- Eloro Resources recently provided an update on the company’s ongoing exploratory drill work
- Recent findings revealed a number of holes with well-mineralized intersections, suggesting both – robust mineralization trends as well as an ever-widening prospective target area
- Global tin demand is set to grow by nearly a third over the next 8 years, however, the supply growth picture is looking increasingly tenuous
- Eloro Resources looks well positioned to capitalize from the ongoing growth in demand for the commodity, with the company having published its inaugural MRE report at the end of August
Eloro Resources (TSX: ELO) (OTCQX: ELRRF) (FSE: P2QM), an exploration and mining company focused on developing its potential world-class Iska Iska silver-tin polymetallic property located in the Potosi Department in southern Bolivia, recently updated the market with updated assay results derived from the company’s ongoing reconnaissance drilling. Recent drilling work across 16 holes, spread across Eloro’s Mina Casiterita Property, Santa Barbara deposit and Porco-Mine 1 area, uncovered an array of well-mineralized intersections. Moreover and with tin mineralization at Casiterita revealed in deposits up to 2km southwest of the Santa Barbara deposit, findings suggest that Iska Iska’s cumulative mineral deposits may be far more extensive than previously anticipated (https://ibn.fm/jXvtt).
Tom Larsen, CEO of Eloro, said: “We are encouraged by the initial drilling results from Mina Casiterita, especially considering the reconnaissance nature of the drill program. The grade and width intersected in hole DCT-03, considering the recently reported positive “ore-sorting” results, is attractive, particularly with the higher-grade sections.”
The global march towards Net Zero, an ambition predicated on the world achieving a balance between global greenhouse gas (“GHG”) emissions and those being removed from the atmosphere by 2050, has now emerged as the biggest long-term demand driver of tin. In fact, a recent report by Reportlinker.com suggests that the global market could reach a revised size of 481.9 thousand tons by 2030, up from 338.5 thousand tons of demand in 2022 (https://ibn.fm/UJaVw). However, the commodity faces an increasingly tenuous supply backdrop. Over 50 percent of the global tin supply originates from China and Indonesia; meanwhile, Myanmar and the Democratic Republic of Congo play key roles within the commodity’s global supply chain.
The United States’ landmark Inflation Reduction Act (“IRA”), launched in August 2022, has dramatically changed the rules for global clean energy supply chains. The act, which seeks to incentivize the ongoing adoption of clean energy technologies and electric vehicles in the United States through the provision of generous subsidies, requires that 80% of an EV battery’s critical minerals should be sourced either domestically or from free trade countries (“FTCs”) by 2027 (https://ibn.fm/k6HMf). Crucially – that excludes raw materials and minerals sourced from the likes of China, Myanmar and the Democratic Republic of Congo, instantly making nearly 45% of the globe’s tin supply ineligible for inclusion into US-bound clean technology products (https://ibn.fm/dFwdW).
Eloro Resources’ ongoing efforts to play a role in bridging the widening supply gap within the global tin supply chain looks positively poised, particularly post the company’s recent positive drilling results. Dr. Bill Peasron, Eloro’s Executive Vice President of Exploration elaborated on the company’s next steps, including confirming the timeline for the release of Eloro’s inaugural NI 43-101 compliant mineral resource estimate.
“The inaugural mineral resource is near completion and is expected to be released by the end of August. Following completion of the [the company’s] recent $6.9 million bought deal financing, the planned next phase of work at Iska Iska has begun. The work plan consists of an initial 5,600m of definition drilling at Santa Barbara to better define higher-grade areas in the shallower parts of the potential pit to enhance earlier payback; drilling of four PQ metallurgical holes totaling 1,250m for further metallurgical tests including “ore-sorting”; and preparation of a PEA (preliminary economic assessment), including required site work, on the Santa Barbara deposit.”
For more information, visit the company’s website at www.EloroResources.com.
NOTE TO INVESTORS: The latest news and updates relating to ELRRF are available in the company’s newsroom at https://ibn.fm/ELRRF
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