Eloro Resources (TSX: ELO) has updated the resource estimate for their flagship Iska Iska project in Bolivia, building on an estimate last updated in 2023. The update transitions a portion of the silver-tin polymetallic deposit into the Indicated category, establishing a higher-confidence foundation for the project’s economics.
“This Updated MRE represents a defining milestone for Eloro, since it upgrades notably all of the numbers from the initial MRE in 2023”, commented Tom Larsen, CEO of Eloro. “The majority of the resource is currently outlined within an optimized open pit measuring approximately 1.4km in diameter and 750m in depth, underscoring the remarkable scale of the Iska Iska mineralized system.”
The updated estimate outlines an indicated resource of 85.17 million tonnes grading 40 g/t silver, 1.21% zinc, and 0.71% lead. This represents an estimated 109.53 million ounces of silver, 1.03 million tonnes of zinc, and 600,000 tonnes of lead. The reported silver grade of 40 g/t in the indicated category marks a 65% increase over the 24.3 g/t silver reported in the 2023 Inferred resource.
In addition to the indicated tonnage, the inferred resource has grown to 945.43 million tonnes, which is spread across three separate metal domains. Collectively, inferred resources total an estimated 248.60 million ounces of silver at 8.5 g/t, 4.72 million tonnes of zinc at a grade of 0.47%, 1.50 million tonnes of lead at 0.16%, 290,000 tonnes of tin at 0.03%, and 1.21 million ounces of gold at 0.04 g/t. The total inferred tonnage reflects a 41% increase compared to the initial 2023 estimate.
Metallurgical updates accompanied the new resource figures, with tin recoveries improving to 58.9%, up from the 50.7% recorded in 2023. These improvements are being integrated into the company’s planning as it prepares a preliminary economic assessment for the site.
Eloro is now moving into a 40,000-meter drilling program for 2026. This campaign is designed to test depth and strike extensions where the deposit remains open, while providing the infill data necessary to further convert the Inferred block into higher-confidence resource categories.
“Based on historical drill results and geophysical data, we believe the deposit continues further along strike, across strike and at depth, providing additional targets for resource expansion possibilities beyond the solid foundation for the maiden PEA. We will be commencing shortly with the 2026, 40,000 metre drilling program, which will in part support and inform the PEA,” concluded Larsen.
Eloro Resources last traded at $2.00 on the TSX.
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