- Tin mineralization is hosted in an extensive intrusion breccia unit (TIB) that is approximately 750m long by 450m wide and extends to a depth of at least 700m. Previous wide space reconnaissance drilling has intersected a number of significant Sn intersections in this breccia unit which is very under-drilled
- High grade tin mineralization in Hole DSB-72 reported here occurs as visible coarse-grained high temperature cassiterite which is likely to be amenable to gravity separation. Core from this hole will be used for additional metallurgical testing.
- Geophysically, the intrusion breccia has low chargeability which contrasts considerably with the adjacent later epithermal Ag-Zn-Pb mineralization which is marked by a strong chargeability anomaly.
- 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. Similar pyritic halos have been reported from other major tin deposits in the Bolivian Tin Belt.
- With this discovery of a presumed shallow level apophysis of a tin porphyry at depth, Eloro is in a unique position of having two discernable different deposit styles juxtaposed against one another; a very large silver-zinc-lead dominant system next to a high-grade tin system. While these two systems are likely genetically related, this means that the Company may potentially have two world class deposits on the same property.
Hole DSB-72 is the first hole completed into the tin domain. Table 1 below lists significant results for this hole and 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-72, collared 160m southwest of previously reported drill hole DSB-69 (see Eloro press release of January 6, 2025) returned a long high grade tin intersection grading 1.39% Sn over 33m from 339.80m to 372.80m within 0.74% Sn over 87m from 291.8m to 378.8m. The higher grade zone displays cassiterite veins within well mineralized breccia; individual 1.5m long samples encompassing veins returned values of 6.65%Sn, 4.97%Sn, 3.50% Sn and 2.75%Sn.
Notably, in the upper part of this hole, higher grade silver mineralization of 24.48 g Ag/t over 45.0m was intersected from 117.80m to 162.80m.
During the early stages of the reconnaissance exploration drilling program at Iska Iska, significant wide spaced tin intersections were reported as summarized in Table 2; the most notable being 0.43% Sn over 73.29m in hole DSB-06, 1.18% Sn over 11.52m in hole DSB-17, 0.25% Sn over 82.11m in hole DSB-25 and 1.41% over 21.25m including 3.08% Sn over 9.04m in hole DSB-33 (see Eloro press releases - April 12, 2021, September 20, 2022 and October 5, 2022). All of these intersections are now recognized to be in the intrusion breccia (TIB) unit. Locations of these drill holes pierce points are shown in Figure 2, a longitudinal section showing distribution of chargeability. The intrusion breccia has low chargeability which contrasts considerably with the adjacent later epithermal Ag-Zn-Pb mineralization which is marked by a strong chargeability anomaly.
Tin mineralization is hosted in an extensive intrusion breccia unit (TIB) that is approximately 750m long by 450m wide and extends to a depth of least 700m. Previous wide space reconnaissance drilling has intersected a number of significant Sn intersections (see Table 3 below) in this breccia unit which is very under-drilled. High grade tin mineralization in Hole DSB-72 occurs as visible coarse-grained high temperature cassiterite which is likely to be amenable to gravity separation. Core from this hole will be used for additional metallurgical testing.
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 likely pyrite-pyrrhotite halo around this porphyry. Similar pyritic halos have been reported from other major tin deposits in the Bolivian Tin Belt.
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: "Our understanding of the immense mineralizing system at Iska Iska continues to advance leading to the very targeted definition drill program which is producing very good results and continuing to expand resource potential. Areas with significant tin mineralization 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.”
Dr. Arce continued: "Bolivia, since the early 1900s, has been a global tin producer, presently ranked as the world's fourth largest tin producer, together with other metals including silver, zinc, antimony, and lithium. Tin has been produced for over 100 years. The tin deposits are mainly located in the Bolivian Tin Belt that extends over 1,000 km in length making it one of the largest tin metallogenic belts worldwide. In 2019, this belt accounted for approximately 6% of global tin production, 5% of silver and 1.5% of tungsten (USGS 2020).”
He further commented: "Some of the most outstanding deposits are named as "Bolivian-type” polymetallic veins and classified as "giant ”, such as Cerro Rico de Potosí (Ag, Sn), Llallagua (Sn), Chorolque (Sn), and the Peruvian San Rafael (Cu-Sn) mine. These deposits are large, mineralized masses as combinations of veins, veinlets, stockworks, and disseminations. Llallagua is the largest vein-type tin deposit in Bolivia and one of the largest in the world, where total production has been estimated at more than one million tonnes of tin. Chorolque, located 30km north of Iska Iska contains extensive tin mineralization grading 0.3-0.5% Sn, hosted mostly in intrusion and intrusive breccias in rhyodacite intrusion. The San Rafael underground tin mine in Peru, located in the northern extension of the Bolivian tin belt, where approximately 12% of the world's tin is produced, is one of the world's richest hydrothermal tin Iodes. In these deposits, large-scale, structurally complex, cassiterite-bearing hydrothermal veins ("tin Iodes)” are commonly characterized by high grade tin (1-5 % Sn), and most of these deposits have been reported to contain in excess of 1,000 tonnes Sn, with some hosting greater than 50,000 tonnes Sn.”
Dr. Bill Pearson, P.Geo., Executive Vice President, Exploration noted: "The specific mineralized domains at Iska Iska, i.e. an earlier Sn-Ag porphyry system followed by a later Ag-Zn-Pb high sulphidation epithermal event, are readily evident in the chargeability section shown in Figure 2 below. The recognition of the extensive intrusion breccia unit (TIB) which was only marginally drilled previously is a major step forward in focussing further exploration drilling, especially for tin. Our goal continues to be to upgrade and expand the mineral resource at Iska Iska to form the basis for the planned PEA. The more we drill, however, the more we expand this remarkable mineralized system which has yet to be completely defined in any dimension.”
Table 1: Definition Diamond Drill Results as of January 23, 2025, Santa Barbara, Iska, Iska
| SANTA BARBARA DEFINITION DIAMOND DRILL RESULTS | ||||||||
| Hole No. | From (m) | To (m) | Length (m) | Ag | Zn | Pb | Sn | Ag eq |
| g/t | % | % | % | g/t | ||||
| DSB-72 | 38.30 | 65.30 | 27.00 | 6.84 | 0.00 | 0.01 | 0.34 | 73.01 |
| 84.80 | 96.80 | 12.00 | 8.20 | 0.00 | 0.06 | 0.17 | 42.52 | |
| 117.80 | 162.80 | 45.00 | 24.48 | 0.02 | 0.04 | 0.12 | 46.12 | |
| 192.80 | 194.30 | 1.50 | 33.30 | 0.00 | 0.38 | 1.97 | 422.20 | |
| 209.30 | 213.80 | 4.50 | 4.60 | 0.00 | 0.02 | 0.24 | 51.04 | |
| 245.30 | 249.80 | 4.50 | 16.70 | 0.00 | 0.32 | 0.20 | 61.56 | |
| 291.80 | 378.80 | 87.00 | 2.62 | 0.00 | 0.03 | 0.74 | 147.41 | |
| Incl. | 339.80 | 372.80 | 33.00 | 3.49 | 0.00 | 0.08 | 1.39 | 275.12 |
| 425.30 | 428.30 | 3.00 | 0.30 | 0.01 | 0.00 | 0.32 | 62.09 | |
| 434.30 | 435.80 | 1.50 | 1.40 | 0.01 | 0.01 | 0.59 | 116.64 | |
| 606.80 | 622.55 | 15.75 | 3.70 | 0.02 | 0.07 | 0.17 | 39.19 | |
Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara, Iska Iska. The yellow circle highlights the location of the hole in this release.
Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Reported, Completed and in Progress at Iska Iska as of January 23, 2025
| SUMMARY DIAMOND DRILLING ISKA ISKA | |||||||
| Hole No. | Type | Collar Easting | Collar Northing | Elev | Azimuth | Angle | Hole Length (m) |
| Santa Barbara Surface Definition Drill Holes Reported and In Progress | |||||||
| DSB-68 | S | 205390.0 | 7656251.0 | 4220.0 | 225° | -50° | 402.9 |
| DSB-69 | S | 205262.0 | 7656133.0 | 4291.8 | 225° | -85° | 502.0 |
| DSB-70 | S | 205460.0 | 7656319.0 | 4191.0 | 225° | -50° | 467.3 |
| DSB-71 | S | 205203.0 | 7656016.0 | 4282.0 | 225° | -85° | 533.7 |
| DSB-72 | S | 205088.0 | 7656107.0 | 4341.0 | 225° | -85° | 653.4 |
| DSB-73 | S | 205291.0 | 7656269.0 | 4273.0 | 225° | -85° | 479.6 |
| DSB-74 | S | 205205.0 | 7656072.0 | 4305.6 | 225° | -75° | 470.5 |
| DSB-75 | S | 205310.0 | 7656329.0 | 4257.0 | 225° | -85° | 605.4 |
| DSB-76 | S | 205022.0 | 7656003.0 | 4342.0 | 225° | -85° | 521.60 |
| Subtotal | 4,636.4 | ||||||
| Southeast Extension Exploration Drilling | |||||||
| DSE-01 | S | 206198.0 | 7655779.0 | 4000.0 | 225° | -65° | 509.4 |
| Subtotal | 509.4 | ||||||
| TOTAL | 5,145.8 | ||||||
| S = Surface; collar coordinates in metres; azimuth and dip in degrees. Total drilling since start of the definition drilling program on October 4, 2024 is 5,073.4m in 10 holes with 1 hole in progress. Since the start of the drilling at Iska Iska on September 20, 2020, a total of 108,344.3m in 162 drill holes (32 underground holes and 130 surface holes) have been completed. | |||||||
| SANTA BARBARA TIB DDH RESULTS | ||||||||
| SURFACE DIAMOND DRILLING | ||||||||
| Hole No. | From (m) | To (m) | Length (m) | Ag | Zn | Pb | Sn | Ag eq |
| g/t | % | % | % | g/t | ||||
| DSB-06 | 402.48 | 475.77 | 73.29 | 5.99 | 0.02 | 0.00 | 0.43 | 89.03 |
| DSB-12 | 487.76 | 505.80 | 18.04 | 10.19 | 0.22 | 0.03 | 0.13 | 43.12 |
| 594.44 | 618.51 | 24.07 | 10.18 | 0.05 | 0.01 | 0.10 | 30.66 | |
| 717.52 | 738.57 | 21.05 | 7.80 | 0.39 | 0.03 | 0.14 | 47.24 | |
| DSB-17 | 330.66 | 342.48 | 11.82 | 5.19 | 0.01 | 0.03 | 1.18 | 235.30 |
| 624.82 | 642.96 | ()[\]\\.,;:\s@\"]+)*)|(\".+\"))@((\[[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\])|(([a-zA-Z\-0-9]+\.)+[a-zA-Z]{2,}))$/;return b.test(a)}$(document).ready(function(){if(performance.navigation.type==2){location.reload(true)}$("iframe[data-lazy-src]").each(function(b){$(this).attr("src",$(this).attr("data-lazy-src"))});if($(".owl-article-body-images").length){$(".owl-article-body-images").owlCarousel({items:1,loop:true,center:false,dots:false,autoPlay:true,mouseDrag:false,touchDrag:false,pullDrag:false,nav:true})}var a=$("#display_full_text").val();if(a==0){$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:$("#cms_article_id").val()},dataType:"json",success:function(b){},error:function(b,d,c){}})}$(".read-full-article").on("click",function(d){d.preventDefault();var b=$(this).attr("data-cmsArticleId");var c=$(this).attr("data-productId");var f=$(this).attr("data-href");dataLayer.push({event:"paywall_click",paywall_name:"the_manila_times_premium",paywall_id:"paywall_article_"+b});$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:b,productId:c},dataType:"json",success:function(e){window.location.href=$("#BASE_URL").val()+f},error:function(e,h,g){}})});$(".article-embedded-newsletter-form .close-btn").on("click",function(){$(".article-embedded-newsletter-form").fadeOut(1000)})});$(document).on("click",".article-embedded-newsletter-form .newsletter-button",function(){var b=$(".article-embedded-newsletter-form .newsletter_email").val();var d=$("#ga_user_id").val();var c=$("#ga_user_yob").val();var a=$("#ga_user_gender").val();var e=$("#ga_user_country").val();if(validateEmail(b)){$.ajax({url:"/ajax/sendynewsletter",type:"POST",data:{email:b},success:function(f){$(".article-embedded-newsletter-form .nf-message").html(f);$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000);dataLayer.push({event:"newsletter_sub",user_id:d,product_name:"newsletter",gender:a,yob:c,country:e})},error:function(f,h,g){}})}else{$(".article-embedded-newsletter-form .nf-message").html("Please enter a valid email address.");$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000)}});$(document).on("click",".article-embedded-newsletter-form .nf-message",function(){$(this).removeClass("show");$(this).html("")});
| ||||||