en.Wedoany.com Reported - Canada's Eloro Resources Ltd. recently released an updated mineral resource estimate for its Iska Iska silver-tin polymetallic project, located in the Potosí Department of southwestern Bolivia. The estimate was prepared by an independent Qualified Person from Micon International Limited in accordance with National Instrument 43-101. The initial indicated mineral resource is defined at 85.17 million tonnes, grading 40 g/t silver, containing 109.53 million ounces of silver, along with 1.03 million tonnes of zinc (grade 1.21%) and 600,000 tonnes of lead (grade 0.71%). The company reported that total inferred tonnes in the updated estimate amount to 945.43 million tonnes, representing a 41% increase from the preliminary 2023 estimate of 670 million tonnes. The silver grade increased by 65%, from 24.3 g/t in the near-surface inferred resource category in 2023 to 40 g/t in the indicated category for 2026.
Inferred mineral resources at the Iska Iska project are distributed across several domains, including 61.92 million tonnes in a silver-dominant domain (grading 27 g/t silver), 116.03 million tonnes in a zinc-dominant domain (grading 1.16% zinc), and 31.01 million tonnes in a tin-dominant domain (grading 0.20% tin). The resource estimate is based on a 3D block model utilising inverse distance cubed interpolation and constrained within an optimised open pit shell. Estimated long-term metal prices used are USD 40 per ounce for silver, USD 1.35 per pound for zinc, USD 1.00 per pound for lead, USD 15.87 per pound for tin, and USD 3,000 per ounce for gold. Metallurgical testing has increased the overall tin recovery from 50.7% observed in 2023 to 58.9% in the latest estimate. The company stated that the mineral resource estimate considers only open-pit mining scenarios and that the mineral resources are not yet proven economically viable.
According to an April 23 report from Red Cloud Securities, analyst Ron Stewart described the updated resource estimate for Iska Iska as a "positive update that increased overall mineralized tonnage by 54%." In the same report, Stewart wrote: "Tin content has more than doubled to 290,000 tonnes, solidifying Iska Iska's position as one of the world's top ten tin deposits" and noted that "recent metallurgical test work has improved tin recovery to 59%." Stewart added: "ELO is currently trading at an EV/oz AgEq of US$0.18/oz" and maintains a Buy rating and a target price of CA$5.50 per share.
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