Eloro stock surges on high-grade drill results from Bolivia

Eloro Resources (TSXV: ELO) reported additional results from its diamond drilling program at the Iska Iska silver-polymetallic project in southern Bolivia.

The new drill results are from 10 additional holes on top of the five underground holes previously received by the company. These included the first three underground holes drilled at the Santa Barbara Breccia Pipe (SBBP) discovery, the deepest of which intersected 129.60 grams silver-equivalent per tonne over 257.5 metres.

Commenting on this high-grade result, senior technical advisor Quinton Hennigh said the drill hole "gives us our first picture of the true potential of the Iska Iska system."

Hennigh noted that "a whole suit of metals" including silver, zinc, lead, copper, tin, indium, bismuth and cadmium "are present, exactly the sort of assemblage one would like to see in a prolific 'Potosi-type' deposit."

While assay results are still pending, the three surface holes testing deeper parts of the SBBP discovery intersected significant mineralized breccia.

Employees practice social distancing at Eloro Resources' Iska Iska silver-polymetallic project in southern Bolivia. Credit: Eloro Resources.

"Regionally, in terms of metal contents, Iska Iska is comparable with neighboring world-class polymetallic systems including Cerro Rico de Potosi, San Vicente, Chorolque and Tatasi, all of which have similar geological environments, with the notable exception of the large and remarkable mineralized breccia pipes at Iska Iska," said Dr. Osvaldo Arce, general manager of Eloro's Bolivian subsidiary.

Following release of the drill results, shares of Eloro Resources surpassed their all-time high of $3.15 and closed at $3.25 per share, up $0.62 on the day. The company has a market capitalization of $169 million.