The latest two drill holes Eloro Resources (TSXV: ELO; US-OTC: ELRRF) has released from its Iska Iska silver-tin project in the Potosi Department of southern Bolivia, are also the best to date.
Highlights from hole DSBU-10, an underground hole drilled across the higher-grade feeder zone at the Santa Barbara Resource definition area included 349 metres grading 44.75 grams silver per tonne and 1.05% zinc starting from surface; and 10.3 metres grading 34.45 grams silver and 1.79% zinc starting from 667.3 metres.
The hole has returned the highest grade and the longest intersection of the project so far, Eloro said.
Results from the surface drill hole DHK-24, located about 100 metres from DSBU-10, included 7.6 metres grading 764.26 grams silver and 0.34% zinc starting from 548.82 metres; and 52.9 metres grading 26.25 grams silver and 2.74% zinc, starting from 64.1 metres.
A drill site at Eloro Resources’ Iska Iska silver-polymetallic project in southern Bolivia. Credit: Eloro Resources
“These are the best drilling results to date at Iska Iska,” the company’s CEO Tom Larsen said in a press release. “The significance of DSBU-10 and DHK-24, both drilled at -60 degrees, further strengthens our geological belief that there is major tonnage potential in this feeder system that further expands the already extensive initial Santa Barbara mineral resource.”
The company has drilled about 64,573 metres in 102 drill holes at the Iska Iska site to date and is currently focused on completing drilling in the Santa Barbara resource definition area as it aims to release an initial resource for the project in the third quarter.
The major feeder zone at Santa Barbara remains open to the southeast where further drilling is now in progress, Eloro said.
In a note to clients, Cantor Fitzgerald mining analyst Mathew O’Keefe estimated the initial resource at Iska Iska will be in the range of 200 to 400 million tonnes grading between 60 and 100 grams silver equivalent per tonne. O’Keefe puts the base case at 280 million tonnes grading 70 grams silver equivalent per tonne for 630 million oz. silver equivalent.
At press time in Toronto, shares of Eloro Resources were trading at $3.70, up 26¢ or 7.5% within a 52-week trading range of $2.90 and $5.44.
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