Drill Results Show Solid Silver Intercepts
Research Report

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Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) released results of two additional definition drill holes placed in the "starter pit zone" of the silver-zinc polymetallic system at its Iska project in Bolivia, reported Sphene Capital Analyst Peter Thilo Hasler in a Nov. 26 research note.

Sphene raised its target price on the Canadian explorer-developer by 13% to reflect significantly higher mineral prices and a more favorable USD-to-CAD exchange rate.

914% Upside Suggested

Sphene's new target price on Eloro is CA$14.10 per share (CA$14.10/share), previously CA$12.50/share, noted Hasler. In comparison, the junior miner was trading at about CA$1.39/share at the time of the analyst's report.

The difference between these prices implies a potential return of 914%.

Eloro remains a Buy. Its market cap is CA$149.95 million.

Target Price Derivation

Hasler explained that Sphene's price target on Eloro is solely based on the in situ valuation of the Santa Barbara breccia pipe at Iska, only the higher-grade portion of the mineral resource. Plus Sphene recently increased the net asset value to US$1.936 billion (US$1.936B) from US$1.236B to reflect substantially higher commodity prices, particularly of silver and lead.

Given the current market prices of zinc, lead, and silver, Sphene calculated revenues of US$34.60 per metric ton, US$9.90 per metric ton, and US$39.40 per gram, respectively, resulting in an average revenue per ton of US$83.90.

Even if Eloro did not expand the resource base at any of its projects, which is unlikely, the company still would be considered undervalued based on its in situ value, noted Hasler. Also, Sphene's valuation of the company excludes the mineralization in the tin domain adjacent to the polymetallic one at Iska. The tin domain contains a mineral resource of 110,000,000 tons (110 Mt) of 0.12% tin, 14.2 grams per ton (14.2 g/t) silver, and 0.14% lead.

Polymetallic Mineralized System

Iska Iska is in the stable jurisdiction of Bolivia, close to world-class polymetallic mines and mineral deposits like the world's largest silver deposit, Cerro Rico de Potosí, which continues to draw interest of majors.

Iska Iska hosts giant deposits of silver (Ag), zinc (Zn), lead (Pb), and tin (Sn), the primary metals, along with others. The polymetallic mineralized system there extends at least 4 kilometers (4 km) in a north-northwest to south-southwest orientation, spans at least 2 km, and likely exceeds 1 km in vertical depth.

"In our view, Iska Iska has a strong potential for a polymetallic medium-to high-grade deposit," Hasler wrote.

New Definition Drill Results

Eloro reported results of two definition holes, DSB-91 and DSB-92, drilled in the starter pit zone of Iska Iska's polymetallic system. These holes are part of the bigger phase two, 16-hole, 8,286-meter (8,286m) drill program done there.

The results of holes DSB-91 and DSB-92 indicate that mineralization may extend at least 50–100m further east. Intercepts were as long as 238.5m, confirming substantial thicknesses versus isolated veins. Such widths are material for open-pit or bulk underground scenarios, explained Hasler, because greater scale supports a stronger resource base and potentially higher tonnage.

DSB-91 returned 64.5m of 37.33 g/t Ag, 0.01% Zn, 0.21% Pb, and 0.08% Sn, including 151.5m of 13.35 g/t Ag, 1.41% Zn, 0.63% Pb, and 0.09% Sn.

DSB-92 showed 238.5m of 10.04 g/t Ag, 1.77% Zn, 0.57% Pb, and 0.03% Sn, including 204m of 6.38 g/t Ag, 2.06% Zn, 0.62% Pb, and 0.03% Sn.

The silver intercepts returned, 90m of about 61 g/t, are solid for a polymetallic system, especially when it encompasses zinc, lead, and tin. Some sections showed higher silver grades, 173 g/t over 15m, for instance.

"It is noteworthy, in our view, that significant upside potential could arise from the silver grades in the starter pit, which are expected to increase along with tonnages as a result of the recent infill drilling campaign," Hasler wrote.

Also, the analyst pointed out, the reported zinc results, higher than 1%, are above average when compared to major polymetallic projects in the Andes and are "clearly in an economically relevant range."

Overall Program is Notable

Hasler commented that the phase two drill program at Iska Iska is not a marginal one featuring small intervals and low grades. Rather, it boasts "robust intercepts with meaningful width, grade and continuity, including stepout and infill drilling."

In addition, the system remains open in all directions, indicating a "still incomplete mineralized target" and exploration upside.

Significance of 'Starter Pit' Mention

Hasler pointed out that in the news release announcing the latest drill results from Iska Iska, Eloro Resources used the term "starter pit" for the first time. The term implies the company already is considering a potential open pit zone, and indicates a shift in focus "from pure exploration to defining a mineable unit," wrote Hasler. Also, the term heightens the significance of the news; not only does it highlight a discovery of mineralization, but also a resource to be evaluated for its potential economics.

The fact that Eloro used definition drill holes in this campaign further supports this interpretation, the analyst wrote. Typically, these holes are employed "to constrain geometry, thickness and continuity of mineralization and constitute a key step toward" upgrading a resource from one category to another, to Indicated from Inferred, for instance.

Other Assets in Portfolio

Along with Iska Iska, Eloro has additional gold, silver, and base metals projects in Bolivia, Peru, and Quebec.

In Bolivia, the company owns nine other mining properties in the Potosí region, one adjacent to Iska Iska. Together, these mining properties span 311.75 square kilometers (sq km).

In Peru, Eloro has an 82% interest in the La Victoria gold-silver project, consisting of eight mining concessions and eight mining claims at an 89.3 sq km property. In the country's north-central mineral belt, La Victoria is about 50 km south of Barrick Mining Corp.'s (ABX:TSX; B:NYSE) Lagunas Norte gold mine and Pan American Silver Corp.'s (PAAS:TSX; PAAS:NYSE) La Arena gold mine.

In Quebec, Eloro owns gold and base metal properties, specifically in the highly prospective and underexplored La Grande and Eastmain greenstone belts.

"We regard Toronto-based Eloro Resources as a promising resource exploration and development company," Hasler wrote.

What to Watch For

In the near term, the analyst wrote, investors can expect additional drill results from Iska Iska. Specifically, data from the final two holes of the recent phase two, 16-hole program are pending.

Further out, in the nine- to 12-month period, regarding Iska Iska, results of a more detailed metallurgical analysis are expected upon completion of an NI 43-101 preliminary economic assessment. This PEA may outline an increase of the starter pit to 132 Mt from 200 Mt.

Another potential catalyst, wrote Hasler, is the takeout of Eloro.