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Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF)

 

Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF) is a publicly traded exploration and mine development company focused on the Iska Iska Property in Bolivia. The company has an option to earn a 99% interest in the highly prospective property.

A recent NI 43-101 Technical Report on Iska Iska, completed by Micon International Limited, is available on Eloro's website and under its filings on SEDAR.

The company also has legacy holdings in Peru and Northern Quebec. It is led by a strong management and technical team working diligently to uncover the value of its portfolio.

Eloro is based in Toronto, Canada.

Iska Iska Project

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property that's wholly controlled by title holder Empresa Minera Villegas S.R.L. It is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera roughly 1.6 km by 1.8 km in dimension with a vertical extent of at least 1 km. Its mineralization age is similar to Cerro Rico de Potosi and other major deposits, such as San Vicente, Chorolque, Tasna and Tatasi, located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150 m southwest of the Huayra Kasa underground workings.

Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope, which, along with geophysical data, has defined an extensive target zone. In its September 20, 2022, press release, the company reported that new downhole geophysical data has significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250 m along strike to the south-southeast from existing drilling.

The 3D inverse magnetic model, which correlates very strongly with the conductive zone, suggests that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. As a result, the estimated completion date for the maiden NI 43-101 mineral resource has been pushed back to the end of Q1 2023.

On November 22, 2022, Eloro announced the acquisition of the Mina Casiterita and Mina Hoyada properties covering 14.75 km2 southwest and west of Iska Iska. Following the acquisition, the total land package in the Iska Iska area to be controlled by Eloro will total 483.75 km2.

Recently completed magnetic surveys by Eloro have outlined an extensive, near surface, magnetic intrusive body on the Mina Casiterita property, immediately southwest of Iska Iska. This intrusive hosts the previously mined high-grade tin veins and is very likely the continuation of the porphyry tin intrusion projected to be below the epithermal Ag-Sn-Zn-Pb mineralization at Iska Iska.

Drilling is planned on Mina Casiterita in Q1 2023, with geological mapping, sampling and geophysical surveys now in progress on the full land package across the Iska Iska region.

Market Outlook

According to industry association The Silver Institute, the outlook for silver demand is exceptionally promising, with global demand forecast to rise to a record high of 1.112 billion ounces in 2022. The increase will be driven by record silver industrial fabrication, which is forecast to improve by 5%, as silver's use expands primarily in solar energy and electric vehicle (EV) manufacturing. The institute states that government commitments to carbon neutrality have resulted in a rapid expansion of green energy projects, driving record photovoltaic panel installations which are expected to lift silver demand in this segment to an all-time high in 2022.

Rising demand in the electronics industry is also boosting the demand for tin, which is primarily used in solder. The electronics and electrical industries use solders containing 40-70% tin, which provide strong and reliable joints under a variety of environmental conditions. At present, the majority of the assemblers are using patented tin-and-copper-based solders. Mordor Intelligence estimated tin demand at 387 kilotons in 2021 and forecasts demand growth of 2.5% annually through 2027. Over the medium term, surging demand from the EV market and increasing applications in the electrical and electronics industry is expected to drive the market.

Management Team

Thomas G. Larsen is CEO of Eloro. He has more than 40 years of experience in the investment industry, specializing in corporate finance and management of junior resource companies, raising in excess of C$200 million. He previously held the position of President and Chief Executive Officer of Champion Iron Limited.

Dr. Bill Pearson is Executive VP of Exploration for Eloro. He has more than 40 years of direct experience in the exploration and production of minerals worldwide. He played an integral role in the acquisitions of Desert Sun Mining Corp. by Yamana Gold in 2006 and Central Sun Mining by B2 Gold in 2009. He was formerly VP Exploration at Desert Sun Mining and Senior VP at Central Sun Mining.

Miles Nagamatsu, CPA, is CFO at Eloro. He has over 30 years of experience in accounting, management, lending, restructurings and turnarounds. Since 1993, he has acted as a CFO of public and private companies primarily in the mineral exploration and investment management sectors. He holds a Bachelor of Commerce degree from McMaster University.

Osvaldo Arce Burgoa is General Manager at Eloro. He is a geological and mineral processing engineer with 26 years of experience in Bolivia. He is a former President of the Bolivian Geological Society, Main Technical Advisor of the National Mining Corporation (COMIBOL) and has served as exploration manager and chief geologist at various mining and exploration companies. He has authored two books on Bolivian geology and holds a doctorate in mining engineering from Tohoku University in Sendai, Japan.

Investment Considerations

  • As of December 13, 2022, the company had a market capitalization of C$245 million.
  • The company's stock is covered by analysts from Cantor Fitzgerald and Haywood Securities.
  • Eloro has raised more than C$50 million in multiple financing deals.
  • Eloro's strong management and technical team is working diligently to uncover the immense value of the Iska Iska project, which is located in a mining-friendly jurisdiction.

 

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