silver

Speaking with Tom Larsen, CEO of Eloro Resources, (ELO.T) is always a pleasure. Larsen is delighted with the tin holes ELO reported in press releases on January 23 and February 20, 2025, with more to come. These releases reported high grade tin mineralization in Eloro’s tin domain at its Iska Iska project in Bolivia.

The tin grades were good but Larsen is really excited about the way the tin is emplaced. “Previously the tin we encountered was lower grade sulfide material. We had around 50% recovery on that material,” said Larsen. “The tin we encountered in this breccia (TIB (Tertiary Intrusive Breccia) on Figure) is visible coarse-grained high temperature cassiterite. Very similar to the tin found at other mines in Bolivia’s tin belt. You get much better recoveries, 80% or better. And you can use gravity separation for recovery which is much less expensive.”

The holes were drilled as part of a program focussed entirely on the tin domain. The area had seen limited wide space reconnaissance drilling, which had indicated a tin deposit. From the February 20 release, “The intrusive breccia is very likely an offshoot or apophysis from a large tin porphyry at depth. The likely top of this tin porphyry is marked by a highly conductive zone that is interpreted as a pyrite-pyrrhotite halo around this porphyry.”  From that same release, “5,799.4m of diamond drilling have been completed in eleven (11) holes. PQ core size has been used in the majority of holes in this program to obtain larger, more representative core samples.”

“Tin is not well understood in the North American junior resource community,” said Larsen. “Gold, silver and copper are where we tend to focus because there is not a lot of tin history. In Europe it is very different. European investors have been following tin closely for years.”

“There are only about 300,000 tons of tin mined per year. 60% of that comes from Myanmar – what used to be called Burma – Myanmar, Indonesia and down stream operations from China . And a major Tin mining operation is watching closely the rising movements in the DRC of armed rebels (insurgents) that could imminently disrupt mining operations in the DRC because of real violence in the area,” said Larsen. “Supply is very constrained but demand is growing. We’re seeing a bit of a squeeze with tin prices running $15 a pound.”

“We have a truly unique deposit and the tin domain extends the pit,” said Larsen. “The tin domain is uplifted and can therefore be included in the PEA. The objective is to potentially outline 30 to 40 million tonnes of average .5 % tin per tonne first pass that could then be added to the initial PEA.. That’s about 11 pounds of tin per ton which would value the rock about USD 150-160 a ton. 80% recovery with a $15-20 per ton operating cost. That’s a big margin.”

The tin domain is not something new in Bolivia.

Larsen does not want to wait. “We can ramp in and build a pilot plant for a CAPEX of about 20 million. Money which would come from Bolivian investors,” said Larsen. Larsen talked about the ramp/pilot plant concept in the context of the silver zinc domain but it may make even more sense in the cassiterite tin domain where the pilot plant would be a well understood gravity separation circuit.

“We have good grades in the first two holes we have reported,” said Larsen. “ High grade. Including 1.5 metre veining up to 6 percent being reported along these wide intercepts of between .5 percent and 1.35 percent Tin in cassiterite in the tin breccia. We have more holes to report in the program but they are in the same sort of rock.”

Critically, the breccia is big. In the  February 20 release Larsen commented, “Hole DSB-74 located 100 meters southeast of high-grade tin hole DSB-72 demonstrates continuity of this evolving coarse grained cassiterite-rich tin zone within the large intrusion breccia system which is approximately 750m long by 450m wide and extends to a depth of at least 700m.”

Iska Iska has always been a huge silver/zinc deposit, rated as the third largest undeveloped silver deposit in the world. However, now that the tin is being defined and, more importantly found to be hosted in high recovery cassiterite, larger companies are showing an interest. “We are receiving more interest from potential strategics since the release of latest drill results in the newly discovered Tin domain and are in the NDA process stage with a couple of well recognized names,” said Larsen.

The fact is that Eloro can and will carry on along its path of definition drilling, expanding its resource, working towards a PEA which includes the tin domain and, likely ramping into the deposits and building a pilot plant. Realistically, however, Iska Iska and probably Eloro itself, will be sold to a major. It is a generational discovery and one which will take at least a generation to fully develop.

Larsen and his team have been very careful to keep the issued share count as low as possible while still advancing the project. Even with an expected raise, the overall share count will be no more than 100 million. A nice, round, number which divides easily into 1 or 3 billion. Very easily.

Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce further assay results in its definition diamond drilling program in the potential Santa Barbara starter pit area in the Iska Iska silver-tin polymetallic project in the Potosi Department of southwestern Bolivia. To date 4,902.8m of diamond drilling have been completed in ten (10) holes including one (1) hole in progress at the time of the Christmas break. PQ core size has been used for all holes in this program to obtain larger, more representative core samples.

Table 1 below lists significant results for the three holes reported, DSB-69, DSB-70 and DSB-71. Figure 1 shows locations of all the definition drill holes completed to date and in progress. Silver equivalent values (g Ag eq/t) have been calculated using 3-year average metal prices and preliminary metallurgical recoveries (see note below Table 1 for more information). Table 2 lists the coordinates of the drill holes completed and in progress.

Hole DSB-69, collared 160m southwest of previously reported drill hole DSB-68 (see Eloro press release of November 26, 2024) returned a long intersection grading 49.71g Ag/t, 0.78% Zn, 0.32% Pb and 0.15% Sn (106.97g Ag eq/t) over 142.50m from 258.00m to 400.50m. This intersection includes a higher grade interval of:

• 127.49g Ag/t, 0.50% Zn, 0.16% Pb and 0.31% Sn (193.00g Ag eq/t) over 41.25m from 258.00m to 299.25m
• The strong tin mineralization in this intersection is very notable and indicates that this hole is starting to intersect the major tin-silver domain to the west and northwest

This hole also intersected near-surface high-grade silver mineralization:

• 80.10g Ag/t, 0.17% Pb (84.25g Ag eq/t) over 30.00m from 1.50m to 31.50m

Hole DSB-70, collared 100m northeast of hole DSB-68, returned a very long intersection grading 30.08g Ag/t, 1.63% Zn, 0.98% Pb and 0.13% Sn (127.89g Ag eq/t) over 255.75m from near surface at 55.05m to 310.80m. This intersection includes higher grade intervals of:

• 45.71g Ag/t, 3.11% Zn, 1.91% Pb and 0.23% Sn (232.35g Ag eq/t) over 81.00m from 112.80m to 193.80m, and
• 30.68g Ag/t, 2.38% Zn, 1.73% Pb and 0.18% Sn (180.91g Ag eq/t) over 19.50m from 229.80m to 249.30m.
• Like Hole DSB-69, this hole intercepted strong tin mineralization grading 0.43% Sn over 34.5m from 423.32m to 457.8m within a broader mineralized zone grading 14.38g Ag/t, 0.34% Zn, 0.36% Pb and 0.25% Sn (80.16g Ag eq/t) over 70.50m from 387.30m to 457.80m.

Hole DSB-71, collared 100m south-southwest of hole DSB-69, returned two long mineralized intersections, the first grading 41.89g Ag/t, 0.15% Pb and 0.14% Sn (66.90g Ag eq/t) over 123.00m from 45.95m to 168.95m, and the second, 29.26g Ag/t, 0.58% Zn, 0.22% Pb and 0.11% Sn (71.46g Ag eq/t) over 127.50m from 233.45m to 360.95m This latter intersection includes a higher grade interval of:

• 53.17g Ag/t, 0.72% Zn, 0.40% Pb and 0.19% Sn (116.62g Ag eq/t) over 45.00m from 263.45m to 308.45m

This hole also intersected a near-surface high grade tin zone:

• 11.84g Ag/t and 0.44% Sn (96.81g Ag eq/t) over 21.95m from 1.50m to 23.45m

Similar to DSB-68, results from these three additional holes continue to demonstrate potential significant underestimation of the silver grade, similar to that of the previously reported metallurgical test results from a 6.3 tonne bulk sample which returned a much higher silver head grade of 91 g Ag/t compared to the grade of 31 g Ag/t obtained in the original twinned holes (see Eloro press release January 3, 2024).

Dr. Osvaldo Arce, P.Geo., Eloro’s Executive Vice President, Latin America and General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., said: “The success of our current definition drilling program is a confirmation of our understanding and experience on the property.  These holes’ locations were selected to specifically verify the continuation of the higher grade, large volume polymetallic areas in the extensive mineralized system at Iska Iska.  These areas occur where mineralizing fluids were deposited through intrusion breccias and injection tourmaline breccias in favorable lithologies and structures forming enriched bodies with significant resource potential.”

Tom Larsen, CEO of Eloro, commented: “The latest reported infill drilling intercepts further demonstrates the consistency of potential commercial value per tonne that will be incorporated in the PEA in later 2025. These results continue to dispel any previous misinterpretation that there are extensive areas of waste in the overall mineralized zone. The continual higher-grades that are being reported in the silver-tin polymetallic system from this latest drilling campaign are only adding to the overall economic potential of the deposit.”

Table 1: Definition Diamond Drill Results as of January 6, 2025, Santa Barbara Deposit, Iska, Iska

Note: True width is approximately 80% of core length. Silver equivalent (Ag eq) grades are calculated using 3-year average metal prices of Ag = US$24.14/oz, Zn = US$1.36/lb , Pb = 0.98/lb and Sn = US$13.74/lb, and preliminary metallurgical recoveries of Ag = 88%, Zn = 87%, Pb= 80% and Sn = 50%. In selecting intervals, a cutoff grade of 30 g Ag eq/t has been used. Lower grade material may be included in intersections where geological continuity is warranted.

Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Reported, Completed and in Progress at Iska Iska as of January 6, 2025

Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara, Iska Iska. Yellow circles highlight the location of holes in this release.

Qualified Person (“QP”)

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President, Exploration, and a Qualified Person (“QP”) as defined by National Instrument (“NI”) 43-101 has reviewed and approved the technical content of this news release.   Dr. Pearson who has more than 50 years of worldwide mining exploration, development and production experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Executive Vice President, Latin America for Eloro and General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a QP in the context of NI 43-101, who has supervised all field work carried out at Iska Iska.

Eloro utilized both ALS and AHK for drill core analyses, both of whom are major international accredited laboratories. Drill samples sent to ALS were 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. 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 were prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is followed the same analytical protocols used as with ALS and with the same QA/QC protocols.

About Iska Iska

The 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, all located along the same overall 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 Santa Barbara Breccia Pipe (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 from 0.0m to 257.5m. Subsequent drilling has confirmed the presence of significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Breccia Pipe (CBP). A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling along the walls of the of the Santa Barbara Adit located to the east of SBBP returned average grades of 164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 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 DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu and 0.056%Sn over 257.5m, 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. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the initial inferred MRE for Iska Iska, prepared by independent consultantsMicon International Limited. The MRE was reported in two domains, the Polymetallic (Ag-Zn-Pb) Domain which is primarily in the east and south of the Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the west and north.

The Polymetallic Domain is estimated to contain 560Mt at 13.8 g Ag/t, 0.73% Zn & 0.28% Pb at an NSR cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40 for potential underground. The majority of the mineral resource is contained in the constraining pit which has a stripping ratio of 1:1. The Polymetallic Domain contains a higher-grade mineral resource at a NSR cutoff of $US25/t of 132 million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a net NSR value of US$34.40/t which is 3.75 the estimated operating cost of US$9.20/t. The Tin Domain which is adjacent to the Polymetallic Domain and does not overlap, is estimated to contain a mineral resource of 110Mt at 0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.

Results of the definition drill program which totalled 5,267.7m in 11 holes were reported on December 18, 2023 and January 11, 2024, respectively. Significant results included 279.22 g Ag/t, 0.47% Pb and 0.43% Sn (339.82g Ag eq/t) over 62.84m and 33.83 g Ag/t, 1.53% Zn, 0.93% Pb and 0.14% Sn (130.88g Ag eq/t) over 178.99m including 120.37 g Ag/t, 2.13% Zn, 1.57% Pb and 0.19% Sn in hole DSB-61; 57.62g Ag/t, 1.26% Zn, 0.94% Pb and 0.12% Sn (139.94g Ag eq/t) over 136.11min hole DSB-66 and 118.86g Ag/t, 0.35% Zn, 0.35% Pb and 0.15% Sn (152.29g Ag eq/t) over 81.28m in hole DSB-65. This latter intersection in hole DSB-65 included a very high-grade sample of 5,080g Ag/t, 0.12 g Au/t, 0.26% Zn, 1.34% Pb, 1.53% Cu and 1.27% Sn (4,746.46g Ag eq/t) over 1.46m.

Metallurgical tests reported on January 23, 2024 from a 6.3 tonne PQ drill core bulk sample representative of the higher grade Polymetallic (Ag-Zn-Pb) Domain returned a significantly higher average silver value of 91 g Ag/t compared to the weighted average grade of the original twinned holes at 31 g Ag/t strongly suggesting that the average silver grade is likely significantly underreported in the original twinned holes due to the much smaller sample size.

On January 29, 2024, the Company reported that the new chargeability high outlined southeast of the MRE open pit by the expanded induced polarization (IP) survey indicates that the major mineralized structural corridor that is up to 800m wide extends a further 600m along strike to the southeast for an overall strike length of at least 2km. This new area has not been drilled.

he Company reported on July 30, 2024, that updated modelling of the potential starter pit area at Santa Barbara zone highlights the importance of completing additional drilling to better define the grade and extent of the mineral resource in this area. Areas with higher-grade resource typically have much better drilling density but holes outside the core potential pit area are too widely spaced to give an accurate estimate of grade.

On September 4, 2024, the Company announced the restart of definition drilling in the potential starter pit area at Santa Barbara. Previous drilling has shown that areas with high-grade mineralization typically have much better drilling density, whereas holes outside the core area are too widely spaced to give an accurate grade estimate. This increased drilling density is particularly important for defining the extent of the high-grade Ag-bearing and Sn-bearing structures, and for categorizing the mineral resources from inferred to indicated, which have a major influence on overall grade and resources that will contribute to the preliminary economic assessment (“PEA”).

An initial program of 5,700m of diamond drilling in 13 holes in the Santa Barbara starter pit area is now in progress to better define the vertical and lateral extent of high-grade Ag mineralization; fill-in gaps that are presently categorized as low-grade or waste in the resource model but are very likely mineralized; expand the higher-grade Sn mineralization to the west; and complete an additional 1,400m in two large size PQ holes for further metallurgical testing.

Results from the first definition drill hole DSB-68 were released on November 26, 2024. This hole intersected 66.90g Ag/t, 0.63% Zn, 0.42% Pb and 0.11% Sn (111.14g Ag eq/t) over 289.13m including higher grade intervals of includes higher grade intervals of:

• 126.10g Ag/t, 0.55% Zn, 0.60% Pb and 0.09% Sn (160.72g Ag eq/t) over 122.03m,
• 47.61g Ag/t, 0.22% Zn, 0.40% Pb and 0.45% Sn (146.06g Ag eq/t) over 16.51m, and
• 25.52g Ag/t, 2.19% Zn, 0.65% Pb and 0.10% Sn (129.60g Ag eq/t) over 7.46m

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 the Lagunas Norte Gold Mine and the 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 TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e2e731be-c97d-467b-8901-fd39dfdc3349

Cartier Silver Corporation (CSE:CFE) (“Cartier Silver”) is pleased to announce that, by mutual agreement (“Amending Agreement”) with Empresa Minera Gonalbert S.R.L. and Empresa Minera Segovia S.R.L (collectively, the “Vendors”), the registered title holders of two separate properties comprising the Chorrillos Project in southern Bolivia, the payment schedule in connection with the remaining portion of the aggregate US$4.5 million payment required for Cartier Silver to acquire 100% of the Vendors’ capital quotas has been amended. The signing date of the original acquisition agreement was December 12, 2022. Cartier Silver’s Bolivian subsidiary, Minera Cartier Bolivia S.R.L. (“Cartier Bolivia”) has made two staged payments and currently owns 30% of the Vendors’ capital quotas.

Pursuant to the Amending Agreement, in order to acquire the remaining 70% of the Vendors’ capital quotas, staged payments aggregating US $4.2 million are required, as follows:

1. US $500,000 (Five Hundred Thousand United States Dollars) due June 12, 2025, whereby Cartier Bolivia would acquire an additional 20% of the Vendors’ capital quotas.
2. US $700,000 (Seven Hundred Thousand United States Dollars) due June 12, 2026, whereby Cartier Bolivia would acquire an additional 20% of the Vendors’ capital quotas.
3. US $1,000,000 (One Million United States Dollars) due June 12, 2027, whereby Cartier Bolivia would acquire an additional 20% of the Vendors’ capital quotas.
4. US $2,000,000 (Two Million United States Dollars) due June 12, 2028, whereby Cartier Bolivia would acquire the remaining 10% of the Vendors’ capital quotas.

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 & Labrador.

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

For further information please contact:

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/694ab051-dcb8-4705-aa53-afe5514214fc

Iska Iska, Eloro’s (ELO.T) massive silver/lead/zinc/tin discovery in Bolivia is heading towards a PEA for its starter pit. 35,000 tons a day of high-grade silver with a significant zinc component. With a little more definition drilling there should be a tin component as well. Speaking with Tom Larsen, Eloro’s CEO, it’s very clear that the PEA is well in hand.

“We’re looking at Q2 2025 for a 35,000 ton per day PEA,” said Larsen. “Most of the PEA is complete now. But we’d like to do around like to do around 5000 to 10000 meters of additional drilling. That should give us a very commercial resource initially for a solid 12 year mine life for the PEA.”

“We want to drill enough so that we can confirm around 30 million tons of 0.3 tin to be included in Years 6, 7 and 8 in the PEA,” said Larsen. “As it stands we are looking at a 3.5 year payback on a 500 million CAPEX at current metal prices.”

“We’re focused on the PEA,” said Larsen. “However, in the short term we are looking at going in a different direction. We’d like to put a ramp in.”

“On a bulk mining basis we consistently get 40-50 grams of silver per ton,” said Larsen. “A ramp within about 50 meters of the Santa Barbara adit could produce 200 tons a day of high grade material.”

Basically, a ramp would be cut into the highest grade zone of what will, in time, become the starter pit for Iska Iska. The actual work would be done by Bolivian mining contractors.

“We’re working on the engineering and the economics now,” said Larsen. “This is a mini-project which could be up and running in a matter of months. Round numbers you need 1.5 million for mining equipment, 3 million for a primary and secondary crusher and another 1 million for an XRT ore sorter.”

The crushed rock would be sorted and then shipped to a mill a few kilometres away. Total CAPEX of the mining/crushing/sorting would come in at around 8 million, then 3 million to 5 million for a mill. Add the final payment for the company which owns Iska Iska and Eloro would need about 15 million US to kick off its ramp project.

Larsen and his team have been very careful to avoid dilution. As a former broker, Larsen is well aware of the negative effects of too many shares in the market. Given that ELO.T is trading around $1.00 doing a 15 million US raise would bump the share count over 100 million. Not good. So how to finance the ramp?

As the Eloro CEO, Larsen is not about to talk about Eloro’s financing options. But another Canadian company with Bolivian operations, Orvana Minerals, (ORV.T) has found Bolivian project financing…in Bolivia. The key feature is that the bonds are issued in Bolivia to Bolivian investors and while the bonds are sold in Bolivianos the interest is paid in US dollars. The US dollars make the bonds very attractive to Bolivian investors.

In order to issue a bond the issuer needs two things: assets to pledge as security and income from operations to pay the interest and principal on the bonds. On completion of the purchase of the company which owns Iska Iska, Eloro will have total ownership of a huge asset. And, of course, the crushers, sorter and mine equipment are also assets.

Income would come from the sale of the silver produced from the ramp. 200 tons per day at 50 gpt is 10 kilograms of silver per day at, say, $900/kg for $9000 gross revenue per day, $270,000 per month. Silver trades in US dollars. More than sufficient to cover the interest and principal repayments on a $15,000,000 bond. And that back of the envelope calculation entirely ignores the value of the zinc which is significant at that location at Iska Iska.

“The ramp would answer a lot of questions about the 35,000 ton per day starter pit,” said Larsen. Grade, metallurgy, rock mechanics, all the sorts of questions which need to be answered to move from the PEA to a bankable feasibility study. Things like optimal sorter settings could be worked out. And, of course, it may be possible to mine and process significantly more than 200 tons a day. Plus, the price of silver is set to rise significantly and ELO could catch the rocket.

Best of all, with this sort of bond financing, Eloro could have the ramp up and running in a matter of months without significant dilution.

Eloro will likely do a small private placement in the fairly near term to finance additional drilling at Iska Iska. In particular, Larsen’s team would like to drill more larger diameter holes which give a more accurate estimate of the grades likely to be encountered in a bulk mining scenario. But this would be under 5 million in all likelihood keeping the share count well under 95 million.

“Eloro has a hidden advantage,” said Larsen. “We are plugged in in Bolivia.”

Eloro has updated its corporate presentation with the inclusion of an amazing 3D Model. Well worth taking a few minutes to take a look:

https://vrify.com/embed/decks/03daa298-36dc-4832-9716-7b58a7e27847

Not quite a rocket, yet, but a year ago Bayhorse Silver (BHS.V) was very close to the end. While it had a silver mine, a mill and an ore sorter, it did not have a final permit which would allow it to actually operate its mine. In some jurisdictions, this would not have been a show stopper and the permit would arrive in short order. But the Bayhorse mine is in Oregon, a state where mining is politically unwelcome. The permit was going to take a while.

BHS CEO Graeme O’Neill scrambled to raise money, put a lot of his own money into a couple of small private placements and managed to arrange a lease for the ore sorter. It was enough to keep the company going, barely. BHS shares fell to $0.015

Then, in October 2023, Hercules Silver (BIG.V) announced that it had drilled into what it described as a “blind copper porphyry” at its property at Cuddy Mountain, 44 kilometres down the Snake River on the Idaho side. BIG went from less than $0.20 to a high of over $1.60 in a matter of weeks. It did a deal with Barrick and now has 23 million dollars to drill out its discovery.

Here is the interesting thing, the Hercules discovery is at what geos refer to as a “suture” between the Izee terrane and the Olds Ferry terrane. Its silver is found in a rhyolite structure. The blind copper porphyry looks to have been part of the geological events which created the silver in the rhyolite.

People began to talk about “closeology”. Bayhorse finds its silver in a rhyolite structure. The Bayhorse mine is at a suture of the Izee and Olds Ferry terranes. The argument from similarity can be and was made and O’Neill raised a little over 1 million dollars in a private placement.

The biggest problem Bayhorse has faced over the years is a lack of money. The million dollar private placement, powered by the Hercules discovery, solved that in the short term. For the first time in its existence, Bayhorse had the money to explore and a reason to spend that money.

The Bayhorse value proposition has always been the re-opening of a successful, past-producing, silver mine with high-grade silver, interesting copper and gold credits and a CEO who understood logistics. O’Neill would certainly look at, and sometimes option, greenfields exploration plays, that was never the company’s focus. O’Neill knew that if he could jump through the permitting hoops, the Bayhorse mine had years of unmined, high grade, silver to extract, concentrate and sell. It still does.

Hercules provided the hint. Was the geology at its Izee/Olds Ferry terrane similar to the geology surrounding Bayhorse? O’Neill had the money to start finding out.

VTEM is a helicopter flown magnetic and resistivity survey which can locate “anomalies” down several hundred meters. Bayhorse had never had the money or a reason to fly a VTEM, now it did and in early January of this year it flew both sides of the Snake River.

While BHS may have been inspired by BIG’s success downriver, its own geological team had scouted out what it believed was a substantial rhyolite structure on the Idaho side which the geos postulated was an extension of the Bayhorse mine rhyolite. That same geo team had long speculated that the Bayhorse mine itself was potentially “over” an epithermal gold/copper intrusion. A structure which would line up with the geological theory being tested at the Hercules property.

The results of the Bayhorse VTEM were outstanding. On the Oregon side, there was an area of low resistivity right under the western end of the Bayhorse mine workings. On the Idaho side, there were three areas of low resistivity and a magnetic high right where the Bayhorse geos expected the rhyolite extension to be. And that high was, in fact, higher than the high at the Bayhorse mine itself.

Here is the map of the magnetic signatures:

Here is the map of the resistivity signatures:

All of a sudden Bayhorse Silver went from a company with a plan to re-open a mine to a company which had four resistivity targets and a huge magnetic anomaly to explore.

Bayhorse has been lucky to have senior geologists advising O’Neill as he drove towards recommissioning the Bayhorse mine. That luck was extended when Spokane-based explorationist Mark Abrams was initially signed on as a consultant to finish off the final permitting process and then as a Director.

Abrams is very much the right man at the right time. He is a fully licensed geologist in both Oregon and Idaho and has conducted exploration programs for majors like Placer Dome and Agnico Eagle. He knows how to run a serious exploration program.

I was fortunate to speak to Abrams a few days ago. He was optimistic about Bayhorse’s prospects. He was also very much an explorationist. “You need boots on the ground,” he told me. “We need to be prospecting. Looking at the sediments in the catchment areas. Get into the drainages.”

“You’re putting dots on the map,” said Abrams.

Which is the great paradox O’Neill and his team are faced with. They can see the high magnetics and the low resistivity. They have targets in general. But in the real world of exploration, this is the earliest possible stage.

Right now, BHS can, and should, stick to its knitting and drill the Big Dog, the footwall and the low resistivity at the Bayhorse mine which is exactly what it is doing. It will take a while to get the surface drilling permits in Idaho. Time which can be spent profitably increasing the staked land, perhaps doing an IP survey on one of the blobs, collecting samples and surface “shows” and figuring out where best to begin drilling what may be a significant copper porphyry.

For Bayhorse shareholders the BIG news and the VTEM results have started an increase in value. From $0.015 to .08 in a couple of months. However, that is likely just the beginning. By drilling underground BHS is creating a hard news stream likely to continue well into Fall.  The Idaho targets are a largely unexpected bonus.

(Disclaimer: I own shares in Bayhorse and Graeme O’Neill is a friend. I also own shares in Hercules. At the moment, BHS is not a client of Motherlodetv.net Do your own due diligence. Call Graeme.)

TORONTO, March 13, 2024 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (“Eloro” or the “Company”) (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce a non-brokered prospectus exempt offering (the “Offering”) of up to 3,300,000 units of the Company at a price of C$1.20 per Unit for gross proceeds of up to C$3,960,000, pursuant to the listed issuer financing exemption available under Part 5A of National Instrument 45-106 – Prospectus Exemptions (the “Listed Issuer Exemption”). There is an offering document relating to the Offering that can be accessed under the Company’s profile at www.sedarplus.ca and at www.elororesources.com. Prospective investors should read this offering document before making an investment decision.

Each Unit will consist of one common share of the Company (a “Common Share”) and one common share purchase warrant of the Company (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of C$2.00, with the expiry date of each Warrant being the date which is the earlier of (a) two years following the date of the first closing under the Offering, or (b) two business days after completion of a Change of Control of the Company; provided that in the event that the volume weighted average trading price of the Common Shares on the Toronto Stock Exchange is at ‎‎least C$3.00 per share for a period of five consecutive trading days (the “Triggering ‎Event”), the expiry date of the Warrants may be ‎accelerated by the Company to a date that is not less than 30 days after the date of issuance by the Company of a press release disclosing the occurrence of the ‎Triggering Event.

The Company intends to use the net proceeds from the Offering for (a) a property option payment with respect to the Iska Iska project, (b) continued exploration and development of the Iska Iska project, and (c) general corporate purposes and working capital.

The Offering is expected to close on or about March 27, 2024, or such earlier or later date as Eloro may determine. Completion of the Offering is subject to certain conditions including, but not limited to, a minimum of 2,800,000 Units for gross proceeds of C$3,360,000 (or such greater amount as Eloro may determine) being sold under the Offering, and the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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, through 98% owned Minera Tupiza SRL, 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 the Lagunas Norte Gold Mine and the 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 (forward-looking statements in this news release include, without limitation, statements regarding the closing of the Offering, the minimum Offering amount, the proposed use of proceeds from the Offering, and Toronto Stock Exchange approval). 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. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.

The metallurgical drill holes used at Iska Iska are larger diameter than the regular diamond drill exploration holes. For Eloro (ELO.T) and its CEO, Tom Larsen, this makes all the difference. “The more the better,” said Larsen in a telephone interview. “The Iska Iska minerals are mainly disseminated in stockworks and veinlets. A bulk sample is much more representative of the grades you will encounter when you mine the deposit.”

In the original MRE starter pit section, based on assays of narrow, exploration holes, the silver head grade was estimated at 24 grams per ton silver. In the press release January 24, 2024 which covered the metallurgical holes and two twinned diamond drill holes and the bulk sample taken from that material, ELO reported a head grade of 91 grams per ton silver in the bulk sample in comparison to the 31 gpt from the twinned diamond drill holes.

“We recovered 7-8 tons of material from the met holes,” said Larsen. “We bulk sampled 6 tons of that material. Bulk sampling is the proper way to get a more accurate representation of the deposit. It’s more expensive but a bulk sample is more realistic because we will be bulk mining.”

“The grades can significantly increase with bulk mining,” said Larsen. “We are looking at bulk mining 30-50 thousand tons per day in the starter pit.”

Once you understand the idea of “bulk mining” the rest of this lengthy press release makes a lot more sense. Based on the head grade results of the bulk sample, introducing a pre-concentration stage into the flow sheet can give ELO a huge economic advantage.

“XRT ore sorting is a game changer,” said Larsen. “A lot of people misunderstand ore sorting. They see it as a gimmick to upgrade low grade material. It isn’t. It’s a way to create a high-grade pre-concentrate by separating the higher grade material and stockpiling the less enriched material.”

The press release outlined the success TOMRA had using its XRT ore sorting technology for the coarser sized fractions in the pre-concentration stage and using the well understood Dense Media Separation treatment of the finer fractions so as to pull on the strengths of both technologies.

“All of this will be going into a revised Mineral Resource Estimate,” said Larsen. “We are going to take our time, use proper, conservative, representation and make sure that nothing is under-reported.”

“The met holes plus the infill drilling will enhance the grade and expand the tonnage in the starter pit,” said Larsen. “We’re starting off with the 135 million tons in the first MRE. Our infill drilling will add at least 50 million tons of polymetallic metal value. There is a real chance we’ll report 200 million plus, once everything has been modelled.”

“We are also hoping for 50 million tons of .2-.3% tin,” said Larsen. “This should be included in the updated MRE but it will be in time for the PEA.”

Until the PEA, Larsen cannot discuss the Net Present Value of the project at Iska Iska. But he did allow that the previous cost per ton estimate of just over $9.00 was still seen as correct. “Now that we know the material is amenable to ore sorting we’ll have to factor in the cost of sorting, but that looks to be $3 to $5.00 a ton.”

Larsen can’t run the numbers, yet. However, if you take a potential 200 million tons of 50 gram per ton silver average using a $0.70 per gram price, the silver alone is worth $35.00 a ton. Assuming mining costs at the Santa Barbara starter pit site are US$14 a ton and you deduct the zinc and lead credits to offset the metallurgical recoveries, input costs of processing, transportation and smelter fees(NSR), you are left with an approximate $50 net value per ton of material. Times 200 million tons in the proposed starter pit: 10 billion dollars worth of rock.

When I spoke with Larsen last week, he suggested holding this piece until last Monday. Which usually means news and this was no exception.

On January 29, 2024, Eloro released the results of an expanded induced polarization/resistivity (IP/Res) survey at Iska Iska. Dr. Bill Pearson, Eloro’s VP Exploration is quoted in the release,

“The new chargeability anomaly, extending southeastward from the open pit that defines the MRE, adds at least an additional 600m of potential strike length to the major mineralized structural corridor that is up to 800m wide for an overall strike length of at least 2km. This new target area has not been drilled. In addition, the chargeability anomaly southeast of the pit is very strong, suggesting that it is a prime target for outlining additional higher-grade polymetallic mineralization.”

At first reading, the IP results suggest a very large target outside the bounds of the current conceptual pit shell. It has not been drilled however, Eloro’s previous drilling has been into targets which exhibited much the same IP/Resistivity profiles. A fact made clear in this figure:

Adding this target to an already enormous project offers a huge opportunity while creating large challenges for what is essentially a small exploration company. Drilling to confirm the anomaly and the mineralization and grades it contains is a very big project in itself.

Eloro’s current share price rose a bit on the IP news going to $1.90 and giving the company a market cap of 145 million Canadian dollars. It has fallen back a bit to a current $1.65 for a market cap of 123 million. The disconnect between the asset value and the current market cap is enormous and will become recognized.

Cartier Silver Corporation (CSE:CFE) (“Cartier Silver” or the “Company”) is pleased to announce that it is proceeding with a non-brokered private placement (the “Private Placement”) for proceeds of up to $2 million.

Private Placement

The Private Placement will consist of up to 8,000,000 units of Cartier Silver at a price of $0.25 per unit (“Units”) for gross proceeds of up to $2 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 $0.50 per share for a term of 24 months following the closing of the Private Placement.

The net proceeds of the Private Placement will be used to finance exploration at the Chorrillos Project in the Potosi Department, Bolivia and for working capital purposes. The Private Placement is subject to all required regulatory approval. All securities issued pursuant to the Private Placement will be subject to the applicable statutory four-month hold period.

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 & Labrador.

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

For further information please contact:

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/9203d1a1-5973-4d27-a7fc-8d9a631ec1f0