- Eloro Resources CEO, Tom Larsen and Executive Vice President, Bill Pearson recently met with Global Business Reports to discuss the company’s ongoing work at the Iska Iska mine
- Since beginning exploratory work in September 2020, the company have carried out over 85,000 m and 122 holds of exploratory drilling within the site, uncovering potential resources boasting extremely high grades of precious metal content
- With the release of the company’s mineral resource estimate now imminent, Larsen and Pearson believe that a re-rating of Eloro Resources’ share price may soon be forthcoming
In 1545, Don Diego Gualpa stumbled – literally – across the site of what would subsequently be known Bolivia’s Potosi silver mine. Gualpa detailed how, whilst hiking on the mountain in search of a religious monument rumoured to be in the area, he was bowled over by a powerful gust of wind. Upon rising, he noticed that the dirt on his hands was rich in ore. The discovery of the Potosi mine was not the first silver mine found in the Americas, however it would become by far the most prolific. During its most active period, Potosi produced almost half of the silver in circulation globally and ultimately accounted for nearly 20 percent of all “the known silver produced in the world across 265 years.” Nearly five centuries later, Eloro Resources (TSX: ELO) (OTCQX: ELRRF) (FSE: P2QM), an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec have looked to once again explore the potential of Gualpa’s fortuitous discovery.
In a recent interview carried out with Global Business Reports, Eloro Resources CEO, Tom Larsen and Executive Vice President of Exploration, Bill Pearson elaborated on the geological potential of the company’s flagship Iska Iska tin project in Bolivia, a site adjacent to the famed Potosi mine. In early 2019, Dr. Osvaldo Arce, a renown local geologist and former President of the Geological Association of Bolivia explored the Iska Iska project, opting to carry out an initial channel sampling program in the area in conjunction with Eloro Resources. It was quickly apparent that this was no ordinary site – the samples showed strong evidence of a wide spread alteration zone, a potential indicator of mineral resource potential.
Having begun drilling work in September 2020, it was not long until the drill team hit a breccia pipe – a geologically significant formation of ore, cemented together by silica. Shortly thereafter, the team would uncover a further 180 m of mineralized breccia, cementing the geological potential of the site. Just over two years later, Eloro Resources have now carried out over 85,000 m and 122 holes of exploratory drilling within the Iska Iska deposit, with initial results revealing “magnificent core, which is remarkably consistent, continuous, and high grade at 90g/t silver equivalent and greater.”
Eloro Resources are now targeting the publication of their mineral resource estimate, slated for release in the near future. The company are also simultaneously carrying out exploratory work at Mina Casiterita, an adjoining site that Eloro Resources recently acquired, with the hope of defining the tin porphyry potential of the area. In Bill Pearson’s words, the company now face a “remarkable opportunity at Iska iska to outline two world-class deposits.”
With company management foreseeing a potential ‘dramatic rerating’ of Eloro Resources’ market capitalization once the investors contrast Iska Iska’s value per tonne of rock (post the release of the mineral resource estimate) to the company’s current valuation, Eloro Resources – much like Bolivia’s Potosi mine 500 years ago, may yet be the uncovered gem waiting to be stumbled upon.
For more information, visit the company’s website at www.EloroResources.com.
NOTE TO INVESTORS: The latest news and updates relating to ELRRF are available in the company’s newsroom at https://nnw.fm/ELRRF
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