silver

Posts, updates and videos about silver – updated automatically.

Eloro Resources’ drill hole DHK-27 intersects 202.43g Ag eq/t (69.80g Ag/t, 1.21% Zn, 0.49% Pb, and 0.12%Sn) over 325.48m including a higher-grade portion of 395.98 g Ag eq/t (182.02g Ag/t, 1.73% Zn, 0.97% Pb, 0.18% Cu and 0.19%Sn) over 109.60m in the High-Grade Zone, Santa Barbara Deposit at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from eight (8) additional diamond drill holes from its definition drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Hole DHK-27 was drilled from Huayra Kasa due west at -45 degrees to a length of 860m to fill-in gaps in previous drilling of the High-Grade Zone. Five (5) additional holes (DHK-26. DHK-28, DHK-29, DHK-30 and DSB-42) were drilled to the southwest from the Huayra Kasa area to test the eastern margin of the Santa Barbara deposit. Hole DSB-43 was drilled on southwest side of Santa Barbara and hole DSB-46 tested the potential south-southeastern extension.

As previously reported in a press release dated November 27, 2022, the Company completed 84,495m of drilling in 122 holes to complete the definition drill program in the Santa Barbara target area, as shown in Figure 1. Tables 1 and 2 list significant assay results for the reported drill holes. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s July 21, 2022 press release. Table 3 summarizes drill holes completed but with assays pending. The remaining eight (8) holes outstanding are in the south-southeastern extension area of the southern part of the Iska Iska caldera.

In addition to the new drill results, the Company is pleased to report on channel sampling results from the Mina 1 and Mina 2 underground workings located approximately 2km south-southeast of the Santa Barbara adit and approximately 800m east of the Porco adit where previously reported channel sampling returned a 103m strike length grading 521 g Ag eq/t (g 117g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66% Sn) in altered basement sediments (see Eloro’s November 17, 2021 press release). The location of Mina 1 and Mina 2 is shown in Figure 1. Complete channel sampling results are listed in Tables 4 and 5.

Tom Larsen, CEO of Eloro, said: “Hole DHK-27 when determining grade times intercept of 65,887 g Ag eq/t-m is the 2nd most valuable drill hole recorded to date and only just behind the 441-meter 66,389 g Ag eq/t-m intersection in hole DSB-30 reported last fall (see press release September 20, 2022). These are remarkable intercepts and grades. The significance of DHK-27 is the consistent high silver grades averaging 69.80 g Ag/t over a length of 325.48 meters which is close to true thickness. The higher grade 182.02 g Ag/t over 109.60 m portion of Hole DHK-27 attests to the potential of outlining much higher-grade areas in the Santa Barbara deposit with further drilling. It is also important to note that calculations for equivalent Ag grade in this release are based on July 2022 metal prices which for the major metals at Iska Iska are 13% to 33% lower than current prices hence the quoted values for silver equivalent are conservative.”

“The technical team under the supervision of Dr. Bill Pearson, P.Geo. and Dr. Osvaldo Arce, P.Geo. are setting up for resumption of diamond drilling in early February that will target the major tin porphyry that they believe is below the Iska Iska porphyry and extends into the newly acquired Mina Casiterita property,” continued Mr. Larsen. “Eloro has a remarkable opportunity to outline a second, potential world class tin deposit at Iska Iska in addition to the already extensive Santa Barbara silver-tin polymetallic deposit which is the focus of our inaugural mineral resource estimate expected by the end of Q1 2023. Expect to see a lot of activity in and around Iska Iska in 2023!”

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We are working closely with Micon International to ensure that they have all the data necessary to complete the inaugural mineral resource estimate on the Santa Barbara deposit targeted for the end of Q1 2023. Blue Coast Research in Parksville, B.C. is completing their metallurgical studies and Gemin Associates in Lima, Peru is preparing preliminary economic parameters for the mineral resource estimation. On the ground, the Company has commenced induced polarization surveys on the Mina Casiterita property and is preparing for the restart of drilling in early February. The next phase of exploration drilling will target the potential tin porphyry in the Porco and Mina Casiterita areas. In addition, we have also initiated a program of geological mapping, sampling, and prospecting to evaluate the newly staked properties in the Iska Iska area which are detailed in our November 22, 2022 press release.”

Updated Geological Model for Iska Iska and its Santa Barbara Deposit

Drilling across the valley of the Iska Iska Caldera indicates that this area is underlain by a coarse-grained porphyritic dacitic intrusion that is well mineralized with Ag, Zn and Pb and is the likely source of the extensive epithermal mineralization in the Santa Barbara and Central Breccia areas. The porphyry, now named the Iska Iska Porphyry, is approximately 800m by 600m (Figure 1) and is notable for the absence of tin mineralization despite the abundance of tin in the nearby area. The tin at Iska Iska has been long recognized by Dr. Osvaldo Arce, P.Geo., an expert on Bolivian geology, as likely being the product of an earlier higher temperature and deeper tin porphyry, which has been overprinted by the later higher-level porphyry-epithermal Ag-Zn-Pb mineralization related to the Iska Iska porphyry.

Detailed analysis and modeling of the geological, geophysical, and geochemical data at Iska Iska indicates that the hydrothermal signature for the Iska Iska porphyry-epithermal system is approximately 2.8km along strike, up to 1.2km across strike and extending to a depth of at least 1.4km (Figure 1).

The High-Grade Zone that occurs within this extensive hydrothermal system defined by the >90 g Ag eq/t grade shell model is approximately 1,000m along strike, 800m wide and extends to a depth of 1,100m (Figure 2). This zone is open to the south, west and northwest as well as at depth. Magnetic inverse modelling and limited deep drilling suggest that the major tin porphyry is likely below the Iska Iska Porphyry and to the south and southwest in the Porco and Mina Casiterita areas.

The definition drilling program has more than doubled the potential volume of high grade mineralized material to be assessed for the mineral resource. Figure 2 shows the >90 g Ag eq/t grade shell model released September 20, 2022, compared to the date of this release. The success of the definition drilling in expanding the >90 g Ag eq/t zone is readily evident in Table 6, below and in Figure 2.

Table 6: Comparison of September 2022, >90 g Ag eq/t Grade Shell Model versus January 2023 Model for Santa Barbara Deposit

DimensionSeptember 2022 ModelJanuary 2023 ModelIncrease (m)% Increase
Strike700m1,000m300m42%
Width650m800m150m23%
Depth810m1,100m290m36%

The overall mineralized zone as defined by the >30 g Ag eq/t grade shell has a strike length of 2,200m, a width of 1,200m and extends to a depth of at least 1,400m. Note that much of the drilling at Santa Barbara is at 100m spacing hence further drilling will likely provide better definition of higher-grade zones within the extensive mineralized envelope.

Santa Barbara Definition Drilling Huayra Kasa Area

Hole DHK-27 was drilled from Huayra Kasa due west at -45 degrees to a length of 860m. 50% of this hole returned reportable intersections averaging 172.09 g Ag eq/tThe silver grades in this hole are the highest and most extensive yet intersected in the Santa Barbara deposit.

Highlights from Hole DHK-27

  • 202.43g Ag eq/t (69.80g Ag/t, 1.21% Zn, 0.49% Pb, and 0.12%Sn) over 325.48m from 93.30m to 418.78m, including a higher-grade portion of:
    • 395.98 g Ag eq/t (182.02g Ag/t, 1.73% Zn, 0.97% Pb, 0.18% Cu and 0.19%Sn) over 109.60m from 198.41m to 308.01m.

Five (5) additional holes (DHK-26. DHK-28, DHK-29, DHK-30 and DSB-42) were collared in the Huayra Kasa area to test the eastern margin of the Santa Barbara deposit. All these holes were drilled at an azimuth of 225with a dip of -600. Collectively, these holes intersected many significant intersections within altered and mineralized dacite and dacitic breccia including:

Highlights from Hole DHK-26

  • 221.51g Ag eq/t (28.44 Ag/t, 3.11% Zn and 0.26% Pb) over 53.90m from 729.40m to 783.30m including:
    • 486.82g Ag eq/t (89.75g Ag/t, 0.21 g Au/t, 6.23% Zn and 0.83% Pb) over 7.42m from 751.84m to 759.26m.
    • 517.28g Ag eq/t (50.66g Ag/t, 0.13 g Au/t, 7.95% Zn, 0.38% Pb and 0.10 % Sn) over 12.08m from 769.72m to 781.80m.
  • 99.76g Ag eq/t (32.59g Ag/t, 0.11 g Au/t, 0.54% Zn and 0.18% Pb) over 82.38m from 819.50m to 901.88m including:
    • 238.64g Ag eq/t (115.01g Ag/t, 0.09 g Au/t, 0.76% Zn, 0.38% Pb and 0.12% Sn) over 7.59m from 838.63m to 846.22m.
    • 273.63g Ag eq/t (149.42g Ag/t, 0.26 g Au/t, 1.54% Zn and 0.41% Pb) over 7.52m from 853.72m to 861.24m.
    • 187.82g Ag eq/t (33.08g Ag/t, 0.26 g Au/t 1.54% Zn and 0.49% Pb) over 7.53m from 877.72m to 885.25m.

Highlights from Hole DHK-28

  • 140.99g Ag eq/t (25.01g Ag/t, 1.85% Zn and 0.64% Pb) over 7.52m from 174.18m to 181.70m.
  • 125.48g Ag eq/t (5.01g Ag/t and 2.10% Zn) over 6.04m from 413.20m to 419.24m.
  • 79.22g Ag eq/t (26.26g Ag/t, 0.35% Zn and 0.33% Pb) over 141.56m from 728.88m to 870.44m including:
    • 162.77g Ag eq/t (67.00g Ag/t, 0.55% Zn and 1.30% Pb) over 23.85m from 734.70m to 758.55m.

Highlights from Hole DHK-29

  • 176.28g Ag eq/t (19.10g Ag/t, 2.29% Zn and 0.27% Pb) over 21.30m from 206.30m to 227.60m.
  • 156.90g Ag eq/t (30.88g Ag/t, 0.19 g Au/t, 1.67% Zn and 0.10% Pb) over 10.78m from 608.85m to 619.63m.
  • 82.48g Ag eq/t (5.07g Ag/t, 0.21 g Au/t, 0.78% Zn and 0.18% Pb) over 69.18m from 727.12m to 796.30m.

Highlights from Hole DHK-30

  • 113.69g Ag eq/t (17.63g Ag/t, 0.19 g Au/t, 1.13% Zn and 0.34% Pb) over 7.54m from 136.52m to 144.06m.
  • 116.22g Ag eq/t (14.31g Ag/t, 0.43 g Au/t, 0.86% Zn and 0.10% Pb) over 6.08m from 382.93m to 389.01m.
  • 430.17g Ag eq/t (63.65g Ag/t, 0.23 g Au/t, 0.29% Zn, 1.02% Pb, 0.70% Sn and 0.13% Bi) over 2.94m from 559.68m to 562.62m.

Highlights from Hole DSB-42

  • 494.23g Ag eq/t (3.03g Ag/t, 4.59 g Au/t, 0.63% Zn and 0.15% Pb) over 2.99m from 51.71m to 54.70m.
  • 63.86g Ag eq/t (2.66g Ag/t, 1.01% Zn and 0.21% Pb) over 31.72m from 374.64m to 406.36m, including a higher-grade section of:
    • 161.05g Ag eq/t (5.33g Ag/t, 2.74% Zn and 0.32% Pb) over 4.53m from 385.25m to 389.78m.
  • 260.46g Ag eq/t (67.81g Ag/t, 0.11 g Au/t, 2.58% Zn and 1.42% Pb) over 18.21m from 442.58m to 460.79m, including a higher-grade section of:
    • 678.61g Ag eq/t (189.03 g Ag/t, 0.30 g Au/t, 6.40% Zn and 3.76% Pb) over 6.08m from 445.60m to 551.68m.
  • 138.95g Ag eq/t (22.69g Ag/t, 1.65% Zn and 0.75% Pb) over 10.52m from 477.38m to 487.90m.
  • 130.69g Ag eq/t (7.19g Ag/t, 1.83% Zn and 0.48% Pb) over 42.17m from 519.62m to 561.79m, including a higher-grade section of:
    • 283.75g Ag eq/t (17.53g Ag/t, 0.13 g Au/t, 3.97% Zn and 1.31% Pb) over 13.49m from 519.62m to 533.11m.
  • 129.98g Ag eq/t (19.71g Ag/t, 1.50% Zn and 0.57% Pb) over 72.31m from 596.33m to 668.64m, including a higher-grade section of:
    • 208.42g Ag eq/t (33.10g Ag/t, 2.37% Zn and 1.00% Pb) over 34.64m from 634.00m to 668.64m.
  • 57.11g Ag eq/t (1.75g Ag/t, 0.67% Zn and 0.13% Pb) over 78.10m from 685.15m to 763.25m, including a higher-grade section of:
    • 120.06g Ag eq/t (2.95g Ag/t, 1.61% Zn and 0.30% Pb) over 13.21m from 742.49m to 755.70m.

Hole DSB-43 tested the southwest side of Santa Barbara while hole DSB-46 tested the south-southeast extension. Highlights in these two holes are as follows:

Highlights from Hole DSB-43

128.40g Ag eq/t (58.77g Ag/t, 0.12% Zn, 0.08% Pb, 0.10% Cu and 0.11% Sn) over 28.75m from 434.28m to 463.03m, with higher-grade portions of:

  • 190.20g Ag eq/t (94.23g Ag/t, 0.11% Zn, 0.11% Pb, 0.15% Cu and 0.14% Sn) over 16.60m from 438.90m to 455.50m.
  • 103.50g Ag eq/t (16.83g Ag/t, 0.14 g Au/t, 0.30% Zn, 0.26% Pb and 0.12% Sn) over 15.02m from 650.28m to 665.30m.

Highlights from Hole DSB-46

  • 107.44g Ag eq/t (5.83g Ag/t, 1.75% Zn, 0.12% Pb) over 33.50m from 504.15m to 537.65m, with a higher-grade portion of:
    • 137.05g Ag eq/t (6.58g Ag/t, 2.20% Zn and 0.14% Pb) over 10.77m from 510.18m to 520.95m.
    • 257.17g Ag eq/t (15.28g Ag/t, 4.39% Zn and 0.26% Pb) over 6.07m from 531.58m to 537.65m.

Channel Sampling Mina 1 and Mina 2

Channel sampling of the Mina1 and Mina2 underground workings in the southern part of the property, approximately 2km south-southeast of the Santa Barbara adit, returned significant values from vein breccias as follows:

  • 153.94g Ag eq/t (55.03g Ag/t, 0.11 g Au/t, 0.70% Zn, 0.16% Pb and 0.08% Sn) over 145.95m of the northwest trending drift, including a higher-grade portion of 285.16g Ag eq/t (120.18g Ag/t, 0.25 g Au/t 1.23% Zn, 0.30% Pb and 0.13% Sn) over 56.34m in Mina 1.
  • 382.79g Ag eq/t (15.67g Ag/t, 1.70 g Au/t, 2.20% Zn and 0.75% Pb) over 68.53m in an east-west trending crosscut in Mina 2. A second shorter crosscut on a secondary subparallel structure approximately 20m to the south returned 475.78g Ag eq/t (69.31g Ag/t, 0.26 g Au/t, 5.62% Zn and 1.92% Pb) over 26.67m in Mina 2.

Figure 3 is a plan map showing sampling results at Mina 1 and Mina 2. Table 6 gives details of the sampling results.

These results, along with the previously reported channel sample results from Porco noted above, clearly indicate that the Iska Iska mineralizing system extends much further south outside of the principal Iska Iska Caldera. Based on field work by the Eloro geological team, it appears that there may be a second, larger ringer structure with a diameter of approximately 4.6km outside the main Iska Iska caldera that could be another major focus of mineralization. This possibility is currently being explored by geological mapping and geophysical surveys to outline targets for drill-testing in conjunction with work in the Porco area and the nearby Mina Casiterita property.

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

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

 

Figure 2: >90 g Ag eq/t Grade Shell Model and Magnetic Inverse Model, Santa Barbara Deposit; Comparison between the September 2022 Model and the Current Model

 

Figure 3: Plan Map Showing Channel Sample Results at Mina 1 and Mina 2, southern part of Iska Iska Property

Plan Map Showing Channel Sample Results at Mina 1 and Mina 2, southern part of Iska Iska Property

 

Table 1: Significant Results, Definition Surface Diamond Drilling Huayra Kasa Area, Santa Barbara Deposit as at January 31, 2023.

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
SANTA BARBARA DEFINITION DRILLING HUAYRA KASA AREA
DHK-2747.9860.1212.1416.370.021.080.530.040.050.0010.015114.89
66.2375.489.257.620.010.740.290.010.020.0010.00463.88
93.30418.78325.4869.800.031.210.490.070.120.0030.006202.43
198.41308.01109.60182.020.031.730.970.180.190.0030.012395.98
Incl.402.32412.7810.468.130.020.060.050.010.420.0010.003179.71
445.90447.401.5019.000.050.030.020.080.060.0030.00159.46
451.92453.421.5025.000.020.040.010.050.040.0100.00154.00
462.42463.931.512.000.060.260.030.010.080.0010.00152.18
471.48480.529.046.500.040.140.020.020.110.0010.00264.38
489.53498.539.0031.670.020.140.010.020.040.0030.00157.32
522.54530.117.5716.550.060.110.020.040.050.0340.00157.16
537.63539.171.548.000.090.140.040.010.270.0030.002130.10
567.88595.1227.2413.070.170.250.050.080.070.0060.00181.02
602.46606.303.8420.510.020.040.000.100.090.0010.00170.28
621.60624.703.1014.480.110.170.010.060.030.0040.00251.77
642.84650.377.532.470.340.180.010.030.030.0060.00156.67
683.66686.632.975.010.120.120.010.110.060.0450.00167.91
DHK-2638.5040.001.5045.400.011.901.130.020.010.0010.013181.01
61.3464.393.050.500.730.120.010.000.000.0230.00179.04
84.0887.173.0925.110.010.710.810.000.000.0010.00387.72
91.7493.231.4912.800.021.000.440.010.000.0010.00480.14
108.31115.887.578.580.020.790.270.010.000.0010.00461.38
126.47131.044.578.740.140.590.240.030.000.0010.00462.57
140.12158.1418.029.140.010.880.240.010.010.0010.00767.05
164.23167.222.995.100.020.720.160.000.010.0010.00550.53
186.81188.311.5019.100.020.480.470.010.010.0040.00364.15
198.90200.371.4789.800.225.362.590.070.020.0050.034472.73
207.89227.4519.569.480.010.620.360.030.010.0010.00458.07
301.44302.951.516.500.011.920.210.010.010.0010.007112.05
334.60336.101.500.301.490.020.020.020.000.0030.001140.41
376.82385.839.011.140.011.580.420.010.000.0010.00496.07
400.90418.9618.063.480.022.030.260.010.010.0010.007118.88
524.38527.393.017.000.031.730.270.010.010.0010.008107.71
592.35595.453.103.320.010.910.120.020.010.0010.00257.34
729.40783.3053.9028.440.093.110.260.040.050.0030.013222.51
Incl.751.84759.267.4289.750.216.230.830.070.090.0080.027486.82
Incl.769.72781.8012.0850.660.137.950.380.090.100.0060.031517.28
819.50901.8882.3832.590.110.540.180.030.050.0100.00299.76
Incl.838.63846.227.59115.010.090.760.380.080.120.0540.003238.64
Incl.853.72861.247.52149.420.270.490.410.070.130.0190.002273.63
Incl.877.72885.257.5333.080.261.540.490.040.080.0220.006187.82
924.61926.081.479.400.010.840.080.030.040.0100.00176.46

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
SANTA BARBARA DEFINITION DRILLING HUAYRA KASA AREA (CON’T)
DHK-2810.3023.5213.2220.710.020.430.690.010.000.0010.00368.57
91.2094.263.0612.610.011.050.390.010.000.0010.00580.42
97.2098.771.577.000.011.030.210.010.010.0010.00669.07
124.38127.403.029.990.011.210.290.010.000.0010.00582.05
138.02147.049.0213.480.021.010.340.020.000.0010.00478.26
174.18181.707.5225.010.011.850.640.020.000.0010.011140.99
207.58210.623.045.430.010.650.090.020.010.0020.00249.22
230.24233.142.901.950.011.010.280.010.020.0010.00271.24
275.62278.492.873.950.011.221.090.010.020.0010.004107.09
289.03290.601.5715.000.022.861.300.020.010.0010.019207.62
361.79363.311.526.000.051.050.030.020.030.0010.00578.99
413.20419.246.045.010.052.100.040.020.020.0010.008125.48
488.78490.231.454.000.010.990.020.010.010.0010.00358.37
497.76499.261.5017.000.052.360.800.020.010.0010.006168.58
536.99540.053.068.490.012.300.480.030.040.0010.010155.33
588.80591.102.301.000.011.060.010.020.000.0010.00157.36
604.96608.033.0725.800.022.350.030.170.150.0010.008224.29
707.72710.712.999.580.011.130.280.010.030.0010.00488.46
728.88870.44141.5626.260.070.350.330.020.040.0060.00179.22
Incl.734.70758.5523.8567.000.050.551.300.020.050.0050.002162.77
878.04881.073.038.260.100.540.100.080.090.0040.00192.98
938.26941.212.956.540.030.780.070.040.020.0010.00161.33
DHK-2944.8947.852.9616.560.011.260.410.040.010.0010.00999.84
58.4960.051.567.100.010.610.140.150.000.0010.00560.64
108.42114.403.051.660.012.130.290.010.010.0010.009120.39
126.31130.844.531.750.011.060.170.010.000.0010.00562.64
206.30227.6021.3019.100.072.290.270.060.050.0110.009176.28
248.71250.181.472.600.020.920.010.020.010.0010.00358.22
277.40280.523.124.700.020.880.010.010.010.0020.00456.98
375.80384.959.156.980.061.050.100.020.030.0080.00482.46
407.25410.202.952.790.010.910.010.010.010.0010.00354.76
416.10420.504.403.140.010.710.050.010.030.0030.00452.81
441.70443.161.463.500.011.230.040.010.010.0010.00670.33
446.13449.163.033.560.011.620.040.000.010.0010.00689.23
488.40489.931.532.000.080.650.090.020.020.0010.00255.96
502.04508.046.004.810.240.670.090.020.040.0110.00180.88
521.65523.171.523.500.031.430.050.010.010.0030.00684.21
544.32547.323.002.900.470.280.040.020.030.0060.00175.88
596.90598.361.4629.500.033.440.190.010.040.0010.018224.90
608.85619.6310.7830.880.191.670.100.030.050.0060.006156.90
650.69655.184.497.150.050.780.020.010.020.0050.00261.49
659.69665.525.8313.090.270.370.150.020.040.0540.00191.46
689.78698.819.035.310.090.510.130.020.030.0070.00157.66
701.88704.802.923.450.280.300.070.020.010.0070.00155.95
712.35713.821.4716.300.060.020.020.010.020.1150.00156.82
727.12796.3069.185.070.210.780.180.020.030.0050.00382.48

SANTA BARBARA DEFINITION DRILLING HUAYRA KASA AREA (CON’T)
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DHK-3032.5935.572.980.300.640.020.010.010.000.0010.00161.76
52.2853.781.5067.400.232.771.390.150.010.1760.012326.16
91.3892.861.4838.900.021.350.770.030.010.0120.008141.03
104.93106.411.4816.500.020.860.340.030.010.0220.00482.44
136.52144.067.5417.630.191.130.340.040.020.0040.005113.69
175.66177.171.513.800.030.900.060.020.010.0030.00461.59
189.21199.7810.574.040.051.010.070.030.020.0010.00469.44
208.80210.311.514.000.040.580.010.060.040.0010.00260.32
219.36220.881.527.600.021.460.030.040.030.0010.00799.88
228.37229.931.567.300.310.250.000.120.110.0010.001103.30
243.51246.563.052.710.240.750.010.020.010.0020.00270.08
263.30266.252.952.490.030.620.010.020.040.0030.00256.28
275.35278.363.013.200.010.770.010.020.020.0010.00354.26
282.90286.123.222.660.010.860.030.010.010.0010.00253.40
301.30302.801.502.500.021.290.010.010.020.0010.00576.23
343.40351.277.873.110.030.800.030.010.010.0020.00153.07
382.93389.016.0814.310.430.860.100.010.030.0190.004116.22
440.31441.811.506.000.041.360.030.010.010.0110.00686.68
512.65515.622.972.740.030.590.110.000.040.0010.00255.43
523.31524.751.445.800.040.390.210.000.090.0010.00170.91
549.28553.814.534.170.010.490.040.010.090.0010.00265.33
559.68562.622.9463.650.230.291.020.020.700.1310.001430.17
576.51578.031.522.200.010.060.250.010.150.0010.00172.78
580.86583.983.126.720.020.230.240.020.080.0010.00161.72
588.52591.573.0513.030.060.160.090.050.080.0050.00169.16
615.20616.691.492.900.780.140.070.010.020.0150.00194.92
636.28637.831.554.300.010.730.280.020.060.0020.00475.65
665.11672.617.506.020.011.110.120.020.040.0030.00284.14
683.04686.143.102.310.021.630.220.060.080.0050.002129.03
782.40785.403.001.650.020.420.070.170.090.0060.00280.23
791.40794.392.991.230.010.800.300.030.020.0020.00162.58
DSB-4251.7154.702.993.034.590.630.150.020.010.1680.002494.23
62.3163.841.531.000.021.100.330.030.000.0010.00372.15
69.9074.314.412.660.210.260.170.030.000.1390.00174.63
130.30139.366.0610.150.120.810.120.020.010.0150.00674.15
156.06157.571.510.500.640.020.010.020.000.0010.00162.61
193.85195.421.5713.000.151.040.510.010.010.0010.00598.83
242.06243.551.495.000.010.760.180.010.010.0010.00254.97
317.45318.961.515.000.042.190.140.010.010.0010.011126.24
374.64406.3631.722.660.011.010.210.010.000.0010.00463.86
Incl.385.25389.784.535.330.042.740.320.020.010.0050.011161.05
442.58460.7918.2167.810.112.581.420.020.010.0260.010260.46
Incl.445.60451.686.08189.030.306.403.760.040.020.0770.028678.61
477.38487.9010.5222.690.041.650.750.020.010.0030.005138.95
519.62561.7942.177.190.071.830.480.010.020.0080.006130.69
Incl.519.62533.1113.4917.530.133.971.310.010.040.0020.014283.75
575.22576.741.521.000.011.050.080.010.000.0010.00457.83
581.30582.801.504.000.011.970.060.010.030.0010.006118.53
596.33668.6472.3119.710.031.500.570.010.040.0030.006129.98
Incl.634.00668.6434.6433.100.042.371.000.010.060.0010.010208.42
685.15763.2578.101.750.080.670.130.020.020.0010.00257.11
Incl.742.49755.7013.212.950.081.610.300.010.050.0040.005120.06
814.88817.752.870.750.020.870.080.010.020.0010.00157.61

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

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

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

ElementPrice $US
(per kg)
Ratio to Ag
Ag$607.001.0000
Sn$23.550.0589
Zn$2.980.0046
Pb$1.920.0032
Au$54,932.8079.7221
Cu$7.000.0134
Bi$12.760.0177
Cd$5.500.0076

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: Significant Results, Definition Surface Diamond Drilling Southwestern and South-Southeastern Extensions Santa Barbara Deposit as at January 31, 2023.

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
SANTA BARBARA DRILLING SOUTHWESTERN EXTENSION
DSB-4343.8656.0212.1615.010.040.010.030.010.090.0010.00156.74
157.55163.606.0518.050.210.120.160.030.100.0200.00193.89
185.44192.807.366.800.020.010.050.060.090.0030.00152.42
213.80236.9423.146.210.100.000.020.000.170.0110.00182.61
262.08265.002.920.300.030.000.000.070.160.0170.00174.55
278.62283.434.812.190.020.000.010.010.170.0040.00171.93
295.41304.609.191.500.030.000.020.000.110.0050.00150.40
321.13327.306.174.230.010.000.030.580.080.0010.001103.98
378.85380.411.561.900.010.000.030.110.110.0030.00160.77
386.30398.3812.084.100.030.000.050.010.290.0140.001126.39
434.28463.0328.7558.770.040.120.080.100.110.0280.001128.40
Incl.438.90455.5016.6094.230.050.110.110.150.140.0460.001190.20
573.46574.941.4816.200.450.110.100.010.090.0120.001104.61
596.10612.6616.5660.050.100.070.010.020.020.0030.00182.12
627.74635.227.485.700.190.710.160.020.020.0110.00576.77
650.28665.3015.0216.830.140.300.260.020.120.0160.001103.50
761.80767.876.076.630.070.020.090.050.050.1080.00166.16
805.24806.761.526.000.120.060.010.100.100.1160.00194.19
829.25833.103.858.430.020.050.010.110.080.0310.00164.65
SANTA BARBARA DRILLING SOUTH-SOUTHEASTERN EXTENSION
DSB-4687.1588.701.551.400.010.840.050.090.000.0010.00356.17
114.31115.851.545.600.231.760.280.080.000.0010.006133.06
145.05146.571.522.300.010.650.050.270.000.0010.00369.08
170.65172.191.5416.000.767.760.830.460.000.0010.030548.36
218.84220.371.538.900.234.650.170.050.010.0030.017273.50
277.60279.111.513.100.071.400.110.050.010.0010.00690.90
325.80351.5025.708.050.031.240.180.050.010.0030.00885.82
360.48362.011.534.100.320.230.060.070.000.0130.00157.77
365.05371.096.047.710.580.380.080.190.000.0200.002108.11
383.11384.621.516.800.040.700.200.020.010.0010.00556.05
401.27402.801.532.200.140.600.080.030.000.0010.00351.49
405.84407.301.464.800.060.620.180.010.010.0010.00350.23
416.42422.496.077.280.151.370.180.030.000.0010.009100.10
434.59437.552.964.920.020.940.110.010.000.0010.00459.21
442.16446.664.509.550.071.430.210.010.000.0010.00896.18
460.25478.4718.226.950.101.340.200.030.010.0010.00993.84
484.57485.981.417.500.012.150.200.010.010.0010.016125.15
504.15537.6533.505.830.041.750.120.020.010.0010.010107.44
Incl.510.18520.9510.776.580.072.200.140.030.020.0010.013137.05
Incl.531.58537.656.0715.280.054.390.260.040.020.0010.025257.17
542.13543.641.512.400.080.860.060.020.010.0010.00659.16
570.73572.311.588.700.141.360.240.010.010.0020.005102.13
602.40611.429.020.120.020.071.090.000.010.0040.00043.33
646.17647.661.4925.600.021.110.770.040.030.0010.005121.36
664.18665.701.5212.000.521.990.210.020.010.0040.010171.30
688.55690.071.5211.600.361.270.300.050.010.0030.008125.92
718.90720.411.5117.700.900.250.050.020.020.0030.001125.06
730.92732.431.517.200.010.940.170.000.030.0010.00573.23
764.37765.881.5139.400.293.222.020.010.310.0040.017409.92
768.86770.431.574.200.020.880.140.010.010.0010.00659.82
784.00785.501.505.000.261.550.040.010.050.0050.011127.82
811.15812.701.551.300.120.660.080.020.010.0010.00351.79

See Note Table 1.

Table 3: Summary of Diamond Drill Holes Completed with Assays Pending at Iska Iska from January 31, 2023, press release.

SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No.TypeCollar EastingCollar NorthingElev.AzimuthAngleHole Length (m)
Surface Drilling Santa Barbara Resource Definition South-Southeast Extension
DSB-44S20561176556254076225°-60°964.1
DSB-45S20526376564264240225°-60°836.4
DSB-47S20537076561084227225°-60°1,001.4
DSB-48S20575276554834054225°-60°821.4
DSB-49S20589476559114017225°-60°830.4
DSB-50S20596576558414016225°-55°854.4
DSB-51S20589476556284028225°-60°803.4
DSB-52S20596576555584002225°-60°824.4
TOTAL 6,935.9 

S = Surface UG = Underground; collar coordinates in meters; azimuth and dip in degrees. Total drilling completed since the start of the program on September 20, 2020 to the completion of the Santa Barbara definition drill program on November 27, 2022 is 84,495m in 122 drill holes (32 underground drill holes and 90 surface drill holes).

Table 4: Channel Sampling Results, Mina 1.

CHANNEL SAMPLING RESULTS – MINA 1
SAMPLE No.Distance between samples (m)Channel Width (m)Ag g/tAu g/tZn %Pb %Sn %Ag eq g/t*
M1-1412.842.140.011.000.020.010.0214.26
M1-155.691.810.010.500.010.000.017.93
M1-165.841.460.010.500.010.000.0112.25
M1-174.942.120.014.000.050.020.0552.53
M1-193.711.650.011.000.010.000.016.65
M1-206.322.300.013.000.030.040.0333.20
M1-215.102.000.011.000.070.020.0749.85
M1-224.591.520.013.000.070.050.0753.44
M1-233.831.620.0134.000.121.030.12152.55
M1-253.412.080.97197.000.190.490.19467.14
M1-014.381.20383.000.545.900.630.33918.09Avg-01*
M1-404.382.60427.000.496.780.630.331002.63
M1-024.702.74149.000.101.080.230.08265.68Avg-02*
 M1-414.701.42174.000.090.950.230.12305.07
M1-035.361.500.61267.000.180.400.18541.76
M1-043.531.170.91290.000.260.660.26689.08
M1-056.781.370.1654.000.080.220.08142.87
M1-264.192.760.0484.000.170.030.17210.81
M1-273.772.890.0721.000.030.020.0350.58
M1-283.861.970.0431.000.050.040.0571.14
M1-292.851.820.0117.000.030.240.0368.45
M1-305.502.580.014.000.020.020.0234.43
M1-314.461.900.011.000.000.000.005.11
M1-324.531.600.012.000.030.010.0323.56
M1-066.511.1013.000.020.340.070.0459.11Avg-03*
M1-076.510.98158.000.037.220.480.12581.92
M1-096.510.7242.000.110.080.040.18171.70
M1-336.512.254.000.010.070.080.16105.88
M1-356.511.9621.000.030.540.060.14135.55
M1-366.511.9322.000.060.090.030.0885.12
M1-426.511.7389.000.103.100.170.11316.37
M1-104.241.600.0449.000.120.190.12189.44
M1-117.081.560.0570.000.210.470.21280.27
M1-123.851.720.0329.000.120.100.12118.70
M1-135.531.420.013.000.120.070.1279.06
M1-383.971.950.011.000.100.030.1060.30
M1-394.601.080.011.000.000.000.003.48
Avg-01*4.382.60383.00405.006.340.630.33960.36
Avg-02*4.72.74161.500.101.010.230.10285.38
Avg-03*6.5110.6749.860.051.640.130.12207.95
Right WallDistance between samples (m)Channel length (m)Ag g/tAu g/tZn %Pb %Sn %Ag eq g/t*
145.9563.6055.030.110.700.160.08153.94
Note. Ag equivalent calculation is based on prices in July 21, 2022 press release.
Weighted average grade
Avg-01*M1-01 and M1-40
Avg-02*M1-02 and M1-41
Avg-03*M1-06; M1-07; M1-09; M1-33; M1-35; M1-36; M1-42

Note: See Table 1 for metal prices used to calculate g Ag eq/t.

Table 5: Channel Sampling Results, Mina 2.

CHANNEL SAMPLING RESULTS – MINA 2
Sample No.Channel Width (m)Distance between samples (m)Ag g/tAu g/tZn %Pb %Sn %Ag eq g/t*
M2-811.413.812.000.010.470.060.0131.49
M2-821.833.781.000.010.080.030.0111.02
M2-390.853.931.000.010.590.140.0241.81
M2-831.454.890.300.010.050.010.015.98
M2-841.404.390.300.010.010.000.014.17
M2-851.575.090.300.010.010.000.002.80
M2-092.004.451.000.010.080.030.0110.04
M2-102.002.071.000.010.080.030.0111.43
M2-111.671.631.000.910.460.170.02213.75
M2-122.002.901.000.190.120.040.0130.06
M2-1031.324.831.000.010.010.000.016.19
M2-1041.644.832.000.010.520.060.0031.68
M2-1051.784.051.000.010.230.030.0534.23
M2-1061.783.541.000.010.070.020.018.68
M2-1071.453.920.300.010.010.000.013.74
M2-1081.275.810.300.010.010.000.015.69
M2-1091.655.991.000.010.100.040.019.80
M2-1101.704.660.300.010.020.000.003.32
M2-1111.514.400.300.010.040.010.015.75
M2-400.403.7298.000.013.354.160.01400.95
M2-1121.734.370.300.010.010.000.003.22
M2-410.642.411.000.010.060.030.018.05
M2-430.400.5512.000.012.170.500.01138.50
M2-440.601.871.000.010.190.040.0013.58
M2-1131.664.121.000.010.100.010.009.13
M2-1141.563.972.000.010.340.020.0021.66
M2-1161.674.095.000.010.380.070.0134.95
M2-1171.264.047.000.011.540.190.0194.95
M2-1180.853.762.000.010.260.080.0123.27
M2-1191.233.957.000.011.000.400.0173.55
Weighted average grade115.814.640.020.340.180.0134.94
M2-340.904.071.000.010.830.030.0149.98Avg-01*
M2-360.354.07128.000.073.910.720.35648.64
M2-370.694.071.000.010.050.010.017.96
M2-652.004.0729.000.020.950.170.14178.81
M2-671.333.9032.000.440.950.370.03160.50
M2-681.181.322.000.040.050.020.0116.55
M2-691.132.972.000.010.010.000.0117.83
Weighted average grade3.9524.080.160.790.200.06130.66
M2-891.271.766.000.010.780.120.0152.82
M2-051.653.831.001.751.130.230.03244.34
M2-883.503.899.000.390.700.280.08124.27
M2-061.333.821.004.200.280.100.01435.80
M2-872.203.612.001.330.510.160.02164.51
M2-081.274.5612.000.462.020.600.02187.61
M2-863.504.361.000.520.210.060.0169.60
M2-131.374.8921.001.502.720.750.02696.20
M2-912.564.0720.000.280.740.530.03166.64
M2-141.623.905.001.523.120.650.03459.88
M2-921.573.9214.003.081.450.600.01487.86
M2-161.233.3330.004.773.462.130.04969.42
M2-931.483.1328.0010.203.701.350.041305.70
M2-171.453.7446.000.273.162.280.07351.99
M2-942.133.3133.000.688.841.730.04627.02
M2-181.403.8726.000.923.521.610.02345.00
M2-952.244.766.000.092.270.130.02141.32
M2-961.593.7726.000.431.780.560.02210.69
Weighted average grade68.5315.671.702.200.750.03382.79
M2-971.205.730.300.010.040.010.007.17
M2-981.523.882.000.010.670.050.0039.59
M2-991.353.007.000.011.140.260.0182.92
Weighted average grade12.612.420.010.490.080.0035.16
M2-1001.503.7131.000.015.580.810.01342.47
M2-1011.602.6376.000.105.882.890.03486.13
M2-021.575.2828.000.102.191.220.02210.15
M2-031.158.95120.000.666.302.890.09680.10
M2-011.453.0666.000.038.911.870.05589.72
M2-041.363.0336.000.016.080.880.02374.13
Weighted average grade26.6769.310.265.621.920.05475.78
Avg-01*2.004.0739.750.031.430.230.13221.35
*Note. Ag equivalent calculation is based on prices in July 21, 2022 press release.
Weighted average grade
Avg-01*M2-34; M2-36; M2-37; M2-65

Note: See Table 1 for metal prices used to calculate g Ag eq/t.

Qualified Person

Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., 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. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P.Geo., FAusIMM of Micon 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 both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza 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 prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. 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 continues to improve, as laboratories return to more normal staffing levels.

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 100% 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, 0.078 g 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 an extensive target zone. In its September 20, 2022 press release, the Company reported that new downhole geophysical data has significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from existing drilling. The 3D inverse magnetic model which correlates very strongly with the conductive zone suggested that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. As reported, the definition drill program was modified to sectionally drill this potential extension with the intention of defining a major open pittable deposit in the valley of the caldera. As a result, the estimated completion date for the maiden National Instrument 43-101 mineral resource was pushed back to the end of Q1 2023.

The Company completed 84,495m of drilling in 122 holes from the definition drill program in the Santa Barbara target area, as previously announced on November 27, 2022.

On November 22, 2022, Eloro announced the acquisition of the Mina Casiterita and Mina Hoyada properties covering 14.75 km2 southwest and west of Iska Iska. These properties connect with the TUP-3 and TUP-6 claims previously staked by Eloro. Eloro has also staked additional land in the area. Following the acquisition, the total land package in the Iska Iska area to be controlled by Eloro will total 1,935 quadrants covering 483.75 km2.

Artisanal mining in the 1960’s identified high grade tin (Sn) veins on the Mina Casiterita property that are hosted in an intrusive dacite. Production from 1962 to 1964 is reported by the Departamento Nacional de Geología in Bolivia to be 69.85 tonnes grading 50.60% Sn.

Recently completed magnetic surveys by Eloro has outlined an extensive, near surface, magnetic intrusive body on the Mina Casiterita property immediately southwest of Iska Iska. This intrusive hosts the previously mined high-grade tin veins and is very likely the continuation of the porphyry tin intrusion projected to be below the epithermal Ag-Sn-Zn-Pb mineralization at Iska Iska.

The Porco adit from which previously reported channel sampling returned 103m grading 521 g Ag eq/t (including g 117g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66% Sn) in altered basement sediments, is located near the northeast part of the magnetic anomaly, attesting to the potential strength and high-grade nature of the mineralized system in the area.

Drilling is planned in the Porco area and on Mina Casiterita commencing in early February 2023 with geological mapping, sampling and geophysical surveys now in progress on the full land package across the Iska Iska region.

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 100% 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. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, 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.

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.

Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9ce30823-fe4c-4f72-a3d8-929e6570e0b3

https://www.globenewswire.com/NewsRoom/AttachmentNg/455df381-6439-40b5-bf6a-b9af4235468c

https://www.globenewswire.com/NewsRoom/AttachmentNg/3c1d7522-6763-472d-b75a-54cd9233254d

Posted in featured_news | Tagged , , , , , , , , | Leave a comment

Cartier Silver Announces Closing of Its Previously Announced Financing

Cartier Silver Corporation (CSE:CFE) (“Cartier Silver” or the “Company”) is pleased to announce that it is has closed the final tranche of a previously announced (see Cartier Silver news releases dated November 22, 2022, December 15, 2022 and December 16, 2022) non-brokered private placement (the “Private Placement”) for additional proceeds of $999,500 pursuant to the offering of 10,000,000 units of Cartier Silver at a price of $0.40 per unit (“Units”) for aggregate gross proceeds of $4,000,000. A total of 2,498,750 Units were issued to investors in connection with the final closing of the Private Placement.

Each of the 2,498,750 Units issued consists of one common share in the capital of Cartier Silver (a “Common Share”) and one half of one Common Share purchase warrant of the Company (each whole, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.70 for a term of 30 months from the issuance date.

In connection with this final closing of the Private Placement, an arm’s length finder received as compensation cash commissions aggregating $4,905.

The net proceeds of the Private Placement will be used to finance exploration at the optioned Chorrillos Project and at the additional claims staked by the Company’s subsidiary in the Potosi Department, Bolivia and for working capital purposes. All securities issued pursuant to the Private Placement are subject to the applicable statutory four-month hold period.

Some insiders of Cartier Silver participated in the Private Placement (“Insiders”). The part of the Private Placement in respect of the issuance of Units to Insiders constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). A formal valuation was not required under MI 61-101 because the fair market value of the consideration for the transaction involving the Insiders was only $122,500 and, accordingly, does not exceed 25% of the Corporation’s market capitalization as of the date of the Private Placement. Similarly, minority shareholder approval was also not required under MI 61-101 because the fair market value of the consideration for the transaction involving the Insiders does not exceed 25 percent of the Corporation’s capitalization as of the date of the Private Placement.

The Insiders who participated in this Private Placement made their decisions to do so shortly before the closing of the Private Placement and, given the uncertainty as to whether Insiders would participate in the Private Placement and to what extent, the Corporation did not have the opportunity to announce this related party transaction 21 days in advance of closing of the first tranche.

Subscribers to the Private Placement also included two investment funds (collectively, the “Fund”) which invested a total of $700,000 by purchasing 1,750,000 Units. In connection with the purchase of the 1,750,000 Units, Cartier Silver granted the Fund the right (the “Participation Right”) to participate, subject to applicable securities laws and stock exchange policies, in any private placement or public offering of securities of the Company, other than certain “excluded issues” (such as the grant or exercise of incentive stock options or the exercise of currently outstanding warrants). More specifically, the Participation Right provides the Fund with the right to subscribe for that percentage of the securities being offered by the Company as is equal to the percentage of the outstanding Common Shares of the Company then owned by the Fund. Such Participation Right terminates on the date on which the Fund’s ownership of outstanding Common Shares falls below 3% of the then outstanding Common Shares.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Cartier Silver Corporation

Cartier Silver is an exploration and development Company focused on discovering and developing its recently acquired silver property assets, including the Chorrillos Project and claims staked by the Company’s subsidiary, all of which are located in the Potosi Department of southern Bolivia. The Company also holds significant iron ore resources at its Gagnon Holdings in the southern Labrador Trough region of east-central Quebec, and the Big Easy gold property in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland and Labrador.

For further information please visit Cartier Silver’s website at www.cartiersilvercorp.com

For further information please contact:
Thomas G. LarsenJorge Estepa
Chief Executive OfficerVice-President
(800) 360-8006(800) 360-8006
(416) 360-8006(416) 360-8006

The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release.

Statements in this release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”.

PDF available: http://ml.globenewswire.com/Resource/Download/73e86447-3868-442c-b186-507b5dfeea4b

Posted in featured_news | Tagged , , , | Leave a comment

Cartier Silver Announces First Closing of its Previously Announced Financing

Cartier Silver Corporation (CSE:CFE) (“Cartier Silver” or the “Company”) is pleased to announce that it is has closed the first tranche of a previously announced (see Cartier Silver news releases dated November 22, 2022 and December 15, 2022) non-brokered private placement (the “Private Placement”) for proceeds of $3,000,500 pursuant to the offering of up to 10,000,000 units of Cartier Silver at a price of $0.40 per unit (“Units”) for aggregate proceeds of up to $4,000,000. A total of 7,501,250 Units were issued to investors in connection with the first closing of the Private Placement.

Each of the 7,501,250 Units issued consists of one common share in the capital of Cartier Silver (a “Common Share”) and one half of one Common Share purchase warrant (each whole, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.70 per share for a term of 30 months from the issuance date.

In connection with this initial closing of the Private Placement, arm’s length finders received as compensation cash commissions aggregating $76,890.

The net proceeds of the Private Placement will be used to finance exploration at the optioned Chorrillos Project and at the additional claims staked by the Company’s subsidiary in the Potosi Department, Bolivia and for working capital purposes. All securities issued pursuant to the Private Placement are subject to the applicable statutory four-month hold period. The Private Placement is subject to certain conditions, including, but not limited to the receipt of all necessary approvals.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Cartier Silver Corporation

Cartier Silver is an exploration and development Company focused on discovering and developing its recently acquired silver property assets, including the Chorrillos Project and claims staked by the Company’s subsidiary, all of which are located in the Potosi Department of southern Bolivia. The Company also holds significant iron ore resources at its Gagnon Holdings in the southern Labrador Trough region of east-central Quebec, and the Big Easy gold property in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland and Labrador.

For further information please visit Cartier Silver’s website at www.cartiersilvercorp.com

For further information please contact:

Thomas G. LarsenJorge Estepa
Chief Executive OfficerVice-President
(800) 360-8006(800) 360-8006
(416) 360-8006(416) 360-8006

The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release.

Statements in this release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”.

Posted in featured_news | Tagged , , , | Leave a comment

Cartier Silver Announces Upsizing of Previously Announced Financing; and Signing of Definitive Agreement to Acquire the Chorrillos Project in Potosi Department, Bolivia

Cartier Silver Corporation (CSE:CFE) (“Cartier Silver” or the “Company”) is pleased to announce that, due to investor demand in connection with its previously announced (see the Company’s press release dated November 22, 2022) private placement offering (the “Private Placement”), it is increasing the size of the Private Placement to up to 10 million units of the Company (“Units”) at a price of $0.40 per Unit for gross proceeds of up to $4 million.

Each Unit will consist of one common share in the capital of Cartier Silver (a “Common Share”) and one half of one Common Share purchase warrant (each whole, a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.70 per share for a term of 30 months following the first closing of the Private Placement. Some insiders of Cartier Silver intend to participate in the Private Placement.

Additionally, further to the Company’s October 26, 2022 press release, Cartier Silver announces the signing of a definitive agreement (“Agreement”) granting it an option to acquire a 100% interest in the Chorrillos Project, comprising two separate properties known as the Gonalbert Mining area and the Felicidad Mining area, located in southern Bolivia approximately 15 to 20km southeast of Eloro Resources Ltd.’s Iska Iska silver-tin polymetallic project. The terms of the Agreement were detailed in the Company’s October 26, 2022 press release.

The net proceeds of the Private Placement will be used to finance exploration at the optioned Chorrillos Project and at the additional claims staked by the Company’s subsidiary in the Potosi Department, Bolivia and for working capital purposes. All securities issued pursuant to the Private Placement will be subject to the applicable statutory four-month hold period. The Company is scheduling to close the first tranche of the Private Placement later today, subject to certain conditions, including, but not limited to the receipt of all necessary approvals.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Cartier Silver Corporation

Cartier Silver is an exploration and development Company focused on discovering and developing its recently acquired silver property assets, including the Chorrillos Project and claims staked by the Company’s subsidiary, all of which are located in the Potosi Department of southern Bolivia. The Company also holds significant iron ore resources at its Gagnon Holdings in the southern Labrador Trough region of east-central Quebec, and the Big Easy gold property in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland and Labrador.

For further information please visit Cartier Silver’s website at www.cartiersilvercorp.com

For further information please contact:

Thomas G. LarsenJorge Estepa
Chief Executive OfficerVice-President
(800) 360-8006(800) 360-8006
(416) 360-8006(416) 360-8006

The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release.

Statements in this release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”.

Posted in featured_news | Tagged , , , , , , | Leave a comment

Cartier Iron Announces Share Consolidation and Name Change

Cartier Iron Corporation (CSE:CFE) (“Cartier Iron” or the “Company”) is pleased to announce that the Company determined a date for the previously announced change of name to Cartier Silver Corporation (the “Name Change”) and consolidation of its common shares on the basis of five (5) pre-consolidation common shares of the Company being consolidated into one (1) post-consolidation common share of the Company (the “Share Consolidation”) (for further details with respect to the Share Consolidation, see news release dated October 26, 2022). The Share Consolidation is scheduled to become effective at the opening of markets on Friday, November 18, 2022.

About Cartier Iron Corporation

Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in Quebec, a gold property in the province of Newfoundland and Labrador and a silver property in Bolivia. The Company’s iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland. In addition, the Company recently announced that it is proceeding with the acquisition of a silver property, the Chorrillos Project, located in southern Bolivia.

Please visit Cartier Iron’s website at www.cartieriron.com.

For further information please contact:

Thomas G. LarsenJorge Estepa
Chief Executive OfficerVice-President
(416) 360-8006(416) 360-8006

The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release.

Statements in this release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”.

Posted in featured_news | Tagged , | Leave a comment

GR Silver Mining Intersects 44.5 m at 518 g/t AgEq Including 6.5 m at 2,101 g/t AgEq in the Footwall and Hanging Wall of the Main Mineralized Zone at the Plomosas Mine Area

GR Silver Mining Ltd. (“GR Silver Mining” or the “Company”) (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – is pleased to announce additional results from 38 infill drill holes in the resource update program underway at the Company’s Plomosas Mine Area, Plomosas Project in Sinaloa, Mexico. These drill holes were targeted to replace historical holes used in the 2021 NI 43-101 mineral resource estimate, where unsampled intervals were assigned zero values, or to test new high-grade Ag-Au mineralized zones, identified by the Company in both the footwall and hanging wall of the main mineralized zone (Figure 1). GR Silver Mining’s infill drilling program is continuing in the Plomosas Mine Area, and to date has added 105 holes (7,330 m) of new drilling inside the historic Plomosas Mine since completion of the Company’s 2021 NI 43-101 mineral resource estimation.

Highlights of the infill drilling at the Plomosas Mine Area
  • PLI22-38: 24.9 m at 471 g/t AgEq[1]  – 301 g/t Ag, 0.4 g/t Au, 1.6% Pb, and 2.1% Zn
    • including 6.0 m at 1,052 g/t AgEq – 856 g/t Ag, 0.7 g/t Au, 1.3% Pb and 2.3% Zn
  • PLI22-23: 44.5 m at 518 g/t AgEq – 268 g/t Ag, 1.0 g/t Au, 2.4% Pb, 1.7% Zn, 0.2%
    • Cuincluding 7.0 m at 684 g/t AgEq – 626 g/t Ag, 0.03 g/t Au, 1.0% Pb, 0.6% Zn, 0.1% Cu
    • including 6.5 m at 2,101 g/t AgEq – 1,028 g/t Ag, 5.11 g/t Au, 8.3% Pb, 7.0% Zn, 0.8% Cu
    • including 2.4 m at 3,431 g/t AgEq – 2,667 g/t Ag, 1.27 g/t Au, 12.2% Pb, 6.9% Zn, 0.3% Cu
  • PLI22-24: 12.4 m at 365 g/t AgEq – 135 g/t Ag, 0.4 g/t Au, 4.0% Pb, 1.7% Zn, 0.2% Cu
  • PLI22-25: 12.5 m at 1,146 g/t AgEq – 629 g/t Ag, 0.6 g/t Au, 9.2% Pb, 4.0% Zn, 0.4% Cu
    • including 1.5 m at 1,917 g/t AgEq – 1,791 g/t Ag, 0.2 g/t Au, 1.3% Pb, 1.4% Zn, 0.1% Cu
  • PLI22-27:  8.5 m at 371 g/t AgEq – 109 g/t Ag, 0.9 g/t Au, 3.5% Pb, 1.7% Zn, 0.1% Cu
  • PLI22-28:  24.3 m at 217 g/t AgEq – 41 g/t Ag, 0.7 g/t Au, 2.1% Pb, 1.1% Zn
  • PLI22-30:  0.8 m at 2,365 g/t AgEq – 2,251 g/t Ag, 0.1 g/t Au, 1.0% Pb, 0.1% Zn, 0.6% Cu
  • PLIP22-30:  5.1 m at 716 g/t AgEq – 116 g/t Ag, 5.9 g/t Au, 0.2% Pb, 0.2% Zn, 0.4% Cu
    • including 0.6 m at 4,078 g/t AgEq – 219 g/t Ag, 40.2 g/t Au, 0.4% Pb, 0.1% Zn, 1.0% Cu
  • PLIP22-42:  5.7 m at 995 g/t AgEq – 44 g/t Ag, 1.2 g/t Au, 12.7% Pb, 11.4% Zn, 0.4% Cu

The Plomosas Mine Area, which includes a historical mine with 7.4 km of underground development and related infrastructure, is providing positive drill results and new discoveries in many un-mined zones that will be incorporated into the Company’s upcoming resource estimate. The updated NI 43-101 resource estimate will integrate the Company’s two resource stage areas currently being drilled (San Marcial and Plomosas Mine Area) as well as additional drilling scheduled for La Colorada and the San Juan Area. GR Silver Mining will be the first company ever to integrate all exploration concessions at the resource stage into a single combined technical report, representing a major milestone in the Rosario Mining District.

______________________________

1

See Table 1 for AgEq definition

GR Silver Mining Chairman and CEO, Eric Zaunscherb comments “As designed, surgical infill drilling at Plomosas continues to demonstrate attractive polymetallic grades in the main hydrothermal breccia, where nil grades had previously been assigned for unsampled areas in the August 2021 resource block model. It is also very pleasing to see the potential addition of volume from the newly discovered footwall and hanging wall precious metal mineralization. Both may be impactful in the upcoming mineral resource estimate update anticipated in the first quarter of 2023.”

Plomosas Mine Area – Update Geological Modelling – Drilling Results to Date

The 2022 infill drilling program, combined with detailed mapping and underground sampling, has now traced in detail the Ag-Au Pb-Zn hydrothermal breccia (partially mined by Grupo Mexico until 2001), as well as new mineralization associated with cross cutting faults. This new mineralization can be located on either the hanging wall or footwall of the main mineralized polymetallic hydrothermal breccia (“Plomosas Breccia”) in the vicinity of major fault intersections, outlining wide zones with attractive Ag and Au grades close to existing underground development and or close to the surface (Figures 2 and 3).

Historical mine production to 2001 was concentrated along the Plomosas Breccia, where lead and zinc values were the main target of historic underground bulk mining operations. The information collected by the Company during the past 12 months has indicated that not only are there remnant zones with well-preserved precious and base metal-rich hydrothermal breccias, but also well defined, wide Ag-Au only stockwork zones on the hanging wall and footwall of the Plomosas Breccia.

The Company will continue the Plomosas drilling until December 2022, when all data will be integrated into an updated geological model for the Plomosas Mine Area. The updated mineral resource estimate is scheduled to be completed in the first quarter of 2023.

TABLE 1 Plomosas Mine Area – Infill Drilling Results Highlights

Drill Hole

From

(m)

To

(m)

Apparent 

width 

(m)

True

Width

(m)

Ag g/t

Au g/t

Pb %

Zn %

Cu %

AgEq

 g/t

PLI22-20

16.8

22.5

5.8

5.0

399

0.05

1.0

1.8

0.1

504

including

16.8

19.2

2.4

2.1

901

0.08

2.1

3.9

0.1

1,228

39.1

41.8

2.7

2.7

113

0.14

3.5

5.6

0.1

449

PLI22-21

34.4

41.9

7.5

6.5

62

0.12

0.6

0.6

0.1

119

87.6

95.6

8.0

6.8

17

0.24

0.6

1.5

0.1

114

PLI22-22

1.2

17.8

16.6

12.1

101

0.4

2.0

1.4

0.2

237

including

4.5

7.9

3.4

2.6

391

1.0

8.1

4.2

0.5

935

PLI22-23

8.5

53.0

44.5

36.5

268

1.0

2.4

1.7

0.2

518

including

9.5

16.5

7.0

4.9

626

0.03

1.0

0.6

0.1

684

and

17.0

23.5

6.5

5.9

1,028

5.11

8.3

7.0

0.9

2,101

including

17.0

19.4

2.4

2.2

2,667

1.27

12.2

6.9

0.3

3,431

PLI22-24

34.8

35.0

0.2

0.2

1,159

0.53

1.4

1.0

0.6

1,354

40.0

52.4

12.4

7.1

135

0.39

4.0

1.7

0.2

365

including

40.0

44.0

4.0

2.0

292

0.13

3.1

1.3

0.1

453

PLI22-25

0.0

12.1

12.1

11.4

629

0.56

9.2

4.0

0.4

1,146

including

6.5

12.1

5.6

5.3

584

0.25

3.9

1.3

0.2

787

including

9.5

11.0

1.5

1.4

1,791

0.23

1.3

1.4

0.1

1,917

PLI22-26

29.6

50.2

20.7

16.5

6

0.09

1.0

1.6

na

108

including

45.0

50.2

5.2

4.1

14

0.19

3.1

4.7

0.1

308

PLI22-27

0.0

8.5

8.5

7.2

109

0.91

3.5

1.7

0.1

371

including

0.9

3.4

2.5

2.1

212

2.74

10.9

4.1

0.22

961

PLI22-28

5.4

29.7

24.3

22.0

41

0.69

2.11

1.1

0.1

217

including

13.0

20.3

7.3

6.3

53

0.87

4.5

2.1

na

347

40.2

49.9

9.7

8.4

91

0.06

1.3

0.5

na

140

72.2

73.5

1.5

1.3

375

0.09

0.34

0.67

na

419

83.0

85.5

2.5

1.6

77

0.59

0.5

0.6

na

173

PLI22-29

0.2

20.3

20.1

18.2

78

0.18

0.9

1.1

na

167

including

14.7

19.6

4.9

4.3

124

0.67

3.1

3.8

na

427

PLI22-30

21.5

23.5

2.0

1.0

344

0.04

0.2

0.3

0.1

370

32.0

32.8

0.8

0.5

2,251

0.12

1.1

0.1

0.6

2,365

36.3

36.5

0.2

0.1

1,697

0.21

0.2

0.2

0.6

1,792

44.1

49.5

5.4

3.0

134

0.05

0.6

2.7

0.1

273

including

47.7

49.5

1.8

0.9

328

0.08

1.1

5.0

0.2

576

52.9

57.3

4.4

2.2

55

0.01

1.1

2.5

na

187

68.0

73.0

5.0

3.2

48

0.14

0.7

1.8

na

150

PLI22-31A

30.0

48.6

18.6

13.6

10

0.46

0.4

0.7

0.1

101

PLI22-33

No significant intervals

PLI22-34

59.0

61.7

2.7

1.1

7

0.6

1.5

1.4

0.1

162

PLI22-35

No significant intervals

PLI22-36

4.1

5.6

1.5

1.0

77

0.18

3.8

1.5

na

263

30.8

33.6

2.8

0.7

86

0.39

0.7

1.1

na

187

PLI22-37A

No significant intervals

PLI22-38

66.7

91.5

24.8

15.9

301

0.41

1.6

2.1

na

471

including

71.2

77.2

6.0

3.9

856

0.70

1.3

2.3

na

1,052

PLIP22-27

0.3

6.6

6.3

5.2

42

0.03

0.1

0.2

na

53

PLIP22-29

0.0

22.0

22.0

16.9

55

1.01

3.1

4.8

0.2

440

including

0.0

3.2

3.2

3.0

284

5.15

2.0

9.7

0.5

1,251

and

6.1

14.5

8.4

5.4

20

0.40

4.5

5.8

0.1

420

including

13.8

14.2

0.4

0.3

60

0.55

10.9

15.9

0.6

1,099

PLIP22-30

0.0

14.1

14.1

10.8

69

2.67

0.1

0.2

0.2

353

including

0.0

1.6

1.6

1.2

227

5.39

0.3

0.6

0.4

809

and

4.7

5.3

0.6

0.5

219

40.18

0.3

na

1.0

4,074

PLIP22-31

No significant intervals

PLIP22-32

11.9

14.0

2.1

1.3

9

0.16

2.1

3.0

0.1

213

including

13.2

13.8

0.6

0.4

11

0.34

3.7

5.5

0.2

385

PLIP22-33

No significant intervals

PLIP22-34

No significant intervals

PLIP22-35

0.0

18.5

18.5

15.2

20

1.08

0.5

1.5

0.3

221

including

0.9

1.8

0.9

0.7

28

3.83

0.8

3.1

1.3

670

and

14.2

15.0

0.8

0.6

46

6.09

2.7

8.4

0.8

1,105

PLIP22-36

0.0

1.3

1.3

0.5

17

0.41

2.8

3.4

0.1

273

PLIP22-37

No significant intervals

PLIP22-38

4.0

9.0

5.0

3.8

20

0.3

0.8

0.8

na

103

PLIP22-40

3.7

12.2

8.5

7.7

118

0.06

0.4

0.9

na

170

including

3.7

8.2

4.5

4.2

214

0.05

0.4

0.9

na

265

PLIP22-41

5.7

8.0

2.3

1.3

51

0.05

4.1

10.5

0.4

622

PLIP22-42

1.1

8.6

7.5

6.5

40

0.95

10.5

9.8

0.4

852

PLIP22-43

2.4

9.7

7.3

6.3

34

0.11

1.6

1.1

na

135

PLIP22-45

0.7

5.4

4.7

3.7

21

0.38

1.2

1.6

0.1

160

PLIP22-46

3.6

11.6

8.0

5.7

85

0.18

0.7

1.7

0.1

197

including

9.0

11.1

2.1

1.1

166

0.41

1.8

3.3

0.2

401

PLIP22-48

4.7

20.0

15.3

11.7

30

0.11

0.2

0.3

0.1

65

PLIP22-49

5.3

12.7

7.4

6.7

22

0.10

0.6

0.2

0.1

66

PLIP22-50

1.0

4.5

3.5

2.2

227

0.19

0.7

1.1

0.1

315

including

3.5

4.0

0.5

0.4

1,426

1.27

3.77

4.67

0.27

1,861

Numbers may be rounded. Results are uncut and undiluted. True width not estimated as the Company does not have sufficient data from the new mineralized zones to determine the true widths of the drill hole intervals with any confidence.  “na” = no significant result. 

* AgEq calculations using US$20.00/oz Ag, US$1,600/oz Au, US$0.90/lb Pb, US$1.10/lb Zn and US$3.00/lb Cu, with metallurgical recoveries of Ag – 74%, Au – 86%, Pb – 69%, Zn – 75% and Cu – 80%. AgEq = ((Ag grade x Ag Price x Ag recovery) + (Au grade x Au price x Au recovery) + (Pb grade x Pb price x Pb recovery) + (Zn grade x Zn price x Zn recovery) + (Cu grade x Cu price x Cu recovery))/(Ag price x Ag recovery) . ** PLI-22 37 interrupted and restarted as PLI 22-37A

TABLE 2 Plomosas Mine Area Infill Drill Program 2022 – Details

 

Drill Hole

 

East (m)

North (m)

RL (m)

Dip (˚)

Azimuth

(˚)

Depth (m)

Type Drill Hole

PLI22-20

451339

2551706

875

-18

105

113.0

Underground

PLI22-21

451342

2551781

873

-58

360

117.5

Underground

PLI22-22

451379

2551893

879

-17

130

85.5

Underground

PLI22-23

451365

2551911

878

-15

90

116.0

Underground

PLI22-24

451359

2551878

902

-40

145

111.65

Underground

PLI22-25

451447

2551900

906

50

300

30.5

Underground

PLI22-26

451426

2551859

901

-52

90

67.5

Underground

PLI22-27

451423

2551858

905

50

270

47.0

Underground

PLI22-28

451069

2551750

727

-45

60

100.9

Underground

PLI22-29

451432

2551770

904

-62

90

69.5

Underground

PLI22-30

451368

2551744

906

-58

315

78.0

Underground

PLI22-1A

451444

2551854

902

-7

88

6.5

Underground

PLI22-33

451309

2551905

814

-60

120

61.5

Underground

PLI22-34

451111

2551732

731

22

90

80.0

Underground

PLI22-35

451305

2551778

821

-50

60

78.5

Underground

PLI22-36

451305

2551652

802

2

90

98.4

Underground

PLI22-7A

451378

2551577

802

-48

270

78.5

Underground

PLI22-38

451111

2551732

731

16

80

105.0

Underground

PLIP22-27

451215

2551655

769

0

270

10.0

Underground

PLIP22-29

451033

2551888

680

-68

130

22.0

Underground

PLIP22-30

451012

2551897

679

-45

330

14.1

Underground

PLIP22-31

451217

2551627

771

-5

235

11.8

Underground

PLIP22-32

451217

2551843

767

-38

80

16.0

Underground

PLIP22-33

451004

2551897

689

0

0

14.5

Underground

PLIP22-34

451054

2551913

677

-45

20

17.0

Underground

PLIP22-35

451038

2551898

677

-30

315

19.2

Underground

PLIP22-36

451197

2551887

763

-40

90

4.5

Underground

PLIP22-37

451220

2551784

768

-30

80

15.0

Underground

PLIP22-38

451209

2551807

780

-40

57

9.0

Underground

PLIP22-40

451372

2551734

860

-45

98

12.2

Underground

PLIP22-41

451126

2551923

722

-27

70

19.1

Underground

PLIP22-42

451118

2551885

717

-60

117

20.0

Underground

PLIP22-43

451364

2551748

859

-50

5

11.2

Underground

PLIP22-45

451131

2551847

727

-22

90

21.5

Underground

PLIP22-46

451359

2551708

859

-20

245

18.4

Underground

PLIP22-48

451132

2551764

730

-39

90

20.0

Underground

PLIP22-49

451087

2551746

731

-40

60

21.0

Underground

PLIP22-50

451364

2551690

860

-18

215

15.0

Underground

Note: “PLI” holes drilled from underground; WGS84 Datum

QA/QC Procedures

The Company has implemented QA/QC procedures which include insertion of blank, duplicate and standard samples in all sample lots sent to SGS de México, S.A. de C.V. laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc. at Burnaby, BC. The analytical methods are four acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

Qualified Person

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Marcio Fonseca, P. Geo., President & COO for GR Silver Mining, who has reviewed and approved its contents.

About GR Silver Mining Ltd.

GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two past producer precious metal underground and open pit mines, within the expanded Plomosas Project, which includes the integrated San Marcial Area and La Trinidad acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the Company holds 734 km2 of concessions containing several structural corridors totaling over 75 km in strike length.

GR Silver Mining Ltd.
Eric Zaunscherb
Chairman & CEO

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

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 press release.

SOURCE GR Silver Mining Ltd.

For further information: Brenda Dayton, VP Corporate Communications, Telephone: +1.604.417.7952, Email: bdayton@grsilvermining.com

Posted in featured_news | Tagged , , , , , , | Leave a comment

Tocvan Commences the Drilling Season at the El Picacho Gold/Silver Project in Sonora Mexico

Announcing the start of the operating season is usually a somewhat ho-hum press release. However, Tocvan Ventures (TOC:CSE) is beginning to drill the 24 km2 area that makes up the El Picacho Project in Sonora Mexico. While the company will continue to work on its Pilar project, the real excitement this season will come from Picacho.

“There has been no drilling at Picacho for ten years,” said Tocvan CEO Brodie Sutherland in a telephone interview. “Pilar remains our flagship, but Picacho is real blue sky.”

Tocvan will not be drilling blind. Its first drill targets are at San Ramon where samples grading as high as 22 gpt gold and 22 gpt silver have been collected. As well, there are artisanal workings with high-grade gold and silver mineralization at each of the drill target zones.

In the press release announcing the season’s kick off Sutherland stated, “At Picacho, we will be working with an experienced drill contractor with extensive experience drilling the San Francisco Mine from exploration to mine development.” The San Francisco gold mine is 18 kilometers away from Picacho and has a measured and indicated resource of over 1.4 million ounces of gold. Tocvan’s drill contractor has told the company that the geology at Picacho looks very similar to San Francisco.

El Picacho has the potential to have a large resource. Essentially seams of high grade material surrounded by a halo of lower grade, but still economic, rock. With drilling commencing very shortly, Sutherland is hoping to have a stream of results beginning in mid-December. “The blend of high and low grade beginning right at surface is very prospective,” said Sutherland.

Work will continue at Pilar with the very real prospect of near-term production. It is a smaller project than Picacho which will allow it to be put into production using fairly limited resources. Tocvan has always been very careful with its treasury and production at Pilar, even on a small scale, will allow Tocvan to continue to develop both projects without significant share dilution.

Watch for regular Tocvan news releases right through 2022 and well into the New Year.

TOC.CSE, Tocvan Ventures, gold, silver, Mexico

Figure 1. Overview of El Picacho Project

Figure 2. 3D Surface View of western-half of the El Picacho Project.

Figure 3. Planview map of San Ramon Prospect at the El Picacho Project, Tocvan’s next priority target

Photo 1. Reviewing the latest trench results from Pilar Project.

Posted in update | Tagged , , , , | Leave a comment

Cartier Iron to Acquire a Silver Project in the Potosi Department, Bolivia; To Proceed With Share Consolidation and Name Change to Cartier Silver Corporation

Cartier Iron Corporation (CSE:CFE) (“Cartier Iron” or the “Company”) is pleased to announce it signed a letter of intent agreement on October 25, 2022 (the “Agreement”) to acquire a 100% interest in the Chorrillos Project, comprising two separate properties known as the Gonalbert Mining area and the Felicidad Mining area, located in southern Bolivia approximately 15 to 20km southeast of Eloro Resources Ltd.’s Iska Iska silver-tin polymetallic project.

The Agreement

Pursuant to the Agreement, the Company’s 98%-owned Bolivian subsidiary, Minera Cartier Bolivia S.R.L. (“Cartier Bolivia”) has been granted the right to acquire a 100% interest in the Chorrillos Project by making staged payments aggregating US $4.5 million to the vendors and title holders as follows:

  1. First Payment. US $80,000 (Eighty Thousand United States Dollars) six (6) months after the signing of a definitive agreement between Cartier Bolivia and the Chorrillos Project’s vendors and title holders, to be concluded within 30 days of the signing of the Agreement (the “Delivery Date”).
  2. Second Payment. US $220,000 (Two Hundred Twenty Thousand United States Dollars) one (1) year after the Delivery Date.
  3. Third Payment. US $500,000 (Five Hundred Thousand United States Dollars) two (2) years after the Delivery Date.
  4. Fourth Payment. US $700,000 (Seven Hundred Thousand United States Dollars) three (3) years after the Delivery Date.
  5. Fifth Payment. US $1,000,000 (One Million United States Dollars) four (4) years after the Delivery Date.
  6. Sixth Payment. US $2,000,000 (Two Million United States Dollars) five (5) years after the Delivery Date.

The Chorrillos Project

The “GONALBERT” mining area consists of 10 grids covering 2.5 km² located 15km southeast of Iska Iska. A small artisanal mine recovering silver from a galena vein is in operation on the property. Geologically, the property is underlain by Miocene-age dacitic domes and dikes which have intruded basement Ordovician sediments, likely representing a collapsed caldera of 1-2 km in diameter. Alteration is widespread on the property with sulphide mineralization occurring as veins, vein breccias, stockworks, veinlets and disseminations. Near surface the rocks are strongly oxidized. Mineralization appears to be part of an extensive intermediate to high sulphidation silver-lead-zinc epithermal system related to volcanism and caldera formation. In the valley, occurrences of tin and tungsten have been reported. The property has seen only limited modern exploration and has never been drilled.

The “FELICIDAD” mining area consists of 4 grids covering 1 km² located about 5km southeast of the Gonalbert mining area. At Felicidad, the main structural feature is a conical hill, highly leached and oxidized known by the locals as “pequeño Cerro Rico” or small Rich Hill. Past artisanal mining excavated silver-rich galena veins and vein breccias. The geological setting is similar to the Gonalbert mining area with an intensely mineralized intermediate to high sulphidation epithermal system with a prominent oxidized cap. The property has never been drilled.

Cartier Iron plans a program of geological mapping, geophysical surveys, sampling of historic workings and trenches followed by diamond drilling on both properties.

Share Consolidation and Name Change

At the Company’s Annual and Special Shareholders’ Meeting held on June 30, 2021 (the “Meeting”), its shareholders approved a proposed consolidation of the number of issued and outstanding common shares of Cartier Iron on the basis of one (1) new common share for up to five (5) old common shares currently outstanding (the “Consolidation”), with the actual consolidation ratio to be determined by the Company’s Board of Directors. The Board of Directors believes that the Consolidation will facilitate Cartier Iron’s ability to pursue financings for working capital and the exploration and development of its properties and resolved to consolidate the Company’s common shares on the basis of one new common share for every five (5) old common shares currently outstanding. Upon the Consolidation becoming effective, the 140,081,138 currently issued and outstanding common shares as at the date hereof would be consolidated into approximately 28,016,227 issued and outstanding post-consolidation common shares.

The Company intends to file Articles of Amendment pursuant to the Business Corporations Act (Ontario) to implement the Consolidation and effect a name change to Cartier Silver Corporation forthwith following all required regulatory approvals. For those shareholders who hold their shares through investment dealers and other intermediaries, the consolidation will be implemented automatically through those dealers and intermediaries. For shareholders who hold shares registered in their own names (each a “registered shareholder”), the Company will send letters of transmittal for use by registered shareholders in transmitting their share certificates to the Company’s registrar and transfer agent, TSX Trust Company, in exchange for new certificates representing the number of post-consolidation common shares to which such shareholder is entitled as a result of the Consolidation. No delivery of a new share certificate to a registered shareholder will be made until the registered shareholder has surrendered his, her or its current issued certificates for common shares. Until surrendered, each share certificate formerly representing old common shares will be deemed for all purposes to represent the number of post-consolidation common shares to which such holder is entitled as a result of the Consolidation.

No fractional shares will be issued in connection with the Consolidation; if, as a result of the Consolidation, a shareholder becomes entitled to a fractional share, such fraction will be cancelled and the shareholder will receive a number of post-consolidation common shares rounded down to the nearest whole number of post-consolidation common shares.

The Consolidation will not give rise to a capital gain or a capital loss under the Income Tax Act (Canada) for a shareholder who holds common shares as capital property. The aggregate adjusted cost base to the shareholder of his, her or its new common shares immediately after the Consolidation will be equal to the aggregate adjusted cost base of his, her or its common shares immediately before the Consolidation.

The Company will retain the same ticker symbol following the Consolidation.

Qualified Person

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron, and a Qualified Person (“QP”) as defined under National Instrument 43-101 (“NI 43-101”), has reviewed and approved the geological and technical content of this press release.

About Cartier Iron Corporation

Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in Quebec, a gold property in the province of Newfoundland and Labrador and a silver property in Bolivia. The Company’s iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland and the Company recently announced it is proceeding with the acquisition of a silver property, the Chorrillos Project, located in southern Bolivia.

Please visit Cartier Iron’s website at www.cartieriron.com.

For further information please contact:

Thomas G. LarsenJorge Estepa
Chief Executive OfficerVice-President
(416) 360-8006(416) 360-8006

The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release. Statements in this release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”.

Posted in featured_news | Tagged , , , , | Leave a comment

Eloro Resources Intersects Multiple Intersections including 108.16 g Ag eq/t (11.63 g Ag/t, 1.53% Zn and 0.36% Pb) over 111.26m in High-Grade Feeder Zone in Santa Barbara Target Area at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from two (2) additional diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. One drill hole, DSB-36, collared 400m southeast of the Santa Barbara adit, tested the extension of the core of the high-grade feeder zone at Santa Barbara while hole DSB-34, tested the potential southwest limits of the high-grade feeder zone as shown in Figure 1.

To-date, the Company has completed 79,258m in 118 drill holes to-date at Iska Iska, including four holes in progress, as shown in Figure 1. Table 1 lists significant assay results for the drill holes reported. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s July 21, 2022 press release. Table 2 summarizes drill holes completed with assays pending and holes in progress.

Tom Larsen, CEO of Eloro, said: “Results from hole DSB-36 continue to confirm that the high-grade feeder zone extends much further south-southeast across the valley of the Iska Iska caldera as interpreted from our geophysical surveys. This new hole has extended the strike length a further 400m to the south-southeast where it remains open along strike. We are continuing to aggressively drill this important target which has the potential to outline a significant open pittable resource.”

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We are continuing to carry out our 100m-spaced sectional drilling across the Iska Iska caldera valley. As shown in Figure 2, we have four holes in progress with four additional holes planned that collectively total 6,000m to complete our first-pass definition drill program. We expect that this drilling will be completed by the mid- to latter part of November. Currently, assays are outstanding for approximately 14,213m of drill core as shown in Table 2. Turnaround from our assay laboratories has however improved in recent weeks so we expect most of this backlog to be cleared up by the end of November. We are working closely with Micon International to build a robust model for the mineral resource estimation. GeologicAI is also completing development of comprehensive mineral maps calibrated by our new mineralogical data which will greatly aid the modelling process.”

Santa Barbara High Grade Feeder Zone Extension Definition Drilling

Hole DSB-36 was drilled to test the potential south-southeastern extension of the Santa Barbara High Grade Feeder Zone shown in Figure 1. This hole was collared approximately 400m south-southeast of the underground drill bay in the Santa Barbara adit and was drilled at an azimuth of 225° with a dip of -60°. This hole intersected many significant intersections including:

  • 108.16 g Ag eq/t (11.63 g Ag/t, 1.53% Zn and 0.36% Pb) over 111.26m from 326.22 to 437.48m with higher-grade portions of:
    • 180.29 g Ag eq/t (24.27 g Ag/t, 2.49% Zn and 0.73% Pb) over 24.13m.
    • 197.54 g Ag eq/t (17.04 g Ag/t, 2.96% Zn and 0.58% Pb) over 11.82m.
    • 211.34 g Ag eq/t (30.50 g Ag/t, 2.87% Zn and 0.76% Pb) over 6.02m.
  • 101.31 g Ag eq/t (28.14 g Ag/t, 0.19% Zn, 0.55% Pb and 0.26% Cu) over 77.82m from 3.70m to 81.52m.
  • 101.47 g Ag eq/t (23.88 g Ag/t, 1.08% Zn and 0.56% Pb) over 55.54m from 207.34 to 262.88m.
  • 205.75 g Ag eq/t (20.69 g Ag/t, 0.15 g Au/t, 0.68% Zn and 0.75% Pb) over 22.75m from 619.88m to 642.63m.
  • 136.82 g Ag eq/t (3.33 g Ag/t, 0.09 gAu/t, 1.72% Zn, 0.31% Pb and 0.07% Sn) over 78.39m from 776.87m to 855.26m including:
    • 478.26 g Ag eq/t (12.60 g Ag/t, 0.27 gAu/t, 5.61% Zn, 0.91% Pb and 0.28% Sn over 10.53m from 805.52m to 816.05m.
  • 203.26 g Ag eq/t (1.73 g Ag/t, 0.75% Zn and 0.42% Sn) over 12.22m from 897.58m to 909.80m.
  • The last sample in this 935.4m long hole returned 549.91g Ag eq/t (46.00 g Ag/t, 3.33% Zn, 2.27% Pb and 0.68% Sn) over 1.51m from 933.89m to 935.40m.
  • 52% of this hole contained reportable intersections which collectively averaged 112.48 g Ag eq/t

Hole DSB-34 was drilled at an azimuth of 225° with a dip of -60° and was collared approximately 200m due south of the Santa Barbara adit to test the potential southwest limit of the high-grade feeder zone (Figure 1). This hole intersected several wide lower grade intersections in the upper part of the hole which are notable for their silver content in the absence of appreciable base metals. In the lower part of the hole, base metals are again present including tin and copper. Significant results are as follows:

  • 51.52 g Ag eq/t (21.00 g Ag/t and 0.07% Sn) over 37.14m from 14.40m to 51.54m.
  • 52.95 g Ag eq/t (19.14 g Ag/t and 0.2% Zn) over 55.41m from 242.84 to 298.25m including a higher-grade section grading:
    • 109.29 g Ag eq/t (61.42 g Ag/t, 0.18% Zn and 0.11% Cu) over 5.98m from 258.37m to 264.35m
  • 65.49 g Ag eq/t (9.93 g Ag/t, 0.53% Zn and 0.14% Pb) over 24.17m from 372.95 to 397.12m including a higher-grade section grading:
    • 153.09 g Ag eq/t (20.27 g Ag/t, 1.53% Zn, 0.34% Pb and 0.11% Sn) over 4.58m from 392.54m to 397.12m
  • 197.66 g Ag eq/t (71.64 g Ag/t, 0.25 g Au/t, 0.09% Zn, 0.11% Pb, 0.14% Cu and 0.20% Sn) over 13.35m from 506.87 to 520.22m.

Figure 1 – Geological Plan Map showing Drilling in Santa Barbara Area with Holes referred to in this release highlighted.
https://www.globenewswire.com/NewsRoom/AttachmentNg/b0a8faf8-2143-4455-b357-21e0a30ca404

Figure 2 – Plan map showing Completed and Planned Drill Holes to test the South-southeastern Extension of the High-Grade Feeder Zone at Santa Barbara. The surface projection of the High Conductivity Zone (from 200m below surface) and the 3D Magnetic Susceptibility Anomaly (from 500m below surface) are also shown for reference. For further discussion on our geophysical surveys, please refer to our press release of September 20, 2022.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f051fbfe-3deb-485f-b3fd-148637469b95

Table 1: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition High Grade Feeder Zone Extension as at October 18, 2022.

SANTA BARBARA RESOURCE DEFINITION – HIGH GRADE FEEDER ZONE EXTENSION
SURFACE DIAMOND DRILLING
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-363.7081.5277.8228.140.010.190.550.260.040.0020.001101.31
99.92118.1718.252.940.011.060.120.010.010.0010.00465.25
133.32175.9142.594.290.020.920.180.010.010.0010.00361.35
207.34262.8855.5423.880.011.080.560.010.010.0010.004101.47
270.40290.0519.654.800.020.680.160.010.010.0080.00350.91
303.58305.151.579.000.011.570.320.010.010.0010.006101.25
309.69311.161.479.000.011.810.350.010.010.0010.007114.86
314.20315.681.483.000.021.480.150.010.010.0010.00687.80
326.22437.48111.2611.630.011.530.360.010.020.0010.006108.16
Incl.341.27365.4024.1324.270.012.490.730.010.020.0010.010180.29
Incl.385.05396.8711.8217.040.022.960.580.010.030.0010.014197.54
Incl.414.88420.906.0230.500.012.870.760.010.030.0020.015211.34
469.38476.907.5234.260.011.881.030.010.020.0010.010169.51
520.60528.107.507.410.481.300.360.040.020.0020.004138.34
555.16559.674.517.980.071.230.390.010.020.0010.00597.30
619.88642.6322.7520.690.150.680.750.020.280.0230.003205.75
666.62675.769.147.290.200.810.440.030.020.0010.00390.78
707.48708.971.495.000.152.700.300.030.020.0010.010173.01
721.14725.694.553.980.091.680.130.010.020.0010.007108.37
736.45737.961.518.000.413.790.300.010.010.0080.014250.18
766.36767.791.431.000.010.870.100.010.000.0010.00350.04
776.87855.2678.393.330.091.720.310.010.070.0160.007136.82
Incl.805.52816.0510.5312.600.275.610.960.010.280.1060.024478.26
876.41877.901.4917.000.010.430.430.010.010.0010.00155.23
897.58909.8012.221.730.010.780.010.000.420.0010.002203.26
933.89935.401.5146.000.043.332.270.010.680.0010.015549.91
DSB-3414.4051.5437.1421.000.030.000.030.000.070.0020.00151.52
71.0472.561.524.800.010.010.090.070.130.0010.00168.23
75.5196.6021.095.670.020.510.280.030.040.0010.00359.09
114.80116.231.4331.900.010.323.010.000.070.0010.001172.01
180.90182.371.471.800.010.070.020.020.120.0010.00157.17
242.84298.2555.4119.140.020.200.020.060.030.0080.00152.95
Incl.258.37264.355.9861.420.030.180.020.110.050.0140.001109.29
307.32312.405.082.140.010.710.070.010.020.0020.00250.50
372.95397.1224.179.930.020.530.140.010.050.0040.00265.49
Incl.392.54397.124.5820.270.021.530.340.010.110.0020.006153.09
425.90427.401.508.400.050.260.050.030.050.0010.00150.35
462.06465.143.0824.200.060.170.030.000.050.0100.00161.39
469.67472.602.9323.150.040.030.060.020.040.0030.00149.32
506.87520.2213.3571.640.250.090.110.140.200.0180.001197.66
652.67658.425.752.870.110.690.010.020.020.0040.00159.71
661.42662.881.464.200.010.120.170.020.110.0010.00158.73
680.63682.171.544.700.210.080.060.010.020.5750.001160.73
718.13736.5318.400.300.011.100.010.010.010.0010.00159.67
825.57837.6512.085.580.060.010.010.130.070.0770.00170.86


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

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

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

ElementPrice $US (per kg)Ratio to Ag
Ag$607.001.0000
Sn$23.550.0589
Zn$2.980.0046
Pb$1.920.0032
Au$54,932.8079.7221
Cu$7.000.0134
Bi$12.760.0177
Cd$5.500.0076

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 October 18, 2022 press release.

SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No.TypeCollar
Easting
Collar
Northing
ElevAzimuthAngleHole
Length (m)
Surface Drilling Santa Barbara Resource Definition South-Southeast Extension
DSB-35S205,0157,656,1804,359225°-60°1,061.4
DSB-37S205,5907,655,8964,087225°-60°917.4
DSB-38S205,8207,655,9794,035225°-60°851.5
DSB-39S205,6817,655,8434,063225°-60°857.4
DSB-40S205,5427,655,6964,091225°-60°1,052.4
DSB-41S205,6517,656,2564,126225°-60°842.4
DSB-42S205,5777,656,3164,156225°-65°845.4
DSB-43S205,1537,656,0414,304225°-55°833.1
DSB-44S205,6117,655,6254,076225°-60°964.1
Subtotal8,225.1
DSB-45S205,2637,656,4264,240225°-60°In progress
DSB-46S205,6827,655,5544,061225°-60°In progress
DSB-47S205,3707,656,1084,227225°-60°In progress
DSB-48S205,7527,655,4834,054225°-60°In progress
Surface Drilling Santa Barbara Resource Definition Northeast Extension
DHK-26S205,7037,656,4554,177225°-65°929.4
DHK-27S205,5287,656,2264,154270°-45°860.0
DHK-28S205,5997,656,4774,152225°-65°968.0
DHK-29S205,4877,656,4884,158225°-70°827.6
DHK-30S205,4957,656,6534,110225°-60°815.4
Subtotal4,400.4
Santa Barbara Underground Metallurgical Hole
METSBUG-03UG205,2817,656,0764,168270°-35°707.8
Subtotal707.8
Mina 2 Target Area – Surface Drill Program Testing Magnetic Inverse Model
DM2-01S2,059,43076,542,15936,63630°-60°860.3
Subtotal860.3
TOTAL14,193.6

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 20, 2020 is 79,473.6m in 118 drill holes (32 underground drill holes and 86 surface drill holes) including 4 holes in progress.

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., 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. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon 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 both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza 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 prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. 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 continues to improve, as laboratories return to more normal staffing levels.

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 an extensive target zone. In its September 20, 2022 press release, the Company reported that new downhole geophysical data has significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from existing drilling. The 3D inverse magnetic model which correlates very strongly with the conductive zone suggests that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. As reported, the definition drill program has been modified to sectionally drill this potential extension with the intention of defining a major open pittable deposit in the valley of the caldera. As a result, the estimated completion date for the maiden National Instrument 43-101 mineral resource has been pushed back to the end of Q1 2023.

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. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, 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.

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

Posted in featured_news | Tagged , , , , , , , , , | Leave a comment

Eloro Resources Intersects 198.00 g Ag eq/t (67.79 g Ag/t, 1.44% Zn and 1.04% Pb) over 134.47m in Silver-Rich Area of High-Grade Feeder Zone in Santa Barbara Target Area at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

 Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from two (2) additional diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. One drill hole, DSB-31, tested the potential south-southeastern extension of the high-grade feeder zone at Santa Barbara while the second hole, DSB-33, tested the southwest limit of the zone in the vicinity of the Central Breccia, as shown in Figure 1.

In its September 20, 2022 press release, the Company reported that new downhole geophysical data has significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from existing drilling. The 3D inverse magnetic model which correlates very strongly with the conductive zone suggests that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. As previously reported, the definition drill program has been modified to sectionally drill this potential extension with the intention of defining a major open-pittable deposit in the valley of the caldera. As a result, the estimated completion date for the maiden National Instrument 43-101 mineral resource has been pushed back to the end of Q1 2023.

Overall, the Company has completed 77,182m in 119 drill holes to-date at Iska Iska, including four holes in progress, as shown in Figure 1. Tables 1 and 2 list significant assay results for the drill holes reported. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s July 21, 2022 press release. Table 3 summarizes drill holes with assays pending. Highlights for the drilling are as follows:

Santa Barbara High Grade Feeder Zone Extension Definition Drilling

Hole DSB-31 was drilled to test the potential south-southeastern extension of the Santa Barbara High Grade Feeder Zone shown in Figure 1. This hole was collared approximately 200m south-southeast of the underground drill bay in the Santa Barbara adit and was drilled at an azimuth of 225with a dip of -600. This hole intersected several extensive high grade silver zones:

  • 198.00 g Ag eq/t (67.79 g Ag/t, 1.44% Zn and 1.04% Pb) over 134.47m from 11.61m to 146.06m, including a higher-grade portion of 566.36 g Ag eq/t (246.26 g Ag/t, 3.72% Zn and 3.88% Pb) over 25.51m from 113.09m to 138.60m,
  • 161.54 g Ag eq/t (32.14 g Ag/t, 1.94% Zn and 0.76% Pb) over 82.12m from 168.46m to 250.58m including a higher-grade portion of 384.21 g Ag eq/t (104.09 g Ag/t, 3.74% Zn and 2.34% Pb) over 19.14m from 210.45m to 229.59m,
  • 123.24 g Ag eq/t (9.23 g Ag/t, 1.44% Zn, 0.26% Pb and 0.07% Sn) over 62.23m from 466.48m to 528.65m including higher-grade portions of 202.40 g Ag eq/t (13.75 g Ag/t, 2.46% Zn, 0.33% Pb and 0.12 Sn) over 20.63m from 480.00 to 500.63m and 166.76 g Ag eq/t (9.76 g Ag/t, 1.83% Zn, 0.50% Pb and 0.11 Sn) over 13.05m from 515.60 to 528.65m.
  • 126.21 g Ag eq/t (6.05 g Ag/t, 1.58% Zn and 0.52% Pb) over 81.12m from 614.21m to 695.33m
  • 120.39 g Ag eq/t (8.32 g Ag/t, 1.78% Zn and 0.06% Pb) over 11.99m from 900.33m to 912.32m
  • Overall, 51% of the overall length of this 987.99m long hole yielded reportable intersections, which collectively average 139.44 g Ag eq/t.

The high-grade silver zone intersected in hole DSB-31 appears to be in the same structural-mineralized corridor as the silver-rich zone in the Santa Barbara adit. As previously reported (see press release dated April 13, 2021), channel sampling along the adit returned 441.98 g Ag eq/t (164.96 g Ag/t, 0.23 g Au/t, 3.46% Pb and 0.46% Sn) over 165.89m. Adjusted to prices used in this current release, the overall Ag eq/t value is 493.61 g Ag eq/t.

Hole DSB-33 was drilled at an azimuth of 225with a dip of -600 to test the southwest limit of the high-grade feeder zone in the vicinity of the Central Breccia (Figure 1). This hole intersected 18 reportable intersections including a very high tin intersection grading 1.41% Sn over 21.25m from 354.98m to 376.23m. This included a 9.04m section from 356.56m to 365.60m that graded 3.08% Sn. A total of 26% of this 825.82m hole contained reportable intersections which collectively averaged 123.39 g Ag eq/t.

Tom Larsen, CEO of Eloro said: “Hole DSB-31 and Hole DSB-33 continue to confirm high grade values of metals, especially silver to the south-southeast and tin to the southwest of the ever-expanding Santa Barbara feeder system. The geophysical surveys have been remarkable as a tool in determining where these highly conductive areas of potential commercial mineralization are located.

On behalf of the Eloro shareholders, I congratulate Dr. Bill Pearson, P.Geo., Dr. Chris Hale, P.Geo. and Dr. Osvaldo Arce, P.Geo., in systematically defining the Santa Barbara feeder system through geophysics and follow up drilling. The added strike length along the collapsed caldera valley floor will further extend the likely open pit dimensions resulting in potentially stronger economics. These recently released holes at Iska Iska further demonstrate both high grade metal zonation and substantial tonnage potential.”

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We are continuing our 100m-spaced sectional definition diamond drill program focusing on testing the south-southeastern extension of the high-grade feeder zone across the valley of the Iska Iska Caldera. Figure 1 shows holes in progress and planned. Our aim is to complete this program by November so that assay results can be received by early Q1 2023 to facilitate completion of the inaugural NI 43-101 mineral resource by the end of Q1 2023. We are also continuing to work closely with GeologicAI and our mineralogists in Blue Coast Research and Lisa Can Analytical Solutions to calibrate the AI in the scanning system to track the mineral and metal zoning more accurately. The drilling results reported herein, as well as previous results, along with on-site work by Dr. Osvaldo Arce, P.Geo. and his geological team, support the potential for outlining significant zones of high-grade silver and high-grade tin. The high-grade silver is typically shallower whereas the high-grade tin is generally deeper. The remarkable feeder zone at Iska Iska continues to be open along strike and down-dip especially to the south-southeast and it likely extends across a width of least 500m for potentially as much as 2km along strike.”

Figure 1 – Geological Plan Map showing Drilling in Santa Barbara Area with Holes referred to in this release highlighted: https://www.globenewswire.com/NewsRoom/AttachmentNg/3c88f4da-0f6f-4d43-8335-35382ad973fb

Table 1: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition High Grade Feeder Zone Extension as at October 5, 2022.

SANTA +A1:M40BARBARA RESOURCE DEFINITION – HIGH GRADE FEEDER ZONE EXTENSION
SURFACE DIAMOND DRILLING
Hole No.From
(m)
To (m)Length
(m)
AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-314.956.952.005.000.010.000.080.010.120.0020.00157.14
11.61146.06134.4767.790.021.441.040.110.030.0020.006198.00
Incl.63.5781.0117.4430.890.012.840.280.500.010.0010.013245.09
Incl.113.09138.6025.51246.260.013.723.880.020.030.0010.013566.36
159.65161.001.356.000.011.340.140.010.010.0010.00283.05
 168.46250.5882.1232.140.031.940.760.010.010.0030.006161.54
Incl.210.45229.5919.14104.090.103.742.340.020.020.0100.012384.21
 264.11267.082.976.510.041.300.200.010.010.0010.00385.59
 307.67327.0319.363.540.210.940.140.010.010.0010.00378.57
345.24348.192.953.000.160.540.090.010.010.0010.00152.70
364.59378.0713.485.790.080.940.410.020.020.0010.00382.02
394.48403.478.994.470.111.360.220.010.020.0010.00797.48
 420.12424.664.545.690.010.970.580.010.040.0010.00590.06
 433.72435.271.554.000.010.900.160.010.020.0010.00362.06
447.40448.671.275.000.011.450.160.010.020.0010.00689.96
 466.48528.6562.239.230.051.440.260.010.070.0010.007123.24
Incl.480.00500.6320.6313.750.102.460.330.020.120.0010.012202.40
Incl.515.60528.6513.059.760.061.830.500.010.110.0010.007166.76
536.20537.711.515.000.011.110.220.010.110.0010.004110.12
546.66551.164.5013.060.071.330.370.010.090.0010.006131.42
560.18561.681.502.000.520.570.020.000.010.0040.00283.36
579.65584.144.493.960.101.080.090.010.070.0010.00495.98
597.54603.696.153.480.010.950.080.010.060.0010.00376.70
614.21695.3381.126.050.111.580.520.010.030.0080.007126.66
720.94722.521.586.000.011.880.380.010.010.0010.008118.30
751.11752.571.4611.000.071.490.240.010.010.0390.007113.89
785.82787.271.451.000.010.910.080.020.030.0010.00462.35
801.06802.501.447.000.011.360.200.010.040.0020.00697.34
812.88841.6328.754.050.050.600.240.010.060.0060.00271.20
874.65876.181.532.000.230.440.280.010.020.0080.00165.06
880.67883.632.967.001.080.170.060.010.070.0190.001144.91
895.70897.221.520.500.020.430.010.010.150.0010.00182.37
900.33912.3211.998.320.051.780.060.030.040.0070.008120.39
919.97921.501.533.000.330.220.270.100.040.0500.00191.51
924.46929.014.5510.680.450.130.070.060.070.0220.00198.80
975.85981.936.081.760.150.540.010.060.010.0050.00255.16
986.50987.991.491.000.510.040.010.040.010.0140.00161.61

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

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

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

ElementPrice $US
(per kg)
Ratio to
Ag
Ag$607.001.0000
Sn$23.550.0589
Zn$2.980.0046
Pb$1.920.0032
Au$54,932.8079.7221
Cu$7.000.0134
Bi$12.760.0177
Cd$5.500.0076

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: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition High Grade Feeder Zone Extension as at October 5, 2022.

SANTA BARBARA RESOURCE DEFINITION – HIGH GRADE FEEDER ZONE EXTENSION
SURFACE DIAMOND DRILLING
Hole
No.
From
(m)
To (m)Length
(m)
AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-3320.8346.7025.874.080.030.000.070.000.200.0040.00187.32
100.80102.321.5227.000.020.000.000.010.050.0030.00150.05
106.83108.341.5135.000.060.000.000.020.050.0050.00161.23
121.94136.6214.686.730.040.000.020.060.090.0020.00151.83
144.28153.268.987.280.010.000.010.290.050.0020.00160.17
201.04202.511.4738.000.020.000.000.220.190.0010.001139.68
208.60216.107.5050.590.060.000.000.030.030.0010.00173.61
259.92282.5122.5916.390.050.000.020.120.110.0080.00177.88
Incl.262.93268.895.9632.450.080.000.060.150.160.0120.001124.97
285.57287.071.5012.000.010.000.000.080.140.0060.00176.95
293.00294.531.5312.000.010.000.000.140.080.0280.00164.42
308.15344.4036.259.070.040.000.050.100.110.0130.00171.97
354.98376.2321.258.860.110.000.010.011.410.0030.001566.51
Incl.356.56365.609.0416.160.200.000.020.003.080.0040.0011,230.26
385.32386.831.510.500.010.000.000.010.130.0010.00151.09
391.35392.861.511.000.040.000.010.010.190.0030.00181.11
414.03418.624.592.340.010.000.000.080.110.0030.00155.48
438.20442.734.531.500.020.000.000.100.200.0580.001104.47
450.28459.469.1837.120.060.000.010.000.040.0030.00161.31
464.05465.511.469.000.280.000.020.010.050.0040.00155.65
483.70485.231.531.000.010.000.000.560.000.0020.00167.89
491.26495.824.561.660.010.000.000.790.000.0010.00194.74
503.50515.5312.038.410.140.010.020.140.050.0340.00167.13
543.06544.511.450.500.020.030.000.000.150.0530.00174.71
576.00579.083.081.250.021.260.010.000.010.0010.00267.01
589.42592.473.052.000.020.150.010.140.090.0300.00170.21
596.95598.451.500.500.020.060.010.000.160.0050.00167.93
613.44619.405.963.910.270.060.010.010.050.0170.00157.66
664.45665.951.5010.000.090.820.030.020.030.0010.00174.02
673.43682.449.0115.660.260.010.010.100.110.1250.001121.80
706.44707.961.525.000.031.140.070.010.020.0040.00376.52
800.12801.631.511.000.080.020.020.010.020.2360.00166.65
822.87825.822.9513.390.010.210.020.200.140.0130.001104.16

See Note Table 1.

Table 3: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from October 5, 2022 press release.

SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No.TypeCollar
Easting

Collar
Northing
ElevAzimuthAngleHole
Length
 (m)
Surface Drilling Santa Barbara Resource Definition South-Southeast Extension
DSB-34S205274.07655896.14224.5225°-60°851.4
DSB-35S205016.07656179.14360.0225°-60°1061.4
DSB-36S205729.97656034.64054.8225°-60°935.4
DSB-37S205588.07655893.04087.0225°-60°917.4
DSB-38S205823.17655981.94035.0225°-60°851.5
DSB-39S205684.37655839.54062.3225°-60°857.4
DSB-40S205540.37655695.54092.7225°-60°1052.4
DSB-41S205653.07656253.04125.0225°-60°842.4
DSB-42S205277.07656316.04156.3225°-65°845.4
DSB-43S205157.07656038.04301.0225°-55°833.1
Subtotal9,047.8
DSB-44S205611.07655624.74075.7225°-60°In progress
DSB-45S205263.47656426.44240.3225°-60°In progress
DSB-46S205681.77655554.14061.4225°-60°In progress
Surface Drilling Santa Barbara Resource Definition Northeast Extension
DHK-26S205700.37656454.44180.0225°-65°929.4
DHK-27S205529.47656222.54153.1270°-45°860.0
DHK-28S205597.37656479.64151.4225°-65°968.0
DHK-29S205485.77656489.54158.0225°-70°827.6
Subtotal3,585.00
DHK-30S205439.97656182.84192.1225°-60°In progress
Santa Barbara Underground Metallurgical Hole
METSBUG-03UG205284.57656080.04167.1270°-35°707.8
Subtotal707.8
Mina 2 Target Area – Surface Drill Program Testing Magnetic Inverse Model
DM2-01S205943.07654215.93663.630°-60°860.3
Subtotal860.3
TOTAL14,200.9

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 20, 2020 is 77,182.47m in 119 drill holes (32 underground drill holes and 87 surface drill holes) including 4 holes in progress.

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., 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. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon 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 both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza 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 prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. 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 continues to improve, as laboratories return to more normal staffing levels.

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 an extensive target zone. In its September 20, 2022 press release, the Company reported that new downhole geophysical data has significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from existing drilling. The 3D inverse magnetic model which correlates very strongly with the conductive zone suggests that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. As reported, the definition drill program has been modified to sectionally drill this potential extension with the intention of defining a major open-pittable deposit in the valley of the caldera. As a result, the estimated completion date for the maiden National Instrument 43-101 mineral resource has been pushed back to the end of Q1 2023.

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. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, 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.

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.

Posted in featured_news | Tagged , , , , | Leave a comment