Eloro Resources: Discovers Second Major Mineralized Breccia Pipe Approximately 400m in Diameter at its Iska Iska Property

• Drill Hole DHK-14 drilled at -10 degrees to the southwest of Huayra Kasa workings from Drill Bay #3 intersected almost 180m of silicified and mineralized breccia in the Santa Barbara Breccia Pipe. Hole ended in well-mineralized breccia once the drill reached its depth capacity and only penetrated approximately 50% of the breccia pipe.
• Channel sampling in 2019 at the north-western end of the Santa Barbara adit returned 0.32 g Au/t, 26.90 g Ag/t, 1.16% Pb, 28.5 g In/t and > 500ppm Sn along the margin of this pipe.
• A third potential breccia pipe immediately to the south, the Central Breccia Pipe, identified by surface geological mapping and Aster satellite data, is elongate in shape with potential dimensions of approximately 400m by 700m;
• Five (5) additional potential breccia pipe targets outlined further to the south and east; all confirmed and potential breccia pipes occur along ring structures in the margins of the Iska Iska caldera complex.

TORONTO, Nov. 24, 2020 (GLOBE NEWSWIRE) – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that diamond drilling has confirmed the presence of a second major breccia pipe southwest of the Huayra Kasa underground workings as shown in Figure 1. Drill Hole DHK-14 drilled at -10 degrees to the southwest of the underground workings from Drill Bay #3 intersected almost 180m of silicified and mineralized breccia from 151m to 330m in the Santa Barbara Breccia Pipe. This hole stopped in well-mineralized breccia at the maximum limit of the drilling range and only penetrated approximately 50% of the breccia pipe. Assays are pending. A field XRF analyser indicates the presence of lead (Pb) and zinc (Zn) predominantly before and in the periphery of the breccia transitioning to copper (Cu), bismuth (Bi) and tin (Sn) in the central part. However, the numbers measured are not quantitatively accurate hence cannot be reported. Note that silver (Ag) and gold (Au) cannot be detected by this instrument.

Based on surface geological mapping and interpretation of Aster satellite data (see inset map, Figure 1) along with digital terrain data, the new Santa Barbara Breccia Pipe has an approximate diameter of 400m which is substantially larger than the previously announced breccia pipe discovered adjacent the underground workings approximately 500m to the east. (see press release November 18, 2020). Furthermore, within the breccia, silicification is the predominant alteration suggesting that this pipe is closer to the source of the magmatic-hydrothermal mineralization. Sulphide mineralization occurs throughout the breccia as veins, stockworks, disseminations with locally massive zones. Fragments are principally dacitic in composition with local sandstone and pumice.

As an indication of the style of mineralization in this new breccia pipe, channel sampling in 2019 by Dr. Osvaldo Arce, P.Geo. at the end of the Santa Barbara adit returned 0.32 g Au/t, 26.90 g Ag/t, 1.16% Pb, 0.01% Zn, 28.5 g In/t and > 500ppm Sn over 2.6m in breccia along the southeast margin of this pipe. A third potential breccia pipe immediately to the south, the Central Breccia Pipe, identified by surface geological mapping and Aster satellite data, is elongate in shape with potential dimensions of approximately 400m by 700m (Figure 1). In addition to the potential Central Breccia Pipe, five (5) additional potential breccia pipe targets have been outlined further south and to the east; all confirmed and potential breccia pipes occur along ring structures in the margins of the Iska Iska caldera complex (Inset map, Figure 1). Eloro plans to systematically test each of these newly identified breccia pipe targets for mineralization with diamond drilling.

Tom Larsen, Chairman and CEO of Eloro, commented: “The discovery of a new breccia pipe and outlining of a number of potential targets for breccia pipes is highlighting the potential for Iska Iska to host a significant bulk mineable polymetallic deposit. We are currently preparing access roads to enable additional surface drilling to further evaluate the new pipe as well as drill-test other potential breccia pipe targets.

CLICK HERE to read the full news release.