Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) released assay results from two more drill holes as part of its recently concluded 16-hole definition drilling program at the Iska Iska Ag-Sn (silver-tin) polymetallic project about 48 kilometers north of Tupiza city in Bolivia, Red Clay Securities Analyst Ron Stewart wrote in an updated note on November 20.
The Iska Iska site boasts a mineral inventory of 298 million ounces (Moz) of silver, 4.09 million tonnes zinc (Mt Zn), 1.74 Mt lead (Pb), and 130,000 tonnes of tin, he said. The resources are distributed across two adjacent domains: 1) the Sn-Ag or Tin domain to the west, and 2) the high-grade Ag-Zn polymetallic epithermal domain to the east. The reported findings are from the Ag-Zn polymetallic domain.
The step-out hole DSB-92 extended mineralization by 50 to100 meters to the east beyond the potential Santa Barbara starter pit area, while the infill hole DSB-91 intersected several high-grade silver, tin, and zinc intervals, Stewart noted. In our assessment, these results continue to demonstrate resource expansion potential at Iska Iska, which bodes well for an updated Mineral Resource Estimate (MRE) anticipated in 2026, ahead of a maiden Preliminary Economic Assessment (PEA).
Multiple high-grade intervals in hole DSB-91 further confirm that infill drilling can potentially enhance overall grades, as has been observed in more densely drilled areas of the project.
"Eloro has established Iska Iska as one of the largest undeveloped tin projects in the world within five years of acquiring the project, the analyst said. "With definition drilling continuing to intersect some of the longest and highest-grade tin and polymetallic intervals, we believe Iska Iska is well positioned to climb the ranks of significant tin and polymetallic projects in the world."
Definition Drilling Continues to Impress
Highlights from the recent batch of assays include 61.05 grams per tonne (g/t) Ag and 0.20% Sn (101.2 g/t AgEq) over 90 meters from 492 meters, including 173 g/t Ag, 0.15% Sn (197.3 g/t AgEq) over 15 meters (DSB-92), and 1.77% Zn, 0.57% Pb, 10.04 g/t Ag (87.93 g/t AgEq) over 238.5 meters (DSB-92) from 33 meters. More results included 6.43 g/t Ag, 0.92% Zn, 0.84% Pb, 0.23% Sn (100.19 g/t AgEq) over 136.5 meters from 328 meters (DSB-91), and 1.41% Zn, 0.64% Pb, 13.35 g/t Ag (49.67 g/t AgEq) over 151.5m from 109m (DSB-91). Results are still pending from two additional holes.
The initial 2023 MRE, based on 139 holes (96,386 meters), outlined inferred resources of 560 Mt at 0.73% Zn, 0.28% Pb, and 13.8 g/t Ag in the polymetallic domain and 110 Mt at 0.15% Pb, 14.2 g/t Ag, and 0.12% Sn in the Tin domain, Stewart noted. This includes a high-grade near-surface inferred mineral resource of 132 Mt at 1.11% Zn, 0.50% Pb, and 24.3 g/t Ag. Notably, the polymetallic and Tin domains do not overlap.
MRE Expansion Potential
Large sections of the Tin and Polymetallic domains remain under-drilled, the analys wrote. The presence of continuous higher-grade mineralization in both domains suggests potential for a feeder system, offering blue-sky resource expansion potential.
Also, tin is a critical mineral with significant applications in the electronics industry, including solar panels, EVs, and battery storage, Stewart said. Mine supply decreased for two consecutive years in 2024, while demand is expected to rise steadily. The U.S. has not mined tin since 1993.
"We do not have a rating or target on Eloro Resources Ltd.," Stewart continued. "We believe continued drilling success, resource expansion, and advancement toward the PEA stage should help re-rate the stock. Upcoming catalysts: 1) Pending results from definition drilling (ongoing), 2) Additional drilling (2026), 3) Update MRE (2026), and 4) Maiden PEA (2026)."
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