- Top mining stock Eloro Resources (TSX:ELO) released the inaugural mineral resource estimate (MRE) for its Iska Iska silver-tin polymetallic project in Bolivia
- The NI 43-101 report delineates an inferred MRE of 670 million tonnes (97 per cent open pittable) containing 1.15 billion in-situ ounces silver equivalent
- Eloro Resources is an exploration and mine development company with gold and base-metal properties in Bolivia, Peru and Quebec
- Eloro Resources stock (TSX:ELO) is up by 670 per cent over the past year, well ahead of the iShares S&P/TSX Capped Materials Index ETF’s return of 52.29 per cent over the same period
Top mining stock Eloro Resources (TSX:ELO) released the inaugural mineral resource estimate (MRE) for its Iska Iska silver-tin polymetallic project in Bolivia.
The NI 43-101 report, prepared by Micon International Limited, delineates an inferred mineral resource estimate of 670 million tonnes (97 per cent open pittable) containing 1.15 billion in-situ ounces silver equivalent composed of almost 300 million ounces of in-situ silver, 4.1 million tonnes of zinc, 1.7 million tonnes of lead and 130,000 tonnes of tin.
The in-situ value based on net smelter return values is US$6.8 billion, with US$3.3 billion of that total in the shallower high-grade zone in the potential open pit. This bodes well for potential early payback on the project.
These calculations are based on 139 diamond drill holes over 96,386 metres. All drill holes encountered significant mineralization and the deposit is open in all directions.
Definition drilling, further metallurgical testing, preparation of a preliminary economic assessment and further exploration drilling of the tin domain will begin shortly.
The Eloro geological team believes the Iska Iska resource can be further expanded and that grades in areas with only wide-spaced drilling, particularly the tin domain, have a high probability of increasing with definition drilling.
Source: Eloro Resources.
“We are delighted with this initial MRE, which shows what a massive discovery Iska Iska is. The recent metallurgical work, particularly the positive ‘ore sorting’ results, has significantly enhanced the potential economics by substantially lowering the NSR cutoff, especially for the potential open pit where the bulk of the resource is located. The fact that this potential pit is 1.4 kilometres in diameter and extends to a depth of 750 metres below the Santa Barbara hill attests to the remarkable size of the Iska Iska mineralized system,” Tom Larsen, CEO of Eloro, said in a statement.
“The overall stripping ratio of 1:1 is very attractive. In the first years of the potential production from the near-surface higher grade resource, the stripping ratio will be less than 1. Although the resource is classified as inferred, we are confident that further drilling will upgrade much of this to the indicated category. In addition, the metallurgical testing program was very extensive for this stage of the project but was felt to be necessary to confirm the economic potential. Additional planned metallurgical testing has the potential to further improve recoveries,” Larsen added.
Click here for full MRE details.
Eloro Resources is an exploration and mine development company with gold and base-metal properties in Bolivia, Peru and Quebec.
Eloro Resources stock (TSX:ELO) last traded at $3.08 per share. Shares are up by 670 per cent over the past year, well ahead of the iShares S&P/TSX Capped Materials Index ETF’s return of 52.29 per cent over the same period.
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