024) is a
high priority target with excellent potential to outline a second
starter pit area. Holes on the northwest edge of this
anomaly have returned significant results, however the majority of
previous drill holes in the southeast in the general area of the
anomaly were drilled over the top of this anomaly so its core has
not been drill-tested. This anomaly is stronger than the anomaly
over the high grade resource in the potential starter pit area of
Santa Barbara.”
Update on Preliminary Economic Assessment
(PEA)
Considerable progress has been made over the
past several months in advancing the PEA as follows:
- The excellent
pre-concentration results observed and reported in Eloro’s press
release dated January 23, 2024 have been used to provide inputs to
an internal optioneering study that has provided better definition
on the optimum capacity and configuration of the pre-concentrator
flowsheet. This information is not normally produced until the PEA
stage but has been made possible by the higher MRE level of
metallurgical studies already conducted by Eloro.
- This preliminary
optioneering study has shown that a 12 million tpa mining operation
appears the most attractive option based upon XRT Ore Sorting
and/or Dense Media Separation with all the major benefits mentioned
above.
- The
preconcentration step also has less tangible benefits which are
also important, whereby they reduce downstream costs, effectively
reducing the cut–off grade.
- This
preconcentration stage and its ability to operate at a wide range
of settings provides Eloro with the ability to establish an optimum
pre-concentration setup to suit whatever run-of-mine (“ROM”) grades
or domains are being mined. The level of pre-concentration is
dependent upon the ROM grades and the metallurgical domain and this
highlights how powerful the use of the pre-concentration stage will
be to provide an optimum processing scenario for Iska Iska given
increased engineering that would naturally flow from the PEA
study.
- Local logistical
and engineering consultancy group in Bolivia
CATALIX have provided Eloro with increased
definition on the logistical costs associated with transporting
pre-concentrated ore and/or final concentrates, resulting in
improved projected capital and operating costs with downstream
process site options narrowed down.
- Local Bolivian
electrical consultants ENER.PLUS have defined the
estimated required electrical supply to the site and the capital
costs associated with High Voltage electrical connection together
with the ongoing unit cost per kilowatt hour (US$/kwhr).
- International
metal trading groups have been consulted to define port operating
costs in Chile and provide a better definition of ocean freight and
smelter terms based upon the existing Locked Cycle Tests Lead and
Zinc Concentrate specifications already completed on two composite
samples of Iska Iska’s zinc sulphide polymetallic domain.
- A surface
hydrological study has defined the cost and capacity of a local
water reservoir by collecting surface run off during the wet
season.
- The location of
potential tailing storage facilities (“TSF”) has been
identified.
- A structural
geometallurgical process modelling system has been developed so
that the mine plan and financial model are structured using inputs
from the processing studies on selected samples from each of the
major domains.
The principal work that is required to complete
the PEA study is as follows:
- Complete further
definition drilling to optimize the mineral resource in the starter
pit area of Santa Barbara to support a 10–12 year initial mine
life. Successful drilling in the SE chargeability anomaly has the
potential to add a second starter pit area.
- Complete
additional PQ diamond drill holes for “Ore” Sorting and
metallurgical tests on the higher-grade tin (Sn) and polymetallic
Ag-Zn-Pb-Sn areas to finalize the flowsheet.
- Complete
geotechnical studies to optimize pit slopes.
- Complete
outstanding metallurgical testing.
- Finalize the
optioneering scenarios based upon the updated resource base of each
metallurgical domain to provide better processing capacity
decisions.
- Finalize the TSF
study and plant engineering studies at whatever tonnage the
aforementioned optioneering study produces.
Southeast Chargeability Anomaly Target
Results of an expanded IP survey in the
potential southeastern extension of the Iska Iska Mineralized
Corridor were very positive with key conclusions as follows (see
Eloro press release of January 29, 2024):
- New
chargeability high southeast of the MRE open pit indicates that the
major mineralized structural corridor that is up to 800m wide
extends a further 600m along strike to the southeast for an overall
strike length of at least 2km. This new area has not been
drilled.
- The South East anomaly is stronger
than the anomaly over the existing high-grade resource in the
potential Santa Barbara starter pit area.
- Chargeability
highs correlate very well with areas of high-grade mineralization
within the MRE. The chargeability anomaly southeast of the pit is
very strong, which is a prime target potentially outlining
additional higher-grade polymetallic (Ag-Zn-Pb)
mineralization.
- The Chargeability anomaly is open
along strike and at depth as exploration work has still not defined
the full limits of this remarkable mineralized system.
- Note that all of the previous holes
that were drilled in the general area of the SE chargeability
anomaly only intersected its edge or were over top of the anomaly.
Encouragingly, all of the drill holes in vicinity of the anomaly
returned significant intersections (see Eloro press release of
April 12, 2023). Three of the holes (DSB-50, DSB-51 and DSB-52) had
reportable intersections over 100m long including high grade Ag
intersections as follows:
- 70.52m grading 15.57 g Ag/t
including higher grade sections of 32.75 g Ag/t over 10.59m and
31.80 g Ag/t over 12.54m in DSB-49
- 27.98 g Ag/t over 10.62m in
DSB-48
- 20.76 g Ag/t over 20.00m in
DSB-51
- 60.67 g Ag/t over 7.56m and 25.53 g
Ag/t over 9.04m in DSB-52
This target which has the potential to be a
second starter pit area is a high priority exploration target.
Qualified Person (“QP”)
Engineering work for the PEA is being managed by
Mike Hallewell, B.Sc., F.I.M.M.M., F.S,A.I.M.M., F.M.E.S., C.Eng,
Eloro’s Senior VP Engineering Projects/Metallurgy, and a Qualified
Person (“QP”) as defined by NI 43-101. Mr. Hallewell has reviewed
and approved the technical engineering content of this news
release.
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice
President Exploration and a QP as defined by NI 43-101 has reviewed
and approved the technical geological content of this news
release. Dr. Pearson who has more than 50 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 QP in the context of NI 43-101, who supervised
all field work carried out at Iska Iska.
IP/Res surveys were carried out by MES
Geophysics using Eloro’s ELREC-Pro 10 channel IP receiver and GDD
3600 watt IP transmitter. Dr. Chris Hale, P.Geo. and Mr. John
Gilliatt, P.Geo. of Intelligent Exploration provided the survey
design, preparation of the maps and interpretation of data
processed, and quality reviewed by Mr. Rob McKeown, P. Geo. of MES
Geophysics. Messrs. Hale, Gilliatt and McKeown are Qualified
Persons (“QP”) as defined under NI 43-101.
About Iska Iska
The 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, all located along the same overall 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 (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 the presence of significant values of Ag-Sn
polymetallic mineralization in the SBBP and the adjacent Central
Breccia Pipe (CBP) A substantive mineralized envelope
which is open along strike and down-dip extends around both major
breccia pipes. Continuous channel sampling along the walls of the
of the Santa Barbara Adit located to the east of SBBP returned
average grades of 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 Company completed a 5,267.7m definition
drill program in the fall of 2023 to upgrade and expand the
higher-grade mineral resource in the potential Santa Barbara
starter pit.
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 project, 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.
Eloro Resources (TSX:ELO)
過去 株価チャート
から 7 2024 まで 8 2024
Eloro Resources (TSX:ELO)
過去 株価チャート
から 8 2023 まで 8 2024