Vancouver, British Columbia–(Newsfile Corp. – February 24, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to report it has signed an agreement with Agnico Eagle Mines Limited (TSX:AEM) for the sale of the Pima Property located in Sonora, Mexico, where Riverside will receive cash and completes the pass through royalty transfer with Millrock Resources Inc (TSV:MRO). The Pima Project is part of the Santa Teresa Gold Mining District which includes the Santa Gertrudis Gold Mine owned by Agnico Eagle.
The Pima mineral concession is located inside Agnico’s property tenure and south of the known mine operation. Acquiring the Pima project allows Agnico to consolidate another part of its property concession and provides cash to Riverside. As a reminder, this project was originally added to Riverside’s portfolio as part of the 2019 purchase of the Millrock’s set of 5 (five) assets that included the Cuarentas and La Union projects (see press release September 11, 2019). This current transaction with Agnico allows Riverside to recover the amount of the Millrock transaction with profit and pass on the royalty to Millrock who has been a positive partner with the Company in Mexico.
Riverside is now focusing on its 100% owned projects within its portfolio, including the Cuarentas Gold Project, which is located southeast of Agnico’s property and where drilling in 2021 discovered gold in intermediate sulfidation veins. Riverside plans to progress further work at the Cuarentas project in 2022.
About Riverside Resources Inc.: Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4.5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, British Columbia, Feb. 24, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FRA:4XO) (“Rover” or the “Company”) is pleased to announce its acquisition of the Tobin Gold Project situated in the Mt. Tobin range, in northern Nevada. The Tobin Project is located 77 km by road south of the city of Winnemucca, NV, and is in the heart of a rich gold jurisdiction that has seen major consolidation in the past 24 months.
Tobin Gold Project Rover has acquired a 100% interest in the Tobin Gold Project (“Tobin”) which is comprised of 68 claims within BLM land, for a total of 1,405 acres (or 569 hectares). Tobin is a Carlin-style gold system set in Mesozoic rocks. The project is located about 40 km from the operating Phoenix Gold Mine, which is owned by Nevada Gold Mines, a joint venture between Newmont and Barrick. Tobin is also located about 60 km from i-80 Gold’s Lone Tree Gold Mine, 50 kms from SSR’s Marigold Mine and is in close proximity to other proven gold deposits owned by i-80 Gold, SSR Mining, and Kinross. See property map below for more details.
The property sits in the historical Mt. Tobin mercury district within an area of widespread silicification and banded chalcedony veins over an area of several square kilometers. Both structural and stratabound jasperoids are present in the adjoining Triassic and Paleozoic carbonate and fine-grained clastic sediments along the range-front structure as well as higher in the range. The prospect area was identified during a BLEG stream sediment sampling program. Follow up rock chip sampling along and above the range front confirmed that there are multiple structures carrying mineralization. Gold values run as high as 2.3 g/t Au, with many samples having gold content between 200 ppb Au and 1000 ppb Au. Pathfinder elements run as high as 200 ppm Sb, 1100 ppm As and 29 ppm Hg. Mineralization at the Tobin Project appears to be localized along two subparallel trends. The first is the range-front fault, and the second is structural zone located several tens of meters above the valley that trends somewhat obliquely to the range-front. To date, the better mineralized rocks were largely collected from this second structure located higher on the mountain front.
Judson Culter, CEO at Rover Metals, states, “The Tobin Gold Project is our first reverse circulation (“RC”) drilling project in our first low-cost exploration jurisdiction. Our portfolio of gold projects is now complete. We now have the perfect summer/fall project in Tobin, to offset our northern Canadian gold projects, which are typically best explored in the winter months.”
About Rover Metals Rover is a precious metals exploration company specialized in North American precious metal resources, that is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60th parallel). The Company completed Phase 2 Exploration at its 100% owned Cabin Gold Project (“Cabin”) in 2021. The Company’s secondary asset, the Up Town Gold Project (for which it retains a 25% ownership interest), also saw the completion of Phase 2 Exploration Drilling in Q4-2021, and the results are expected in Q1-2022. The Company anticipates commencing its Phase 3 Exploration Program at Cabin in March of this year.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Apex El Nido gold project, southeast Alaska (Coeur Explorations, 1,500 meters under consideration).
Batamote copper project, Sonora Mexico (Mine Discovery Fund earning in, preliminary planning in progress).
El Picacho gold project, Sonora Mexico (Tocvan Ventures, preliminary planning in progress).
Nikolai project; new nickel – copper – cobalt – chrome – platinum project generated, Alaska. (100% Millrock, surface exploration to be completed).
Chisna copper–gold porphyry project, central Alaska (100% Millrock, surface exploration to be completed).
ArcWest Exploration expects to see drilling on as many as three projects (Millrock owns ~11.7% of the issued and outstanding ArcWest shares).
VANCOUVER, British Columbia, Feb. 24, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that it anticipates a busy year of partner-funded drilling and surface exploration on projects in which it holds an interest (either directly or through stock holdings and royalties).
Millrock President and CEO Gregory Beischer commented: “Millrock is looking forward to a very active upcoming year with numerous catalysts that could serve to drive the company’s share price upwards. Our shareholdings in other junior exploration companies have the potential to significantly increase in value in 2022.”
Treasure Creek: Felix Gold has outlined several high-priority drill targets and the company indicates they intend to begin drilling in March 2022. The Northwest Array and Eastgate prospects look particularly encouraging. The property is west of the Fort Knox gold mine operated by Kinross, and the recent gold discovery made by Freegold Ventures. Millrock has transferred ownership of the project to Felix Gold in return for shares and a production royalty with an advanced minimum royalty stream. Further details on Treasure Creek and other projects sold to Felix Gold are available in a Felix Gold presentation that can be accessed at this link.
Ester Grant: Felix Gold calculated a maiden resource for the Grant Mine claim block, which forms part of the project. Felix reported that they have calculated an Inferred Mineral Resource estimate (JORC 2012) for Grant Mine of 5.8 million tonnes @ 1.95 g/t Au for 364,000 ounces of gold (note: the Millrock Qualified Person has not independently verified the reported resource, Source: INDEPENDENT GEOLOGIST’S REPORTS ON FELIX GOLD LIMITED’S MINERAL EXPLORATION PROJECTS IN ALASKA, Prepared by Independent Geologist Mr. Ian Taylor of Mining Associates Pty Ltd., October 15, 2021). Felix indicates that drilling is planned for the Grant Mine in Summer 2022. Millrock has transferred ownership of the project to Felix Gold in return for shares and a production royalty with an advanced minimum royalty stream.
Fairbanks District: Millrock is in a strategic alliance with Felix Gold. Mineral rights that have been, or may be secured by Felix or Millrock in the future, become subject to a royalty in favour of Millrock. The claims currently subject to the alliance are situated near Kinross’ Fort Knox gold mine and the recent discovery made by Freegold. Felix indicates that drilling is planned for Summer 2022.
Liberty Bell: Felix Gold has indicated it will drill holes through areas covered by gravel deposits. The gravel ranges from 10 meters to perhaps 100 meters in thickness and obscures interesting geophysical targets. Millrock has transferred ownership of the project to Felix Gold in return for shares and a production royalty with an advanced minimum royalty stream. A description of the project is available on Millrock’s website here.
64North: Partner Resolution Minerals is earning into the project through exploration expenditures, cash payments, and share payments to Millrock. Resolution presently has vested with a 42% interest and must soon decide to advance the project further or form a joint venture as a minority partner Resolution has developed a compelling series of drill targets at the Tourmaline Ridge prospect on the West Pogo block of claims. These claims are situated west of the Pogo Mine, a gold mine operated by Northern Star Resources. Resolution is making plans to execute a drill program in Summer 2022. Further information on the project can be found on the Resolution Minerals website.
Apex El Nido: Partner Coeur Explorations funded an extensive soil and rock sampling program in 2021, in which some strong gold results were obtained from the soil sampling. The work traced the known gold-bearing vein system more than one kilometer from the old mine workings. Coeur is contemplating a summer 2022 drill program. A description of the project is available on Millrock’s website here.
Nikolai Project: Millrock has recently acquired mineral rights that cover some thick, historic drill intersections of nickel – copper – cobalt – chrome – platinum group element mineralization. Millrock believes there is continuity between the drill intersections and that a large, albeit low-grade metal resource could be delineated with a modest drill program. At other locations on the property, there are some exceptionally high grades of similar mineralization that are also enriched in the more rare and valuable platinum group elements such as osmium and rhodium. The project is described in more detail in this prior Millrock press release, and on the Millrock website. Further to the news release dated February 14, 2022, the Company reports 1,000,000 common shares have been issued in connection with the Canwell claim block (43 claims, not 42 as reported in the February 14, 2022 press release), pursuant to an agreement dated February 14, 2022, between David Johnson and Millrock. The Canwell claim block and surrounding area of interest is subject to a 3.0% Net Smelter Returns production royalty. Millrock can reduce the royalty to 2.0% by paying US$2.0 million. Millrock also has the option to further reduce the royalty to 1.0% by paying an additional US$3.0 million and to 0.0% by paying an additional US$4.0 million.
Chisna Project: Millrock has steadily been advancing this district-scale porphyry copper-gold project and owns a 100% interest in several claim blocks. Capitalizing on a proprietary ZTEM – MAG geophysical survey, the company has collected geochemical data over interesting geophysical anomalies. The next step is drilling. Millrock has been talking to several potential earn-in partners. A project description is available here.
British Columbia Update
Millrock has sold its four British Columbia projects to ArcWest Exploration. As a result, Millrock has a significant shareholding in the company (9,623,417 shares or 11.7% of the issued and outstanding shares). ArcWest is also a “project generator” company and has numerous projects throughout British Columbia that have earn-in partners. ArcWest anticipates that drilling will occur on at least three of the projects it holds. Any drill success should result in an increase in the value of ArcWest shares held my Millrock, which in turn should result in an increase in Millrock’s share price. Further details about ArcWest can be viewed on their website.
Batamote Project: Millrock made an option agreement with a subsidiary of Mine Discovery Fund (“MDF”), a private Australian company. The earn-in company is called Latin America Copper. MDF plans to make Latin America Copper a public company. Millrock is to receive cash and share payments as Latin America Copper earns in, with an advance minimum royalty stream to follow. The company has indicated that it wishes to drill the property in 2022. A project description can be viewed here.
El Picacho Project: Millrock was able to renew an option agreement with the underlying property owners. Millrock assigned its rights to Tocvan Ventures. As a result, Millrock now holds a production royalty with an advanced minimum royalty stream provision.
Grant of Stock Options The Board of Directors of Millrock has authorized a grant of 3,175,000 stock options to employees, executives and directors of the company. The options are to be granted with a strike price equal to the closing market price of Millrock shares on February 24, 2022, and will have a five-year term.
Qualified Person The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.
About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., Resolution Minerals and Felix Gold. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Melanee Henderson, Investor Relations Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to form joint ventures and to perform further exploration including drilling. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
VANCOUVER, BC, Feb. 23, 2022 /CNW/ – Dolly Varden Silver Corporation (“Dolly Varden” or the “Company“) (TSXV: DV) (OTC: DOLLF) is pleased to announce that Hecla Canada Ltd. (“Hecla”) gave notice of their intent to invest $5.3 million dollars concurrent with the completion of the previously announced transaction whereby Dolly Varden will acquired a 100% interest in the Homestake Ridge gold-silver project (“Homestake Project”), located adjacent to the Dolly Varden Project (“DV Project”) in the Golden Triangle, British Columbia (the “Transaction”).
(CNW Group/Dolly Varden Silver Corp.)
Pursuant to the ancillary rights agreement between Hecla and the Company, dated September 4, 2012, Hecla has subscribed for the purchase of 9,048,539 common shares of the Company in accordance with their anti-dilution right in respect of the Transaction for proceeds of approximately $5.3 million to maintain its pro-rata equity interest in the Company. The common shares to be issued to Hecla would be in addition to those issued as part of the Transaction.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. The DV Project consists of the namesake Dolly Varden silver property that hosts a unique pure silver mineral resource as well as the nearby Big Bulk copper-gold porphyry property. Adjacent to the DV Project, the Homestake Ridge Project hosts structurally controlled epithermal gold, silver and copper mineralization. Together, the consolidated DV Project and Homestake Ridge Project, to be referred to as the Kitsault Valley Project, create one large, high-grade precious metals project with further synergistic and exploration upside potential. The Kitsault Valley Project is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other high-grade deposits (Eskay Creek, Brucejack). The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, potential synergies expected from the combination of the DV Project and Homestake Project, the development potential of the property, the completion of the Transaction and the completion of the Hecla subscription.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“), which is available on SEDAR at www.sedar.com. The risk factors identified in the MD&A are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed and planned.
Figure 2
Preliminary Geological Cross Section NW Extension Target Looking NW – Drill Holes DSB-20 (results this release) and DSB-17 (results pending).
Includes higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t, 0.14 g Au/t, 0.57 %Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag eq/t (66.93 g Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m in underground drill hole METSBUG-02.
Hole DSB-20, which is in approximately the centre of the NW Extension target area, intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m including a higher-grade section of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb and 0.21% Sn) over 28.57m.
TORONTO, Feb. 23, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from six (6) additional diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Hole METSBUG-02 is an underground hole drilled northeast from the Santa Barbara adit for metallurgical purposes and to complete fill-in drilling. The remaining five (5) holes tested the NW extension in the Santa Barbara Mineral Resource Target Area (DSB-12, -13, -15, -20 and -21) on a series of NE-SW sections as shown in Figure 1.
As previously announced (see Eloro’s press release dated January 18, 2022) drilling recommenced on January 17, 2022, with two surface drill rigs and one underground rig. Since the restart, the Company has completed an additional 4,649m of drilling, for an overall total of 45,117m in 80 drill holes, including three holes in progress as shown in Figure 1. Table 1 lists significant assay results. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 2 summarizes drill holes with assays pending. Highlights are as follows:
Underground Metallurgical Hole, Santa Barbara Mineral Resource Target Area
Underground hole METSBUG-02, collared in the Santa Barbara adit and drilled at an azimuth of 40 degrees at -10 degrees dip, intersected significant mineralization (Figure 1 and Table 1) over the full length of the hole:
172.43 g Ag eq/t (40.16 g Ag/t, 0.51% Zn, 0.41% Pb and 0.13% Sn) over 303.05m from 0.00 to 303.05 m including higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t, 0.14 g Au/t, 0.57 %Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag eq/t (66.93 g Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m from 180.95m to 258.72m.
This hole was designed to intersect midway across the intersection in Hole DHK-18 which returned 129.65 g Ag eq/t over 300.75m (see press release July 28, 2021; grade is 172.18 g Ag eq/t with updated metal prices) in the mineralized envelope to the east of the Santa Barbara Breccia Pipe.
Sectional Drill Holes NW Extension Santa Barbara Mineral Resource Target Area
Significant results have been returned from the five (5) initial sectional drill holes testing the NW Extension of the Santa Barbara mineralized trend. This area is marked by a prominent magnetic anomaly and is underlain by several dacitic domes, possibly related to a secondary caldera. An additional 11 holes totaling 7,859m have been completed to provide coverage on 100m spaced sections over much of the NW Extension target area as shown in Figure 1. Assay results on these holes are pending. Figure 2 is a section along hole DSB-20. Highlights are as follows:
Hole DSB-20, which is in approximately the centre of the NW Extension target area, intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m from 247.56m to 321.21m including a higher-grade section of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb and 0.21% Sn) over 28.57m from 267.08m to 295.65m.
Hole DSB-21, on the northwesternmost section, intersected 14 reportable intersections including a high-grade Cu zone grading 152.04 g Ag eq/t (9.48 g Ag/t and 1.02% Cu) over 25.27m from 58.85m to 84.12m and 114.77 g Ag eq/t (40.85 g Ag/t, 0.09 g Au/t, 0.69% Zn and 0.18% Pb) over 16.28m from 163.98m to 180.28m.
Hole DSB-15, 100m southeast of Hole DSB-21, intersected 12 reportable intersections including 112.43 g Ag eq/t (9.98 g Ag/t, 0.10 g Au/t, 0.21% Zn, 0.34% Pb, 0.09% Sn and 0.12% Cd) over 10.53m from 293.70m to 304.23m and 186.75 g Ag eq/t (14.67 g Ag/t, 0.13 g Au/t, 0.27% Zn, 0.17% Cu and 0.19% Sn) over 19.65m from 710.97m to 730.62m.
Hole DSB-12, collared 200m southeast of hole DSB-15 and 100m northwest of hole DSB-20, intersected 20 reportable mineralized intersections of which nine ranged from 10.41m to 24.07m long. Best results were 130.28 g Ag eq/t (92.32 g Ag/t, 0.06% Cu) over 10.41m from 332.64 to 311.90, 129.54 g Ag eq/t (10.19 g Ag/t, 0.22 % Zn, 0.15% Cu, 0.13% Sn) over 18.04m from 487.76m to 505.80m, 116.73 g Ag eq/t (10.18 g Ag/t, 0.12% Cu, 0.10 % Sn and 0.13% Bi) over 24.07m from 594.44m to 618.51m and 164.01 g Ag eq/t (7.80 g Ag/t, 0.11 g Au/t, 0.39% Zn, 0.21% Cu, 0.11% Bi) over 21.05m from 753.50m to 771.49m.
Hole DSB-13, drilled on the same section but shallower than hole DSB-12, intersected 15 reportable mineralized intersections of which the best results were 48.53 g Ag eq/t (5.66 g Ag/t and 0.29% Zn) over 37.58m from 161.71m to 199.29m, 171.55 g Ag eq/t over 9.01m (21.45 g Ag/t, 0.54 g Au/t, 0.38% Zn, 0.14% Sn) from 221.66m to 230.67m, 51.89 g Ag eq/t (3.48 g Ag/t and 0.24% Zn) over 39.13m from 320.57m to 361.18m and 71.71 g Ag eq/t over 8.93m (7.07 g Ag/t, 0.11% Cu and 0.06% Sn) from 601.95m to 610.88m.
Tom Larsen, CEO of Eloro, commented: “This new underground hole is the longest and highest-grade intersection obtained thus far in our diamond drill program. Results from the step-out holes on the NW extension are also very encouraging. Turnaround at both the ALS and AHK laboratories continues to improve so we anticipate being able to have a more regular release of results going forward. Drilling productivity continues to be very high with more than 4,600m completed by the three drills since our restart last month. We will shortly complete our underground drilling and will exchange this drill for a high capacity surface rig which will further increase our production.”
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “The 100m-spaced sectional drilling has been completed on the NW Extension, however it is evident that much further drilling will be required to fully evaluate this exciting target area. Underground drilling is continuing from the Santa Barbara adit to test the major magnetic anomaly to the southwest. The first of a series of surface holes testing the southern Santa Barbara target area is in progress, with the aim of further expanding the high-grade mineralization already identified in this area. Hole DPC-07 in the Porco area is testing a major magnetic anomaly, while additional drill holes are planned to further test the Porco Breccia Pipe deeper. Hole DM2-01, to be drilled in the Mina 2 area in the southeast part of the property, will test for a potential tin porphyry at depth. Channel sampling and geological mapping are in progress in the Mina 2 workings.”
Table 1: Significant Results, Diamond Drilling, Santa Barbara Resource Definition Target Area as at February 23, 2022.
SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DRILL HOLE – METALLURGICAL HOLE
Hole No.
From (m)
To (m)
Length (m)
Ag
Au
Zn
Pb
Cu
Sn
Bi
Cd
Ag eq
g/t
g/t
%
%
%
%
%
%
g/t
METSBUG-02
0.00
303.05
303.05
40.16
0.06
0.51
0.41
0.09
0.13
0.006
0.004
172.43
Incl.
0.00
49.55
49.55
119.36
0.14
0.06
0.57
0.38
0.52
0.010
0.001
507.64
Incl.
180.95
258.72
77.77
66.93
0.04
1.03
0.67
0.06
0.08
0.013
0.011
196.67
SANTA BARBARA NW EXTENSION SECTIONAL DRILLING
Hole No.
From (m)
To (m)
Length (m)
Ag
Au
Zn
Pb
Cu
Sn
Bi
Cd
Ag eq
g/t
g/t
%
%
%
%
%
%
g/t
DSB-21
21.15
22.61
1.46
8.00
0.23
0.00
0.07
0.02
0.06
0.022
0.001
68.81
58.85
84.12
25.27
9.48
0.02
0.01
0.05
1.02
0.00
0.001
0.001
152.04
163.98
180.26
16.28
40.85
0.09
0.69
0.18
0.04
0.03
0.019
0.012
114.77
228.21
243.27
15.06
24.11
0.06
0.50
0.10
0.04
0.04
0.002
0.002
87.05
255.28
261.26
5.98
27.07
0.06
0.61
0.14
0.02
0.03
0.001
0.001
83.85
268.78
270.28
1.50
32.00
0.08
0.30
0.03
0.15
0.15
0.018
0.001
165.47
309.61
315.61
6.00
15.70
0.02
0.68
0.44
0.01
0.01
0.001
0.002
67.35
453.86
455.38
1.52
25.00
0.05
0.02
0.03
0.06
0.05
0.025
0.001
74.03
513.92
515.42
1.50
68.00
0.03
0.03
0.00
0.03
0.01
0.002
0.001
83.83
521.39
525.88
4.49
24.09
0.06
0.06
0.01
0.05
0.04
0.005
0.001
64.40
578.55
581.40
2.85
1.51
0.01
2.61
0.00
0.01
0.00
0.001
0.001
125.26
638.51
640.00
1.49
59.00
0.03
0.15
0.01
0.31
0.28
0.013
0.001
277.24
649.04
656.55
7.51
20.09
0.02
0.64
0.01
0.12
0.11
0.008
0.001
135.84
665.75
667.25
1.50
44.00
0.14
0.03
0.02
0.29
0.28
0.547
0.001
354.97
DSB-20
46.66
51.20
4.54
9.69
0.01
0.01
0.19
1.21
0.00
0.001
0.001
180.58
82.61
85.56
2.95
5.54
0.02
0.37
0.46
0.01
0.01
0.004
0.073
51.71
118.70
123.22
4.52
8.76
0.03
2.14
0.42
0.01
0.06
0.002
0.060
166.00
150.28
162.26
11.98
17.68
0.03
0.62
0.49
0.01
0.05
0.002
0.026
94.64
188.89
221.88
32.99
5.29
0.02
0.35
0.14
0.01
0.10
0.002
0.008
85.30
233.97
235.50
1.53
17.00
0.02
0.59
0.32
0.01
0.06
0.002
0.002
92.39
247.56
321.21
73.65
21.79
0.07
0.27
0.36
0.01
0.12
0.028
0.001
129.42
Incl.
267.08
295.65
28.57
27.54
0.08
0.40
0.55
0.02
0.21
0.037
0.001
204.03
352.73
357.24
4.51
4.69
0.01
0.54
0.25
0.01
0.02
0.001
0.001
51.73
360.23
361.73
1.50
4.00
0.01
1.38
0.01
0.01
0.01
0.001
0.001
76.68
399.15
402.09
2.94
3.02
0.03
0.34
0.17
0.01
0.05
0.001
0.001
59.64
408.26
409.83
1.57
4.00
0.01
0.63
0.02
0.01
0.05
0.001
0.001
64.50
426.27
427.72
1.45
4.00
0.02
0.01
0.01
0.01
0.12
0.003
0.001
80.50
499.10
500.53
1.43
2.00
0.01
0.02
0.01
0.03
0.08
0.001
0.001
55.86
518.38
536.18
17.80
12.01
0.06
0.37
0.08
0.03
0.04
0.045
0.001
71.11
552.63
568.40
15.77
16.71
0.15
0.08
0.03
0.10
0.10
0.059
0.001
116.90
591.30
598.70
7.40
9.41
0.21
0.05
0.02
0.05
0.06
0.014
0.001
73.18
697.09
698.50
1.41
6.00
0.02
0.00
0.00
0.10
0.10
0.007
0.001
82.51
719.40
723.90
4.50
9.34
0.06
0.03
0.01
0.11
0.10
0.015
0.001
94.70
743.47
749.50
6.03
21.42
0.18
0.11
0.03
0.59
0.30
0.007
0.001
297.99
770.56
791.43
20.87
5.24
0.08
0.05
0.01
0.27
0.05
0.075
0.001
93.75
814.25
820.15
5.90
2.58
0.02
0.06
0.01
0.23
0.03
0.364
0.001
118.69
866.21
868.00
1.79
3.00
0.03
0.00
0.00
0.43
0.04
0.034
0.001
90.39
SANTA BARBARA NW EXTENSION SECTIONAL DRILLING (CON’T)
Hole No.
From (m)
To (m)
Length (m)
Ag
Au
Zn
Pb
Cu
Sn
Bi
Cd
Ag eq
g/t
g/t
%
%
%
%
%
%
g/t
DSB-15
23.76
29.83
6.07
22.14
0.06
0.00
0.08
0.01
0.10
0.003
0.001
93.29
55.33
58.30
2.97
2.00
0.05
0.01
0.02
1.34
0.02
0.001
0.001
196.03
173.61
178.12
4.52
21.35
0.14
0.62
0.20
0.02
0.03
0.002
0.001
86.78
293.70
304.23
10.53
9.98
0.10
0.21
0.34
0.08
0.09
0.022
0.121
112.43
314.20
322.74
8.54
4.13
0.04
0.59
0.33
0.05
0.06
0.008
0.009
89.94
435.66
437.19
1.53
0.50
0.01
0.11
0.00
0.00
0.14
0.001
0.001
88.97
461.30
462.80
1.50
2.00
0.01
0.13
0.01
0.01
0.14
0.004
0.001
90.73
474.55
476.05
1.50
24.00
0.06
0.03
0.03
0.20
0.15
0.031
0.001
153.19
480.55
486.53
5.98
7.52
0.02
0.12
0.01
0.11
0.10
0.011
0.001
90.20
532.48
533.97
1.49
34.00
0.04
0.01
0.01
0.13
0.11
0.034
0.001
126.43
582.19
583.74
1.55
1.00
0.01
2.03
0.00
0.01
0.03
0.001
0.001
113.31
710.97
730.62
19.65
14.67
0.13
0.27
0.00
0.17
0.19
0.070
0.001
186.75
DSB-13
50.50
66.67
4.48
18.11
0.01
0.01
0.08
0.20
0.02
0.001
0.005
57.64
111.90
124.02
12.12
4.67
0.01
0.71
0.08
0.01
0.02
0.001
0.004
54.94
161.71
199.29
37.58
5.66
0.07
0.29
0.09
0.02
0.03
0.001
0.004
48.53
208.19
211.20
3.01
16.02
0.27
0.48
0.03
0.09
0.03
0.001
0.005
90.12
221.66
230.67
9.01
21.45
0.54
0.38
0.07
0.02
0.14
0.009
0.005
171.55
272.71
274.22
1.51
27.00
0.30
0.06
0.06
0.04
0.07
0.019
0.005
105.33
287.75
292.25
4.50
5.67
0.03
1.18
0.31
0.02
0.06
0.002
0.003
108.69
308.70
311.64
2.94
3.00
0.02
0.37
0.25
0.01
0.04
0.001
0.002
52.61
320.57
361.18
39.13
3.48
0.08
0.24
0.07
0.02
0.04
0.002
0.005
51.89
405.83
410.50
4.67
8.63
0.10
0.73
0.03
0.05
0.03
0.017
0.005
78.28
432.52
434.06
1.54
5.00
2.42
0.18
0.02
0.06
0.01
0.506
0.005
312.23
525.10
526.62
1.52
3.00
0.11
0.03
0.01
0.05
0.11
0.044
0.005
93.10
537.14
540.23
3.09
6.94
0.02
0.01
0.01
0.08
0.08
0.029
0.005
74.07
601.95
610.88
8.93
7.07
0.03
0.02
0.01
0.11
0.06
0.047
0.005
71.71
695.03
696.50
1.47
12.00
0.10
0.07
0.02
0.26
0.11
0.13
0.01
147.95
DSB-12
157.18
172.03
14.85
45.47
0.08
0.12
0.11
0.02
0.04
0.003
0.003
89.84
209.63
221.60
11.97
28.82
0.04
0.03
0.10
0.03
0.05
0.009
0.004
71.87
301.26
311.90
10.64
54.31
0.02
0.01
0.00
0.04
0.02
0.007
0.005
78.19
332.64
343.05
10.41
92.32
0.05
0.02
0.01
0.06
0.04
0.005
0.004
130.28
377.74
379.19
1.45
9.00
0.10
0.01
0.01
0.06
0.07
0.002
0.005
66.35
428.94
430.58
1.64
3.00
0.01
0.02
0.01
0.02
0.09
0.001
0.005
61.28
453.15
466.73
13.58
11.53
0.03
0.03
0.01
0.08
0.07
0.007
0.005
68.58
487.76
505.80
18.04
10.19
0.04
0.22
0.03
0.15
0.13
0.035
0.005
129.54
510.30
517.79
7.49
1.79
0.08
0.08
0.01
0.04
0.05
0.014
0.005
48.24
523.80
529.68
5.88
3.55
0.32
0.03
0.01
0.10
0.10
0.012
0.005
105.18
561.32
562.84
1.52
3.00
0.03
0.04
0.01
0.12
0.12
0.008
0.005
97.29
568.86
574.84
5.98
3.77
0.02
0.06
0.01
0.08
0.07
0.042
0.005
65.41
586.83
588.40
1.57
3.00
0.01
0.03
0.00
0.12
0.11
0.017
0.005
90.61
594.44
618.51
24.07
10.18
0.07
0.05
0.01
0.12
0.10
0.128
0.005
116.73
639.64
641.15
1.51
5.00
0.01
0.00
0.01
0.13
0.09
0.008
0.005
80.70
660.57
663.58
3.01
5.01
0.17
0.26
0.01
0.23
0.02
0.060
0.005
82.79
669.60
672.58
2.98
5.01
0.14
0.11
0.01
0.20
0.07
0.060
0.005
102.57
686.16
690.63
4.47
4.97
0.36
0.07
0.01
0.15
0.03
0.039
0.005
81.16
717.52
738.57
21.05
7.80
0.11
0.39
0.03
0.21
0.14
0.109
0.005
164.01
753.50
771.49
17.99
1.81
0.06
0.06
0.03
0.21
0.03
0.18
0.01
91.66
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 January 30, 2022, to more accurately reflect current metal prices):
Element
Price $US (per kg)
Ratio to Ag
Ag
$722.56
1.0000
Sn
$42.56
0.0589
Zn
$3.30
0.0046
Pb
$2.33
0.0032
Au
$57,604.00
79.7221
Cu
$9.68
0.0134
Bi
$12.76
0.0177
Cd
$5.50
0.0076
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: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from February 23, 2022 press release.
Hole No.
Type
Collar Easting
Collar Northing
Elev
Azimuth
Angle
Hole Length m
Surface Drilling Northwest Extension Santa Barbara
DSB-14
S
205283.0
7656587.2
4175.0
225
-65
968.5
DSB-16
S
204973.1
7657053.8
4165.0
225
-65
862.0
DSB-17
S
7656765.4
205131.3
4173.0
225
-40
841.0
DSB-18
S
7656676.3
205207.1
4175.0
225
-40
890.4
DSB-19
S
7656676.3
205207.1
4175.0
225
-65
803.3
DSB-22
S
7657208.4
204799.4
4145.0
225
-40
258.4
DSB-23
S
205341.0
7656535.0
4177.0
225
-40
661.3
DSB-24
S
205341.0
7656535.0
4177.0
225
-65
343.4
DSB-25
S
205283.0
7656587.2
4175.0
225
-40
615.3
DSB-26
S
205044.5
7656982.6
4150.0
225
-40
815.4
DSB-27
S
205044.5
7656982.6
4150.0
225
-65
800.4
Subtotal
7,859.4
Underground Drilling Santa Barbara Adit
DSBU-3
UG
205285.2
7656074.8
4165.0
270
-20
443.5
DSBU-4
UG
205285.2
7656074.8
4165.0
180
-20
570.0
DSBU-5
UG
205285.2
7656074.8
4165.0
0
-40
491.7
DSBU-6
UG
205285.2
7656074.8
4165.0
0
-65
253.5
DSBU-7
UG
205284.5
7656080.0
4167.1
235
-50
800.9
Subtotal
2,559.6
DSBU-8
UG
205284.5
7656080.0
4167.1
200
-50
In progress
Underground Metallurgical Drill Holes Santa Barbara
METSBU-01
UG
205285.2
7656074.8
4165.0
10
-35
351.0
Subtotal
351.0
Surface Drilling South Extension Santa Barbara
DSBS-01
S
205300.0
7655563.0
4204.0
30°
-30
In progress
Porco Target Area – Surface Drill Program
DPC-04
S
205457.2
7655110.9
4175.0
0
-60
371.4
DPC-05
S
205457.2
7655110.9
4175.0
90
-60
407.5
DPC-06
S
205457.2
7655110.9
4175.0
243
-60
716.4
DPC-08
S
205456.2
7655113.4
4175.9
243
-60
800.4
Subtotal
2,295.7
DPC-07
S
205090.0
7655343.7
4310.0
235
-65
In progress
TOTAL
13,065.7
S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 13, 2020 to December 17, 2021 is 40,468 m in 73 holes (26 underground holes and 47 surface holes). From re-start of drilling on January 17, 2022, an additional 4,649m has been completed bringing the overall total to 45,117m in 80 drill holes (27 underground drill holes and 53 surface drill holes) including 3 holes in progress.
Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza, and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program working closely with Dr. Osvaldo Arce, P.Geo., Manager of Minera Tupiza. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.
Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.
Drill core samples sent to AHK Laboratories are sent to their preparation laboratory in Oruro with pulps sent to the AHK laboratory in Lima, Peru. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time, which has been impacted by the recent surge in Covid-19, has been improving following the Christmas break and it is hoped that most of the sample backlog will be cleared in the next 4-6 weeks.
About Iska Iska
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 99% 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 located in the same 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 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 DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (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, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. This work is advancing well with the mineral resource targeted to be completed in Q2 2022. Exploration drilling is also planned on other major targets in the Iska Iska Caldera Complex including the Porco and Mina 2 areas.
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 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and 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 Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
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 TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Eloro Resources Ltd.
Figure 1
Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed and planned.
Figure 2
Preliminary Geological Cross Section NW Extension Target Looking NW – Drill Holes DSB-20 (results this release) and DSB-17 (results pending).
Includes higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t, 0.14 g Au/t, 0.57 %Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag eq/t (66.93 g Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m in underground drill hole METSBUG-02.
Hole DSB-20, which is in approximately the centre of the NW Extension target area, intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m including a higher-grade section of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb and 0.21% Sn) over 28.57m.
TORONTO, Feb. 23, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from six (6) additional diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Hole METSBUG-02 is an underground hole drilled northeast from the Santa Barbara adit for metallurgical purposes and to complete fill-in drilling. The remaining five (5) holes tested the NW extension in the Santa Barbara Mineral Resource Target Area (DSB-12, -13, -15, -20 and -21) on a series of NE-SW sections as shown in Figure 1.
As previously announced (see Eloro’s press release dated January 18, 2022) drilling recommenced on January 17, 2022, with two surface drill rigs and one underground rig. Since the restart, the Company has completed an additional 4,649m of drilling, for an overall total of 45,117m in 80 drill holes, including three holes in progress as shown in Figure 1. Table 1 lists significant assay results. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 2 summarizes drill holes with assays pending. Highlights are as follows:
Underground Metallurgical Hole, Santa Barbara Mineral Resource Target Area
Underground hole METSBUG-02, collared in the Santa Barbara adit and drilled at an azimuth of 40 degrees at -10 degrees dip, intersected significant mineralization (Figure 1 and Table 1) over the full length of the hole:
172.43 g Ag eq/t (40.16 g Ag/t, 0.51% Zn, 0.41% Pb and 0.13% Sn) over 303.05m from 0.00 to 303.05 m including higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t, 0.14 g Au/t, 0.57 %Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag eq/t (66.93 g Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m from 180.95m to 258.72m.
This hole was designed to intersect midway across the intersection in Hole DHK-18 which returned 129.65 g Ag eq/t over 300.75m (see press release July 28, 2021; grade is 172.18 g Ag eq/t with updated metal prices) in the mineralized envelope to the east of the Santa Barbara Breccia Pipe.
Sectional Drill Holes NW Extension Santa Barbara Mineral Resource Target Area
Significant results have been returned from the five (5) initial sectional drill holes testing the NW Extension of the Santa Barbara mineralized trend. This area is marked by a prominent magnetic anomaly and is underlain by several dacitic domes, possibly related to a secondary caldera. An additional 11 holes totaling 7,859m have been completed to provide coverage on 100m spaced sections over much of the NW Extension target area as shown in Figure 1. Assay results on these holes are pending. Figure 2 is a section along hole DSB-20. Highlights are as follows:
Hole DSB-20, which is in approximately the centre of the NW Extension target area, intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m from 247.56m to 321.21m including a higher-grade section of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb and 0.21% Sn) over 28.57m from 267.08m to 295.65m.
Hole DSB-21, on the northwesternmost section, intersected 14 reportable intersections including a high-grade Cu zone grading 152.04 g Ag eq/t (9.48 g Ag/t and 1.02% Cu) over 25.27m from 58.85m to 84.12m and 114.77 g Ag eq/t (40.85 g Ag/t, 0.09 g Au/t, 0.69% Zn and 0.18% Pb) over 16.28m from 163.98m to 180.28m.
Hole DSB-15, 100m southeast of Hole DSB-21, intersected 12 reportable intersections including 112.43 g Ag eq/t (9.98 g Ag/t, 0.10 g Au/t, 0.21% Zn, 0.34% Pb, 0.09% Sn and 0.12% Cd) over 10.53m from 293.70m to 304.23m and 186.75 g Ag eq/t (14.67 g Ag/t, 0.13 g Au/t, 0.27% Zn, 0.17% Cu and 0.19% Sn) over 19.65m from 710.97m to 730.62m.
Hole DSB-12, collared 200m southeast of hole DSB-15 and 100m northwest of hole DSB-20, intersected 20 reportable mineralized intersections of which nine ranged from 10.41m to 24.07m long. Best results were 130.28 g Ag eq/t (92.32 g Ag/t, 0.06% Cu) over 10.41m from 332.64 to 311.90, 129.54 g Ag eq/t (10.19 g Ag/t, 0.22 % Zn, 0.15% Cu, 0.13% Sn) over 18.04m from 487.76m to 505.80m, 116.73 g Ag eq/t (10.18 g Ag/t, 0.12% Cu, 0.10 % Sn and 0.13% Bi) over 24.07m from 594.44m to 618.51m and 164.01 g Ag eq/t (7.80 g Ag/t, 0.11 g Au/t, 0.39% Zn, 0.21% Cu, 0.11% Bi) over 21.05m from 753.50m to 771.49m.
Hole DSB-13, drilled on the same section but shallower than hole DSB-12, intersected 15 reportable mineralized intersections of which the best results were 48.53 g Ag eq/t (5.66 g Ag/t and 0.29% Zn) over 37.58m from 161.71m to 199.29m, 171.55 g Ag eq/t over 9.01m (21.45 g Ag/t, 0.54 g Au/t, 0.38% Zn, 0.14% Sn) from 221.66m to 230.67m, 51.89 g Ag eq/t (3.48 g Ag/t and 0.24% Zn) over 39.13m from 320.57m to 361.18m and 71.71 g Ag eq/t over 8.93m (7.07 g Ag/t, 0.11% Cu and 0.06% Sn) from 601.95m to 610.88m.
Tom Larsen, CEO of Eloro, commented: “This new underground hole is the longest and highest-grade intersection obtained thus far in our diamond drill program. Results from the step-out holes on the NW extension are also very encouraging. Turnaround at both the ALS and AHK laboratories continues to improve so we anticipate being able to have a more regular release of results going forward. Drilling productivity continues to be very high with more than 4,600m completed by the three drills since our restart last month. We will shortly complete our underground drilling and will exchange this drill for a high capacity surface rig which will further increase our production.”
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “The 100m-spaced sectional drilling has been completed on the NW Extension, however it is evident that much further drilling will be required to fully evaluate this exciting target area. Underground drilling is continuing from the Santa Barbara adit to test the major magnetic anomaly to the southwest. The first of a series of surface holes testing the southern Santa Barbara target area is in progress, with the aim of further expanding the high-grade mineralization already identified in this area. Hole DPC-07 in the Porco area is testing a major magnetic anomaly, while additional drill holes are planned to further test the Porco Breccia Pipe deeper. Hole DM2-01, to be drilled in the Mina 2 area in the southeast part of the property, will test for a potential tin porphyry at depth. Channel sampling and geological mapping are in progress in the Mina 2 workings.”
Table 1: Significant Results, Diamond Drilling, Santa Barbara Resource Definition Target Area as at February 23, 2022.
SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DRILL HOLE – METALLURGICAL HOLE
Hole No.
From (m)
To (m)
Length (m)
Ag
Au
Zn
Pb
Cu
Sn
Bi
Cd
Ag eq
g/t
g/t
%
%
%
%
%
%
g/t
METSBUG-02
0.00
303.05
303.05
40.16
0.06
0.51
0.41
0.09
0.13
0.006
0.004
172.43
Incl.
0.00
49.55
49.55
119.36
0.14
0.06
0.57
0.38
0.52
0.010
0.001
507.64
Incl.
180.95
258.72
77.77
66.93
0.04
1.03
0.67
0.06
0.08
0.013
0.011
196.67
SANTA BARBARA NW EXTENSION SECTIONAL DRILLING
Hole No.
From (m)
To (m)
Length (m)
Ag
Au
Zn
Pb
Cu
Sn
Bi
Cd
Ag eq
g/t
g/t
%
%
%
%
%
%
g/t
DSB-21
21.15
22.61
1.46
8.00
0.23
0.00
0.07
0.02
0.06
0.022
0.001
68.81
58.85
84.12
25.27
9.48
0.02
0.01
0.05
1.02
0.00
0.001
0.001
152.04
163.98
180.26
16.28
40.85
0.09
0.69
0.18
0.04
0.03
0.019
0.012
114.77
228.21
243.27
15.06
24.11
0.06
0.50
0.10
0.04
0.04
0.002
0.002
87.05
255.28
261.26
5.98
27.07
0.06
0.61
0.14
0.02
0.03
0.001
0.001
83.85
268.78
270.28
1.50
32.00
0.08
0.30
0.03
0.15
0.15
0.018
0.001
165.47
309.61
315.61
6.00
15.70
0.02
0.68
0.44
0.01
0.01
0.001
0.002
67.35
453.86
455.38
1.52
25.00
0.05
0.02
0.03
0.06
0.05
0.025
0.001
74.03
513.92
515.42
1.50
68.00
0.03
0.03
0.00
0.03
0.01
0.002
0.001
83.83
521.39
525.88
4.49
24.09
0.06
0.06
0.01
0.05
0.04
0.005
0.001
64.40
578.55
581.40
2.85
1.51
0.01
2.61
0.00
0.01
0.00
0.001
0.001
125.26
638.51
640.00
1.49
59.00
0.03
0.15
0.01
0.31
0.28
0.013
0.001
277.24
649.04
656.55
7.51
20.09
0.02
0.64
0.01
0.12
0.11
0.008
0.001
135.84
665.75
667.25
1.50
44.00
0.14
0.03
0.02
0.29
0.28
0.547
0.001
354.97
DSB-20
46.66
51.20
4.54
9.69
0.01
0.01
0.19
1.21
0.00
0.001
0.001
180.58
82.61
85.56
2.95
5.54
0.02
0.37
0.46
0.01
0.01
0.004
0.073
51.71
118.70
123.22
4.52
8.76
0.03
2.14
0.42
0.01
0.06
0.002
0.060
166.00
150.28
162.26
11.98
17.68
0.03
0.62
0.49
0.01
0.05
0.002
0.026
94.64
188.89
221.88
32.99
5.29
0.02
0.35
0.14
0.01
0.10
0.002
0.008
85.30
233.97
235.50
1.53
17.00
0.02
0.59
0.32
0.01
0.06
0.002
0.002
92.39
247.56
321.21
73.65
21.79
0.07
0.27
0.36
0.01
0.12
0.028
0.001
129.42
Incl.
267.08
295.65
28.57
27.54
0.08
0.40
0.55
0.02
0.21
0.037
0.001
204.03
352.73
357.24
4.51
4.69
0.01
0.54
0.25
0.01
0.02
0.001
0.001
51.73
360.23
361.73
1.50
4.00
0.01
1.38
0.01
0.01
0.01
0.001
0.001
76.68
399.15
402.09
2.94
3.02
0.03
0.34
0.17
0.01
0.05
0.001
0.001
59.64
408.26
409.83
1.57
4.00
0.01
0.63
0.02
0.01
0.05
0.001
0.001
64.50
426.27
427.72
1.45
4.00
0.02
0.01
0.01
0.01
0.12
0.003
0.001
80.50
499.10
500.53
1.43
2.00
0.01
0.02
0.01
0.03
0.08
0.001
0.001
55.86
518.38
536.18
17.80
12.01
0.06
0.37
0.08
0.03
0.04
0.045
0.001
71.11
552.63
568.40
15.77
16.71
0.15
0.08
0.03
0.10
0.10
0.059
0.001
116.90
591.30
598.70
7.40
9.41
0.21
0.05
0.02
0.05
0.06
0.014
0.001
73.18
697.09
698.50
1.41
6.00
0.02
0.00
0.00
0.10
0.10
0.007
0.001
82.51
719.40
723.90
4.50
9.34
0.06
0.03
0.01
0.11
0.10
0.015
0.001
94.70
743.47
749.50
6.03
21.42
0.18
0.11
0.03
0.59
0.30
0.007
0.001
297.99
770.56
791.43
20.87
5.24
0.08
0.05
0.01
0.27
0.05
0.075
0.001
93.75
814.25
820.15
5.90
2.58
0.02
0.06
0.01
0.23
0.03
0.364
0.001
118.69
866.21
868.00
1.79
3.00
0.03
0.00
0.00
0.43
0.04
0.034
0.001
90.39
SANTA BARBARA NW EXTENSION SECTIONAL DRILLING (CON’T)
Hole No.
From (m)
To (m)
Length (m)
Ag
Au
Zn
Pb
Cu
Sn
Bi
Cd
Ag eq
g/t
g/t
%
%
%
%
%
%
g/t
DSB-15
23.76
29.83
6.07
22.14
0.06
0.00
0.08
0.01
0.10
0.003
0.001
93.29
55.33
58.30
2.97
2.00
0.05
0.01
0.02
1.34
0.02
0.001
0.001
196.03
173.61
178.12
4.52
21.35
0.14
0.62
0.20
0.02
0.03
0.002
0.001
86.78
293.70
304.23
10.53
9.98
0.10
0.21
0.34
0.08
0.09
0.022
0.121
112.43
314.20
322.74
8.54
4.13
0.04
0.59
0.33
0.05
0.06
0.008
0.009
89.94
435.66
437.19
1.53
0.50
0.01
0.11
0.00
0.00
0.14
0.001
0.001
88.97
461.30
462.80
1.50
2.00
0.01
0.13
0.01
0.01
0.14
0.004
0.001
90.73
474.55
476.05
1.50
24.00
0.06
0.03
0.03
0.20
0.15
0.031
0.001
153.19
480.55
486.53
5.98
7.52
0.02
0.12
0.01
0.11
0.10
0.011
0.001
90.20
532.48
533.97
1.49
34.00
0.04
0.01
0.01
0.13
0.11
0.034
0.001
126.43
582.19
583.74
1.55
1.00
0.01
2.03
0.00
0.01
0.03
0.001
0.001
113.31
710.97
730.62
19.65
14.67
0.13
0.27
0.00
0.17
0.19
0.070
0.001
186.75
DSB-13
50.50
66.67
4.48
18.11
0.01
0.01
0.08
0.20
0.02
0.001
0.005
57.64
111.90
124.02
12.12
4.67
0.01
0.71
0.08
0.01
0.02
0.001
0.004
54.94
161.71
199.29
37.58
5.66
0.07
0.29
0.09
0.02
0.03
0.001
0.004
48.53
208.19
211.20
3.01
16.02
0.27
0.48
0.03
0.09
0.03
0.001
0.005
90.12
221.66
230.67
9.01
21.45
0.54
0.38
0.07
0.02
0.14
0.009
0.005
171.55
272.71
274.22
1.51
27.00
0.30
0.06
0.06
0.04
0.07
0.019
0.005
105.33
287.75
292.25
4.50
5.67
0.03
1.18
0.31
0.02
0.06
0.002
0.003
108.69
308.70
311.64
2.94
3.00
0.02
0.37
0.25
0.01
0.04
0.001
0.002
52.61
320.57
361.18
39.13
3.48
0.08
0.24
0.07
0.02
0.04
0.002
0.005
51.89
405.83
410.50
4.67
8.63
0.10
0.73
0.03
0.05
0.03
0.017
0.005
78.28
432.52
434.06
1.54
5.00
2.42
0.18
0.02
0.06
0.01
0.506
0.005
312.23
525.10
526.62
1.52
3.00
0.11
0.03
0.01
0.05
0.11
0.044
0.005
93.10
537.14
540.23
3.09
6.94
0.02
0.01
0.01
0.08
0.08
0.029
0.005
74.07
601.95
610.88
8.93
7.07
0.03
0.02
0.01
0.11
0.06
0.047
0.005
71.71
695.03
696.50
1.47
12.00
0.10
0.07
0.02
0.26
0.11
0.13
0.01
147.95
DSB-12
157.18
172.03
14.85
45.47
0.08
0.12
0.11
0.02
0.04
0.003
0.003
89.84
209.63
221.60
11.97
28.82
0.04
0.03
0.10
0.03
0.05
0.009
0.004
71.87
301.26
311.90
10.64
54.31
0.02
0.01
0.00
0.04
0.02
0.007
0.005
78.19
332.64
343.05
10.41
92.32
0.05
0.02
0.01
0.06
0.04
0.005
0.004
130.28
377.74
379.19
1.45
9.00
0.10
0.01
0.01
0.06
0.07
0.002
0.005
66.35
428.94
430.58
1.64
3.00
0.01
0.02
0.01
0.02
0.09
0.001
0.005
61.28
453.15
466.73
13.58
11.53
0.03
0.03
0.01
0.08
0.07
0.007
0.005
68.58
487.76
505.80
18.04
10.19
0.04
0.22
0.03
0.15
0.13
0.035
0.005
129.54
510.30
517.79
7.49
1.79
0.08
0.08
0.01
0.04
0.05
0.014
0.005
48.24
523.80
529.68
5.88
3.55
0.32
0.03
0.01
0.10
0.10
0.012
0.005
105.18
561.32
562.84
1.52
3.00
0.03
0.04
0.01
0.12
0.12
0.008
0.005
97.29
568.86
574.84
5.98
3.77
0.02
0.06
0.01
0.08
0.07
0.042
0.005
65.41
586.83
588.40
1.57
3.00
0.01
0.03
0.00
0.12
0.11
0.017
0.005
90.61
594.44
618.51
24.07
10.18
0.07
0.05
0.01
0.12
0.10
0.128
0.005
116.73
639.64
641.15
1.51
5.00
0.01
0.00
0.01
0.13
0.09
0.008
0.005
80.70
660.57
663.58
3.01
5.01
0.17
0.26
0.01
0.23
0.02
0.060
0.005
82.79
669.60
672.58
2.98
5.01
0.14
0.11
0.01
0.20
0.07
0.060
0.005
102.57
686.16
690.63
4.47
4.97
0.36
0.07
0.01
0.15
0.03
0.039
0.005
81.16
717.52
738.57
21.05
7.80
0.11
0.39
0.03
0.21
0.14
0.109
0.005
164.01
753.50
771.49
17.99
1.81
0.06
0.06
0.03
0.21
0.03
0.18
0.01
91.66
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 January 30, 2022, to more accurately reflect current metal prices):
Element
Price $US (per kg)
Ratio to Ag
Ag
$722.56
1.0000
Sn
$42.56
0.0589
Zn
$3.30
0.0046
Pb
$2.33
0.0032
Au
$57,604.00
79.7221
Cu
$9.68
0.0134
Bi
$12.76
0.0177
Cd
$5.50
0.0076
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: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from February 23, 2022 press release.
Hole No.
Type
Collar Easting
Collar Northing
Elev
Azimuth
Angle
Hole Length m
Surface Drilling Northwest Extension Santa Barbara
DSB-14
S
205283.0
7656587.2
4175.0
225
-65
968.5
DSB-16
S
204973.1
7657053.8
4165.0
225
-65
862.0
DSB-17
S
7656765.4
205131.3
4173.0
225
-40
841.0
DSB-18
S
7656676.3
205207.1
4175.0
225
-40
890.4
DSB-19
S
7656676.3
205207.1
4175.0
225
-65
803.3
DSB-22
S
7657208.4
204799.4
4145.0
225
-40
258.4
DSB-23
S
205341.0
7656535.0
4177.0
225
-40
661.3
DSB-24
S
205341.0
7656535.0
4177.0
225
-65
343.4
DSB-25
S
205283.0
7656587.2
4175.0
225
-40
615.3
DSB-26
S
205044.5
7656982.6
4150.0
225
-40
815.4
DSB-27
S
205044.5
7656982.6
4150.0
225
-65
800.4
Subtotal
7,859.4
Underground Drilling Santa Barbara Adit
DSBU-3
UG
205285.2
7656074.8
4165.0
270
-20
443.5
DSBU-4
UG
205285.2
7656074.8
4165.0
180
-20
570.0
DSBU-5
UG
205285.2
7656074.8
4165.0
0
-40
491.7
DSBU-6
UG
205285.2
7656074.8
4165.0
0
-65
253.5
DSBU-7
UG
205284.5
7656080.0
4167.1
235
-50
800.9
Subtotal
2,559.6
DSBU-8
UG
205284.5
7656080.0
4167.1
200
-50
In progress
Underground Metallurgical Drill Holes Santa Barbara
METSBU-01
UG
205285.2
7656074.8
4165.0
10
-35
351.0
Subtotal
351.0
Surface Drilling South Extension Santa Barbara
DSBS-01
S
205300.0
7655563.0
4204.0
30°
-30
In progress
Porco Target Area – Surface Drill Program
DPC-04
S
205457.2
7655110.9
4175.0
0
-60
371.4
DPC-05
S
205457.2
7655110.9
4175.0
90
-60
407.5
DPC-06
S
205457.2
7655110.9
4175.0
243
-60
716.4
DPC-08
S
205456.2
7655113.4
4175.9
243
-60
800.4
Subtotal
2,295.7
DPC-07
S
205090.0
7655343.7
4310.0
235
-65
In progress
TOTAL
13,065.7
S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 13, 2020 to December 17, 2021 is 40,468 m in 73 holes (26 underground holes and 47 surface holes). From re-start of drilling on January 17, 2022, an additional 4,649m has been completed bringing the overall total to 45,117m in 80 drill holes (27 underground drill holes and 53 surface drill holes) including 3 holes in progress.
Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza, and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program working closely with Dr. Osvaldo Arce, P.Geo., Manager of Minera Tupiza. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.
Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.
Drill core samples sent to AHK Laboratories are sent to their preparation laboratory in Oruro with pulps sent to the AHK laboratory in Lima, Peru. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time, which has been impacted by the recent surge in Covid-19, has been improving following the Christmas break and it is hoped that most of the sample backlog will be cleared in the next 4-6 weeks.
About Iska Iska
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 99% 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 located in the same 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 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 DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (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, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. This work is advancing well with the mineral resource targeted to be completed in Q2 2022. Exploration drilling is also planned on other major targets in the Iska Iska Caldera Complex including the Porco and Mina 2 areas.
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 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and 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 Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
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 TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Eloro Resources Ltd.
Figure 1
Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed and planned.
Figure 2
Preliminary Geological Cross Section NW Extension Target Looking NW – Drill Holes DSB-20 (results this release) and DSB-17 (results pending).
Includes higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t, 0.14 g Au/t, 0.57 %Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag eq/t (66.93 g Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m in underground drill hole METSBUG-02.
Hole DSB-20, which is in approximately the centre of the NW Extension target area, intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m including a higher-grade section of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb and 0.21% Sn) over 28.57m.
TORONTO, Feb. 23, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from six (6) additional diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Hole METSBUG-02 is an underground hole drilled northeast from the Santa Barbara adit for metallurgical purposes and to complete fill-in drilling. The remaining five (5) holes tested the NW extension in the Santa Barbara Mineral Resource Target Area (DSB-12, -13, -15, -20 and -21) on a series of NE-SW sections as shown in Figure 1.
As previously announced (see Eloro’s press release dated January 18, 2022) drilling recommenced on January 17, 2022, with two surface drill rigs and one underground rig. Since the restart, the Company has completed an additional 4,649m of drilling, for an overall total of 45,117m in 80 drill holes, including three holes in progress as shown in Figure 1. Table 1 lists significant assay results. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 2 summarizes drill holes with assays pending. Highlights are as follows:
Underground Metallurgical Hole, Santa Barbara Mineral Resource Target Area
Underground hole METSBUG-02, collared in the Santa Barbara adit and drilled at an azimuth of 40 degrees at -10 degrees dip, intersected significant mineralization (Figure 1 and Table 1) over the full length of the hole:
172.43 g Ag eq/t (40.16 g Ag/t, 0.51% Zn, 0.41% Pb and 0.13% Sn) over 303.05m from 0.00 to 303.05 m including higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t, 0.14 g Au/t, 0.57 %Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag eq/t (66.93 g Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m from 180.95m to 258.72m.
This hole was designed to intersect midway across the intersection in Hole DHK-18 which returned 129.65 g Ag eq/t over 300.75m (see press release July 28, 2021; grade is 172.18 g Ag eq/t with updated metal prices) in the mineralized envelope to the east of the Santa Barbara Breccia Pipe.
Sectional Drill Holes NW Extension Santa Barbara Mineral Resource Target Area
Significant results have been returned from the five (5) initial sectional drill holes testing the NW Extension of the Santa Barbara mineralized trend. This area is marked by a prominent magnetic anomaly and is underlain by several dacitic domes, possibly related to a secondary caldera. An additional 11 holes totaling 7,859m have been completed to provide coverage on 100m spaced sections over much of the NW Extension target area as shown in Figure 1. Assay results on these holes are pending. Figure 2 is a section along hole DSB-20. Highlights are as follows:
Hole DSB-20, which is in approximately the centre of the NW Extension target area, intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m from 247.56m to 321.21m including a higher-grade section of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb and 0.21% Sn) over 28.57m from 267.08m to 295.65m.
Hole DSB-21, on the northwesternmost section, intersected 14 reportable intersections including a high-grade Cu zone grading 152.04 g Ag eq/t (9.48 g Ag/t and 1.02% Cu) over 25.27m from 58.85m to 84.12m and 114.77 g Ag eq/t (40.85 g Ag/t, 0.09 g Au/t, 0.69% Zn and 0.18% Pb) over 16.28m from 163.98m to 180.28m.
Hole DSB-15, 100m southeast of Hole DSB-21, intersected 12 reportable intersections including 112.43 g Ag eq/t (9.98 g Ag/t, 0.10 g Au/t, 0.21% Zn, 0.34% Pb, 0.09% Sn and 0.12% Cd) over 10.53m from 293.70m to 304.23m and 186.75 g Ag eq/t (14.67 g Ag/t, 0.13 g Au/t, 0.27% Zn, 0.17% Cu and 0.19% Sn) over 19.65m from 710.97m to 730.62m.
Hole DSB-12, collared 200m southeast of hole DSB-15 and 100m northwest of hole DSB-20, intersected 20 reportable mineralized intersections of which nine ranged from 10.41m to 24.07m long. Best results were 130.28 g Ag eq/t (92.32 g Ag/t, 0.06% Cu) over 10.41m from 332.64 to 311.90, 129.54 g Ag eq/t (10.19 g Ag/t, 0.22 % Zn, 0.15% Cu, 0.13% Sn) over 18.04m from 487.76m to 505.80m, 116.73 g Ag eq/t (10.18 g Ag/t, 0.12% Cu, 0.10 % Sn and 0.13% Bi) over 24.07m from 594.44m to 618.51m and 164.01 g Ag eq/t (7.80 g Ag/t, 0.11 g Au/t, 0.39% Zn, 0.21% Cu, 0.11% Bi) over 21.05m from 753.50m to 771.49m.
Hole DSB-13, drilled on the same section but shallower than hole DSB-12, intersected 15 reportable mineralized intersections of which the best results were 48.53 g Ag eq/t (5.66 g Ag/t and 0.29% Zn) over 37.58m from 161.71m to 199.29m, 171.55 g Ag eq/t over 9.01m (21.45 g Ag/t, 0.54 g Au/t, 0.38% Zn, 0.14% Sn) from 221.66m to 230.67m, 51.89 g Ag eq/t (3.48 g Ag/t and 0.24% Zn) over 39.13m from 320.57m to 361.18m and 71.71 g Ag eq/t over 8.93m (7.07 g Ag/t, 0.11% Cu and 0.06% Sn) from 601.95m to 610.88m.
Tom Larsen, CEO of Eloro, commented: “This new underground hole is the longest and highest-grade intersection obtained thus far in our diamond drill program. Results from the step-out holes on the NW extension are also very encouraging. Turnaround at both the ALS and AHK laboratories continues to improve so we anticipate being able to have a more regular release of results going forward. Drilling productivity continues to be very high with more than 4,600m completed by the three drills since our restart last month. We will shortly complete our underground drilling and will exchange this drill for a high capacity surface rig which will further increase our production.”
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “The 100m-spaced sectional drilling has been completed on the NW Extension, however it is evident that much further drilling will be required to fully evaluate this exciting target area. Underground drilling is continuing from the Santa Barbara adit to test the major magnetic anomaly to the southwest. The first of a series of surface holes testing the southern Santa Barbara target area is in progress, with the aim of further expanding the high-grade mineralization already identified in this area. Hole DPC-07 in the Porco area is testing a major magnetic anomaly, while additional drill holes are planned to further test the Porco Breccia Pipe deeper. Hole DM2-01, to be drilled in the Mina 2 area in the southeast part of the property, will test for a potential tin porphyry at depth. Channel sampling and geological mapping are in progress in the Mina 2 workings.”
Table 1: Significant Results, Diamond Drilling, Santa Barbara Resource Definition Target Area as at February 23, 2022.
SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DRILL HOLE – METALLURGICAL HOLE
Hole No.
From (m)
To (m)
Length (m)
Ag
Au
Zn
Pb
Cu
Sn
Bi
Cd
Ag eq
g/t
g/t
%
%
%
%
%
%
g/t
METSBUG-02
0.00
303.05
303.05
40.16
0.06
0.51
0.41
0.09
0.13
0.006
0.004
172.43
Incl.
0.00
49.55
49.55
119.36
0.14
0.06
0.57
0.38
0.52
0.010
0.001
507.64
Incl.
180.95
258.72
77.77
66.93
0.04
1.03
0.67
0.06
0.08
0.013
0.011
196.67
SANTA BARBARA NW EXTENSION SECTIONAL DRILLING
Hole No.
From (m)
To (m)
Length (m)
Ag
Au
Zn
Pb
Cu
Sn
Bi
Cd
Ag eq
g/t
g/t
%
%
%
%
%
%
g/t
DSB-21
21.15
22.61
1.46
8.00
0.23
0.00
0.07
0.02
0.06
0.022
0.001
68.81
58.85
84.12
25.27
9.48
0.02
0.01
0.05
1.02
0.00
0.001
0.001
152.04
163.98
180.26
16.28
40.85
0.09
0.69
0.18
0.04
0.03
0.019
0.012
114.77
228.21
243.27
15.06
24.11
0.06
0.50
0.10
0.04
0.04
0.002
0.002
87.05
255.28
261.26
5.98
27.07
0.06
0.61
0.14
0.02
0.03
0.001
0.001
83.85
268.78
270.28
1.50
32.00
0.08
0.30
0.03
0.15
0.15
0.018
0.001
165.47
309.61
315.61
6.00
15.70
0.02
0.68
0.44
0.01
0.01
0.001
0.002
67.35
453.86
455.38
1.52
25.00
0.05
0.02
0.03
0.06
0.05
0.025
0.001
74.03
513.92
515.42
1.50
68.00
0.03
0.03
0.00
0.03
0.01
0.002
0.001
83.83
521.39
525.88
4.49
24.09
0.06
0.06
0.01
0.05
0.04
0.005
0.001
64.40
578.55
581.40
2.85
1.51
0.01
2.61
0.00
0.01
0.00
0.001
0.001
125.26
638.51
640.00
1.49
59.00
0.03
0.15
0.01
0.31
0.28
0.013
0.001
277.24
649.04
656.55
7.51
20.09
0.02
0.64
0.01
0.12
0.11
0.008
0.001
135.84
665.75
667.25
1.50
44.00
0.14
0.03
0.02
0.29
0.28
0.547
0.001
354.97
DSB-20
46.66
51.20
4.54
9.69
0.01
0.01
0.19
1.21
0.00
0.001
0.001
180.58
82.61
85.56
2.95
5.54
0.02
0.37
0.46
0.01
0.01
0.004
0.073
51.71
118.70
123.22
4.52
8.76
0.03
2.14
0.42
0.01
0.06
0.002
0.060
166.00
150.28
162.26
11.98
17.68
0.03
0.62
0.49
0.01
0.05
0.002
0.026
94.64
188.89
221.88
32.99
5.29
0.02
0.35
0.14
0.01
0.10
0.002
0.008
85.30
233.97
235.50
1.53
17.00
0.02
0.59
0.32
0.01
0.06
0.002
0.002
92.39
247.56
321.21
73.65
21.79
0.07
0.27
0.36
0.01
0.12
0.028
0.001
129.42
Incl.
267.08
295.65
28.57
27.54
0.08
0.40
0.55
0.02
0.21
0.037
0.001
204.03
352.73
357.24
4.51
4.69
0.01
0.54
0.25
0.01
0.02
0.001
0.001
51.73
360.23
361.73
1.50
4.00
0.01
1.38
0.01
0.01
0.01
0.001
0.001
76.68
399.15
402.09
2.94
3.02
0.03
0.34
0.17
0.01
0.05
0.001
0.001
59.64
408.26
409.83
1.57
4.00
0.01
0.63
0.02
0.01
0.05
0.001
0.001
64.50
426.27
427.72
1.45
4.00
0.02
0.01
0.01
0.01
0.12
0.003
0.001
80.50
499.10
500.53
1.43
2.00
0.01
0.02
0.01
0.03
0.08
0.001
0.001
55.86
518.38
536.18
17.80
12.01
0.06
0.37
0.08
0.03
0.04
0.045
0.001
71.11
552.63
568.40
15.77
16.71
0.15
0.08
0.03
0.10
0.10
0.059
0.001
116.90
591.30
598.70
7.40
9.41
0.21
0.05
0.02
0.05
0.06
0.014
0.001
73.18
697.09
698.50
1.41
6.00
0.02
0.00
0.00
0.10
0.10
0.007
0.001
82.51
719.40
723.90
4.50
9.34
0.06
0.03
0.01
0.11
0.10
0.015
0.001
94.70
743.47
749.50
6.03
21.42
0.18
0.11
0.03
0.59
0.30
0.007
0.001
297.99
770.56
791.43
20.87
5.24
0.08
0.05
0.01
0.27
0.05
0.075
0.001
93.75
814.25
820.15
5.90
2.58
0.02
0.06
0.01
0.23
0.03
0.364
0.001
118.69
866.21
868.00
1.79
3.00
0.03
0.00
0.00
0.43
0.04
0.034
0.001
90.39
SANTA BARBARA NW EXTENSION SECTIONAL DRILLING (CON’T)
Hole No.
From (m)
To (m)
Length (m)
Ag
Au
Zn
Pb
Cu
Sn
Bi
Cd
Ag eq
g/t
g/t
%
%
%
%
%
%
g/t
DSB-15
23.76
29.83
6.07
22.14
0.06
0.00
0.08
0.01
0.10
0.003
0.001
93.29
55.33
58.30
2.97
2.00
0.05
0.01
0.02
1.34
0.02
0.001
0.001
196.03
173.61
178.12
4.52
21.35
0.14
0.62
0.20
0.02
0.03
0.002
0.001
86.78
293.70
304.23
10.53
9.98
0.10
0.21
0.34
0.08
0.09
0.022
0.121
112.43
314.20
322.74
8.54
4.13
0.04
0.59
0.33
0.05
0.06
0.008
0.009
89.94
435.66
437.19
1.53
0.50
0.01
0.11
0.00
0.00
0.14
0.001
0.001
88.97
461.30
462.80
1.50
2.00
0.01
0.13
0.01
0.01
0.14
0.004
0.001
90.73
474.55
476.05
1.50
24.00
0.06
0.03
0.03
0.20
0.15
0.031
0.001
153.19
480.55
486.53
5.98
7.52
0.02
0.12
0.01
0.11
0.10
0.011
0.001
90.20
532.48
533.97
1.49
34.00
0.04
0.01
0.01
0.13
0.11
0.034
0.001
126.43
582.19
583.74
1.55
1.00
0.01
2.03
0.00
0.01
0.03
0.001
0.001
113.31
710.97
730.62
19.65
14.67
0.13
0.27
0.00
0.17
0.19
0.070
0.001
186.75
DSB-13
50.50
66.67
4.48
18.11
0.01
0.01
0.08
0.20
0.02
0.001
0.005
57.64
111.90
124.02
12.12
4.67
0.01
0.71
0.08
0.01
0.02
0.001
0.004
54.94
161.71
199.29
37.58
5.66
0.07
0.29
0.09
0.02
0.03
0.001
0.004
48.53
208.19
211.20
3.01
16.02
0.27
0.48
0.03
0.09
0.03
0.001
0.005
90.12
221.66
230.67
9.01
21.45
0.54
0.38
0.07
0.02
0.14
0.009
0.005
171.55
272.71
274.22
1.51
27.00
0.30
0.06
0.06
0.04
0.07
0.019
0.005
105.33
287.75
292.25
4.50
5.67
0.03
1.18
0.31
0.02
0.06
0.002
0.003
108.69
308.70
311.64
2.94
3.00
0.02
0.37
0.25
0.01
0.04
0.001
0.002
52.61
320.57
361.18
39.13
3.48
0.08
0.24
0.07
0.02
0.04
0.002
0.005
51.89
405.83
410.50
4.67
8.63
0.10
0.73
0.03
0.05
0.03
0.017
0.005
78.28
432.52
434.06
1.54
5.00
2.42
0.18
0.02
0.06
0.01
0.506
0.005
312.23
525.10
526.62
1.52
3.00
0.11
0.03
0.01
0.05
0.11
0.044
0.005
93.10
537.14
540.23
3.09
6.94
0.02
0.01
0.01
0.08
0.08
0.029
0.005
74.07
601.95
610.88
8.93
7.07
0.03
0.02
0.01
0.11
0.06
0.047
0.005
71.71
695.03
696.50
1.47
12.00
0.10
0.07
0.02
0.26
0.11
0.13
0.01
147.95
DSB-12
157.18
172.03
14.85
45.47
0.08
0.12
0.11
0.02
0.04
0.003
0.003
89.84
209.63
221.60
11.97
28.82
0.04
0.03
0.10
0.03
0.05
0.009
0.004
71.87
301.26
311.90
10.64
54.31
0.02
0.01
0.00
0.04
0.02
0.007
0.005
78.19
332.64
343.05
10.41
92.32
0.05
0.02
0.01
0.06
0.04
0.005
0.004
130.28
377.74
379.19
1.45
9.00
0.10
0.01
0.01
0.06
0.07
0.002
0.005
66.35
428.94
430.58
1.64
3.00
0.01
0.02
0.01
0.02
0.09
0.001
0.005
61.28
453.15
466.73
13.58
11.53
0.03
0.03
0.01
0.08
0.07
0.007
0.005
68.58
487.76
505.80
18.04
10.19
0.04
0.22
0.03
0.15
0.13
0.035
0.005
129.54
510.30
517.79
7.49
1.79
0.08
0.08
0.01
0.04
0.05
0.014
0.005
48.24
523.80
529.68
5.88
3.55
0.32
0.03
0.01
0.10
0.10
0.012
0.005
105.18
561.32
562.84
1.52
3.00
0.03
0.04
0.01
0.12
0.12
0.008
0.005
97.29
568.86
574.84
5.98
3.77
0.02
0.06
0.01
0.08
0.07
0.042
0.005
65.41
586.83
588.40
1.57
3.00
0.01
0.03
0.00
0.12
0.11
0.017
0.005
90.61
594.44
618.51
24.07
10.18
0.07
0.05
0.01
0.12
0.10
0.128
0.005
116.73
639.64
641.15
1.51
5.00
0.01
0.00
0.01
0.13
0.09
0.008
0.005
80.70
660.57
663.58
3.01
5.01
0.17
0.26
0.01
0.23
0.02
0.060
0.005
82.79
669.60
672.58
2.98
5.01
0.14
0.11
0.01
0.20
0.07
0.060
0.005
102.57
686.16
690.63
4.47
4.97
0.36
0.07
0.01
0.15
0.03
0.039
0.005
81.16
717.52
738.57
21.05
7.80
0.11
0.39
0.03
0.21
0.14
0.109
0.005
164.01
753.50
771.49
17.99
1.81
0.06
0.06
0.03
0.21
0.03
0.18
0.01
91.66
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 January 30, 2022, to more accurately reflect current metal prices):
Element
Price $US (per kg)
Ratio to Ag
Ag
$722.56
1.0000
Sn
$42.56
0.0589
Zn
$3.30
0.0046
Pb
$2.33
0.0032
Au
$57,604.00
79.7221
Cu
$9.68
0.0134
Bi
$12.76
0.0177
Cd
$5.50
0.0076
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: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from February 23, 2022 press release.
Hole No.
Type
Collar Easting
Collar Northing
Elev
Azimuth
Angle
Hole Length m
Surface Drilling Northwest Extension Santa Barbara
DSB-14
S
205283.0
7656587.2
4175.0
225
-65
968.5
DSB-16
S
204973.1
7657053.8
4165.0
225
-65
862.0
DSB-17
S
7656765.4
205131.3
4173.0
225
-40
841.0
DSB-18
S
7656676.3
205207.1
4175.0
225
-40
890.4
DSB-19
S
7656676.3
205207.1
4175.0
225
-65
803.3
DSB-22
S
7657208.4
204799.4
4145.0
225
-40
258.4
DSB-23
S
205341.0
7656535.0
4177.0
225
-40
661.3
DSB-24
S
205341.0
7656535.0
4177.0
225
-65
343.4
DSB-25
S
205283.0
7656587.2
4175.0
225
-40
615.3
DSB-26
S
205044.5
7656982.6
4150.0
225
-40
815.4
DSB-27
S
205044.5
7656982.6
4150.0
225
-65
800.4
Subtotal
7,859.4
Underground Drilling Santa Barbara Adit
DSBU-3
UG
205285.2
7656074.8
4165.0
270
-20
443.5
DSBU-4
UG
205285.2
7656074.8
4165.0
180
-20
570.0
DSBU-5
UG
205285.2
7656074.8
4165.0
0
-40
491.7
DSBU-6
UG
205285.2
7656074.8
4165.0
0
-65
253.5
DSBU-7
UG
205284.5
7656080.0
4167.1
235
-50
800.9
Subtotal
2,559.6
DSBU-8
UG
205284.5
7656080.0
4167.1
200
-50
In progress
Underground Metallurgical Drill Holes Santa Barbara
METSBU-01
UG
205285.2
7656074.8
4165.0
10
-35
351.0
Subtotal
351.0
Surface Drilling South Extension Santa Barbara
DSBS-01
S
205300.0
7655563.0
4204.0
30°
-30
In progress
Porco Target Area – Surface Drill Program
DPC-04
S
205457.2
7655110.9
4175.0
0
-60
371.4
DPC-05
S
205457.2
7655110.9
4175.0
90
-60
407.5
DPC-06
S
205457.2
7655110.9
4175.0
243
-60
716.4
DPC-08
S
205456.2
7655113.4
4175.9
243
-60
800.4
Subtotal
2,295.7
DPC-07
S
205090.0
7655343.7
4310.0
235
-65
In progress
TOTAL
13,065.7
S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 13, 2020 to December 17, 2021 is 40,468 m in 73 holes (26 underground holes and 47 surface holes). From re-start of drilling on January 17, 2022, an additional 4,649m has been completed bringing the overall total to 45,117m in 80 drill holes (27 underground drill holes and 53 surface drill holes) including 3 holes in progress.
Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza, and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program working closely with Dr. Osvaldo Arce, P.Geo., Manager of Minera Tupiza. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.
Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.
Drill core samples sent to AHK Laboratories are sent to their preparation laboratory in Oruro with pulps sent to the AHK laboratory in Lima, Peru. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time, which has been impacted by the recent surge in Covid-19, has been improving following the Christmas break and it is hoped that most of the sample backlog will be cleared in the next 4-6 weeks.
About Iska Iska
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 99% 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 located in the same 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 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 DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (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, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. This work is advancing well with the mineral resource targeted to be completed in Q2 2022. Exploration drilling is also planned on other major targets in the Iska Iska Caldera Complex including the Porco and Mina 2 areas.
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 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and 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 Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
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 TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC, Feb. 22, 2022 /PRNewswire/ – Dolly Varden Silver Corporation (“Dolly Varden” or the “Company“) (TSXV: DV) (OTC: DOLLF), is pleased to announce that the Company’s shareholders have approved (i) the previously announced acquisition of Homestake Resource Corporation (“Homestake“) from Fury Gold Mines Limited (“Fury“) (TSX: FURY) (NYSE American: FURY) (the “Transaction“) and (ii) the resultant creation of a new “control person” of the Company, being Fury, upon completion of the Transaction, at a special meeting of Shareholders held today (the “Meeting“).
At the Meeting, the special resolution approving the Transaction and the creation of a new “control person” was approved by 98.8% the votes cast by Dolly Varden shareholders.
CEO, Shawn Khunkhun remarked “On behalf of the Board of Directors and Management, I would like to extend my gratitude to shareholders for supporting this accretive acquisition and the unification of the Kitsault Valley mineral deposit trend. With investors support, we have now positioned the company as creating one of the largest high-grade, undeveloped precious metals assets in BC’s Golden Triangle.”
Completion of the Transaction remains subject to a number of customary closing conditions, including the final approval of the TSX Venture Exchange (the “TSXV“). Assuming that all conditions to closing of the Transaction are satisfied or waived, the Transaction is expected to be completed on or about February 25, 2022.
Additional information regarding the terms of the Transaction, including a summary of the terms and conditions of the purchase agreement with respect to the Transaction, is set out in the information circular of Dolly Varden dated January 21, 2022, which is filed under Dolly Varden’s SEDAR profile at www.sedar.com.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. The Dolly Varden Project consists of the namesake Dolly Varden silver property that hosts a unique pure silver mineral resource as well as the nearby Big Bulk copper-gold porphyry property. The Dolly Varden Project is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other high-grade deposits (Eskay Creek, Brucejack). Dolly Varden has recently entered into an agreement with Fury to acquire the Homestake Ridge Project adjacent to the current Dolly Varden property to consolidate the Kitsault Valley Gold-Silver mineralization trend into one large, high-grade precious metals project with further exploration upside potential. The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential” and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, completion of the Transaction, TSXV approval of the Transaction and the expected closing date of the Transaction. These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of Dolly Varden and Fury to satisfy customary closing conditions to the Transaction and the timely approval of the Transaction by the TSXV, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A”), which is available on SEDAR at www.sedar.com. The risk factors identified in the MD&A are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Burlington, Ontario–(Newsfile Corp. – February 22, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) announces it has closed on $764,000, in its previously announced financing. This represents 1,910,000 Units, with each Unit priced at $0.40 (forty cents). Each Unit consists of one common share and one full 60-cent (sixty cent) warrant with a 24-month term, with each such warrant being exercisable into a common share (the “Financing”). There is no acceleration clause on such warrants. That pricing is at a 33% premium to the previous round of financing.
This is the first tranche of Units on which SBMI has closed. SBMI has subscription agreements in hand totalling roughly a further $500,000, which means SBMI will continue to close on further tranches over the next while as it collects funds.
These funds will be used to complete the process of putting the Buckeye Silver Mine into pilot production in March, 2022, to advance metallurgic work at the past-producing silver and gold Washington Mine in Idaho, and for working capital.
“What’s fascinating to me is the continued strong shareholder support,” said A. John Carter, SBMI’s CEO. “We are particularly pleased with the high percentage of subscribers in this financing who are already shareholders. Their repeat participation indicates a strong endorsement of SBMI’s business plan and our execution upon it. Because we took a non-traditional route, we remain on path to be in pilot production of silver this quarter.”
Referral fees may be paid to arm’s length persons in connection with the issuance of the Units. Other than the subscription agreement, there will be no further offering material provided to Existing Security Holders or others related to Financing. The subscription agreement is available at the Company’s website https://www.silverbulletmines.com/technical-corporatedocuments.
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.
Vancouver, British Columbia–(Newsfile Corp. – February 18, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company“, or “EMX“) is pleased to announce that its wholly-owned subsidiary, Bullion Monarch Mining, Inc., (“Bullion”) has reached a settlement with Barrick Gold Corporation (“Barrick”) and Barrick affiliates and subsidiaries (“Barrick Entities”) with respect to Bullion’s claim of non-payment of royalties by the Barrick Entities to Bullion on production from properties in the Carlin trend, Nevada. Bullion initiated litigation in 2008, before EMX acquired Bullion in 2012. Pursuant to the settlement, Barrick will pay Bullion US$ 25 million, of which US$ 6.175 million is owed as payment of the contingency fee to Bullion’s Reno, Nevada lawyers. The settlement of the lawsuit does not affect our 1% gross smelter return royalty from portions of Nevada Gold Mine’s Leeville, Turf and other underground gold mining operations, which will continue to be paid.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, as well as on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@EMXroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@EMXroyalty.com
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding completion of the transaction, perceived merits of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “upside” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors. It is possible EMX may not complete the transaction, as a result of failure to fulfill conditions of closing, unavailability of financing or for other reasons EMX cannot anticipate at this time.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2021 and the year ended December 31, 2020 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
