We have had a pretty good idea that Eloro Resources (TSX-V:ELO, OTC: ELRRF) was on to something big at Iska Iska since their last NR with drill results on November 24th. This morning, we received confirmation that Iska Iska has all the makings of a world class polymetallic discovery.
Hole DHK-15, the deepest of the 3 holes reported from the Santa Barbara Breccia Pipe, intersected 129.60 g/t silver-equivalent over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In, 0.0064%Bi and 0.0083%Cd1) from 0.0 meters to 257.5 meters.
This is what we were looking for, 100+ g/t silver-equivalent grades over 100+ meters. It is clear that Eloro has a very large polymetallic system at Iska Iska and the company is defining the upper quadrants of it now, then they will drill some much deeper holes to determine if the two breccia pipe zones connect at depth. Based upon what we know so far the Santa Barbara Breccia Pipe (SBBP) alone is 400 meters in diameter, and there is a mineralized halo of an additional 100 meters all around it.
Dr. Bill Pearson summarized the results and what Eloro is finding at Iska Iska:
“The scale of the new breccia pipes discovered and the wide range of metals at Iska Iska is phenomenal. Drilling has confirmed a 400m wide diameter of the Santa Barbara Breccia Pipe with a further 100m mineralized envelope around the pipe for a total effective mineralized diameter of 600m as shown in Figure 2. The adjacent Central Breccia Pipe to the south is even bigger with a surface dimension of 400m by 700m; hole DHK-02 intersected mineralized breccia in the CBP to a depth of 475m below surface where it is completely open. It appears likely that the Santa Barbara and Central Breccia Pipes may merge at depth. The widespread tin mineralization suggests that we are getting closer to the magnetic source. Deeper holes are planned in both the SBBP and CBP to further confirm the full extent of the pipes and to test for mineralization at depth.” ~ Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro
In a brief chat this morning, Eloro Resources CEO Tom Larsen added this nugget "It's mind boggling how big these breccia pipes are, and it would be very interesting if the two breccia pipes connect at depth."
Surface holes DSB-02 and DSB-03 both intersected massive sulphides and assays are pending for these holes. In particular, hole DSB-03 intersected 430 meters of mineralized breccia in SSBP including 50 meters of massive sulphide from 302m to 352m. This hole intersected a further 85 meters of dacite to 515m in the mineralized envelope around SBBP.
This is very exciting because it indicates that not only are there broad zones of massive sulphides, but there is also a mineralized envelope around the SBBP. Assays are pending for these holes (DSB-01 through 03) and we should expect the results within 2-3 weeks.
Larsen had just finished a video presentation with Haywood when I managed to get him on the phone. Eloro is also presenting at the London Mines & Money Conference this week, with 20 meetings scheduled. Iska Iska has the makings of a world class discovery and it warrants a lot more drilling, which makes it likely that Eloro will add another drill in the next couple of weeks.
ELO.V (Daily)
ELO is one of the best stories in the junior mining sector today and its share price trajectory has been relatively unfazed by the recent sector weakness. The polymetallic nature of Iska Iska, which includes copper and tin, is one of the unique and valuable features of this deposit.
Disclosure: Author owns ELO.V shares at the time of publishing and may choose to buy or sell at any time without notice. The author of this article has been compensated for marketing services by Eloro Resources Ltd.
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