ELO Eloro Resources Ltd

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from eight (8) additional diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Six of these holes (DSB-35 and DSB-37 to DSB-41) tested the south-southeastern extension of the high-grade feeder zone at Santa Barbara while METSBUG-03 is a metallurgical hole drilled from the Santa Barbara adit underground drill bay. Hole DM2-01 is a reconnaissance drill hole near the Mina 2 adit in the southeast part of the property.

To-date, the Company has completed 84,495m in 122 drill holes at Iska Iska which completes the definition drill program in the Santa Barbara target area as shown in Figure 1. Tables 1, 2, 3, 4 and 5 list significant assay results for the drill holes reported. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s July 21, 2022 press release. Table 6 summarizes drill holes completed with assays pending.

Tom Larsen, CEO of Eloro, said: “Now that the reconnaissance drill holes just released, DSB-38, -39 and -40, are adding a further 500 meters of mineralized strike length, these latest results should add substantial tonnage to our resource model. Infill drilling at a later date should further upgrade and expand the higher metal value zonations that have become characteristic of the Iska Iska system.”

“Given the guidance of our geophysics, if one were to draw a line from Huayra Kasa in the north of the Iska Iska Caldera southwest to Mina Casiterita one can reasonably assume up to a 3 kilometre potential strike length of mineralization given the magnetic data to date,” added Mr. Larsen. “The current strike length, width and depth of the Santa Barbara complex, which is still open in all directions, is pointing to the strong possibility that Iska Iska will become a giant “bonanza style” Bolivian polymetallic discovery.”

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We continue to obtain promising results from our drilling on the High-Grade Feeder Zone at Santa Barbara. The on-strike extension of this zone to the south-southeast is now confirmed for an additional 500m for a total strike length of 1,500m. Geophysical data indicates potential for a further 500m strike length to 2,000m which has been initially tested by the final drill holes in our 2022 program for which results are pending. The width of the Santa Barbara mineralized zone is now up to 1,000m across strike with a depth of at least 800m. The mineralized zone remains open in ALL directions as well as at depth. With completion of our planned drilling program, we are now focussed on working with Micon International to complete the inaugural mineral resource estimate.”

Santa Barbara High Grade Feeder Zone Extension Definition Drilling

Six holes (DSB-35, DSB-37 to DSB-41) tested the south-southeastern extension of the high-grade feeder zone at Santa Barbara.

Holes DSB-38, DSB-39 and DSB-40 were drilled on an approximately 1km long section across the central part of the caldera valley approximately 500m south-southeast of the underground drill bay in the Santa Barbara adit as shown in Figure 1. The three holes were all drilled at an azimuth of 2250 with a dip of -600. Collectively, these holes intersected many significant intersections within altered and mineralized dacite including:

Highlights Hole DSB-38

• 542.75g Ag eq/t (330.95g Ag/t, 0.85% Zn and 5.20% Pb) over 7.55m from 186.75m to 194.30.
• 129.92g Ag eq/t (18.63g Ag/t, 1.81% Zn and 0.36% Pb) over 31.92m from 365.26m to 397.18m including:
  • 204.13g Ag eq/t (34.18g Ag/t, 2.71% Zn and 0.63% Pb) over 10.54m from 377.50m to 388.04m.
• 285.65g Ag eq/t (137.00g Ag/t, 0.29% Zn and 4.17% Pb) over 4.65m from 412.35m to 417.00m.
• 143.52g Ag eq/t (26.09 g Ag/t, 1.64% Zn and 0.88% Pb) over 16.69m from 423.16m to 439.85m.
• 269.56g Ag eq/t (52.63g Ag/t, 3.02% Zn and 1.82% Pb) over 58.58m from 463.95m to 522.53m including:
  • 462.04g Ag eq/t (75.05g Ag/t, 5.87% Zn and 2.55% Pb) over 23.80m from 463.95m to 487.75m.
• 101.74g Ag eq/t (10.59g Ag/t, 0.16 gAu/t, 1.23% Zn and 0.28% Pb) over 74.07m from 627.38m to 701.45m including:
  • 255.53g Ag eq/t (31.83g Ag/t, 0.59 g Au/t, 2.73% Zn and 0.64% Pb) over 17.24m from 658.41m to 675.65m.
• 205.14g Ag eq/t (12.28g Ag/t, 3.05% Zn and 0.85% Pb) over 12.14m from 746.76m to 758.90m.
• 94.46g Ag eq/t (12.84g Ag/t, 1.15% Zn and 0.32% Pb) over 12.07m from 807.30m to 819.37m.
• 41% of this 851.5m long drill hole contains reportable intersections averaging 133.99g Ag eq/t.

Highlights Hole DSB-39

• 93.08g Ag eq/t (5.22g Ag/t, 1.48% Zn and 0.33% Pb) over 16.99m from 157.95m to 174.94m.
• 111.70g Ag eq/t (4.85g Ag/t, 0.32 g Au/t, 1.22% Zn and 0.15% Pb) over 19.54m from 277.60m to 297.14m.
• 123.89g Ag eq/t (6.80g Ag/t, 2.0% Zn and 0.24% Pb) over 10.44m from 425.62m to 436.06m.
• 72.40g Ag eq/t (9.38g Ag/t, 0.83% Zn and 0.82% Pb) over 28.58m from 517.82m to 546.40m including a higher-grade section of:
  • 107.35g Ag eq/t (15.47g Ag/t, 1.18% Zn and 0.82% Pb) over 9.00m from 535.90m to 544.90m.
• 142.44g Ag eq/t (20.17g Ag/t, 0.78 g Au/t, 0.70% Zn and 0.38% Pb) over 6.17m from 829.45m to 835.62m.
• 24% of this 857.4 m long hole contained reportable intersections which collectively averaged 84.39 g Ag eq/t.

Highlights Hole DSB-40

• 91.96g Ag eq/t (4.71g Ag/t, 1.37% Zn and 0.15% Pb) over 193.96m from 239.81m to 433.77m with higher-grade portions of:
  • 147.94g Ag eq/t (4.56g Ag/t, 2.48% Zn and 0.29% Pb) over 19.86m from 294.34m to 314.20m.
  • 218.05g Ag eq/t (14.33g Ag/t, 0.14 g Au/t, 3.35% Zn and 0.33% Pb) over 11.21m from 390.77m to 401.98m.
• 144.05g Ag eq/t (9.10g Ag/t, 0.19 g Au/t, 2.03% Zn and 0.32% Pb) over 8.95m from 460.50m to 469.45m.
• 74.06g Ag eq/t (7.30g Ag/t, 0.09 g Au/t, 0.71% Zn and 0.06% Pb) over 90.22m from 477.04m to 567.26m with a higher-grade portion of:
  • 157.98g Ag eq/t (12.23g Ag/t, 0.21 g Au/t, 1.92% Zn and 0.14% Pb) over 19.50m from 513.15m to 532.65m.
• 191.50g Ag eq/t (16.77g Ag/t, 0.11 g Au/t, 0.40% Zn, 0.45% Pb and 0.33% Sn) over 18.13m from 647.42m to 665.55m.
• 35% of this 1,052.4m long hole contained reportable intersections which collectively averaged 92.11g Ag eq/t.

Holes DSB-37 and DSB-41 were collared on sections 100m and 300m northwest, respectively, of the DSB-38 to -40 section as shown in Figure 1. Highlights from these holes which intersected altered and mineralized dacite are as follows:

Highlights DSB-37

• 108.54g Ag eq/t (46.67g Ag/t, 0.21% Pb and 0.12% Sn) over 16.11m from 0.00m to 16.11m.
• 55.24g Ag eq/t (3.95g Ag/t, 0.78% Zn and 0.17% Pb) over 74.72m from 223.25m to 297.97m including higher-grade sections grading:
  • 95.69g Ag eq/t (4.83g Ag/t, 1.43% Zn and 0.31% Pb) over 4.50m from 246.90m to 251.40m.
  • 232.58g Ag eq/t (43.41g Ag/t, 2.88% Zn and 1.15% Pb) over 2.97m from 287.31m to 290.28m.
• 212.76g Ag eq/t (38.92g Ag/t, 1.37% Zn, 2.03% Pb and 0.08% Sn) over 18.30m from 316.35m to 334.65m.
• 345.39g Ag eq/t (36.06g Ag/t, 0.15g Au/t, 2.83% Zn, 0.93% Pb and 0.32% Sn) over 12.12m from 446.61m to 458.73m.
• 214.76g Ag eq/t (24.87g Ag/t, 0.36g Au/t, 1.60% Zn, 0.24% Pb and 0.17% Sn) over 7.65m from 499.66m to 507.31m.
• 75.16g Ag eq/t (7.95g Ag/t, 0.11g Au/t, 0.76% Zn and 0.20% Pb) over 63.65m from 549.90m to 613.55m including higher-grade sections grading:
  • 422.12g Ag eq/t (60.29g Ag/t, 0.40g Au/t, 4.27% Zn and 2.39% Pb) over 3.02m from 600.12m to 603.14m.
  • 195.47g Ag eq/t (15.77g Ag/t, 0.15g Au/t, 1.89% Zn, 0.94% Pb and 0.10% Sn) over 4.37m from 609.18m to 613.55m.
• 38% of this 917.4m long drill hole contains reportable intersections averaging 90.54g Ag eq/t.

Highlights DSB-41

• 119.70g Ag eq/t (20.22g Ag/t, 0.14g Au/t, 1.31% Zn and 0.54% Pb) over 46.73m from 340.11m to 386.84m.
• 64.69g Ag eq/t (2.88g Ag/t, 1.05% Zn and 0.14% Pb) over 40.78m from 429.22m to 470.00m with a higher-grade portion of:
  • 100.53g Ag eq/t (4.82g Ag/t, 1.62% Zn and 0.26% Pb) over 12.07m from 445.88m to 457.95m.
• 124.30 g Ag eq/t (33.73g Ag/t, 1.03% Zn and 0.93% Pb) over 16.41m from 562.11m to 578.52m.
• 102.27g Ag eq/t (12.76g Ag/t, 1.15% Zn and 0.27% Pb) over 19.61m from 609.97m to 629.58m.
• 145.52g Ag eq/t (15.52g Ag/t, 0.11gAu/t, 1.54% Zn, 0.36% Pb and 0.07% Sn) over 71.39m from 650.36m to 721.75m including a higher-grade portion of:
  • 261.83g Ag eq/t (26.12g Ag/t, 0.09g Au/t, 2.78% Zn, 0.56% Pb and 0.17% Sn) over 15.24m from 699.28m to 714.52m.
• 29% of this 829.4m long hole contained reportable intersections which collectively averaged 114.16g Ag eq/t.

Santa Barbara Southwest Extension Drilling

Hole DSB-35 was drilled to test the potential southwest extension of the Santa Barbara High Grade Feeder Zone shown in Figure 1. Sn grades are notably elevated in this area. This hole was collared approximately 300m west-northwest of the underground drill bay in the Santa Barbara adit and was drilled at an azimuth of 2250 with a dip of -600. This hole intersected several significant intersections including:

• 89.43g Ag eq/t (5.63g Ag/t, and 0.20% Sn) over 104.86m from 0.00m to 104.86m with higher-grade portions of:
  • 203.86g Ag eq/t (5.42g Ag/t, 0.14 g Au/t, and 0.47% Sn) over 8.69m from 7.72m to 16.41m.
  • 383.23 g Ag eq/t (5.66g Ag/t, 0.06 g Au/t, and 0.95% Sn) over 4.44m from 38.69m to 43.13m.
  • 153.09g Ag eq/t (2.40g Ag/t and 0.37% Sn) over 7.66m from 95.70m to 103.36m.
• 112.97g Ag eq/t (13.80g Ag/t, 0.40 g Au/t and 0.15% Sn) over 13.70m from 330.70m to 344.40m.
• 195.29g Ag eq/t (26.32g Ag/t, 0.32 g Au/t, 0.30% Cu and 0.24% Sn) over 14.47m from 577.37m to 591.84m.
• 58.22g Ag eq/t (2.40g Ag/t, 0.14% Cu and 0.07% Sn) over 46.64m from 677.00m to 723.64m including:
  • 135.97g Ag eq/t (6.81g Ag/t, 0.37% Cu and 0.18% Sn) over 6.22m from 691.75m to 697.97m.

Santa Barbara Metallurgical Drilling

METSBUG-03 is the third metallurgical drill hole collared from the underground drill bay on the Santa Barbara adit. The hole was drilled at an azimuth of 2700 and a dip of -350 to a length of 707.8m. Significant results are as follows:

• 122.25g Ag eq/t (17.77g Ag/t, 0.30% Zn, 0.33% Pb, 0.10% Cu and 0.16% Sn) over 210.74m from 0.00m to 210.74m with higher-grade portions of:
  • 272.90g Ag eq/t (100.21g Ag/t, 0.37% Pb, 0.17% Cu and 0.16% Sn) over 16.57m from 101.69 to 118.26m.
  • 199.68g Ag eq/t (51.11g Ag/t and 0.34% Sn) over 13.11m from 171.89 to 185.00m.
• 240.31g Ag eq/t (1.00g Ag/t and 0.61% Sn) over 11.99m from 280.87m to 292.86m.
• 252.83g Ag eq/t (6.89g Ag/t and 0.62% Sn) over 10.51m from 325.76m to 336.27m.
• 397.04 g Ag eq/t (17.32g Ag/t, 0.67g Au/t, 0.10% Pb, 0.44% Cu and 0.68% Sn) over 32.00m from 489.05m to 521.05m including:
  • 881.48g Ag eq/t (33.42g Ag/t, 1.43g Au/t, 0.28% Pb, 0.60% Cu and 1.65% Sn) over 9.15m from 489.05m to 498.20m; and
  • 501.04g Ag eq/t (16.08g Ag/t, 0.68g Au/t, 1.03% Cu and 0.77% Sn) over 5.83m from 489.05m to 498.20m.
• 99.87g Ag eq/t (3.76g Ag/t, 0.68g Au/t, 0.29% Cu and 0.09% Sn) over 30.76m from 531.79m to 562.55m.
  • 195.59g Ag eq/t (6.56g Ag/t, 0.68g Au/t, 0.61% Cu and 0.13% Sn) over 9.43m from 553.12m to 562.55m.
• 371.47g Ag eq/t (28.44g Ag/t, 0.37g Au/t, 0.74% Cu and 0.52% Sn) over 36.32m from 574.62m to 610.94m with a higher-grade portion of:
  • 583.25g Ag eq/t (44.82g Ag/t, 0.56g Au/t, 0.12% Pb, 1.18% Cu and 0.82% Sn) over 21.05m from 585.27m to 606.32m.
• 135.62g Ag eq/t (7.25g Ag/t, 0.22% Cu and 0.22% Sn) over 25.85m from 635.28m to 661.13m.
• 97.90g Ag eq/t (6.61g Ag/t, 0.10g Au/t, 0.15% Cu and 0.15% Sn) over 16.83m from 670.17m to 687.00m.
• 64% of this 707.8m long drill hole contains reportable intersections averaging 164.32 g Ag eq/t.

Reconnaissance Drilling Mina 2 Area

Hole DM2-01 is a reconnaissance drill hole collared in the Mina 2 area in the southeastern part of the property. This hole returned several significant short intersections along a structure in the Ordovician basement metasediments as follows:

• 103.60g Ag eq/t (10.30g Ag/t, 0.23g Au/t, 0.95% Zn and 0.34% Pb) over 1.50m from 0.00m to 1.50m.
• 328.17g Ag eq/t (17.90g Ag/t, 2.49g Au/t, 0.43% Zn, 0.18% Pb and 0.14% Sn) over 1.53m from 398.54m to 400.07m.
• 88.51g Ag eq/t (10.74g Ag/t and 1.40% Zn) over 3.06m from 847.57m to 850.63m.

Sampling of the underground workings at Mina 1, Mina 2, Mina 3 and Mina 4 (Figure 1) has been completed with results pending. Geological mapping is also being carried out in the area to develop a better understanding of the structural controls on mineralization before carrying out further drilling in this target area.

Figure 1 – Geological Plan Map showing Drilling in Santa Barbara Area with Holes referred to in this release highlighted.

Table 1: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition High Grade Feeder Zone Extension as at November 29, 2022.

SANTA BARBARA RESOURCE DEFINITION - HIGH GRADE FEEDER ZONE EXTENSION
SURFACE DIAMOND DRILLING
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
				g/t	g/t	%	%	%	%	%	%	g/t
DSB-38	0.00	54.42	54.42	8.37	0.03	0.04	0.20	0.01	0.05	0.002	0.001	41.69
	80.60	92.92	12.32	15.90	0.01	0.21	1.42	0.09	0.00	0.002	0.015	85.40
	166.21	169.27	3.06	3.01	0.19	0.66	0.07	0.00	0.00	0.001	0.001	56.77
	186.75	194.30	7.55	330.95	0.01	0.85	5.20	0.02	0.01	0.001	0.001	542.75
	265.32	268.30	2.98	6.41	0.01	0.94	0.18	0.00	0.01	0.001	0.002	62.96
	275.84	287.88	12.04	29.90	0.01	0.23	0.92	0.00	0.01	0.001	0.001	76.10
	307.67	313.68	6.01	9.92	0.01	1.30	0.29	0.01	0.00	0.001	0.005	87.62
	323.00	326.00	3.00	9.50	0.01	1.03	0.16	0.02	0.01	0.001	0.004	74.03
	357.85	360.76	2.91	2.02	0.01	1.08	0.07	0.01	0.01	0.001	0.004	61.44
	365.26	397.18	31.92	18.63	0.01	1.81	0.36	0.02	0.02	0.003	0.008	129.92
Incl.	377.50	388.04	10.54	34.18	0.01	2.71	0.63	0.03	0.03	0.008	0.012	204.13
	412.35	417.00	4.65	137.00	0.01	0.29	4.17	0.00	0.00	0.001	0.001	285.65
	423.16	439.85	16.69	26.09	0.01	1.64	0.88	0.02	0.02	0.001	0.005	143.52
	463.95	522.53	58.58	52.63	0.01	3.02	1.82	0.03	0.01	0.002	0.013	269.56
Incl.	463.95	487.75	23.80	75.05	0.02	5.87	2.55	0.04	0.02	0.003	0.027	462.04
	561.68	563.14	1.46	7.00	0.01	0.86	0.35	0.01	0.01	0.001	0.003	64.84
	571.90	573.40	1.50	17.00	0.16	1.80	0.44	0.03	0.02	0.001	0.007	143.59
	577.58	579.17	1.59	10.00	0.05	3.35	0.30	0.01	0.01	0.001	0.017	196.91
	590.73	616.80	26.07	3.32	0.01	0.97	0.14	0.01	0.01	0.001	0.004	62.34
	627.38	701.45	74.07	10.59	0.16	1.23	0.28	0.01	0.01	0.003	0.004	101.64
Incl.	658.41	675.65	17.24	31.83	0.59	2.73	0.64	0.03	0.03	0.006	0.009	255.53
	725.46	728.55	3.09	1.51	0.10	0.72	0.15	0.01	0.01	0.001	0.002	54.04
	746.76	758.90	12.14	12.28	0.09	3.05	0.85	0.01	0.01	0.002	0.010	205.14
	773.94	775.57	1.63	4.00	0.02	1.00	0.11	0.00	0.01	0.001	0.004	62.45
	807.30	819.37	12.07	12.84	0.07	1.15	0.32	0.01	0.02	0.001	0.005	94.46
	822.40	823.92	1.52	9.00	0.01	0.81	0.32	0.01	0.01	0.004	0.003	67.26
	840.53	842.01	1.48	6.00	0.02	1.81	0.23	0.01	0.08	0.001	0.006	137.25
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
				g/t	g/t	%	%	%	%	%	%	g/t
DSB-39	0.00	16.58	16.58	13.80	0.02	0.00	0.07	0.00	0.08	0.001	0.001	49.42
	30.29	51.10	20.81	8.95	0.03	0.01	0.12	0.01	0.09	0.001	0.001	52.00
	100.25	103.27	3.02	24.25	0.04	2.42	0.84	0.01	0.01	0.001	0.025	181.78
	116.80	138.27	21.47	1.80	0.01	0.97	0.09	0.00	0.01	0.001	0.002	56.38
	147.37	148.78	1.41	2.00	0.01	1.14	0.13	0.01	0.01	0.001	0.001	66.48
	157.95	174.94	16.99	5.22	0.01	1.48	0.33	0.01	0.00	0.001	0.005	93.08
	192.37	193.93	1.56	4.00	0.01	1.47	0.19	0.02	0.01	0.001	0.004	88.06
	214.50	217.51	3.01	1.50	0.01	0.81	0.15	0.01	0.01	0.001	0.001	52.29
	224.98	230.97	5.99	7.93	0.07	1.45	0.30	0.02	0.01	0.021	0.004	107.01
	237.07	240.05	2.98	3.75	0.01	1.31	0.22	0.02	0.02	0.001	0.004	84.37
	277.60	297.14	19.54	4.85	0.32	1.22	0.15	0.01	0.01	0.042	0.004	111.70
	307.55	309.06	1.51	3.00	0.01	1.11	0.14	0.00	0.01	0.001	0.001	66.62
	371.23	372.73	1.50	4.00	0.01	1.21	0.16	0.01	0.00	0.001	0.005	70.62
	395.57	401.71	6.14	3.67	0.01	1.56	0.29	0.01	0.01	0.001	0.005	96.80
	406.31	410.75	4.44	2.65	0.42	0.73	0.10	0.01	0.01	0.001	0.002	86.17
	425.62	436.06	10.44	6.80	0.01	2.06	0.24	0.01	0.01	0.001	0.007	123.89
	446.60	455.65	9.05	4.30	0.01	1.05	0.17	0.00	0.01	0.001	0.005	66.52
	466.36	469.55	3.19	2.00	0.01	1.28	0.24	0.01	0.00	0.001	0.006	76.62
	499.93	505.90	5.97	38.37	0.03	2.75	1.89	0.01	0.01	0.002	0.013	243.32
	517.82	546.40	28.58	9.38	0.01	0.83	0.51	0.01	0.01	0.001	0.004	72.40
Incl.	535.90	544.90	9.00	15.47	0.02	1.18	0.82	0.01	0.01	0.001	0.005	107.35
	604.98	611.16	6.18	5.04	0.13	0.65	0.14	0.01	0.01	0.001	0.001	59.73
	615.55	618.62	3.07	4.51	0.01	0.69	0.13	0.02	0.01	0.001	0.004	50.51
	657.58	665.08	7.50	4.41	0.26	0.98	0.10	0.01	0.02	0.002	0.002	89.90
	671.10	672.61	1.51	17.00	0.35	0.11	0.35	0.01	0.01	0.003	0.001	72.69
	745.06	747.93	2.87	42.45	0.12	1.40	1.32	0.01	0.03	0.001	0.005	176.37
	812.52	814.01	1.49	6.00	0.30	0.74	0.22	0.00	0.00	0.006	0.002	79.01
	829.45	835.62	6.17	20.17	0.78	0.70	0.38	0.02	0.01	0.005	0.003	142.44
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
				g/t	g/t	%	%	%	%	%	%	g/t
DSB-40	93.28	94.83	1.55	3.00	0.06	0.99	1.09	0.04	0.14	0.002	0.003	148.59
	129.93	135.75	5.82	0.88	0.01	0.95	0.02	0.01	0.01	0.001	0.001	54.10
	143.10	144.55	1.45	2.00	0.39	0.72	0.19	0.08	0.02	0.019	0.001	100.65
	150.60	153.67	3.07	3.01	0.03	0.76	0.21	0.07	0.03	0.011	0.001	71.86
	190.05	191.60	1.55	6.00	0.01	1.88	0.59	0.02	0.01	0.003	0.008	124.47
	209.65	215.77	6.12	3.75	0.02	1.88	0.16	0.01	0.01	0.010	0.007	111.96
	224.88	226.53	1.65	0.50	0.94	0.73	0.06	0.01	0.01	0.005	0.001	129.01
	239.81	433.77	193.96	4.71	0.07	1.37	0.15	0.02	0.01	0.004	0.004	91.96
Incl.	294.34	314.20	19.86	4.56	0.03	2.48	0.29	0.02	0.01	0.003	0.007	147.94
Incl.	390.77	401.98	11.21	14.33	0.14	3.35	0.33	0.01	0.03	0.002	0.012	218.05
	445.80	452.87	7.07	3.02	0.40	0.58	0.03	0.01	0.01	0.002	0.001	73.78
	460.50	469.45	8.95	9.10	0.19	2.03	0.32	0.01	0.01	0.004	0.006	144.05
	477.04	567.26	90.22	7.30	0.09	0.71	0.06	0.03	0.04	0.003	0.003	74.06
Incl.	513.15	532.65	19.50	12.23	0.21	1.92	0.14	0.05	0.05	0.001	0.010	157.98
	603.50	606.45	2.95	8.93	0.10	0.36	0.07	0.03	0.06	0.001	0.001	63.47
	612.56	614.14	1.58	7.00	0.07	2.34	0.03	0.01	0.02	0.001	0.001	136.96
	617.22	618.75	1.53	11.00	0.04	0.75	0.40	0.03	0.03	0.001	0.003	77.51
	629.40	630.90	1.50	4.00	0.01	0.87	0.23	0.00	0.02	0.001	0.003	61.57
	647.42	665.55	18.13	16.77	0.11	0.40	0.45	0.01	0.33	0.003	0.002	191.50
	676.10	679.12	3.02	12.02	0.52	0.31	0.05	0.01	0.01	0.004	0.001	83.41
	685.05	686.58	1.53	41.00	0.08	0.07	0.04	0.01	0.01	0.021	0.001	61.00
	694.04	695.52	1.48	6.00	0.04	0.82	0.07	0.01	0.01	0.002	0.004	56.30
	748.30	749.79	1.49	5.00	0.03	1.34	0.10	0.01	0.01	0.001	0.008	82.61
	763.41	766.47	3.06	4.00	0.04	0.83	0.04	0.04	0.01	0.001	0.004	58.81
	769.50	771.00	1.50	5.00	0.36	0.33	0.01	0.07	0.02	0.001	0.001	67.55
	819.27	822.34	3.07	0.76	0.46	0.07	0.01	0.03	0.01	0.037	0.001	59.09
	1040.67	1043.70	3.03	0.50	0.65	0.01	0.00	0.02	0.01	0.029	0.001	70.78

Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling and geological modelling.

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows: (Prices updated as of July 21, 2022, to more accurately reflect current metal prices):

Element	Price $US (per kg)		Ratio to Ag
Ag	$607.00		1.0000
Sn	$23.55		0.0589
Zn	$2.98		0.0046
Pb	$1.92		0.0032
Au	$54,932.80		79.7221
Cu	$7.00		0.0134
Bi	$12.76		0.0177
Cd	$5.50		0.0076

In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.

The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Metallurgical tests are in progress by Blue Coast Ltd. to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.

Table 2: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition High Grade Feeder Zone Extension as at November 29, 2022.

SANTA BARBARA RESOURCE DEFINITION - HIGH GRADE FEEDER ZONE EXTENSION
SURFACE DIAMOND DRILLING
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
				g/t	g/t	%	%	%	%	%	%	g/t
DSB-37	0.00	16.11	16.11	46.67	0.07	0.01	0.21	0.00	0.12	0.004	0.001	108.54
	62.32	63.87	1.55	8.00	0.05	0.08	0.51	0.14	0.02	0.014	0.003	57.89
	83.49	86.58	3.09	5.04	0.04	1.25	0.41	0.00	0.01	0.001	0.079	93.33
	92.61	109.36	16.75	1.31	0.01	0.72	0.13	0.00	0.01	0.001	0.003	45.09
	115.34	133.38	18.04	1.50	0.01	0.83	0.15	0.00	0.00	0.001	0.002	50.06
	141.00	147.04	6.04	1.82	0.11	0.68	0.11	0.00	0.01	0.001	0.002	52.58
	154.51	188.95	34.44	3.70	0.02	0.99	0.20	0.02	0.01	0.001	0.004	64.98
	200.85	209.73	8.88	2.42	0.05	0.61	0.12	0.01	0.01	0.001	0.001	47.34
	223.25	297.97	74.72	3.95	0.04	0.79	0.17	0.01	0.01	0.001	0.003	55.24
Incl.	246.90	251.40	4.50	4.83	0.05	1.43	0.31	0.02	0.01	0.001	0.005	95.69
Incl.	287.31	290.28	2.97	43.41	0.02	2.88	1.15	0.01	0.02	0.001	0.015	232.58
	316.35	334.65	18.30	38.92	0.07	1.37	2.03	0.01	0.08	0.011	0.007	212.76
	345.59	353.03	7.44	4.50	0.03	1.43	0.36	0.01	0.03	0.037	0.008	108.86
	362.73	370.34	7.61	4.61	0.03	0.77	0.59	0.01	0.03	0.003	0.004	74.67
	394.54	396.18	1.64	14.30	0.02	1.46	1.12	0.00	0.01	0.001	0.008	128.32
	411.58	419.33	7.75	4.69	0.06	1.21	0.18	0.00	0.02	0.001	0.006	83.09
	429.84	432.93	3.09	2.78	0.51	0.19	0.05	0.00	0.01	0.001	0.001	63.45
	446.61	458.73	12.12	36.06	0.15	2.83	0.93	0.02	0.32	0.003	0.013	345.39
	463.28	464.83	1.55	39.20	0.03	1.26	0.54	0.02	0.03	0.003	0.007	135.22
	472.36	489.15	16.79	15.12	0.05	0.84	0.24	0.01	0.03	0.006	0.003	83.02
	499.66	507.31	7.65	24.87	0.36	1.60	0.24	0.02	0.17	0.007	0.011	214.76
	517.98	530.04	12.06	7.41	0.17	1.18	0.03	0.01	0.03	0.002	0.006	93.82
	532.96	534.49	1.53	4.20	0.16	0.69	0.01	0.01	0.02	0.004	0.003	63.33
	543.78	545.20	1.42	8.70	0.36	1.17	0.06	0.02	0.02	0.003	0.008	112.85
	549.90	613.55	63.65	7.95	0.11	0.76	0.20	0.01	0.03	0.010	0.003	75.16
Incl.	600.12	603.14	3.02	60.29	0.40	4.27	2.39	0.01	0.03	0.115	0.018	422.12
Incl.	609.18	613.55	4.37	15.77	0.15	1.89	0.94	0.01	0.10	0.023	0.004	195.47
	630.09	633.13	3.04	6.14	0.20	1.34	0.16	0.00	0.13	0.001	0.006	146.32
	737.31	738.82	1.51	31.80	0.04	0.99	0.83	0.01	0.02	0.001	0.006	121.22
	741.84	743.37	1.53	5.00	0.02	1.69	0.22	0.02	0.02	0.002	0.006	106.48
	767.56	770.56	3.00	6.83	0.06	3.92	1.18	0.00	0.27	0.001	0.018	348.56
	823.60	825.14	1.54	9.20	0.08	0.55	0.22	0.03	0.12	0.003	0.003	102.40
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
				g/t	g/t	%	%	%	%	%	%	g/t
DSB-41	35.80	38.80	3.00	0.30	0.60	0.35	0.01	0.01	0.00	0.072	0.001	90.17
	72.09	75.09	3.00	73.12	0.20	2.02	4.23	0.01	0.01	0.004	0.005	330.57
	242.14	245.16	3.02	2.59	0.01	1.49	0.14	0.00	0.00	0.001	0.006	83.73
	270.74	272.21	1.47	1.80	0.01	1.12	0.05	0.00	0.01	0.001	0.007	63.32
	284.26	285.76	1.50	5.60	0.20	0.96	0.29	0.00	0.01	0.133	0.003	112.74
	297.89	317.55	19.66	1.14	0.01	0.91	0.06	0.00	0.01	0.001	0.003	51.78
	340.11	386.84	46.73	20.22	0.14	1.31	0.54	0.01	0.01	0.006	0.005	119.70
	409.48	414.02	4.54	14.69	0.23	1.07	0.36	0.00	0.01	0.001	0.003	104.01
	429.22	470.00	40.78	2.88	0.01	1.05	0.14	0.01	0.01	0.001	0.003	64.69
Incl.	445.88	457.95	12.07	4.82	0.01	1.62	0.26	0.01	0.01	0.001	0.005	100.53
	516.78	518.36	1.58	95.30	0.10	5.52	2.66	0.03	0.04	0.139	0.034	509.44
	537.90	540.90	3.00	34.60	0.01	2.20	1.27	0.01	0.02	0.005	0.011	193.77
	554.52	557.55	3.03	12.76	0.01	0.62	0.30	0.00	0.02	0.015	0.002	63.32
	562.11	578.52	16.41	33.73	0.01	1.03	0.93	0.01	0.02	0.001	0.003	124.30
	609.97	629.58	19.61	12.76	0.02	1.15	0.27	0.01	0.05	0.003	0.004	102.27
	650.36	721.75	71.39	15.52	0.11	1.54	0.36	0.01	0.07	0.013	0.006	145.52
Incl.	699.28	714.52	15.24	26.12	0.09	2.78	0.56	0.00	0.17	0.029	0.011	261.83
	733.64	738.26	4.62	6.42	0.31	0.49	0.22	0.01	0.01	0.017	0.001	74.69
	751.89	753.40	1.51	0.30	0.59	0.08	0.03	0.02	0.00	0.003	0.001	62.56

See Note Table 1

Table 3: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Southwest Extension as at November 29, 2022.

SANTA BARBARA RESOURCE DEFINITION - SOUTHWEST EXTENSION
SURFACE DIAMOND DRILLING
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
				g/t	g/t	%	%	%	%	%	%	g/t
DSB-35	0.00	104.86	104.86	5.63	0.04	0.00	0.01	0.00	0.20	0.005	0.001	89.43
Incl.	7.72	16.41	8.69	5.42	0.14	0.00	0.01	0.00	0.47	0.002	0.001	203.86
Incl.	38.69	43.13	4.44	5.66	0.06	0.00	0.02	0.01	0.95	0.002	0.001	383.23
Incl.	95.70	103.36	7.66	2.40	0.02	0.00	0.02	0.00	0.37	0.029	0.001	153.09
	176.26	177.76	1.50	4.00	0.02	0.00	0.00	0.00	0.12	0.003	0.001	53.46
	204.86	207.88	3.02	62.11	0.38	0.00	0.06	0.01	0.27	0.021	0.001	209.03
	330.70	344.40	13.70	13.80	0.40	0.00	0.02	0.01	0.15	0.010	0.001	112.97
	410.07	416.09	6.02	4.00	0.07	0.00	0.00	0.03	0.09	0.004	0.001	48.58
	428.13	435.53	7.40	12.03	0.07	0.00	0.02	0.00	0.08	0.006	0.001	51.29
	442.78	444.33	1.55	2.00	0.27	0.00	0.01	0.01	0.08	0.008	0.001	59.06
	448.71	450.26	1.55	19.00	0.07	0.00	0.01	0.00	0.10	0.002	0.001	63.67
	507.29	511.74	4.45	28.66	0.14	0.00	0.01	0.05	0.02	0.007	0.001	56.62
	535.70	538.71	3.01	10.49	0.17	0.00	0.01	0.10	0.06	0.014	0.001	66.01
	557.50	558.90	1.40	3.00	0.46	0.00	0.00	0.04	0.02	0.010	0.001	59.46
	577.37	591.84	14.47	26.32	0.32	0.01	0.01	0.30	0.24	0.063	0.001	195.29
	600.83	608.98	8.15	65.95	0.03	0.00	0.04	0.40	0.02	0.003	0.001	125.97
	611.95	613.65	1.70	1.00	0.02	0.00	0.02	0.46	0.01	0.001	0.001	61.56
	616.68	618.17	1.49	59.00	0.01	0.00	0.00	0.00	0.01	0.006	0.001	65.65
	625.72	628.65	2.93	4.09	0.20	0.00	0.00	0.05	0.06	0.011	0.001	51.68
	633.16	634.66	1.50	3.00	0.03	0.00	0.00	0.10	0.11	0.018	0.001	64.58
	655.82	657.33	1.51	2.00	0.06	0.00	0.00	0.08	0.09	0.017	0.001	53.81
	677.00	723.64	46.64	2.40	0.05	0.01	0.01	0.14	0.07	0.035	0.001	58.22
Incl.	691.75	697.97	6.22	6.81	0.07	0.01	0.07	0.37	0.18	0.040	0.001	135.97
	734.19	737.22	3.03	3.00	0.04	0.92	0.03	0.05	0.05	0.009	0.002	79.78
	746.14	749.20	3.06	8.92	0.07	0.01	0.01	0.24	0.22	0.066	0.001	140.84
	756.83	758.40	1.57	7.00	0.04	0.01	0.01	0.22	0.11	0.056	0.001	91.40
	771.88	774.86	2.98	3.99	0.01	0.00	0.00	0.15	0.05	0.052	0.001	51.62
	784.01	785.50	1.49	8.00	0.06	0.04	0.02	0.22	0.19	0.077	0.001	130.33
	791.48	794.58	3.10	5.87	0.05	0.01	0.00	0.27	0.04	0.166	0.001	91.04
	803.62	805.13	1.51	4.00	0.05	0.03	0.01	0.33	0.03	0.223	0.001	107.80
	812.82	814.31	1.49	2.00	0.01	0.05	0.01	0.34	0.02	0.031	0.001	59.75
	818.85	821.88	3.03	1.50	0.06	0.01	0.00	0.20	0.02	0.093	0.001	56.36
	826.38	827.94	1.56	6.00	0.04	0.01	0.00	0.63	0.02	0.092	0.001	111.02
	840.02	846.40	6.38	5.94	0.14	0.02	0.01	0.32	0.02	0.140	0.001	94.09
	857.05	858.57	1.52	5.00	0.04	0.38	0.01	0.13	0.08	0.003	0.001	72.04
	890.25	891.79	1.54	3.00	0.05	0.18	0.00	0.50	0.02	0.014	0.001	85.53
	914.45	915.95	1.50	3.00	0.01	0.01	0.00	0.46	0.01	0.066	0.001	74.12
	938.52	940.03	1.51	4.00	0.01	0.03	0.01	0.40	0.03	0.075	0.001	79.63
	961.17	962.64	1.47	0.30	0.84	0.00	0.00	0.02	0.00	0.001	0.001	80.47
	979.20	983.65	4.45	3.65	0.11	0.06	0.00	0.30	0.02	0.046	0.001	70.44
	1028.91	1030.43	1.52	1.00	0.47	0.00	0.00	0.15	0.01	0.022	0.001	70.66

See Note Table 1

Table 4: Significant Results, Underground Diamond Drilling for Metallurgical Testing, Santa Barbara Target Area as at November 29, 2022.

SANTA BARBARA RESOURCE METALLURGICAL DRILLING
UNDERGROUND DIAMOND DRILLING
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
				g/t	g/t	%	%	%	%	%	%	g/t
METSBUG-03	0.00	210.74	210.74	17.77	0.04	0.30	0.33	0.10	0.16	0.007	0.003	122.25
Incl.	101.69	118.26	16.57	100.21	0.04	0.02	0.37	0.17	0.34	0.026	0.001	272.90
Incl.	171.89	185.00	13.11	51.11	0.02	0.00	0.08	0.03	0.34	0.043	0.001	199.68
	244.94	259.85	14.91	2.90	0.03	0.00	0.05	0.00	0.23	0.001	0.001	95.72
	280.87	292.86	11.99	1.00	0.01	0.00	0.01	0.01	0.61	0.001	0.001	240.31
	325.76	336.27	10.51	6.89	0.02	0.00	0.05	0.01	0.62	0.001	0.001	252.83
	406.30	448.65	42.35	22.55	0.12	0.00	0.04	0.00	0.04	0.003	0.001	51.55
	489.05	521.05	32.00	17.32	0.67	0.00	0.10	0.44	0.68	0.010	0.001	397.04
Incl.	489.05	498.20	9.15	33.42	1.43	0.01	0.28	0.60	1.65	0.011	0.001	881.48
Incl.	515.22	521.05	5.83	16.08	0.68	0.01	0.02	1.03	0.77	0.029	0.001	501.04
	531.79	562.55	30.76	3.49	0.29	0.00	0.01	0.29	0.09	0.010	0.001	99.87
Incl.	553.12	562.55	9.43	6.56	0.68	0.00	0.02	0.61	0.13	0.023	0.001	195.59
	574.62	610.94	36.32	28.44	0.37	0.06	0.08	0.74	0.52	0.078	0.001	371.47
Incl.	585.27	606.32	21.05	44.82	0.56	0.08	0.12	1.18	0.82	0.125	0.001	583.25
	635.28	661.13	25.85	7.25	0.09	0.03	0.04	0.22	0.22	0.034	0.001	135.62
	670.17	687.00	16.83	6.61	0.10	0.02	0.02	0.15	0.15	0.024	0.001	97.90
	700.58	702.05	1.47	4.00	0.09	0.02	0.01	0.25	0.11	0.036	0.001	92.79

See Note Table 1

Table 5: Significant Results, Reconnaissance Diamond Drilling, Mina 2 Area as at November 29, 2022.

RECONNAISSANCE DRILLING MINA 2 AREA
SURFACE DIAMOND DRILLING
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
				g/t	g/t	%	%	%	%	%	%	g/t
DM2-01	0.00	1.50	1.50	10.30	0.23	0.95	0.34	0.01	0.01	0.040	0.002	103.60
	294.76	297.76	3.00	2.75	0.01	0.27	0.08	0.01	0.06	0.001	0.001	45.60
	398.54	400.07	1.53	17.90	2.49	0.43	0.18	0.02	0.14	0.006	0.001	328.17
	448.95	450.40	1.45	3.30	0.08	0.08	0.05	0.20	0.00	0.001	0.001	40.93
	592.80	594.30	1.50	32.00	0.01	0.02	0.01	0.04	0.03	0.001	0.001	49.39
	847.57	850.63	3.06	10.74	0.01	1.40	0.08	0.01	0.01	0.001	0.006	88.51

See Note Table 1

Table 6: Summary of Diamond Drill Holes Completed with Assays Pending at Iska Iska from November 29, 2022 press release

SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No.	Type	Collar Easting	Collar Northing	Elev.	Azimuth	Angle	Hole Length (m)
Surface Drilling Santa Barbara Resource Definition South-Southeast Extension
DSB-42	S	205577	7656316	4156	225°	-65°	845.4
DSB-43	S	205153	7656041	4304	225°	-55°	833.1
DSB-44	S	205611	7655625	4076	225°	-60°	964.1
DSB-45	S	205263	7656426	4240	225°	-60°	836.4
DSB-46	S	205682	7655554	4061	225°	-60°	820.9
DSB-47	S	205370	7656108	4227	225°	-60°	1,001.4
DSB-48	S	205752	7655483	4054	225°	-60°	821.4
DSB-49	S	205894	7655911	4017	225°	-60°	830.4
DSB-50	S	205965	7655841	4016	225°	-55°	854.4
DSB-51	S	205894	7655628	4028	225°	-60°	803.4
DSB-52	S	205965	7655558	4002	225°	-60°	824.4
						Subtotal	9,435.3
Surface Drilling Santa Barbara Resource Definition Northeast Extension
DHK-26	S	205703	7656455	4177	225°	-65°	929.4
DHK-27	S	205528	7656226	4154	270°	-45°	860.0
DHK-28	S	205599	7656477	4152	225°	-65°	968.0
DHK-29	S	205487	7656488	4158	225°	-70°	827.6
DHK-30	S	205495	7656653	4110	225°	-65°	815.4
						Subtotal	4,400.4
						TOTAL	13,835.7

S = Surface UG=Underground; collar coordinates in meters; azimuth and dip in degrees. Total drilling completed since the start of the program on September 20, 2020 to the completion of the Santa Barbara definition drill program on November 27, 2022 is 84,495m in 122 drill holes (32 underground drill holes and 90 surface drill holes).

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon are regularly consulted on technical aspects of the project.

Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve, as laboratories return to more normal staffing levels.

About Iska Iska   

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m). Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.  

Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined an extensive target zone. In its September 20, 2022 press release, the Company reported that new downhole geophysical data has significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from existing drilling. The 3D inverse magnetic model which correlates very strongly with the conductive zone suggests that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. As reported, the definition drill program has been modified to sectionally drill this potential extension with the intention of defining a major open pittable deposit in the valley of the caldera. As a result, the estimated completion date for the maiden National Instrument 43-101 mineral resource has been pushed back to the end of Q1 2023.

On November 22, 2022, Eloro announced the acquisition of the Mina Casiterita and Mina Hoyada properties covering 14.75 km2 southwest and west of Iska Iska. These properties connect with the TUP-3 and TUP-6 claims previously staked by Eloro. Eloro has also staked additional land in the area. Following the acquisition, the total land package in the Iska Iska area to be controlled by Eloro will total 1,935 quadrants covering 483.75 km2.

Artisanal mining in the 1960’s identified high grade tin (Sn) veins on the Mina Casiterita property that are hosted in an intrusive dacite. Production from 1962 to 1964 is reported by the Departamento Nacional de Geología in Bolivia to be 69.85 tonnes grading 50.60% Sn.

Recently completed magnetic surveys by Eloro has outlined an extensive, near surface, magnetic intrusive body on the Mina Casiterita property immediately southwest of Iska Iska. This intrusive hosts the previously mined high-grade tin veins and is very likely the continuation of the porphyry tin intrusion projected to be below the epithermal Ag-Sn-Zn-Pb mineralization at Iska Iska.

The Porco adit from which previously reported channel sampling returned 103m grading 521 g Ag eq/t (including g 117g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66% Sn) in altered basement sediments, is located near the northeast part of the magnetic anomaly, attesting to the potential strength and high-grade nature of the mineralized system in the area.

Drilling is planned on Mina Casiterita in Q1 2023 with geological mapping, sampling and geophysical surveys now in progress on the full land package across the Iska Iska region.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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