Explorer Finds Excellent Polymetallic Potential in Bolivia's Tin Belt

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) released additional assay results from two drill holes that further extend the footprint of a deposit at its Iska Iska project in the Potosi Department of Southern Bolivia, according to a release by the company on November 19.

The holes (DSB-91 and DSB-92) are part of the second phase of the definition diamond drilling program at the silver-zinc-polymetallic domain in the prospective Santa Barbara starter pit area, the company said.

"We are thrilled to share these results, which include long and higher-grade intercepts on the eastern and far-eastern boundary of the potential starter pit zone," Chief Executive Officer Tom Larsen said. "We eagerly await the additional results from the two pending holes. The polymetallic nature of the mineralization associated with these higher-grade results suggests a further extension of the known mineralization to the east, extending at least 50-100 meters beyond the potential starter pit shell. This will enable us to expand the infill and step-out drill program in 2026 to enhance the MRE (mineral resource estimate) for the planned PEA (preliminary economic assessment)."

He added, "With the overall results obtained so far, Iska Iska is well-positioned to become a leading silver-tin-polymetallic resource, supporting the global transition towards a critical minerals supply chain."

The current phase of definition drilling has concluded, with a total of 8,286.40 meters of diamond drilling completed across sixteen holes, Eloro said in the release. Of these, 7,346.9 meters were drilled in 14 reported holes, with assay results still pending for two holes totaling 939.5 meters.

Larsen told Streetwise Reports that the MRE is expected by the end of the first quarter, with the PEA out in the second quarter.

'One of the Largest Undeveloped Tin Projects in the World'

According to an updated research note by Red Cloud Securities Analyst Ron Stewart on November 20, the Iska Iska site features a mineral inventory of 298 million ounces (Moz) of silver (Ag), 4.09 million tonnes of zinc (Mt Zn), 1.74 Mt of lead (Pb), and 130,000 tonnes of tin (Sn). These resources are spread across two neighboring domains: the Sn-Ag or Tin domain to the west, and the high-grade Ag-Zn polymetallic epithermal domain to the east. The reported results are from the Ag-Zn polymetallic domain.

The step-out hole DSB-92 extended mineralization by 50 to 100 meters to the east beyond the potential Santa Barbara starter pit area, while the infill hole DSB-91 intersected several high-grade intervals of silver, tin, and zinc, Stewart noted. These findings continue to demonstrate the potential for resource expansion at Iska Iska, which is promising the updated MRE.

Multiple high-grade intervals in hole DSB-91 further confirm that infill drilling can potentially enhance overall grades, as seen in more densely drilled sections of the project, he wrote.

"Eloro has established Iska Iska as one of the largest undeveloped tin projects in the world within five years of acquiring the project," the analyst stated. "With definition drilling continuing to intersect some of the longest and highest-grade tin and polymetallic intervals, we believe Iska Iska is well-positioned to rise among the ranks of significant tin and polymetallic projects globally."

On Crescat Capital's Live Market Call on November 21, which can be seen on YouTube, industry expert and Eloro technical advisor Quinton Hennigh said the company's new results were "really strong."

"But I'm going to touch on the fact that (hole) DSB-92 actually hit 238.5 meters grading 1.77% zinc and 0.57% lead," said Hennigh, who is also the CEO of private global silver and zinc producer San Cristóbal Mining Inc., which also operates in Bolivia. "Those kinds of grades, you know, 1.77% zinc and 0.57% lead, that's easily within the ranges of those metals that we see in our pit here (at San Cristóbal), so good on them. I think they're making good progress, and I hope to see this infill drilling completed in the not-too-distant future so that they can put a resource around that starter pit."

Large 'Under-Drilled' Portions Point to Potential

Red Cloud's Stewart said highlights from the latest batch of assays include 61.05 grams per tonne (g/t) Ag and 0.20% Sn (101.2 g/t AgEq) over 90 meters from 492 meters, including 173 g/t Ag, 0.15% Sn (197.3 g/t AgEq) over 15 meters (DSB-92), and 1.77% Zn, 0.57% Pb, 10.04 g/t Ag (87.93 g/t AgEq) over 238.5 meters (DSB-92) from 33 meters. Additional results included 6.43 g/t Ag, 0.92% Zn, 0.84% Pb, 0.23% Sn (100.19 g/t AgEq) over 136.5 meters from 328 meters (DSB-91), and 1.41% Zn, 0.64% Pb, 13.35 g/t Ag (49.67 g/t AgEq) over 151.5m from 109m (DSB-91).

The initial 2023 MRE, based on 139 holes (96,386 meters), outlined inferred resources of 560 Mt at 0.73% Zn, 0.28% Pb, and 13.8 g/t Ag in the polymetallic domain and 110 Mt at 0.15% Pb, 14.2 g/t Ag, and 0.12% Sn in the Tin domain, Stewart noted. This includes a high-grade near-surface inferred mineral resource of 132 Mt at 1.11% Zn, 0.50% Pb, and 24.3 g/t Ag. Notably, the polymetallic and Tin domains do not overlap.

Large portions of the Tin and Polymetallic domains remain under-drilled, the analyst wrote.

The presence of continuous higher-grade mineralization in both domains suggests the potential for a feeder system, offering significant resource expansion potential.

Additionally, tin is a critical mineral with important applications in the electronics industry, including solar panels, EVs, and battery storage, Stewart said. Mine supply decreased for two consecutive years in 2024, while demand is expected to rise steadily. The U.S. has not mined tin since 1993.

"We do not have a rating or target on Eloro Resources Ltd.," Stewart continued. "We believe continued drilling success, resource expansion, and progress toward the PEA stage should help re-rate the stock."

Analyst: Possible Higher Silver Grades

Haywood Capital Markets Analyst Pierre Vaillancourt said Eloro's latest drilling results further illuminate the polymetallic mineralization at the Santa Barbara deposit, suggesting the potential for higher silver grades with more consistent mineralization.

In his updated research note on November 20, Vaillancourt maintained a Buy rating on the stock with a target price of CA$3 per share, compared to CA$1.45 at the time of writing, representing a 107% return.

With the drilling program now concluded, Eloro will focus on delivering the updated resource estimate and the PEA.

"ELO has reported on 14 drill holes, with assay results pending for two remaining holes," he wrote. "Additional infill and step-out drilling is planned in 1Q26 with the objective to expand and upgrade the mineral resources for the upcoming PEA."

Vaillancourt noted Eloro intends to start ramp construction into the Santa Barbara pit by February 2026, enabling the company to take a bulk sample by the end of the first half of 2026. Eloro would also construct a 500 tonne-per-day (tpd) pilot plant to process the ore.

"As we have mentioned previously, we look for a Santa Barbara resource in the range of 180-200 Mt, with tin ore comprising 20-25% of the resource, and grades of 35g/t Ag, 1-1.5% zinc and 0.8% lead, along with 0.25% tin, with potential for higher grade zones," Vaillancourt wrote. "We believe the PEA could consider a polymetallic mine with mill throughput of 25 ktpd (kilotons per day) producing zinc-silver and lead-silver concentrates, complemented by a tin circuit of 10 ktpd producing a tin concentrate, over an approximate 15-year mine life. We expect the capital cost of this mine could be in the range of CA$400 million to CA$500 million."

Eloro has approximately CA$11.5 million in cash following a CA$14 million bought deal in September, Vaillancourt said. These funds are sufficient for the resource and PEA, as well as a drill program planned for the first quarter of 2026, but additional financing will be required for the ramp and pilot plant, he noted.

New Government Changes the Game

Bolivia's tin belt is a mineral-abundant area located in the country's Cordillera Oriental. As a metallogenetic province, this region is rich in tin, tungsten, silver, and base metals. The belt aligns with the curve of the Bolivian orocline. The mineral deposits in this belt developed over various periods, starting in the Triassic era, with the most recent mineralizations dating back to the Miocene.

But output has varied due to market forces, environmental issues, and governmental regulations. In the early 2000s, the nation's then-liberal government experienced a strained relationship with the mining industry as it grappled with challenges concerning infrastructure, safety, and sustainability, all of which affected its competitive edge, according to Resource World Magazine.

New president Rodrigo Paz was elected in a run-off election on October 19 and sworn into office on November 8, according to a report for The Associated Press on November 8 written by Carlos Valdez. His victory ended nearly two decades of rule by the socialist MAS party and marks a shift toward a more centrist, pro-business stance. 

"It's exciting times," Larsen told Streetwise Reports in a recent interview. "I think this is very bullish for foreign investment into Bolivia."

Larsen also noted that lower operating costs were a "huge advantage" in the country, "especially in a bulk mining type scenario."

"Mining costs, for instance, are probably 15-20% cheaper than even in Peru next door," he said.

Tin: Incredibly Adaptable and Used Everywhere

Tin is an incredibly adaptable technical metal, subtly integrated into many applications essential to contemporary life, according to the International Tin Association.

The metal has evolved significantly since the Bronze Age. While it continues to be used in food cans, pewter, and bearings, its most critical roles today are in solder and chemicals, with various new energy materials currently under research and development. As an unseen element in modern technology, encompassing all electronics and renewable energy systems, it is increasingly crucial for the world to recognize tin's essential contribution to shaping the future.

"The essential uses of tin are almost too numerous to mention," the site said. "Take a house, for example, tin is everywhere. All of the electrical and electronics rely on tin, including the wiring," and it is used in everything from the windows to the PVC piping in the plumbing.

According to a report by Mordor Intelligence, the tin market is projected to grow from an estimated 429.24 kilotons in 2025 to 487.78 kilotons by 2030, with a compound annual growth rate (CAGR) of 2.59% during the forecast period (2025-2030).

Technavio predicted that tin's market size will increase US$876.6 million at a CAGR of 2.1% from 2024 to 2029, with demand for canned foods and beverages driving the market.

Despite modest volume growth, price stability is supported by structural tightness due to political instability in other producers like Myanmar and supply risks in the Democratic Republic of Congo, the research firm said.

"The metal's by-product nature — where production depends on copper, lead, and zinc mining — magnifies price swings by nearly 50% versus primary metals and forces manufacturers to secure diverse sources," Mordor wrote. "Asia-Pacific, home to China's electronics complex and Indonesia's smelters, absorbs close to seven-tenths of global demand and posts region-leading growth, while North American and European buyers accelerate local sourcing and recycling initiatives to cut exposure to supply disruptions."

Ownership and Share Structure¹

About 17% of the company is owned by insiders, about 28% by institutions, and about 2% by Cartier Silver. The rest is retail.

Top shareholders include Crescat Capital LLC with 14.52% and the CEO Larsen with 6.7%. Allied Gold Corp. (AAUC:TSX; AAUCF:OTCQX) Chair and CEO Peter Marrone, formerly the executive chairman of Yamana Gold Inc. (YRI:TSX; AUY:NYSE; YAU:LSE) (acquired by Pan American Silver Corp.), is also a shareholder.

Its market cap is CA$149 million with 107.84 million shares issued and outstanding. It trades in a 52-week range of CA$0.77 and CA$2.