The ground magnetic survey confirms and extends the target areas to
TORONTO, June 7, 2021 (GLOBE NEWSWIRE) – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro” or the “Company”) is pleased to announce the results of its recent all-magnetic survey on the Company’s Iska Iska polymetallic silver-tin project in the Department of Potosi, southern Bolivia. A total of 181.5 linear km of magnetic data was collected on north-south lines spaced 50 m apart on all accessible parts of the property.
Figure 1 shows an analytical signal (“ASIG”) map of the total magnetic intensity. The contour of the Iska Iska caldera and the main targets of the breach pipe are superimposed. This map combines the local rate of change in magnetic field strength in all directions to give a measure of local magnetic field variability. In the absence of rocks containing magnetic mineralogy, the ambient field will show only a smooth, gentle variation across a property the size of Iska Iska. More intense local variations on the ASIG map testify to a magnetic mineralogy which locally modifies the magnetic field. Where the ASIG map shows low variability within the caldera, this suggests that the underlying rocks have low magnetic susceptibility which likely reflects destruction of magnetite by strong hydrothermal alteration.
- Magnetic data further confirms 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, which have both been confirmed by drilling, are marked by small significant anomalies reflecting a strong alteration.
- The Porco (South) Breccia Pipe target, with a diameter of about 600 m, has a signature similar to that of the Santa Barbara and Central Breccia pipes, which further confirms the probability that it is a breccia pipe major.
- It seems likely that the Central and Porco Breccia pipes merge in depth.
- There is a significant area of low intensity northwest of Santa Barbara Breccia Pipe that requires monitoring work.
Dr. Bill Pearson, P.Geo., Executive Vice President of Exploration for Eloro, said: “The results of this magnetic survey have further refined and broadened our target areas in the Iska Iska Caldera and defined an additional target for tracking northwest of the caldera. The next step will be to calculate 3D inverse magnetic models that will help plan additional drilling. Induced polarization / geophysical surveys, both downhole and surface, are expected to begin in late June to further refine the target definition. “
Dr. Osvaldo Arce, P. Geo., Managing Director of Eloro’s Bolivian subsidiary, Minera Tupiza SRL, and Qualified Person in the context of National Standard 43-101 (“NI 43-101”), has reviewed and approved the technical content of this press release. Dr. Bill Pearson, P.Geo., Executive Vice President Eloro Exploration, and who has over 45 years of experience in mineral exploration around the world, including extensive work in South America, manages the entire technical program in consultation with Dr Quinton Hennigh, P. Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited.
The magnetic survey was carried out by MES Geophysics using a GEM Systems GSM-19W Overhauser magnetometer. Dr Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided survey design, map preparation and interpretation from processed data and quality reviewed by Rob McKeown, P. Geo. of the MES Geophysics. Messiers Hale, Gilliatt and McKeown are qualified persons within the meaning of NI 43-101.
About Iska Iska
The Iska Iska silver-tin polymetallic project is a royalty-free property accessible by road, fully controlled by the title holder, Empresa Minera Villegas SRL and is located 48 km north of the town of Tupiza, in the province of South Chichas du Department of Potosi in southern Bolivia. Eloro has the option to acquire a 99% stake in Iska Iska.
Iska Iska is an important silver-tin polymetallic porphyry-epithermal complex associated with a possibly collapsed / resurgent Miocene caldera, placed on rocks of Ordovician age with major breccia chimneys, dacitic domes and hydrothermal breccia. The caldera is 1.6 km by 1.8 km with a vertical extent of at least 1 km. The age of the mineralization is similar to that of 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 work at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a large breccia pipe with significant polymetallic silver mineralization just to the east of the underground works of Huayra Kasa and a high-grade gold-bismuth zone in the underground works. On November 24, 2020, Eloro announced the discovery of the Santa Barbara Breccia Pipe (“SBBP”) approximately 150 m southwest of the Huayra Kasa underground works.
Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at SBBP including the DHK-15 discovery hole which returned 129.60 g Ag eq / t over 257.5 m (29.53 g Ag / t, 0.078 g Au / t, 1.45% Zn, 0.59% Pb, 0.080% Cu, 0.056% Sn, 0.0022% In and 0.0064% Bi from 0.0 m to 257.5 m Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Pipe Breccia (“CBP”). The SBBP so far extends 800 m longitudinally over 400+ m wide and s ‘stretches at least 700 m deep.
A substantial mineralized envelope that is open along strike and down dip extends around the breccia pipes. Continuous channel sampling from the Santa Barbara Adit located east of SBBP returned 442 g Ag eq / t (164.96 gAg / t, 0.46% Sn, 3.46% Pb and 0 , 14% Cu) over 166 m including 1,092 g Ag eq / t (446 g Ag / t, 9.03% Pb and 1.16% Sn) over 56.19 m. The western end of the gallery crosses the end of the SBBP.
On May 4, 2021, Eloro released the results of the first drill hole on CBP. Drill hole DCN-01 intersected several mineralized intersections including 196.09 g Ag eq / t (150.25 g Ag / t, 0.10% Sn and 0.05 g Au / t) over 56.2 m and containing 342 , 98 g Ag eq / t (274.0 g Ag / t, 0.16% Sn and 0.16 g Au / t) over 27.53 m. Hole DSB-10, drilled from the Santa Barbara Breccia Pipe platform, encountered more than 500 m of continuous sulphide mineralization several hundred meters below the mineralization encountered in hole DCN-01. Analyzes are pending. The target area is over 1 km long by 800 m wide, over 500 m thick and open in all directions.
Geological mapping and satellite interpretation helped locate a third main target of a Porco breccia pipe (South) of about 600 m in diameter (South) located to the south-east of CBP in the southern part of the Iska caldera complex. Iska. Previous channel sampling in the Porco drift located adjacent to the target area 200 m to the southeast returned 50 m at 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 2.49 m.
Currently, three diamond drilling rigs are active at Iska Iska, two surface rigs and one underground drill rig. Drilling planned for 2021 is 51,000 m with the goal of defining a first presumed mineralization conforming to NI 43-101 by the end of the fall. Geophysical surveys are underway, including magnetic and induced polarization to better define drill targets. Preliminary metallurgical tests are also underway. An update to the NI 43-101 Technical Report is being prepared by independent consultant Micon International Ltd.
About Eloro Resources Ltd.
Eloro is a mining exploration and development company with a portfolio of gold and base metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% stake in the highly promising Iska Iska property, which can be classified as a polymetallic epithermal-porphyry complex, a type of significant mineral deposit in the department of Potosi, in southern Bolivia. Eloro has commissioned an NI 43-101 technical report on Iska Iska, which has been completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a property accessible by road and free of rights. Eloro also owns an 82% interest in the La Victoria gold / silver project, located in Peru’s north-central mineral belt approximately 50 km south of Barrick’s Lagunas Norte gold mine and gold mine. The Pan American Silver Arena. Victoria consists of eight mining concessions and eight mining claims covering approximately 89 square kilometers. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude ranging from 3,150 m to 4,400 m above sea level.
For more information, please contact Thomas G. Larsen, President and CEO or Jorge Estepa, Vice President at (416) 868-9168.
The information contained in this press release may contain forward-looking information. Statements containing forward-looking information express, as of the date of this press release, the Company’s plans, estimates, forecasts, projections, expectations or beliefs regarding future events or results and are considered reasonable based on the information. currently available to the Company. . There can be no assurance that forward-looking statements will prove to be correct. Actual results and future events could differ materially from those anticipated in these statements. Readers should not place undue reliance on forward-looking information.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of TSXV) accepts responsibility for the adequacy or accuracy of this release.
Figure 1: Analytical signal of the total magnetic intensity, Iska Iska Property, Department of Potosi, Southern Bolivia: