Eloro Resources Intersection At Silver-Rich Area of High-Grade Feeder Zone In Santa Barbara Target Area

TORONTO - Eloro Resources Ltd. reported on two additional diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. One drill hole, DSB-31, tested the potential south-southeastern extension of the high-grade feeder zone at Santa Barbara while the second hole, DSB-33, tested the southwest limit of the zone in the vicinity of the Central Breccia.

In its September 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 previously 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.

Overall, the Company has completed 77,182m in 119 drill holes to-date at Iska Iska, including four holes in progress.

Santa Barbara High Grade Feeder Zone Extension Definition Drilling: Hole DSB-31 was drilled to test the potential south-southeastern extension of the Santa Barbara High Grade Feeder Zone. This hole was collared approximately 200m south-southeast 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 extensive high grade silver zones: 1) 198.00 g Ag eq/t (67.79 g Ag/t, 1.44% Zn and 1.04% Pb) over 134.47m from 11.61m to 146.06m, including a higher-grade portion of 566.36 g Ag eq/t (246.26 g Ag/t, 3.72% Zn and 3.88% Pb) over 25.51m from 113.09m to 138.60m. 2) 161.54 g Ag eq/t (32.14 g Ag/t, 1.94% Zn and 0.76% Pb) over 82.12m from 168.46m to 250.58m including a higher-grade portion of 384.21 g Ag eq/t (104.09 g Ag/t, 3.74% Zn and 2.34% Pb) over 19.14m from 210.45m to 229.59m. 3) 123.24 g Ag eq/t (9.23 g Ag/t, 1.44% Zn, 0.26% Pb and 0.07% Sn) over 62.23m from 466.48m to 528.65m including higher-grade portions of 202.40 g Ag eq/t (13.75 g Ag/t, 2.46% Zn, 0.33% Pb and 0.12 Sn) over 20.63m from 480.00 to 500.63m and 166.76 g Ag eq/t (9.76 g Ag/t, 1.83% Zn, 0.50% Pb and 0.11 Sn) over 13.05m from 515.60 to 528.65m. 4) 126.21 g Ag eq/t (6.05 g Ag/t, 1.58% Zn and 0.52% Pb) over 81.12m from 614.21m to 695.33m. 5) 120.39 g Ag eq/t (8.32 g Ag/t, 1.78% Zn and 0.06% Pb) over 11.99m from 900.33m to 912.32m. 6) Overall, 51% of the overall length of this 987.99m long hole yielded reportable intersections, which collectively average 139.44 g Ag eq/t.

The high-grade silver zone intersected in hole DSB-31 appears to be in the same structural-mineralized corridor as the silver-rich zone in the Santa Barbara adit. As previously reported, channel sampling along the adit returned 441.98 g Ag eq/t (164.96 g Ag/t, 0.23 g Au/t, 3.46% Pb and 0.46% Sn) over 165.89m. The overall Ag eq/t value is 493.61 g Ag eq/t. Hole DSB-33 was drilled at an azimuth of 2250 with a dip of -600 to test the southwest limit of the high-grade feeder zone in the vicinity of the Central Breccia. This hole intersected 18 reportable intersections including a very high tin intersection grading 1.41% Sn over 21.25m from 354.98m to 376.23m. This included a 9.04m section from 356.56m to 365.60m that graded 3.08% Sn. A total of 26% of this 825.82m hole contained reportable intersections which collectively averaged 123.39 g Ag eq/t.

Tom Larsen, CEO, said, “Hole DSB-31 and Hole DSB-33 continue to confirm high grade values of metals, especially silver to the south-southeast and tin to the southwest of the ever-expanding Santa Barbara feeder system. The geophysical surveys have been remarkable as a tool in determining where these highly conductive areas of potential commercial mineralization are located. We are proud of the involved personal in systematically defining the Santa Barbara feeder system through geophysics and follow up drilling. The added strike length along the collapsed caldera valley floor will further extend the likely open pit dimensions resulting in potentially stronger economics. These recently released holes at Iska Iska further demonstrate both high grade metal zonation and substantial tonnage potential.”