- Eloro Resources recently published its initial NI-43101 compliance mineral resource estimate (“MRE”)
- The company’s long-awaited MRE revealed the existence of total inferred mineral resources amounting to 670 million tonnes – equivalent to nearly $6.8 billion in value
- Whilst impressive, Eloro’s management has revealed that the company has more exploratory drilling work to continue towards the site’s western edge, with further mineral resource estimate enhancement remaining likely
Eloro Resources (TSX: ELO) (OTCQX: ELRRF) (FSE: P2QM), an exploration and mining company focused on developing its potential world-class Iska Iska silver-tin polymetallic property located in the Potosi Department in southern Bolivia, recently updated the market with its initial mineral resource statement. Prepared in conjunction with mining consultancy Micon International Limited, Eloro announced that its exploratory drilling work had uncovered the existence of a ‘giant deposit’, amounting to nearly 300 million ounces of in situ silver, 4.1 million tonnes of zinc, 1.74 million tonnes of lead and 130,000 tonnes of tin boasting a cumulative in situ value of approximately $6.8 billion (https://nnw.fm/lwK80). Interestingly, the company’s MRE attributed a value of $3.3bn to minerals located within the shallower, high-grade zone within the potential open pit, opening up the possibility of an earlier payback period than originally anticipated (https://nnw.fm/8UVBV).
Tom Larsen, CEO of Eloro, said: “We are delighted with this initial MRE which shows what a massive discovery Iska Iska is. The recent metallurgical work, particularly the positive “ore sorting” results, has significantly enhanced the potential economics by substantially lowering the NSR cutoff, especially for the potential open pit where the bulk of the resource is located. The fact that this potential pit is 1.4km in diameter and extends to a depth of 750m below the Santa Barbara hill attests to the remarkable size of the Iska Iska mineralized system.”
Larsen went on to additionally elaborate how the ongoing drilling work and subsequent initial mineral resource estimate publication was only a partial representation of the Iska Iska property’s total resources. Recent drilling at the adjoining Casiterita site, located 2km south-west of the original Santa Barbara zone returned a 0.17% presence of tin over 52.78m, implying that the overall extent of the Iska Iska mineralizing system was far more extensive than originally implied by the geophysical data. In particular, the company’s management went on to emphasize how the potential tin domain west of the original exploratory site remained extremely under-explored and would be subject to further testing during the next phase of drilling.
“Our geological team led by Dr. Bill Pearson, P.Geo., Vice President, Exploration, and Dr. Osvaldo Arce, P.Geo., General Manager of Minera Tupiza, are confident that the Iska Iska resource can be further expanded and that grades in areas with only wide-spaced drilling will likely increase with definition drilling. The tin domain in particular is very under-drilled, and our geophysical data indicates potential for a large tin porphyry at depth.”
Bolivia’s Cerro Rico de Potosi region has long been renowned for its prolific silver and tin deposits, with active mining operations carried out within the region dating as far back as the sixteenth century. The recent discoveries at Iska Iska – a site nestled within Potosi’s fertile hills and product of a longstanding process that commenced with Eloro Resources exercising its option agreement to acquire the polymetallic property in early 2020 – holds great promise at a time when minerals such as tin and silver continue to enjoy skyrocketing demand – a result of the world’s ongoing drive towards renewable energy adoption. With its NI-43101 report now published and further exploratory drill work set to commence, Eloro Resources looking increasingly well-placed to capitalize on the increasingly insatiable demand for the minerals fuelling today’s global energy transition.
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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