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Eloro Resources reported strong assays from the first three holes of an expansion drill phase at its Iska Iska polymetallic project in Bolivia. Hole DSB-96 returned 87.1 metres at 73.26 g/t silver and 0.18% tin, including a shallower 17.9 metres at 190.5 g/t silver and 0.45% tin, figures the company released on October 7.
The results matter because the drilling is aimed at expanding and upgrading an indicated silver resource ahead of a planned preliminary economic assessment (PEA) in 2027. Cantor Fitzgerald called DSB-96 "exceptional results for Iska Iska."
DSB-96 began at 40.4 metres and formed part of a broader 126.1-metre interval grading 54.92 g/t silver. DSB-94, on the western side of the potential starter pit, returned 42 metres at 38.98 g/t silver within 79.5 metres at 30.83 g/t, and deeper cuts included 7.5 metres at 71.96 g/t silver and 43.5 metres at 0.16% tin. DSB-95, on the eastern side, hit polymetallic mineralisation including 6 metres at 1.15 g/t gold, 42.5 g/t silver, 8.07% zinc and 1.23% lead, plus 3 metres at 48.5 g/t silver with 11.37% zinc and 2.30% lead. The company said true width is about 80% of core length.
The three holes make up 1,459 metres of an initial roughly 10,000-metre phase planned as about 30 holes on a 50-metre grid. Eloro says that phase is on track to finish by year-end, with the overall 40,000-metre programme continuing into 2027. The aim is to upgrade an April 22 resource that showed an indicated 85.17 million tonnes at 40 g/t silver (109.53 million ounces) and a largely inferred 945.43 million tonnes at 8.5 g/t silver (248.6 million ounces).
The company and its brokers are selling the results into a market where silver dipped to about US$59/oz on October 7 as the dollar strengthened. Independent data cited by the company points to a widening silver deficit next year - the World Silver Survey 2026 expects a 46.3 million ounce shortfall in 2026. Tin has also been strong, trading at about US$54,314 per tonne on October 5, up 47.6% year-on-year. Cantor Fitzgerald said Eloro is "well-funded" for the programme, listed cash at CA$21.8 million with no debt, and kept a Speculative Buy and CA$5.00 target while expecting a resource update and PEA in 2027.
Source: Streetwisereports
