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TORONTO, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from eight (8) additional diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Six of these holes (DSB-35 and DSB-37 to DSB-41) tested the south-southeastern extension of the high-grade feeder zone at Santa Barbara while METSBUG-03 is a metallurgical hole drilled from the Santa Barbara adit underground drill bay. Hole DM2-01 is a reconnaissance drill hole near the Mina 2 adit in the southeast part of the property.

To-date, the Company has completed 84,495m in 122 drill holes at Iska Iska which completes the definition drill program in the Santa Barbara target area as shown in Figure 1. Tables 1, 2, 3, 4 and 5 list significant assay results for the drill holes reported. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s July 21, 2022 press release. Table 6 summarizes drill holes completed with assays pending.

Tom Larsen, CEO of Eloro, said: “Now that the reconnaissance drill holes just released, DSB-38, -39 and -40, are adding a further 500 meters of mineralized strike length, these latest results should add substantial tonnage to our resource model. Infill drilling at a later date should further upgrade and expand the higher metal value zonations that have become characteristic of the Iska Iska system.”

“Given the guidance of our geophysics, if one were to draw a line from Huayra Kasa in the north of the Iska Iska Caldera southwest to Mina Casiterita one can reasonably assume up to a 3 kilometre potential strike length of mineralization given the magnetic data to date,” added Mr. Larsen. “The current strike length, width and depth of the Santa Barbara complex, which is still open in all directions, is pointing to the strong possibility that Iska Iska will become a giant “bonanza style” Bolivian polymetallic discovery.”

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We continue to obtain promising results from our drilling on the High-Grade Feeder Zone at Santa Barbara. The on-strike extension of this zone to the south-southeast is now confirmed for an additional 500m for a total strike length of 1,500m. Geophysical data indicates potential for a further 500m strike length to 2,000m which has been initially tested by the final drill holes in our 2022 program for which results are pending. The width of the Santa Barbara mineralized zone is now up to 1,000m across strike with a depth of at least 800m. The mineralized zone remains open in ALL directions as well as at depth. With completion of our planned drilling program, we are now focussed on working with Micon International to complete the inaugural mineral resource estimate.”

Santa Barbara High Grade Feeder Zone Extension Definition Drilling

Six holes (DSB-35, DSB-37 to DSB-41) tested the south-southeastern extension of the high-grade feeder zone at Santa Barbara.

Holes DSB-38, DSB-39 and DSB-40 were drilled on an approximately 1km long section across the central part of the caldera valley approximately 500m south-southeast of the underground drill bay in the Santa Barbara adit as shown in Figure 1. The three holes were all drilled at an azimuth of 225⁰ with a dip of -60⁰. Collectively, these holes intersected many significant intersections within altered and mineralized dacite including:

Highlights Hole DSB-38

• 542.75g Ag eq/t (330.95g Ag/t, 0.85% Zn and 5.20% Pb) over 7.55m from 186.75m to 194.30.

• 129.92g Ag eq/t (18.63g Ag/t, 1.81% Zn and 0.36% Pb) over 31.92m from 365.26m to 397.18m including:

  • 204.13g Ag eq/t (34.18g Ag/t, 2.71% Zn and 0.63% Pb) over 10.54m from 377.50m to 388.04m.

• 285.65g Ag eq/t (137.00g Ag/t, 0.29% Zn and 4.17% Pb) over 4.65m from 412.35m to 417.00m.

• 143.52g Ag eq/t (26.09 g Ag/t, 1.64% Zn and 0.88% Pb) over 16.69m from 423.16m to 439.85m.

• 269.56g Ag eq/t (52.63g Ag/t, 3.02% Zn and 1.82% Pb) over 58.58m from 463.95m to 522.53m including:

  • 462.04g Ag eq/t (75.05g Ag/t, 5.87% Zn and 2.55% Pb) over 23.80m from 463.95m to 487.75m.

• 101.74g Ag eq/t (10.59g Ag/t, 0.16 gAu/t, 1.23% Zn and 0.28% Pb) over 74.07m from 627.38m to 701.45m including:

  • 255.53g Ag eq/t (31.83g Ag/t, 0.59 g Au/t, 2.73% Zn and 0.64% Pb) over 17.24m from 658.41m to 675.65m.

• 205.14g Ag eq/t (12.28g Ag/t, 3.05% Zn and 0.85% Pb) over 12.14m from 746.76m to 758.90m.

• 94.46g Ag eq/t (12.84g Ag/t, 1.15% Zn and 0.32% Pb) over 12.07m from 807.30m to 819.37m.

• 41% of this 851.5m long drill hole contains reportable intersections averaging 133.99g Ag eq/t.

Highlights Hole DSB-39

• 93.08g Ag eq/t (5.22g Ag/t, 1.48% Zn and 0.33% Pb) over 16.99m from 157.95m to 174.94m.

• 111.70g Ag eq/t (4.85g Ag/t, 0.32 g Au/t, 1.22% Zn and 0.15% Pb) over 19.54m from 277.60m to 297.14m.

• 123.89g Ag eq/t (6.80g Ag/t, 2.0% Zn and 0.24% Pb) over 10.44m from 425.62m to 436.06m.

• 72.40g Ag eq/t (9.38g Ag/t, 0.83% Zn and 0.82% Pb) over 28.58m from 517.82m to 546.40m including a higher-grade section of:

  • 107.35g Ag eq/t (15.47g Ag/t, 1.18% Zn and 0.82% Pb) over 9.00m from 535.90m to 544.90m.

• 142.44g Ag eq/t (20.17g Ag/t, 0.78 g Au/t, 0.70% Zn and 0.38% Pb) over 6.17m from 829.45m to 835.62m.

• 24% of this 857.4 m long hole contained reportable intersections which collectively averaged 84.39 g Ag eq/t.
  

Highlights Hole DSB-40

• 91.96g Ag eq/t (4.71g Ag/t, 1.37% Zn and 0.15% Pb) over 193.96m from 239.81m to 433.77m with higher-grade portions of:

  • 147.94g Ag eq/t (4.56g Ag/t, 2.48% Zn and 0.29% Pb) over 19.86m from 294.34m to 314.20m.

  • 218.05g Ag eq/t (14.33g Ag/t, 0.14 g Au/t, 3.35% Zn and 0.33% Pb) over 11.21m from 390.77m to 401.98m.

• 144.05g Ag eq/t (9.10g Ag/t, 0.19 g Au/t, 2.03% Zn and 0.32% Pb) over 8.95m from 460.50m to 469.45m.

• 74.06g Ag eq/t (7.30g Ag/t, 0.09 g Au/t, 0.71% Zn and 0.06% Pb) over 90.22m from 477.04m to 567.26m with a higher-grade portion of:

  • 157.98g Ag eq/t (12.23g Ag/t, 0.21 g Au/t, 1.92% Zn and 0.14% Pb) over 19.50m from 513.15m to 532.65m.

• 191.50g Ag eq/t (16.77g Ag/t, 0.11 g Au/t, 0.40% Zn, 0.45% Pb and 0.33% Sn) over 18.13m from 647.42m to 665.55m.

• 35% of this 1,052.4m long hole contained reportable intersections which collectively averaged 92.11g Ag eq/t.

Holes DSB-37 and DSB-41 were collared on sections 100m and 300m northwest, respectively, of the DSB-38 to -40 section as shown in Figure 1. Highlights from these holes which intersected altered and mineralized dacite are as follows:

Highlights DSB-37

• 108.54g Ag eq/t (46.67g Ag/t, 0.21% Pb and 0.12% Sn) over 16.11m from 0.00m to 16.11m.

• 55.24g Ag eq/t (3.95g Ag/t, 0.78% Zn and 0.17% Pb) over 74.72m from 223.25m to 297.97m including higher-grade sections grading:

  • 95.69g Ag eq/t (4.83g Ag/t, 1.43% Zn and 0.31% Pb) over 4.50m from 246.90m to 251.40m.

  • 232.58g Ag eq/t (43.41g Ag/t, 2.88% Zn and 1.15% Pb) over 2.97m from 287.31m to 290.28m.

• 212.76g Ag eq/t (38.92g Ag/t, 1.37% Zn, 2.03% Pb and 0.08% Sn) over 18.30m from 316.35m to 334.65m.

• 345.39g Ag eq/t (36.06g Ag/t, 0.15g Au/t, 2.83% Zn, 0.93% Pb and 0.32% Sn) over 12.12m from 446.61m to 458.73m.

• 214.76g Ag eq/t (24.87g Ag/t, 0.36g Au/t, 1.60% Zn, 0.24% Pb and 0.17% Sn) over 7.65m from 499.66m to 507.31m.

• 75.16g Ag eq/t (7.95g Ag/t, 0.11g Au/t, 0.76% Zn and 0.20% Pb) over 63.65m from 549.90m to 613.55m including higher-grade sections grading:

  • 422.12g Ag eq/t (60.29g Ag/t, 0.40g Au/t, 4.27% Zn and 2.39% Pb) over 3.02m from 600.12m to 603.14m.

  • 195.47g Ag eq/t (15.77g Ag/t, 0.15g Au/t, 1.89% Zn, 0.94% Pb and 0.10% Sn) over 4.37m from 609.18m to 613.55m.

• 38% of this 917.4m long drill hole contains reportable intersections averaging 90.54g Ag eq/t.
  

Highlights DSB-41

• 119.70g Ag eq/t (20.22g Ag/t, 0.14g Au/t, 1.31% Zn and 0.54% Pb) over 46.73m from 340.11m to 386.84m.

• 64.69g Ag eq/t (2.88g Ag/t, 1.05% Zn and 0.14% Pb) over 40.78m from 429.22m to 470.00m with a higher-grade portion of:

  • 100.53g Ag eq/t (4.82g Ag/t, 1.62% Zn and 0.26% Pb) over 12.07m from 445.88m to 457.95m.

• 124.30 g Ag eq/t (33.73g Ag/t, 1.03% Zn and 0.93% Pb) over 16.41m from 562.11m to 578.52m.

• 102.27g Ag eq/t (12.76g Ag/t, 1.15% Zn and 0.27% Pb) over 19.61m from 609.97m to 629.58m.

• 145.52g Ag eq/t (15.52g Ag/t, 0.11gAu/t, 1.54% Zn, 0.36% Pb and 0.07% Sn) over 71.39m from 650.36m to 721.75m including a higher-grade portion of:

  • 261.83g Ag eq/t (26.12g Ag/t, 0.09g Au/t, 2.78% Zn, 0.56% Pb and 0.17% Sn) over 15.24m from 699.28m to 714.52m.

• 29% of this 829.4m long hole contained reportable intersections which collectively averaged 114.16g Ag eq/t.

Santa Barbara Southwest Extension Drilling

Hole DSB-35 was drilled to test the potential southwest extension of the Santa Barbara High Grade Feeder Zone shown in Figure 1. Sn grades are notably elevated in this area. This hole was collared approximately 300m west-northwest of the underground drill bay in the Santa Barbara adit and was drilled at an azimuth of 225⁰ with a dip of -60⁰. This hole intersected several significant intersections including:

• 89.43g Ag eq/t (5.63g Ag/t, and 0.20% Sn) over 104.86m from 0.00m to 104.86m with higher-grade portions of:

  • 203.86g Ag eq/t (5.42g Ag/t, 0.14 g Au/t, and 0.47% Sn) over 8.69m from 7.72m to 16.41m.

  • 383.23 g Ag eq/t (5.66g Ag/t, 0.06 g Au/t, and 0.95% Sn) over 4.44m from 38.69m to 43.13m.

  • 153.09g Ag eq/t (2.40g Ag/t and 0.37% Sn) over 7.66m from 95.70m to 103.36m.

• 112.97g Ag eq/t (13.80g Ag/t, 0.40 g Au/t and 0.15% Sn) over 13.70m from 330.70m to 344.40m.

• 195.29g Ag eq/t (26.32g Ag/t, 0.32 g Au/t, 0.30% Cu and 0.24% Sn) over 14.47m from 577.37m to 591.84m.

• 58.22g Ag eq/t (2.40g Ag/t, 0.14% Cu and 0.07% Sn) over 46.64m from 677.00m to 723.64m including:

  • 135.97g Ag eq/t (6.81g Ag/t, 0.37% Cu and 0.18% Sn) over 6.22m from 691.75m to 697.97m.

Santa Barbara Metallurgical Drilling

METSBUG-03 is the third metallurgical drill hole collared from the underground drill bay on the Santa Barbara adit. The hole was drilled at an azimuth of 270⁰ and a dip of -35⁰ to a length of 707.8m. Significant results are as follows:

• 122.25g Ag eq/t (17.77g Ag/t, 0.30% Zn, 0.33% Pb, 0.10% Cu and 0.16% Sn) over 210.74m from 0.00m to 210.74m with higher-grade portions of:

  • 272.90g Ag eq/t (100.21g Ag/t, 0.37% Pb, 0.17% Cu and 0.16% Sn) over 16.57m from 101.69 to 118.26m.

  • 199.68g Ag eq/t (51.11g Ag/t and 0.34% Sn) over 13.11m from 171.89 to 185.00m.

• 240.31g Ag eq/t (1.00g Ag/t and 0.61% Sn) over 11.99m from 280.87m to 292.86m.

• 252.83g Ag eq/t (6.89g Ag/t and 0.62% Sn) over 10.51m from 325.76m to 336.27m.

• 397.04 g Ag eq/t (17.32g Ag/t, 0.67g Au/t, 0.10% Pb, 0.44% Cu and 0.68% Sn) over 32.00m from 489.05m to 521.05m including:

  • 881.48g Ag eq/t (33.42g Ag/t, 1.43g Au/t, 0.28% Pb, 0.60% Cu and 1.65% Sn) over 9.15m from 489.05m to 498.20m; and

  • 501.04g Ag eq/t (16.08g Ag/t, 0.68g Au/t, 1.03% Cu and 0.77% Sn) over 5.83m from 489.05m to 498.20m.

• 99.87g Ag eq/t (3.76g Ag/t, 0.68g Au/t, 0.29% Cu and 0.09% Sn) over 30.76m from 531.79m to 562.55m.

  • 195.59g Ag eq/t (6.56g Ag/t, 0.68g Au/t, 0.61% Cu and 0.13% Sn) over 9.43m from 553.12m to 562.55m.

• 371.47g Ag eq/t (28.44g Ag/t, 0.37g Au/t, 0.74% Cu and 0.52% Sn) over 36.32m from 574.62m to 610.94m with a higher-grade portion of:

  • 583.25g Ag eq/t (44.82g Ag/t, 0.56g Au/t, 0.12% Pb, 1.18% Cu and 0.82% Sn) over 21.05m from 585.27m to 606.32m.

• 135.62g Ag eq/t (7.25g Ag/t, 0.22% Cu and 0.22% Sn) over 25.85m from 635.28m to 661.13m.

• 97.90g Ag eq/t (6.61g Ag/t, 0.10g Au/t, 0.15% Cu and 0.15% Sn) over 16.83m from 670.17m to 687.00m.

• 64% of this 707.8m long drill hole contains reportable intersections averaging 164.32 g Ag eq/t.
  

Reconnaissance Drilling Mina 2 Area

Hole DM2-01 is a reconnaissance drill hole collared in the Mina 2 area in the southeastern part of the property. This hole returned several significant short intersections along a structure in the Ordovician basement metasediments as follows:

• 103.60g Ag eq/t (10.30g Ag/t, 0.23g Au/t, 0.95% Zn and 0.34% Pb) over 1.50m from 0.00m to 1.50m.

• 328.17g Ag eq/t (17.90g Ag/t, 2.49g Au/t, 0.43% Zn, 0.18% Pb and 0.14% Sn) over 1.53m from 398.54m to 400.07m.

• 88.51g Ag eq/t (10.74g Ag/t and 1.40% Zn) over 3.06m from 847.57m to 850.63m.
  

Sampling of the underground workings at Mina 1, Mina 2, Mina 3 and Mina 4 (Figure 1) has been completed with results pending. Geological mapping is also being carried out in the area to develop a better understanding of the structural controls on mineralization before carrying out further drilling in this target area.

Figure 1 – Geological Plan Map showing Drilling in Santa Barbara Area with Holes referred to in this release highlighted.

Table 1: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition High Grade Feeder Zone Extension as at November 29, 2022.

Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling and geological modelling.

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows: (Prices updated as of July 21, 2022, to more accurately reflect current metal prices):

In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.

The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Metallurgical tests are in progress by Blue Coast Ltd. to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.

Table 2: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition High Grade Feeder Zone Extension as at November 29, 2022.