Explorer Achieves Highest Silver Interval Yet at Iska Iska in Southern Bolivia

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As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any i

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) has reached a significant milestone at its Iska Iska project in Southern Bolivia, where the company intersected its highest silver interval to date, according to a December 9 release.

In Hole DSB-93, the company reported 72 meters grading 294.81 grams per tonne silver (g/t Ag) within a broader interval of 180 meters grading 164.74 g/t Ag.

In the release, Eloro announced assay results from the final two drill holes (DSB-90 and DSB-93) of the second phase definition diamond drilling program at Iska Iska Project, which is Bolivia's Potosi Department. These holes were drilled in the primary Tin Domain and the main Silver-Polymetallic Domain, respectively, within the potential Santa Barbara starter pit area, the company said.

The results further extend the higher-grade footprint of both metal domains, Eloro noted. The current phase of definition drilling has concluded, with a total of 8,286.4 meters of diamond drilling completed across 16 holes.

"The second phase definition drilling program not only intersected the longest and highest-grade silver, tin, and zinc intervals at the Santa Barbara zone to date, but also, all sixteen holes in the program, comprising 12 step-out and 4 infill holes, intercepted significant silver-tin-polymetallic mineralization in areas previously considered as waste in the initial Mineral Resource Estimate (MRE) due to lack of drilling information," Chief Executive Officer Tom Larsen said. "The latest drilling demonstrates that there is a much larger endowment of higher-grade silver-tin-polymetallic both laterally and at depth, which will likely upgrade and expand the MRE for the planned PEA (preliminary economic assessment)."

Technical analyst John Newell noted that the company "offers a rare combination of size, metal diversity, and near-surface tonnage in a district with centuries of mining history and improving investment conditions."

He continued, "With the overall results obtained so far, Iska Iska continues to confirm its future participation as a premier silver-tin-polymetallic resource supporting the global shift toward the world’s critical minerals supply chain."

The results obtained in drill holes DSB-90 and DSB-93 "confirm the presence of higher-grade silver-tin-polymetallic mineralization, distributed laterally and vertically, in a major porphyry-epithermal system extending beyond the existing limit of the potential starter pit," said Executive Vice President, Latin American Operations Dr. Osvaldo Arce.  "These results confirm the system's extension nature and highlight the long-lived and multi-phase deformation and hydrothermal activity at the Santa Barbara deposit."

Highlights of Results

Hole DSB-93, an infill hole drilled 107 meters northeast of the discovery hole DSB-61, achieved the highest silver interval recorded at Iska Iska, with 72 meters grading 294.81 g/t Ag and 0.44% lead (Pb) starting at 131.7 meters. This is part of a broader interval of 180 meters grading 165 g/t Ag, 0.74% Pb, 0.72% zinc (Zn), and 0.16% tin (Sn) beginning at 112.2 meters. Previously, the highest-grade silver interval was 62.84 meters grading 279.22 g/t Ag, starting at 87.44 meters, in drill hole DSB-61, located 107 meters southwest of hole DSB-93. This intersection also contained 0.47% Pb and 0.43% Sn.

Hole DSB-93 also intersected the following well-mineralized intervals:

• 28.5 meters grading 0.84 g/t gold (Au), 253.63 g/t Ag, 1.10% Pb, and 0.57% Sn starting at 223.2 meters
• 33 meters grading 0.18% Sn starting at 374.7 meters
• 7.5 meters grading 1.43% copper (Cu) starting at 34.2 meters
• 7.5 meters grading 1.25% Zn starting at 49.2 meters
• 6 meters grading 0.54% Pb and 3.09% Zn, starting at 86.7 meters
• 8.8 meters grading 1.45% Zn starting at 416.7 meters
• 3 meters grading 1.68% Zn starting at 101.7 meters

Hole DSB-90, an infill hole collared 100 meters east of discovery hole DSB-72, intersected a higher-grade tin section of 51 meters grading 0.24% Sn starting at 400 meters and a higher-grade silver section of 13.5 meters grading 106.32 g/t Ag and 0.16% Sn starting at 256 meters, including 7.5 meters grading 186.5 g/t Ag and 0.14% Sn starting at 256 meters.

Hole DSB-90 also intersected higher-grade tin sections of:

• 24 meters grading 0.57% Sn starting at 91 meters
• 16.5 meters grading 0.36% Sn starting at 134.5 meters
• 22.5 meters grading 0.20% Sn starting at 311.5 meters, including 10.5 meters grading 0.29% Sn starting at 311.5 meters
• 19.5 meters grading 0.16% Sn starting at 338.5 meters
• 13.5 meters grading 0.24% Sn starting at 380.5 meters

Analyst: A Significant Milestone for Co.

The completion of Phase 2 infill drilling marks a significant milestone for the Santa Barbara starter pit, with the final holes yielding the highest-grade silver interval to date and continued robust tin support, according to Cantor Fitzgerald Analyst Matthew O'Keefe in an updated research note on the same day as the release.

"Results confirm broader and more continuous high-grade zones than previously modeled and should help upgrade portions of prior internal waste in the initial Mineral Resource Estimate (MRE)," O'Keefe wrote. "Mineralization remains open laterally and down-dip, supporting further growth ahead of an updated MRE and PEA in 2026. We maintain our Speculative BUY rating and CA$3.60/share target."

With Phase 2 now complete, Eloro will continue advancing Iska Iska through additional definition drilling and ongoing metallurgical work to support an updated MRE and PEA, the analyst noted. The higher-grade silver-polymetallic and tin domains within the potential Santa Barbara starter pit remain open laterally and at depth, providing clear growth targets for subsequent drilling.

"Eloro plans to integrate the Phase 2 dataset into a resource update to enable a PEA targeted for 2026, focused on a higher-grade starter pit scenario," the analyst wrote. "The company remains funded to continue technical work supporting project derisking."

Work continues on resource definition and metallurgical optimization to refine grade continuity and improve confidence within both the silver-polymetallic and tin domains, O'Keefe said.

Co. Has 'Clearly Defined' Upside Targets, Supportive Market Conditions

¹Technical analyst John Newell noted for Streetwise Reports on December 5 that the company "offers a rare combination of size, metal diversity, and near-surface tonnage in a district with centuries of mining history and improving investment conditions."

Iska Iska has already yielded a resource exceeding a billion ounces of silver-equivalent, featuring a high-grade near-surface zone suitable for a starter pit and a deeper tin domain that continues to expand with ongoing drilling, he said.

With silver reaching new all-time highs and tin gaining global recognition as a critical mineral essential for energy, electronics, and AI, the timing appears favorable, according to Newell.

"From a technical perspective, the stock appears to be transitioning from a long basing phase into an early uptrend, with clearly defined upside targets and supportive market conditions," Newell wrote. "For investors comfortable with development-stage opportunities, Eloro Resources can be considered a Speculative Buy, with initial upside toward the CA$2.50–CA$3.50 range and the potential for a more significant re-rating as Iska Iska advances."

Sphene Capital Analyst Peter Thilo Hasler, in a research note dated November 26, increased the target price for the Canadian explorer-developer by 13% due to significantly higher mineral prices and a more favorable USD-to-CAD exchange rate.

Sphene's new target price for Eloro is CA$14.10 per share, up from the previous CA$12.50 per share, noted Hasler. At the time of the report, the junior miner was trading at approximately CA$1.39 per share. The gap between these prices suggests a potential return of 914%. Eloro remains a Buy, the analyst noted.

The Catalyst: Silver Hits a Record

Silver prices continued their upward trajectory on Wednesday, reaching approximately US$62 per ounce, its highest price ever and a notable increase from around US$50 in late November, according to a report by Una Hajdari for Euro News on December 10.

This marks a substantial rise from the metal's average price of about $30 at the start of the year.

The price jump follows news that the US administration is interviewing final candidates to replace current Federal Reserve chair Jerome Powell. Investors are also expecting the Fed to cut its benchmark rate after its meeting later on Wednesday.

The top three candidates for the chair job, and in particular the reported frontrunner Kevin Hassett, the director of Donald Trump's National Economic Council, are expected to implement more aggressive rate cuts — while Powell has overseen a slower pace of easing.

The Federal Reserve cut rates by a quarter-point on Wednesday afternoon in alignment with expectations, according to Business Insider on December 10.

Gold has captured much attention this year, but as S'thembile Cele and Jack Ryan reported for Bloomberg on December 3, silver is also gaining significant notice. A supply squeeze has caused the precious metal's value to double by early December, while gold has risen by 60%. Both metals are seeing increased demand from investors looking for protection against political instability, inflation, and currency devaluation.

Unlike gold, silver is not only rare and attractive but also has numerous practical uses, making it an essential component in various products. With inventories approaching record lows and investor demand remaining robust, there is a potential risk of supply shortages that could affect several industries, the authors noted. "Silver is an excellent electrical conductor that's used in circuit boards and switches, electric vehicles and batteries," they wrote. "Silver paste is a critical ingredient in solar panels, and the metal is also used in coatings for medical devices. Sustained high prices could erode the profitability of industrial users and spur efforts to substitute silver components for other metals."

Ownership and Share Structure¹

About 17% of the company is owned by insiders, about 28% by institutions, and about 2% by Cartier Silver. The rest is retail.

Top shareholders include Crescat Capital LLC with 14.52% and the CEO Larsen with 6.7%. Allied Gold Corp. (AAUC:TSX; AAUCF:OTCQX) Chair and CEO Peter Marrone, formerly the executive chairman of Yamana Gold Inc. (YRI:TSX; AUY:NYSE; YAU:LSE) (acquired by Pan American Silver Corp.), is also a shareholder.

Its market cap is CA$209.45 million with 106.86 million shares issued and outstanding. It trades in a 52-week range of CA$0.77 and CA$2.06.