Canadian explorer Eloro Resources (TSX: ELO) has more-than-doubled its tin resource as the company’s Ag-Zn-Sn-Au deposit in Bolivia.
The company reported a 107.7% increase in tin content at the deposit from the 2023 MRE. The overall resource now stands at 290,000 tonnes of tin, grading 0.03% Sn, making it the fourth largest tin resource in South America.
| Metal | Unit | 2023 MRE | 2026 MRE | % change |
|---|---|---|---|---|
| Tin | t | 130,000 | 290,000 | +107.7% |
| Silver | Moz | 298.68 | 358.13 | +19.9 |
| Zinc | t | 4,090,000 | 5,750,000 | +40.6 |
| Lead | t | 1,740,000 | 2,100,000 | +20.7% |
| Gold | Moz | 0 | 1.24 |
The polymetallic deposit is split between several domains, with the majority of the tin in the Polymetallic 2 Domain – containing 145,000 tonnes of tin grading 0.02% – and the Tin Domain – containing 62,000 tonnes of tin grading 0.20% Sn.
The company intends to mine the deposit as an open-pit, with an overall stripping ratio of 1:1. The majority of the resource is outlined within an optimised pit 1.4 km across and 750 m in depth.
Distribution of metal domains in the optimised pit
The company also converted some of its silver, zinc, and lead inferred resources into indicated resources in the Polymetallic Domains.
Eloro Resources CEO Tom Larsen said the upgraded MRE “positions Eloro uniquely for the advancement and development of the project, which will be detailed in the planned PEA”.
Through metallurgical test work, the company also improved its tin recovery rate from 50.7% to 58.9%, which Mr Larsen said was “materially enhancing the project’s potential economics”.
The company will be shortly beginning a 40,000 metre drilling program to support and inform the upcoming PEA.
Our view: The substantial increase in Iska Iska’s tin resource stands as a significant milestone for Eloro. This news also comes following a change in government in Bolivia, with the new administration targeting a more business-friendly approach and increasing focus on the mining sector. ITA looks forward to further progress at Iska Iska and work towards the PEA.
Eloro Resources is a member of ITA’s Explorers & Developers Group.
