Eloro Resources Ltd. (ELO:TSX; ELRRF:OTCQX; P2QM:FSE) capped off the end of a phase two infill drill campaign at its Iska Iska silver-tin polymetallic project in southern Bolivia with the highest-grade silver interval it encountered there to date, reported Cantor Fitzgerald Analyst Matthew O'Keefe in a Dec. 9 research note.
"The completion of phase two infill drilling is a key milestone for the Santa Barbara starter pit," O'Keefe wrote. "This work further expanded the footprint of higher-grade mineralization in areas previously classified as internal waste in the initial mineral resource estimate (MRE)."
108% Upside Suggested
Cantor Fitzgerald maintained its CA$3.60 per share (CA$3.60/share) target price on the Canadian mineral explorer, trading at about CA$1.73/share at the time of O'Keefe's report, the analyst noted.
The difference between these two prices implies a potential return of 108%.
Eloro remains a Speculative Buy.
The company has 107.8 million shares outstanding. Its market cap is CA$186.6 million. Its 52-week range is CA$0.76–2.00/share.
Final Results of Program
Eloro announced results of the final two holes of its 16-hole, 8,286 meter (8,286m) phase two definition drill program at Iska Iska. Both holes were placed in the Santa Barbara starter pit area, reported O'Keefe, who presented the data highlights.
Hole DSB-93, drilled in the silver polymetallic domain, returned the highest-grade silver interval at the project thus far. This was 180m of 165 grams per ton silver, (165 g/t Ag), 0.74% lead (Pb), 0.72% zinc (Zn) and 0.16% tin (Sn). It included the higher-grade subinterval, 72m of 295 g/t Ag.
Other near-surface polymetallic hits included 7.5m of 1.43% copper (Cu) starting at 34.2m downhole and 7.5m of 1.25% Zn starting at 49.2m downhole.
The second hole DSB-90 was drilled in the tin domain and demonstrated multiple tin-rich intervals, including:
- 24m of 0.57% Sn starting at 91m downhole
- 16.5m of 0.36% Sn starting at 134.5m downhole
- 51m of 0.24% Sn starting at 400m downhole
DSB-90 also returned silver values, such as 13.5m of 106 g/t Ag beginning at 256m downhole.
"Results confirm broader and more continuous high-grade zones than previously modeled," O'Keefe wrote.
What to Expect Next
Eloro intends to incorporate the phase two drill data into an update of the existing MRE, ultimately to support a higher-grade, starter pit-focused preliminary economic assessment targeted for 2026, reported O'Keefe.
The company will keep advancing Iska Iska through additional resource definition drilling and ongoing metallurgical optimization to refine grade continuity and improve confidence within both the silver-polymetallic and tin domains. Mineralization in both remains open laterally and at depth, thereby providing targets for subsequent drilling and offering resource growth upside.
O'Keefe noted that Eloro has sufficient funds to continue the technical work that will derisk Iska Iska even further.
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