Original-Research Eloro Resources Ltd. (von Sphene Capital GmbH): Buy
Original-Research: Eloro Resources Ltd. - von Sphene Capital GmbH
Einstufung von Sphene Capital GmbH zu Eloro Resources Ltd.
Unternehmen: Eloro Resources Ltd.
Anlass der Studie: Update Report
Kursziel: CAD 15,80 (unverändert)
Kursziel auf Sicht von: 24 Monate
Letzte Ratingänderung: -
Analyst: Peter Thilo Hasler
Major Mineralized Zone Outlined in the Central Breccia Pipe
After publication of the first drill results from the Central Breccia Pipe of Eloro Resources' silver-tin polymetallic Iska Iska project, we are reiterating our Buy rating for Eloro Resources and our fully diluted price target of CAD 15.80 per share. Our price target is derived from an in-situ valuation of Iska Iska's Santa Barbara Breccia Pipe, for which significant drill results have already been disclosed and for which we calculated a NAV estimate of CAD 1,476.5 million. We applied a 0.8x multiple to our net asset value per share estimate to arrive at our target price of CAD 15.80 per share. Other assets (among them the Central Breccia Pipe) were not included in our valuation, for we prefer to await further testing of the target. Therefore, we like to highlight again that the recent pullback in the company's stock price could be an excellent entry point for investors, as Eloro Resources is now ideally positioned, in our view, to aggressively advance its current portfolio of development projects. Should the company be able to make a discovery and eventually delineate a mineral resource at its flagship project Iska Iska in the prolific Southern Mineral Belt of Bolivia, we believe the share price could quickly re-rate towards our price target.
Eloro Resources began drilling in the Central Breccia Pipe (CBP) and intersected a broad 483m wide mineralized zone. The highest-grade interval returned 196 g Ag eq/t over 27.5m. 19 intersections were greater than 31 g Ag eq/t, representing 61% of the overall mineralized interval. According to the geologists, the intersection appears to be the top of a very extensive mineralized zone in the Central Breccia Pipe that may be as thick as 500m. With a final length of 1,019m, one of the holes is the longest drilled at Iska Iska so far, reflecting the remarkable size of the mineralized system in the CBP. The target area for mineralization in the Santa Barbara Breccia Pipe (SBBP) and CBP is now more than 1km long and at least 800m wide with mineralization open in all directions. All of the holes drilled to date have encountered mineralization.
Leduc Drilling, Eloro's contractor responsible for drilling, has mobilized a high-capacity underground drill to Iska Iska, which is capable of drilling up to 600m long underground drill holes. The drill is currently being setup at the west end of the Huayra Kasa underground workings to test underneath the Santa Barbara adit where a recent continuous channel sample returned 442 g Ag eq/t. An additional surface drill will be mobilized to test the Porco target, located in the southern part of the Iska Iska Caldera Complex.
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Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (89) 74443558/ +49 (152) 31764553
übermittelt durch die EQS Group AG.
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Analyst: Sphene Capital
Kursziel: 15,80 Euro