- Bolivia’s Potosi region has long been one of the world’s most prolific silver deposits, with continuous mining operations taking place over the past 500 years
- Eloro Resources possesses a 99% option agreement on the Iska Iska deposit, a major polymetallic epithermal porphyry complex covering over 900 hectares of land
- Eloro Resources was recently highlighted by renowned mining analyst, Brent Cook during his appearance on the Wall Street Silver podcast
- Eloro’s Iska Iska project was characterized as a polymetallic mining project possessing great potential due to its size as well as the mining team’s technical nous
The discovery of Bolivia’s Potosi silver mine in 1545 was a matter of chance. Don Diego Gualpa, an Andean man recounted the tale to the Spanish viceroy taking charge of the region whilst on his deathbed; Gualpa detailed how, whilst hiking on the mountain in search of a religious monument rumoured to be in the area, he was bowled over by a powerful gust of wind. Upon rising, he noticed that the dirt on his hands was rich in ore. The discovery of the Potosi mine was not the first silver mine found in the Americas, however it was by far the most prolific. During its most active period, Potosi produced almost half of the silver in circulation globally and ultimately accounted for nearly 20 percent of all ‘the known silver produced in the world across 265 years’ (https://ibn.fm/TCAUK
). Today’s the Cerro Rico de Potosi remains a world-class silver and tin reserve despite being mined nearly continuously since the sixteenth century and producing a reported 2.5 billion ounces of silver since work first began.
Seeking to channel some of the success enjoyed by its illustrious neighbour, Eloro Resources Ltd. (TSX.V: ELO) (OTCQX: ELRRF) (FSE: P2QM)
, an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec has emerged as one of the most promising mining companies in the Americas, boasting access to one of the largest, undeveloped mining tracts within Bolivia’s Potosi region. Having signed a definitive option agreement on Iska Iska to acquire a 99% interest in the project, Eloro plans to undertake an exploration and development projected designed to verify the feasibility of extracting minerals from the territory.
Eloro Resources’ potential has been increasingly commented on by the market and most recently by renowned mining analyst, Brent Cook. A seasoned geologist and independent exploration analyst with over 30 years of experience working across 60 countries and identifying economically viable mining deposits, Cook’s Exploration Insights newsletter has emerged as an industry standard within the mining community.
During a recent appearance on the Wall Street Silver podcast, Cook mentioned Eloro Resources as one of his top investment picks. As Cook described, the potential and likely size of Eloro’s Iska Iska polymetallic silver-tin mining project coupled with the company’s strong technical nous – lead geologist Quinton Hennigh boasts over 25 years of exploration experience across a wide array of mining companies – made it an appealing prospect for mining majors such as Pan American Silver Corp (NASDAQ: PAAS)
, a multi-billion dollar mining giant with operations in the project’s near vicinity (https://ibn.fm/squH9
Eloro Resources revealed that exploration drilling at its Iska Iska project showed widespread mineralization. The company said best results from assays on holes on its lands included DSB -30: 441.21 meters of 150.47 grade gramAgEquivalent/ton (gAGEq/t) and DSBU-10: 349.03 meters of 188.64 grade gAGEq/t. Furthermore, the company stated that it currently had four exploration holes with a combined length of 6,000 meters being drilled at Iska Iska, with work expected to be complete by mid-November, while assays are awaited for 14,213 meters of core from prior work. Following the completion of the upcoming exploratory works, Eloro plans to publish an NI 43-101 inferred resource report or MRE, providing the market with further scientific and technical information about the economic viability of its project (https://ibn.fm/TEtTP
For more information, visit the company’s website at www.EloroResources.com
NOTE TO INVESTORS:
The latest news and updates relating to ELRRF are available in the company’s newsroom at https://ibn.fm/ELRRF