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Eloro Resources Ltd (3)
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Eloro hires Micon for NI 43-101 report on Iska Iska

2020-01-27 07:10 ET - News Release

Mr. Tom Larsen reports


Eloro Resources Ltd. has retained Micon International Ltd. to complete a National Instrument 43-101 technical report on the Iska Iska polymetallic epithermal project in the Potosi department, southern Bolivia, which is under option by Minera Tupiza SRL, Eloro's wholly owned Bolivian subsidiary. Eloro recently announced the signing of the definitive option agreement on the property (see Eloro's press release dated Jan. 8, 2020).

"We are very pleased to have the well-known firm Micon proceed with the preparation of the NI 43-101 technical report on Iska Iska," stated Tom Larsen, Eloro's president and chief executive officer. "Charley Murahwi, PGeo, PrSciNat, FAusIMM, senior economic geologist of Micon, will be travelling to the property this week to carry out a site visit. Mr. Murahwi has over 35 years of experience in the mining industry, covering mineral exploration, mine development and mining operations. With Micon in Toronto, he is involved in mineral resource estimation and auditing, and in the assessment/evaluation of mineral properties. Since joining Micon in 2008, Charley has undertaken assignments for clients in Canada, USA, Spain, Portugal, Panama, Mexico, West Africa and Australia. Dr. Osvaldo Arce, PGeo, Eloro's chief geologist and manager in Bolivia, will co-ordinate the site visit."

About Iska Iska

The Iska Iska polymetallic project is a road-accessible, royalty-free property, wholly controlled by the title holder, Empresa Minera Villegas, and is located 48 kilometres north of Tupiza, Sud Chichas province, department of Potosi. The property can be classified as a polymetallic (silver, zinc, lead, gold, copper, bismuth, tin and indium) epithermal-porphyry complex. This is an important mineral deposit type in Bolivia.

Geological mapping on the property by Eloro has revealed the spatial and temporal zonation of alteration and vein minerals in an area of about five square kilometres. The polymetallic mineralization occurs mainly as veins, subsidiary vein swarms, veinlets, stockworks and disseminations, forming a subvertical vein system in both the stock and the volcanic and sedimentary rocks. Preliminary evaluation work, including 42 channel samples in underground and on-surface workings, at Iska Iska returned significant results, as summarized herein. All of the channel samples included altered wallrock, with widths ranging between 1.2 metres to 5.55 metres, averaging 2.9 metres (see press release dated Oct. 8, 2019, for further details).

  • Anomalous silver values range between 35.5 grams per tonne and 694 grams per tonne Ag (46 per cent of channel samples).
  • Anomalous gold values range between 0.31 gram per tonne and 28.6 grams per tonne Au (42 per cent of channel samples).
  • Anomalous zinc values range between 1.05 per cent and 16.95 per cent Zn (37 per cent of channel samples).
  • Anomalous lead values range between 0.41 per cent and 16.95 per cent Pb (49 per cent of channel samples).
  • Anomalous copper values range between 0.1 per cent and greater than 1 per cent (22 per cent of channel samples).
  • Anomalous bismuth values range between 967 grams per tonne and 7,380 grams per tonne bismuth (22 per cent of channel samples).
  • Anomalous indium values range between 10.35 grams per tonne and greater than 500 grams per tonne indium (34 per cent of channel samples).

Qualified person

Dr. Osvaldo Arce, PGeo, an expert on Bolivian geology and a qualified person in the context of National Instrument 43-101, has reviewed and approved the technical content of this news release.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base metal properties in Peru and Quebec. Eloro owns an 82-per-cent interest in the La Victoria gold/silver project (EHR Resources Ltd. -- owns the remaining 18-per-cent interest), located in the north-central mineral belt of Peru about 50 km south of Barrick's Lagunas Norte gold mine and Pan American Silver Corp.'s La Arena gold mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

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