Preparing For 3000m Drill Campaign At La Victoria Silver/Gold Project
Eloro Resources Ltd’s (TSXV: ELO) (OTCQX: ELRRF) 82%-owned Peruvian subsidiary, Eloro Peru, has entered into a surface rights agreement and required permitting for continued exploration at La Victoria.
The agreement with the Pallasca Community in the Pallasca Province, Ancash Department, Peru, allows exploration activities, including drilling, to proceed at the San Markito epithermal silver drill target.
The San Markito target is located within the Victoria-APB Concession in the Pallasca District and Province, 430 km NNE of Lima, Peru. Surface mapping and sampling to date has confirmed high silver grades within a silicified breccia structure located at an altitude of 4050m above sea level.
Significant silver values from San Markito include 994 g/t Ag with 0.35 g/t Au in a continuous diamond saw channel sample over 4.00m and 390 g/t Ag with 0.53 g/t Au over 1.53m.
Induced polarisation survey results indicate a steeply dipping low resistivity and higher chargeability anomaly at depth, spatially correlated with the surface mineralisation.
A 3000m drill programme to test the continuity of the breccia mineralisation along strike and down-dip is planned.
Since 2016, Eloro Peru has been actively engaged with local stakeholders from the Pallasca community and nearby hamlets in order to provide the necessary information to all concerned members. On July 24 2021, an extraordinary community assembly took place, where a majority of community members voted in favour of Eloro Peru’s land use proposal. Apart from the land rental payment, Eloro has also agreed to help the community avail itself to government infrastructure funds to enhance the community’s agricultural practices and access to water.
With the Agreement in place, Eloro Peru can now proceed with the drill permitting process with the Peruvian Ministry of Energy and Mines and the Water Authority. Geades Consulting S.A.C has been retained for this purpose.
Geological operations will recommence in September, 2021, under the supervision of Chief Geologist (Peru), Marcelo Alvarez, who led Eloro Peru’s 2017-2018 exploration activities. Mr. Alvarez brings 30 years of exploration experience in South American epithermal, mesothermal and porphyry deposit types. He also has extensive knowledge in the modeling and evaluation of mineral resources.
Eloro’s La Victoria joint venture partner, Burgundy Diamond Mines Limited, holds an 18% interest in Eloro Peru and pursuant to an option agreement, can increase their interest from 18% to 25% by expending a further $1,400,000, subject to the receipt of all required permitting.
For further information please visit: https://www.elororesources.com/