Eloro Resources Ltd. · TSX:ELO
Eloro Resources — Toronto Geological Discussion Group presentation (November 2023)
58 slides from Eloro Resources's conference presentation, Nov 7, 2023
Slide 1: Iska Iska: A New Giant Silver-Tin Polymetallic Deposit
ISKA ISKA A New Giant Silver-Tin Polymetallic Deposit in the Prolific Bolivian Tin Belt Bill Pearson, Ph.D., P.Geo. Executive Vice President PRESENTATION TO TORONTO TSX ELO | FSE P2Q | OTCQX ELRRF GEOLOGICAL DISCUSSION GROUP November 7, 2023
Slide 2: Cautionary Language
Cautionary Language This presentation contains “forward-looking statements” and “forward-looking information” and other risks of the mineral exploration industry as well as those risks discussed in the within the meaning of applicable Canadian securities laws concerning Eloro Resources Ltd. Company’
Slide 3: Our Geological Team
Our Geological Team Minera Tupiza S.R.L. Geophysical Team OSVALDO ARCE Ph.D., P.Geo. DR. CHRIS HALE P.Geo General Manager, Minera Tupiza S.R.L. Chief Geophysicist Eloro ZAHIRA MARTINEZ JOHN GILLIATT P.Geo. Chief Geologist Geophysicist & Modeler GRACE ROJAS ROB MCKEOWN P.Geo. Chief Geologist Geophysi
Slide 4: Rapid Pace of Discovery at Iska Iska - Update
Rapid Pace of Discovery at Iska Iska - Update 2023 October 17 NI 43-101 Technical Report filed for initial mineral resource estimate (MRE) June 11 2023 139 diamond drill holes define an extensive mineralized system. 96,386m All holes returned significant reportable intersections. 2021 January 26 2,8
Slide 5: Outline of Talk
Outline of Talk 1 Regional Overview 2 Geology and Mineralization 3 Structure 4 Alteration 5 Metal Zonation 6 Core Scanning 7 Initial Mineral Resource 8 “Ore Sorting” – A Game Changer 9 Geophysics & Exploration Potential 10 Preliminary Geological Model 11 Conclusions 5
Slide 6: Regional Overview
1 REGIONAL OVERVIEW
Slide 7: Mineral Deposits: Bolivia, a Prolific Mining Country
Mineral Deposits: Bolivia, a Prolific Mining Country Iska Iska is in the SW part of the Eastern Cordillera which hosts a number of world-class deposits of gold, silver, iron ore, zinc, tin, lead and lithium Cerro Rico de Potosí is the world’s largest silver deposit and has been mined continuously si
Slide 8: Bolivian Tin Belt Evolution
Bolivian Tin Belt Evolution Break-up of the Farallon plate was the most important event during the Early Miocene, about 23 million years ago, when it split into the Cocos plate and the Nazca plate that been subducted beneath Central and South America Subducting older Nazca plate below the Central An
Slide 9: Regional Overview
2 REGIONAL OVERVIEW
Slide 10: View of Iska Iska Caldera Complex
View of Iska Iska Caldera Complex View of the Iska Iska Caldera Main Target Areas Looking North Terrain is like doing a program in Arizona or Nevada except at a much higher elevation The Iska Iska core Porvenir Concession covers 900 ha and is road accessible Located 48km north of Tupiza city, in the
Slide 11: Property Geology and Mineralization
Property Geology and Mineralization Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias Recent drilling indicates that there
Slide 12: Santa Barbara Drilling Geological Plan Map
Santa Barbara Drilling Geological Plan Map The Santa Barbara Underground and surface radial drill holes have been removed from the figure to provide a clearer image of the current drill program. 12
Slide 13: Principal Rock Types
Principal Rock Types ISK-RX-001 2 cm ISK-RX-003 2 cm ISK-RX-005 2 cm ISK-RX-007 2 cm Sandstone Granodiorite Medium-grained Dacite Porphyritic Dacite Hole: DHK-05, Depth: 27.35 m Hole: DPC-01, Depth: 744.58 m Hole: DHK-18, Depth: 61.10 m Hole: DSB-06, Depth: 222.32 m Huayra Kasa Zone, Iska Iska Proje
Slide 14: Top 12 Iska Iska Intercepts
Top 12 Iska Iska Intercepts Intercept Grade Grade x Ag Sn Zn Pb Date Drill Hole ID (m) (g AgEq/t) Intercept (g/t) (%) (%) (%) 31-Jan-23 DHK-27 325.48 137.51 44,757 69.80 0.12 1.21 0.49 20-Sep-22 DSB-30 441.21 95.59 42,174 9.45 0.07 1.53 0.88 21-Jul-22 DSBU-10 349.03 120.04 41,897 44.75 0.14 1.05 0.7
Slide 15: Top 12 Iska Iska Intercepts
Top 12 Iska Iska Intercepts Grade x Value of Major Metal Components Date Drill Hole ID Intercept Ag (g/t) Sn (%) Zn (%) Pb (%) 31-Jan-23 DHK-27 44,757 20-Sep-22 DSB-30 42,174 21-Jul-22 DSBU-10 41,897 28-Jul-21 DHK-18 34,994 28-Sep-21 DHK-21 26,387 23-Feb-22 METSBUG-02 26,348 26-Jan-21 DHK-15 26,172
Slide 16: Longitudinal Section Geology
Longitudinal Section Geology Santa Barbara Breccia Pipe is approximately 800m by 500m in diameter and extends to a depth of at least 700m Its origin is likely phreatomagmatic during the caldera collapse stage Fragments are primarily dacitic but there are also locally sedimentary fragments The aphani
Slide 17: Metal Distribution by Rock Type
Metal Distribution by Rock Type 3% 14% 13% 13% TIB 6% TIB Other TDC-1 Other 56% 17% TDC 78% SILVER TDC-1 ZINC TDC Ag > 8g/t Zn > 0.4% LITHOLOGICAL CODES TDC = Dacite Porphyry TDC-1 = Aphanitic Dacite 5% 11% TIB = Intrusion Breccia TIB 10% Other Other 15% 24% Other* TDC-1 TIB 70% 52% LEAD TDC TIN TDC
Slide 18: Two Major Mineralized Domains at Santa Barbara
Two Major Mineralized Domains at Santa Barbara Santa Barbara is essentially two major deposits: The overall deposit as presently Tin (Sn) mineralization with silver (Ag) dominates drilled extends more than 1,400m in the western and deeper portions of the deposit along strike, is up to 800m wide (Tin
Slide 19: Structure
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Slide 20: Overall Structure Iska Iska
Overall Structure Iska Iska 204500 205000 205500 206000 206500 Major faults through Iska Iska strike N-S and NNW ¦ Sa nta Ba 7657500 7657500 rba ra No rth Fa ult 80 H ! Dips of N-S faults are typically steep at 75-80oE ! H 7657000 7657000 Dips of NNW faults are typically 65-75oNE H ! 75 ! H 80 Sa nt
Slide 21: Structure – Veins and Vein Breccias
Structure – Veins and Vein Breccias VEIN BRECCIAS VEINS The stereonets on the right show all the structural measurements VEINLETS taken with orientated drill core The data on left is a subset showing the major overall structural trend In veins, vein breccias and veinlets, the dominant strike trend i
Slide 22: Santa Barbara Adit High Grade Ag
Santa Barbara Adit High Grade Ag GEOLOGICAL PLAN MAP OF SANTA BARBARA ADIT SHOWING LOCATION OF CONTINUOUS CHANNEL SAMPLES 22
Slide 23: Iska Iska Breccias – M.Sc. Thesis at Western University
Iska Iska Breccias – M.Sc. Thesis at Western University Phreatomagmatic breccia, DCN-04, 448.13m CHARACTERIZATION of ISKA ISKA BRECCIAS Hydrothermal breccia, DSB-11, 620.13m Phreatic breccia, DHK-08, 29.72m Camila Aliaga Morales, M.Sc. Thesis Western University with Dr. Neil Banerjee, P.Geo Field wo
Slide 24: Iska Iska Breccias – M.Sc. Thesis at Western University
Iska Iska Breccias – M.Sc. Thesis at Western University MAIN GOALS OF CAMILA'S THESIS: 1 Characterization and determination of how the metals are associated with the breccias 2 Documenting mineralogical and paragenetic characteristics of mineralization and alteration, to determine their controls, an
Slide 25: Alteration
4 ALTERATION 25
Slide 26: Longitudinal Section – Alteration Sequence
Longitudinal Section –Alteration Sequence Stage I corresponds to the early formation of quartz-tourmaline and cassiterite. Early intrusion breccia cuts the dacitic domes and surrounding host rocks This stage was preceded by early episodes of hydrothermal alteration, including quartz-tourmaline alter
Slide 27: Metal Distribution by Alteration Type
Metal Distribution by Alteration Type 1% TOUR 8% 3% 22% SIL TOUR 16% SIL 28% ARG ARG 18% SER SILVER ZINC Ag > 8g/t Zn > 0.4% 55% ALTERATION CODES 20% PRP SER 29% ARG = Argillic PRP PRP = Propylitic 2% 1% SER = Sericitic 12% TOUR SIL TOUR 25% SIL = Silicification 24% SIL ARG 27% TOUR = Tourmalinizati
Slide 28: Metal Zonation
5 METAL ZONATION 28
Slide 29: Metal Zonation Iska Iska 3D View Cu-Sn Sn-Zn
Metal Zonation Iska Iska 3D View Cu-Sn Sn-Zn 29
Slide 30: Metal Zonation Iska Iska 3D View Ag Pb
Metal Zonation Iska Iska 3D View Ag Pb 30
Slide 31: Core Scanning
6 CORE SCANNING 31
Slide 32: Core Scanning
Core Scanning SENSORS RGB Images (wet/dry) 0.014mm/px(14µm), picture/3cm Hyperspectral Images 0.14mm/px(140µm) SWIR 940-2545nm at 5.6nm/px VNIR 400-990nm at 2.7nm/px XRF Continuous, 14mm scan width Laser Profiling (LiDAR) BillContinuous, 600mm scan width Magnetic Susceptibility Continuous RGB = Red
Slide 33: Core Scanning
Core Scanning To date have scanned 80,000m of drill core Normal procedure is to scan unsawn core so scanning data is available at start of logging, but sawn core can easily be done with no loss of data Worked extensively with GeologicAI to calibrate information to develop: • Autologger • Mineral map
Slide 34: Initial Mineral Resource
"NI 43-101 Technical Report on the Initial Mineral Resources Estimate of the Iska Iska Polymetallic Project, Tupiza, Bolivia"
Slide 35: Initial Mineral Resource Statement Iska Iska
Initial Mineral Resource Statement Iska Iska 3D PERSPECTIVE OF THE ISKA ISKA PIT CONSTRAINED ITEM AVERAGE GRADE RESOURCE Showing Distribution of Resource in Major Domains Mining Zn-Pb NSR Tonnage Zn Pb Ag Category Domain Method Cut-off (US$) (Mt) (%) (%) (g/t) OP 9.20 541 0.69 0.28 13.6 Inferred POL
Slide 36: Iska Iska Initial Mineral Resource Summary
Iska Iska Initial Mineral Resource Summary Total insitu metal estimated to be 298 million CROSS SECTION OF ISKA ISKA PIT CONSTRAINED RESOURCE ounces Ag, 4.09 million tonnes Zn, 1.74 million tonnes Pb and 130,000 tonnes Sn Potentially open pittable inferred mineral resource in Polymetallic Domain (Zn
Slide 37: Higher-Grade Shallower Resource in Polymetallic Domain
Higher-Grade Shallower Resource in Polymetallic Domain LONGITUDINAL SECTION (A – A’) OF ISKA ISKA PIT This portion of the potentially open pittable resource RESOURCE MODEL with NSR CUTOFF>US$25/T blocks in red provides potential for early payback for the Iska Iska project Stripping ratio will likely
Slide 38: Major Upsides for Iska Iska Mineral Resource
Major Upsides for Iska Iska Mineral Resource As pointed out in the Technical report, the best grade areas are also those with the most drilling Much of current Polymetallic Domain resource is defined by 100m spaced drilling which likely underestimates overall grade All 139 drill holes in the resourc
Slide 39: "Ore-Sorting" Game Changer
8 “ORE-SORTING” GAME CHANGER
Slide 40: Schematic Flowsheet With XRT Ore Sorting
Schematic Flowsheet With XRT1 “Ore” Sorting 1 XRT = X-RAY TRANSMISSION 2 Separation chambers can be switched depending on nature of feed to optimize compressed air usage. 40
Slide 41: "Ore-Sorting" – Major Advantages for Potential Productions
“Ore-Sorting” – Major Advantages for Potential Productions Bulk Open Pit Mining lowers operating costs High Grade Low Grade Medium Grade compared with selective mining, but creates dilution Dilution is removed by Ore Sorting and DMS, this reduced downstream capital costs Crushing and ore sorting is
Slide 42: Geophysics & Exploration Potential
9 GEOPHYSICS & EXPLORATION POTENTIAL
Slide 43: Analytical Signal Plan Map - Iska Iska and Mina Casiterita
Analytical Signal Plan Map - Iska Iska and Mina Casiterita Magnetic surveys by Eloro have outlined an extensive magnetic intrusive body on the Mina Casiterita property immediately southwest of Iska Iska Previously artisanal mining of high-grade tin veins – reported concentrate production in early 19
Slide 44: N-S Longitudinal Section - Inverse Magnetic Susceptibility Model
N-S Longitudinal Section - Inverse Magnetic Susceptibility Model 3-D inverse magnetic model incorporating new magnetic data from Casiterita showing the remarkable continuity of the magnetic anomaly from the Santa Barbara Deposit area southwards to Casiterita, a distance of 4.5km Along this section,
Slide 45: Conductivity Zone Across Caldera Valley
Conductivity Zone Across Caldera Valley View looking south down valley from Santa Barbara Same view showing conductivity model. Target hillside. Definition drilling on 100m-spaced zone extends across the valley for an overall sections across the valley has been completed potential strike length of 2
Slide 46: BHIP and IP/Res Conductivity Model Iska Iska - Casiterita
BHIP and IP/Res Conductivity Model Iska Iska - Casiterita A B Five East-West lines of Pole-Dipole IP/Res surveyed across from the southern Iska-Iska block into the Casiterita property with eight 50m dipoles provide a depth of investigation approaching 200m The IP/Res conductivity anomaly at Casiteri
Slide 47: N-S Longitudinal Section Conductivity Model
N-S Longitudinal Section Conductivity Model Pole-Dipole BHIP Survey outlined a 205,260 East Conductivity large zone of coincident high chargeability and high electrical conductivity associated with the Ag- Pb-Zn domain mineralization Potentially Open Pittable Initial Mineral Resource Extremely high
Slide 48: Preliminary Geological Model
10 PRELIMINARY GEOLOGICAL MODEL 48
Slide 49: Major Exploration Upside Still to be Tested
Major Exploration Upside Still to be Tested Recent drilling at Casiterita 2km SW of Santa Barbara returned 0.17% Sn over 52.78m confirming overall extent of Iska Iska mineralizing system is much more extensive as predicted from geophysical data Iska Iska deposit is open in all directions Limits of m
Slide 50: Iska Iska Joins Giant Deposits of Bolivian Tin Belt
Iska Iska Joins Giant Deposits of Bolivian Tin Belt Dr. Osvaldo Arce, P.Geo., General Manager of Minera Tupiza and the author of Yacimientos Metaliferos de Bolivia, the authoritative book on metalliferous deposits of Bolivia commented: “Iska Iska, which is a very large “Bolivian-type” polymetallic p
Slide 51: Conceptual Deposit Model
Conceptual Deposit Model Iska Iska, especially Santa Barbara Breccia Pipe, is at a comparable stratigraphic level to Cerro Rico de Potosí Central Breccia formed deeper with mineralization similar to Chorolque Huayra Kasa is the highest-level breccia pipe at Iska Iska Iska Iska Iska Iska contains the
Slide 52: Preliminary Conceptual Deposit Model Iska Iska
Preliminary Conceptual Deposit Model Iska Iska PORPHYRY-EPITHERMAL COMPLEX 52
Slide 53: Conclusions
SANTA BARBARA BRECCIA PIPE Se i es Pr av ~ CENTRAL SS : “er BRECCIA PIPE ——EE— Me A Santa Barbara” 3. ere eee Porco Adit ‘Adit ad — oe : L Huayra Kasa Portal CONCLUSIONS Pt
Slide 54: Conclusions
Conclusions Iska Iska has the potential to host two world class deposits in the same property which Eloro believes is an extraordinary opportunity Bolivia is a mining friendly In just 3 years and 56 million Very strong Bolivian country that is significantly in equity financings, Eloro has operationa
Slide 55: Thank You!
THANK YOU! For more information, please visit www.elororesources.com 55
Slide 56: Appendix: Summary Notes MRE
APPENDIX Summary Notes MRE 56
Slide 57: Summary, Iska Iska Initial Mineral Resources at August 19, 2023
Summary, Iska Iska Initial Mineral Resources at August 19, 2023 Notes: 1. The mineral resources have been estimated in accordance with the CIM Best domain = US$5.29/t comprising US$0.40/t for pre-concentration followed by Practice Guidelines (2019) and the CIM Definition Standards (2014). US$13.80 f
Slide 58: Eloro Resources Contact Details
TSX ELO | FSE P2Q | OTCQX ELRRF CANA BOLIVIA Dr. Osvaldo Arce Ph.D., P.Geo. DA Thomas Larsen CEO General Manager, Minera Tupiza S.R.L. Jimena Moran V.P. Marketing and Logistics – Tel: +59 171 591-004 Executive Assistant Bilingual Toll Free: 1 800 360-8006 Tel: 1 416 868-9168 20 Adelaide Street East,
Eloro Resources — Toronto Geological Discussion Group presentation (November 2023) on 6ix