Eloro completes 32,606 m of drilling at Iska Iska
Mr. Tom Larsen reports
MAGNETIC INVERSION MODEL CONFIRMS EXTENSIVE MINERALIZED SYSTEM AT ISKA ISKA EXTENDING OVER 2.4 KILOMETRE STRIKE LENGTH
Eloro Resources Ltd. has provided an update on exploration activities at its Iska Iska silver-tin polymetallic project in the Potosi department, southern Bolivia. To date, the Company has completed 32,606 metres (m) of drilling in 63 holes, including three (3) in progress, to test major targets at Iska Iska. Currently three drills are operating on the property: two surface drills and one underground drill.
Mineral Resource Definition Drilling at Santa Barbara Breccia Pipe
Eloro is continuing mineral resource definition drilling on the Santa Barbara Target Area which includes the Santa Barbara Breccia Pipe ("SBBP"), the surrounding mineralized envelope and the potential northwest extension indicated by the magnetic anomaly (Figure 1). Additional drilling since the Company's September 28, 2021, press release has further expanded the target area for definition of a maiden National Instrument 43-101 ("NI 43-101") compliant mineral resource to more than 1,400m along strike, with significant mineralization being intersected in step out holes DSB-15 and DSB-16 which are collared 200m further northwest than the first step out holes DSB-12 and DSB-13. This target zone is approximately 500m wide and extends to a depth of 600m. Further fill-in drilling on SW-NE sections is being undertaken at approximately 100m intervals.
Three underground drill holes have been completed from the drill bay at the west end of the Santa Barbara adit. DSBU-01, drilled due east at -20 degrees, intersected extensive mineralization in the mineralized envelope of the SBBP. Holes DSBU-02 and DSBU-03 drilled due west at -20 degrees and -50 degrees, respectively, intersected significant mineralization along the southern margin of the SBBP. A fourth underground hole DSBU-04 is currently in progress, drilled due south at -20 degrees to fill in coverage in the mineralized envelope to the south of the SBBP. Assays on the underground and surface holes cited are all pending. Table 1 gives a complete listing of holes with assays pending.
Magnetic Inversion Model, Iska Iska Caldera Complex
On June 7, 2021, Eloro released results of its ground magnetic survey at Iska which confirmed the extent of the Iska Iska Caldera, as determined from geological mapping and satellite interpretation, including Aster data. The Santa Barbara and Central Breccia Pipes, both of which have been confirmed by drill-testing, are marked by prominent areas of low magnetic variability reflecting strong hydrothermal alteration. The Porco Breccia Pipe target, which is approximately 600m in diameter, has a similar signature to the Santa Barbara and Central Breccia Pipes. Drilling subsequently confirmed geologically that Porco is also a major breccia pipe, but assays are pending. Furthermore, it appears that the Central and Porco Breccia Pipes merge at depth. This survey also identified a prominent area of low magnetic variability northwest of the Santa Barbara Breccia Pipe where drilling has now confirmed a major extension of the mineralized envelope northwest of the SBBP.
Figure 2 shows a NNW-SSE section through a 3D Inverse Magnetic Susceptibility Model calculated from the ground magnetic data. Measurements of the magnetic susceptibility of representative core samples were used as initial constraints for the model parameters. Geometric constraints were also applied to the model using geological observations. These included magnetic depletion in an oxidized zone near the surface and a depth interval consistent with drill results. Higher grade samples at Iska Iska generally have higher sulphide content and are distinctly magnetic. Magnetic susceptibility thus provides a good tool for outlining potential zones of mineralization.
The model demonstrates that the altered and mineralized zone at Iska Iska has the form of a giant "tongue" extending for a strike length of at least 2.4km, with a thickness near surface of approximately 400m, expanding to a depth over 1.2km in the southeast. The upper, oxidized part of the mineralized system has a very low magnetic susceptibility as does the underlying basement Ordovician quartz sandstone. SBBP is the shallowest mineralized structure followed by Central Breccia. The core of Porco appears to be deeper. Father south the model indicates strong magnetic susceptibility that may reflect a porphyry at depth.
Tom Larsen, CEO of Eloro commented: "We are working with ALS and AHK Laboratories to reduce the backlog of assay samples. Both ALS and AHK have prep labs in Oruro in Bolivia. AHK recently installed a crusher facility in Tupiza which will increase efficiency of sample preparation. With both laboratories now actively engaged, turnaround times for assay results should improve."
Dr. Bill Pearson, P.Geo., Eloro's Executive Vice President Exploration, commented: "The magnetic model further confirms the immense extent of the mineralized system at Iska Iska which will require much more drilling to fully evaluate. Currently we are completing down hole Induced Polarization/Resistivity surveys in the SBBP area to outline the geometry of the mineralized zones. Volumes with higher sulphide content will appear as anomalous chargeability and lower resistivity. We anticipate being able to model these higher sulphide zones to help develop a robust geological model for mineral resource estimation. We are currently focussing on filling gaps in our drill coverage for defining a maiden NI 43-101 compliant mineral resource in the Santa Barbara target area. This drilling is expected to be completed by the end of November."