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Eloro Resources Ltd. Files NI 43-101 Technical Report by Micon on the Iska Iska Polymetallic Property, Potosi Department, Southern Bolivia
TORONTO, April 29, 2020 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”, or the “Company”) is pleased to announce that the Company has
About this update from Eloro Resources Ltd.
[{"type":"text","content":" TORONTO, April 29, 2020 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”, or the “Company”) is pleased to announce that the Company has filed on SEDAR an independent technical report (“Report”) by Micon International Limited (“Micon”), prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). This report, authored by Messrs. Charley Murahwi, P.Geo., Pr. Sci. Nat., FAusIMM and Richard Gowans, P.Eng., of Micon, supports Eloro’s planned exploration program at the Iska Iska polymetallic epithermal-porphyry project (“Iska Iska” or the “Project”), in the Potosí Department, southern Bolivia by Minera Tupiza S.R.L., Eloro’s wholly-owned Bolivian subsidiary. The Report will also be posted on the Company’s website, www.elororesources.com. In the Report, Micon concludes: “The proximity of the Project to world class deposits confirms the favourable geological setting. In the Qualified Person’s (“QP”) experience, the optimal place to explore is in the vicinity of an operating mine. It remains to be established whether this will be the case at Iska Iska. Overall, Micon is of the opinion that further exploration of the Iska Iska property is merited based on the promising reconnaissance sampling results, which have been independently verified by the Micon QP. The geological model and concepts being applied by Eloro are sound. The deposit, if developed, renders itself amenable to both open pit and bulk underground mining.” A US$1,040,000 two-phase exploration program is recommended in the Report. Phase I is a limited office study estimated at US$40,000, due to the restrictions of the COVID-19 global pandemic. The Phase II exploration program includes 3,500m of underground drilling as well as geological mapping, trenching and sampling. The estimated cost of Phase II is US$1,000,000. Micon concludes that the budget under consideration is reasonable and justified and recommends that Eloro conduct the planned activities. Tom Larsen, President & CEO of Eloro commented: “The Company is very pleased with Micon’s efforts in completing the Iska Iska NI 43-101 Report and we are fortunate that the lead author, Charley Murahwi, made the site visit in January 2020, just prior to Bolivia’s COVID-19 related travel restrictions. The Report clearly defines Eloro’s next ...