Eloro Resources Files NI 43-101 Technical Report for Initial Mineral Resource Estimate for Iska Iska Project, Potosi Department, Southwestern Bolivia
Due to the multi-metal nature of the deposit, the resources are reported using Net Smelter Return (NSR) cut-off values which are as follows: Polymetallic Domain (Zn-Pb-Ag) = US$9.20/t for open pit (OP) mining and US$34.00/t for underground (UG) mining; Tin Domain (Sn-Ag-Pb) = US$6.00/t for OP mining. Costs have been significantly reduced due to the major impact of the positive “ore-sorting” tests. Potentially open pittable inferred mineral resource in Polymetallic Domain (Zn-Pb-Ag) of 541 million tonnes grading 0.69% Zn, 0.28% Pb and 13.6 g Ag/t with an NSR value of US$20.32/t at an NSR cut-off of US$9.20/t which is equal to the estimated operating cost. Polymetallic Domain includes a core inferred mineral resource at an NSR cutoff of US$15/t of 342 million tonnes grading 0.85% Zn, 0.35% Pb and 17 g Ag/t with an NSR value of US$25.22/t which is 2.74 times estimated operating cost of US $9.20/t This core mineral resource includes a higher grade near surface inferred mineral resource at an NSR cut-off of US25/t of 132 million tonnes grading 1.11% Zn, 0.50% Pb and 24.3 g Ag/t with an NSR value of US$34.50/t which is 3.75 times estimated operating cost of US $9.20/t Potentially open pittable inferred mineral resource in the Tin Domain (Sn-Pb-Ag) of 110 million tonnes grading 0.12% Sn, 0.14% Pb and 14.2 g Ag/t with an NSR value of US$12.22/t at an NSR cut-off of US$6.00/t Potential underground inferred mineral resource in the Polymetallic Domain of 19 million tonnes grading 1.88% Zn, 0.36% Pb and 18.8 g Ag/t with an NSR value of US$42.23 at an NSR cut-off of US$34.40/t. The open pit and underground NSR cut-off grades defining the overall mineral resource consider estimated mining costs, G&A expenses, processing costs, metallurgical recoveries, smelter deductions, treatment charges, penalties, and transportation costs for all metals of potential economic interest and, accordingly, are equal to estimated total operating costs. Potential open pit defining the bulk of the mineral resource is 1.4km in diameter, extends to a maximum depth of 750m below the Santa Barbara hill and has a stripping ratio of 1:1. Total in situ metal is estimated to be 298 million ounces Ag (silver), 4.09 million tonnes Zn (zinc), 1.74 million tonnes Pb (lead) and 130,000 tonnes Sn (tin). Resource estimate is based on 139 diamond drill holes totalling 96,386m. All holes intersected significant reportable mineralization and the deposit is open in all directions.
Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce the filing of the National Instrument 43-101 (NI 43-101) Technical Report in support of the initial mineral resource estimate (“MRE”) for the Iska Iska silver-tin polymetallic project in the Potosi Department of southwestern Bolivia. The MRE, as set out in Table 1 below, has been prepared by independent qualified persons (“QPs”) with Micon International Limited as defined under NI-43-101.