Tag: Iska Iska

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Eloro Resources Intersects 172.43 g Ag eq/t (40.16 g Ag/t, 0.51% Zn, 0.41% Pb and 0.13% Sn) over 303.05m in Southern Part of Santa Barbara Target at Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Post author By admin
Post date February 23, 2022

Figure 1

Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed and planned.

Figure 2

Preliminary Geological Cross Section NW Extension Target Looking NW – Drill Holes DSB-20 (results this release) and DSB-17 (results pending).

Includes higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t, 0.14 g Au/t, 0.57 %Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag eq/t (66.93 g Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m in underground drill hole METSBUG-02.
Hole DSB-20, which is in approximately the centre of the NW Extension target area, intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m including a higher-grade section of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb and 0.21% Sn) over 28.57m.

TORONTO, Feb. 23, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from six (6) additional diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Hole METSBUG-02 is an underground hole drilled northeast from the Santa Barbara adit for metallurgical purposes and to complete fill-in drilling. The remaining five (5) holes tested the NW extension in the Santa Barbara Mineral Resource Target Area (DSB-12, -13, -15, -20 and -21) on a series of NE-SW sections as shown in Figure 1.

As previously announced (see Eloro’s press release dated January 18, 2022) drilling recommenced on January 17, 2022, with two surface drill rigs and one underground rig. Since the restart, the Company has completed an additional 4,649m of drilling, for an overall total of 45,117m in 80 drill holes, including three holes in progress as shown in Figure 1. Table 1 lists significant assay results. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 2 summarizes drill holes with assays pending. Highlights are as follows:

Underground Metallurgical Hole, Santa Barbara Mineral Resource Target Area

Underground hole METSBUG-02, collared in the Santa Barbara adit and drilled at an azimuth of 40 degrees at -10 degrees dip, intersected significant mineralization (Figure 1 and Table 1) over the full length of the hole:

172.43 g Ag eq/t (40.16 g Ag/t, 0.51% Zn, 0.41% Pb and 0.13% Sn) over 303.05m from 0.00 to 303.05 m including higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t, 0.14 g Au/t, 0.57 %Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag eq/t (66.93 g Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m from 180.95m to 258.72m.
This hole was designed to intersect midway across the intersection in Hole DHK-18 which returned 129.65 g Ag eq/t over 300.75m (see press release July 28, 2021; grade is 172.18 g Ag eq/t with updated metal prices) in the mineralized envelope to the east of the Santa Barbara Breccia Pipe.

Sectional Drill Holes NW Extension Santa Barbara Mineral Resource Target Area

Significant results have been returned from the five (5) initial sectional drill holes testing the NW Extension of the Santa Barbara mineralized trend. This area is marked by a prominent magnetic anomaly and is underlain by several dacitic domes, possibly related to a secondary caldera. An additional 11 holes totaling 7,859m have been completed to provide coverage on 100m spaced sections over much of the NW Extension target area as shown in Figure 1. Assay results on these holes are pending. Figure 2 is a section along hole DSB-20. Highlights are as follows:

Hole DSB-20, which is in approximately the centre of the NW Extension target area, intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m from 247.56m to 321.21m including a higher-grade section of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb and 0.21% Sn) over 28.57m from 267.08m to 295.65m.
Hole DSB-21, on the northwesternmost section, intersected 14 reportable intersections including a high-grade Cu zone grading 152.04 g Ag eq/t (9.48 g Ag/t and 1.02% Cu) over 25.27m from 58.85m to 84.12m and 114.77 g Ag eq/t (40.85 g Ag/t, 0.09 g Au/t, 0.69% Zn and 0.18% Pb) over 16.28m from 163.98m to 180.28m.
Hole DSB-15, 100m southeast of Hole DSB-21, intersected 12 reportable intersections including 112.43 g Ag eq/t (9.98 g Ag/t, 0.10 g Au/t, 0.21% Zn, 0.34% Pb, 0.09% Sn and 0.12% Cd) over 10.53m from 293.70m to 304.23m and 186.75 g Ag eq/t (14.67 g Ag/t, 0.13 g Au/t, 0.27% Zn, 0.17% Cu and 0.19% Sn) over 19.65m from 710.97m to 730.62m.
Hole DSB-12, collared 200m southeast of hole DSB-15 and 100m northwest of hole DSB-20, intersected 20 reportable mineralized intersections of which nine ranged from 10.41m to 24.07m long. Best results were 130.28 g Ag eq/t (92.32 g Ag/t, 0.06% Cu) over 10.41m from 332.64 to 311.90, 129.54 g Ag eq/t (10.19 g Ag/t, 0.22 % Zn, 0.15% Cu, 0.13% Sn) over 18.04m from 487.76m to 505.80m, 116.73 g Ag eq/t (10.18 g Ag/t, 0.12% Cu, 0.10 % Sn and 0.13% Bi) over 24.07m from 594.44m to 618.51m and 164.01 g Ag eq/t (7.80 g Ag/t, 0.11 g Au/t, 0.39% Zn, 0.21% Cu, 0.11% Bi) over 21.05m from 753.50m to 771.49m.
Hole DSB-13, drilled on the same section but shallower than hole DSB-12, intersected 15 reportable mineralized intersections of which the best results were 48.53 g Ag eq/t (5.66 g Ag/t and 0.29% Zn) over 37.58m from 161.71m to 199.29m, 171.55 g Ag eq/t over 9.01m (21.45 g Ag/t, 0.54 g Au/t, 0.38% Zn, 0.14% Sn) from 221.66m to 230.67m, 51.89 g Ag eq/t (3.48 g Ag/t and 0.24% Zn) over 39.13m from 320.57m to 361.18m and 71.71 g Ag eq/t over 8.93m (7.07 g Ag/t, 0.11% Cu and 0.06% Sn) from 601.95m to 610.88m.

Tom Larsen, CEO of Eloro, commented: “This new underground hole is the longest and highest-grade intersection obtained thus far in our diamond drill program. Results from the step-out holes on the NW extension are also very encouraging. Turnaround at both the ALS and AHK laboratories continues to improve so we anticipate being able to have a more regular release of results going forward. Drilling productivity continues to be very high with more than 4,600m completed by the three drills since our restart last month. We will shortly complete our underground drilling and will exchange this drill for a high capacity surface rig which will further increase our production.”

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “The 100m-spaced sectional drilling has been completed on the NW Extension, however it is evident that much further drilling will be required to fully evaluate this exciting target area. Underground drilling is continuing from the Santa Barbara adit to test the major magnetic anomaly to the southwest. The first of a series of surface holes testing the southern Santa Barbara target area is in progress, with the aim of further expanding the high-grade mineralization already identified in this area. Hole DPC-07 in the Porco area is testing a major magnetic anomaly, while additional drill holes are planned to further test the Porco Breccia Pipe deeper. Hole DM2-01, to be drilled in the Mina 2 area in the southeast part of the property, will test for a potential tin porphyry at depth. Channel sampling and geological mapping are in progress in the Mina 2 workings.”

Table 1: Significant Results, Diamond Drilling, Santa Barbara Resource Definition Target Area as at February 23, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DRILL HOLE – METALLURGICAL HOLE
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-02	0.00	303.05	303.05	40.16	0.06	0.51	0.41	0.09	0.13	0.006	0.004	172.43
Incl.	0.00	49.55	49.55	119.36	0.14	0.06	0.57	0.38	0.52	0.010	0.001	507.64
Incl.	180.95	258.72	77.77	66.93	0.04	1.03	0.67	0.06	0.08	0.013	0.011	196.67
SANTA BARBARA NW EXTENSION SECTIONAL 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-21	21.15	22.61	1.46	8.00	0.23	0.00	0.07	0.02	0.06	0.022	0.001	68.81
	58.85	84.12	25.27	9.48	0.02	0.01	0.05	1.02	0.00	0.001	0.001	152.04
	163.98	180.26	16.28	40.85	0.09	0.69	0.18	0.04	0.03	0.019	0.012	114.77
	228.21	243.27	15.06	24.11	0.06	0.50	0.10	0.04	0.04	0.002	0.002	87.05
	255.28	261.26	5.98	27.07	0.06	0.61	0.14	0.02	0.03	0.001	0.001	83.85
	268.78	270.28	1.50	32.00	0.08	0.30	0.03	0.15	0.15	0.018	0.001	165.47
	309.61	315.61	6.00	15.70	0.02	0.68	0.44	0.01	0.01	0.001	0.002	67.35
	453.86	455.38	1.52	25.00	0.05	0.02	0.03	0.06	0.05	0.025	0.001	74.03
	513.92	515.42	1.50	68.00	0.03	0.03	0.00	0.03	0.01	0.002	0.001	83.83
	521.39	525.88	4.49	24.09	0.06	0.06	0.01	0.05	0.04	0.005	0.001	64.40
	578.55	581.40	2.85	1.51	0.01	2.61	0.00	0.01	0.00	0.001	0.001	125.26
	638.51	640.00	1.49	59.00	0.03	0.15	0.01	0.31	0.28	0.013	0.001	277.24
	649.04	656.55	7.51	20.09	0.02	0.64	0.01	0.12	0.11	0.008	0.001	135.84
	665.75	667.25	1.50	44.00	0.14	0.03	0.02	0.29	0.28	0.547	0.001	354.97
DSB-20	46.66	51.20	4.54	9.69	0.01	0.01	0.19	1.21	0.00	0.001	0.001	180.58
	82.61	85.56	2.95	5.54	0.02	0.37	0.46	0.01	0.01	0.004	0.073	51.71
	118.70	123.22	4.52	8.76	0.03	2.14	0.42	0.01	0.06	0.002	0.060	166.00
	150.28	162.26	11.98	17.68	0.03	0.62	0.49	0.01	0.05	0.002	0.026	94.64
	188.89	221.88	32.99	5.29	0.02	0.35	0.14	0.01	0.10	0.002	0.008	85.30
	233.97	235.50	1.53	17.00	0.02	0.59	0.32	0.01	0.06	0.002	0.002	92.39
	247.56	321.21	73.65	21.79	0.07	0.27	0.36	0.01	0.12	0.028	0.001	129.42
Incl.	267.08	295.65	28.57	27.54	0.08	0.40	0.55	0.02	0.21	0.037	0.001	204.03
	352.73	357.24	4.51	4.69	0.01	0.54	0.25	0.01	0.02	0.001	0.001	51.73
	360.23	361.73	1.50	4.00	0.01	1.38	0.01	0.01	0.01	0.001	0.001	76.68
	399.15	402.09	2.94	3.02	0.03	0.34	0.17	0.01	0.05	0.001	0.001	59.64
	408.26	409.83	1.57	4.00	0.01	0.63	0.02	0.01	0.05	0.001	0.001	64.50
	426.27	427.72	1.45	4.00	0.02	0.01	0.01	0.01	0.12	0.003	0.001	80.50
	499.10	500.53	1.43	2.00	0.01	0.02	0.01	0.03	0.08	0.001	0.001	55.86
	518.38	536.18	17.80	12.01	0.06	0.37	0.08	0.03	0.04	0.045	0.001	71.11
	552.63	568.40	15.77	16.71	0.15	0.08	0.03	0.10	0.10	0.059	0.001	116.90
	591.30	598.70	7.40	9.41	0.21	0.05	0.02	0.05	0.06	0.014	0.001	73.18
	697.09	698.50	1.41	6.00	0.02	0.00	0.00	0.10	0.10	0.007	0.001	82.51
	719.40	723.90	4.50	9.34	0.06	0.03	0.01	0.11	0.10	0.015	0.001	94.70
	743.47	749.50	6.03	21.42	0.18	0.11	0.03	0.59	0.30	0.007	0.001	297.99
	770.56	791.43	20.87	5.24	0.08	0.05	0.01	0.27	0.05	0.075	0.001	93.75
	814.25	820.15	5.90	2.58	0.02	0.06	0.01	0.23	0.03	0.364	0.001	118.69
	866.21	868.00	1.79	3.00	0.03	0.00	0.00	0.43	0.04	0.034	0.001	90.39

SANTA BARBARA NW EXTENSION SECTIONAL DRILLING (CON’T)
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-15	23.76	29.83	6.07	22.14	0.06	0.00	0.08	0.01	0.10	0.003	0.001	93.29
	55.33	58.30	2.97	2.00	0.05	0.01	0.02	1.34	0.02	0.001	0.001	196.03
	173.61	178.12	4.52	21.35	0.14	0.62	0.20	0.02	0.03	0.002	0.001	86.78
	293.70	304.23	10.53	9.98	0.10	0.21	0.34	0.08	0.09	0.022	0.121	112.43
	314.20	322.74	8.54	4.13	0.04	0.59	0.33	0.05	0.06	0.008	0.009	89.94
	435.66	437.19	1.53	0.50	0.01	0.11	0.00	0.00	0.14	0.001	0.001	88.97
	461.30	462.80	1.50	2.00	0.01	0.13	0.01	0.01	0.14	0.004	0.001	90.73
	474.55	476.05	1.50	24.00	0.06	0.03	0.03	0.20	0.15	0.031	0.001	153.19
	480.55	486.53	5.98	7.52	0.02	0.12	0.01	0.11	0.10	0.011	0.001	90.20
	532.48	533.97	1.49	34.00	0.04	0.01	0.01	0.13	0.11	0.034	0.001	126.43
	582.19	583.74	1.55	1.00	0.01	2.03	0.00	0.01	0.03	0.001	0.001	113.31
	710.97	730.62	19.65	14.67	0.13	0.27	0.00	0.17	0.19	0.070	0.001	186.75
DSB-13	50.50	66.67	4.48	18.11	0.01	0.01	0.08	0.20	0.02	0.001	0.005	57.64
	111.90	124.02	12.12	4.67	0.01	0.71	0.08	0.01	0.02	0.001	0.004	54.94
	161.71	199.29	37.58	5.66	0.07	0.29	0.09	0.02	0.03	0.001	0.004	48.53
	208.19	211.20	3.01	16.02	0.27	0.48	0.03	0.09	0.03	0.001	0.005	90.12
	221.66	230.67	9.01	21.45	0.54	0.38	0.07	0.02	0.14	0.009	0.005	171.55
	272.71	274.22	1.51	27.00	0.30	0.06	0.06	0.04	0.07	0.019	0.005	105.33
	287.75	292.25	4.50	5.67	0.03	1.18	0.31	0.02	0.06	0.002	0.003	108.69
	308.70	311.64	2.94	3.00	0.02	0.37	0.25	0.01	0.04	0.001	0.002	52.61
	320.57	361.18	39.13	3.48	0.08	0.24	0.07	0.02	0.04	0.002	0.005	51.89
	405.83	410.50	4.67	8.63	0.10	0.73	0.03	0.05	0.03	0.017	0.005	78.28
	432.52	434.06	1.54	5.00	2.42	0.18	0.02	0.06	0.01	0.506	0.005	312.23
	525.10	526.62	1.52	3.00	0.11	0.03	0.01	0.05	0.11	0.044	0.005	93.10
	537.14	540.23	3.09	6.94	0.02	0.01	0.01	0.08	0.08	0.029	0.005	74.07
	601.95	610.88	8.93	7.07	0.03	0.02	0.01	0.11	0.06	0.047	0.005	71.71
	695.03	696.50	1.47	12.00	0.10	0.07	0.02	0.26	0.11	0.13	0.01	147.95
DSB-12	157.18	172.03	14.85	45.47	0.08	0.12	0.11	0.02	0.04	0.003	0.003	89.84
	209.63	221.60	11.97	28.82	0.04	0.03	0.10	0.03	0.05	0.009	0.004	71.87
	301.26	311.90	10.64	54.31	0.02	0.01	0.00	0.04	0.02	0.007	0.005	78.19
	332.64	343.05	10.41	92.32	0.05	0.02	0.01	0.06	0.04	0.005	0.004	130.28
	377.74	379.19	1.45	9.00	0.10	0.01	0.01	0.06	0.07	0.002	0.005	66.35
	428.94	430.58	1.64	3.00	0.01	0.02	0.01	0.02	0.09	0.001	0.005	61.28
	453.15	466.73	13.58	11.53	0.03	0.03	0.01	0.08	0.07	0.007	0.005	68.58
	487.76	505.80	18.04	10.19	0.04	0.22	0.03	0.15	0.13	0.035	0.005	129.54
	510.30	517.79	7.49	1.79	0.08	0.08	0.01	0.04	0.05	0.014	0.005	48.24
	523.80	529.68	5.88	3.55	0.32	0.03	0.01	0.10	0.10	0.012	0.005	105.18
	561.32	562.84	1.52	3.00	0.03	0.04	0.01	0.12	0.12	0.008	0.005	97.29
	568.86	574.84	5.98	3.77	0.02	0.06	0.01	0.08	0.07	0.042	0.005	65.41
	586.83	588.40	1.57	3.00	0.01	0.03	0.00	0.12	0.11	0.017	0.005	90.61
	594.44	618.51	24.07	10.18	0.07	0.05	0.01	0.12	0.10	0.128	0.005	116.73
	639.64	641.15	1.51	5.00	0.01	0.00	0.01	0.13	0.09	0.008	0.005	80.70
	660.57	663.58	3.01	5.01	0.17	0.26	0.01	0.23	0.02	0.060	0.005	82.79
	669.60	672.58	2.98	5.01	0.14	0.11	0.01	0.20	0.07	0.060	0.005	102.57
	686.16	690.63	4.47	4.97	0.36	0.07	0.01	0.15	0.03	0.039	0.005	81.16
	717.52	738.57	21.05	7.80	0.11	0.39	0.03	0.21	0.14	0.109	0.005	164.01
	753.50	771.49	17.99	1.81	0.06	0.06	0.03	0.21	0.03	0.18	0.01	91.66

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 January 30, 2022, to more accurately reflect current metal prices):

Element	Price $US (per kg)	Ratio to Ag
Ag	$722.56	1.0000
Sn	$42.56	0.0589
Zn	$3.30	0.0046
Pb	$2.33	0.0032
Au	$57,604.00	79.7221
Cu	$9.68	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: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from February 23, 2022 press release.

Hole No.	Type	Collar Easting	Collar Northing	Elev	Azimuth	Angle	Hole Length m
Surface Drilling Northwest Extension Santa Barbara
DSB-14	S	205283.0	7656587.2	4175.0	225	-65	968.5
DSB-16	S	204973.1	7657053.8	4165.0	225	-65	862.0
DSB-17	S	7656765.4	205131.3	4173.0	225	-40	841.0
DSB-18	S	7656676.3	205207.1	4175.0	225	-40	890.4
DSB-19	S	7656676.3	205207.1	4175.0	225	-65	803.3
DSB-22	S	7657208.4	204799.4	4145.0	225	-40	258.4
DSB-23	S	205341.0	7656535.0	4177.0	225	-40	661.3
DSB-24	S	205341.0	7656535.0	4177.0	225	-65	343.4
DSB-25	S	205283.0	7656587.2	4175.0	225	-40	615.3
DSB-26	S	205044.5	7656982.6	4150.0	225	-40	815.4
DSB-27	S	205044.5	7656982.6	4150.0	225	-65	800.4
						Subtotal	7,859.4
Underground Drilling Santa Barbara Adit
DSBU-3	UG	205285.2	7656074.8	4165.0	270	-20	443.5
DSBU-4	UG	205285.2	7656074.8	4165.0	180	-20	570.0
DSBU-5	UG	205285.2	7656074.8	4165.0	0	-40	491.7
DSBU-6	UG	205285.2	7656074.8	4165.0	0	-65	253.5
DSBU-7	UG	205284.5	7656080.0	4167.1	235	-50	800.9
						Subtotal	2,559.6
DSBU-8	UG	205284.5	7656080.0	4167.1	200	-50	In progress
Underground Metallurgical Drill Holes Santa Barbara
METSBU-01	UG	205285.2	7656074.8	4165.0	10	-35	351.0
						Subtotal	351.0
Surface Drilling South Extension Santa Barbara
DSBS-01	S	205300.0	7655563.0	4204.0	30°	-30	In progress

Porco Target Area – Surface Drill Program
DPC-04	S	205457.2	7655110.9	4175.0	0	-60	371.4
DPC-05	S	205457.2	7655110.9	4175.0	90	-60	407.5
DPC-06	S	205457.2	7655110.9	4175.0	243	-60	716.4
DPC-08	S	205456.2	7655113.4	4175.9	243	-60	800.4
						Subtotal	2,295.7
DPC-07	S	205090.0	7655343.7	4310.0	235	-65	In progress
						TOTAL	13,065.7

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 13, 2020 to December 17, 2021 is 40,468 m in 73 holes (26 underground holes and 47 surface holes). From re-start of drilling on January 17, 2022, an additional 4,649m has been completed bringing the overall total to 45,117m in 80 drill holes (27 underground drill holes and 53 surface drill holes) including 3 holes in progress.

Graphics accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/67563307-0861-40ba-81e4-12246f6bfdc1

https://www.globenewswire.com/NewsRoom/AttachmentNg/7737fb7a-f5a8-4af7-8127-9c07cdda5c0c

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza, 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., Manager of Minera Tupiza. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited 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 ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia 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 sent to their preparation laboratory in Oruro with pulps sent to the AHK laboratory in Lima, Peru. 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, which has been impacted by the recent surge in Covid-19, has been improving following the Christmas break and it is hoped that most of the sample backlog will be cleared in the next 4-6 weeks.

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 a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. This work is advancing well with the mineral resource targeted to be completed in Q2 2022. Exploration drilling is also planned on other major targets in the Iska Iska Caldera Complex including the Porco and Mina 2 areas.

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. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and 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. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

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.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Figure 1

Figure 2

Includes higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t, 0.14 g Au/t, 0.57 %Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag eq/t (66.93 g Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m in underground drill hole METSBUG-02.
Hole DSB-20, which is in approximately the centre of the NW Extension target area, intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m including a higher-grade section of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb and 0.21% Sn) over 28.57m.

Underground Metallurgical Hole, Santa Barbara Mineral Resource Target Area

172.43 g Ag eq/t (40.16 g Ag/t, 0.51% Zn, 0.41% Pb and 0.13% Sn) over 303.05m from 0.00 to 303.05 m including higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t, 0.14 g Au/t, 0.57 %Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag eq/t (66.93 g Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m from 180.95m to 258.72m.
This hole was designed to intersect midway across the intersection in Hole DHK-18 which returned 129.65 g Ag eq/t over 300.75m (see press release July 28, 2021; grade is 172.18 g Ag eq/t with updated metal prices) in the mineralized envelope to the east of the Santa Barbara Breccia Pipe.

Sectional Drill Holes NW Extension Santa Barbara Mineral Resource Target Area

Hole DSB-20, which is in approximately the centre of the NW Extension target area, intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m from 247.56m to 321.21m including a higher-grade section of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb and 0.21% Sn) over 28.57m from 267.08m to 295.65m.
Hole DSB-21, on the northwesternmost section, intersected 14 reportable intersections including a high-grade Cu zone grading 152.04 g Ag eq/t (9.48 g Ag/t and 1.02% Cu) over 25.27m from 58.85m to 84.12m and 114.77 g Ag eq/t (40.85 g Ag/t, 0.09 g Au/t, 0.69% Zn and 0.18% Pb) over 16.28m from 163.98m to 180.28m.
Hole DSB-15, 100m southeast of Hole DSB-21, intersected 12 reportable intersections including 112.43 g Ag eq/t (9.98 g Ag/t, 0.10 g Au/t, 0.21% Zn, 0.34% Pb, 0.09% Sn and 0.12% Cd) over 10.53m from 293.70m to 304.23m and 186.75 g Ag eq/t (14.67 g Ag/t, 0.13 g Au/t, 0.27% Zn, 0.17% Cu and 0.19% Sn) over 19.65m from 710.97m to 730.62m.
Hole DSB-12, collared 200m southeast of hole DSB-15 and 100m northwest of hole DSB-20, intersected 20 reportable mineralized intersections of which nine ranged from 10.41m to 24.07m long. Best results were 130.28 g Ag eq/t (92.32 g Ag/t, 0.06% Cu) over 10.41m from 332.64 to 311.90, 129.54 g Ag eq/t (10.19 g Ag/t, 0.22 % Zn, 0.15% Cu, 0.13% Sn) over 18.04m from 487.76m to 505.80m, 116.73 g Ag eq/t (10.18 g Ag/t, 0.12% Cu, 0.10 % Sn and 0.13% Bi) over 24.07m from 594.44m to 618.51m and 164.01 g Ag eq/t (7.80 g Ag/t, 0.11 g Au/t, 0.39% Zn, 0.21% Cu, 0.11% Bi) over 21.05m from 753.50m to 771.49m.
Hole DSB-13, drilled on the same section but shallower than hole DSB-12, intersected 15 reportable mineralized intersections of which the best results were 48.53 g Ag eq/t (5.66 g Ag/t and 0.29% Zn) over 37.58m from 161.71m to 199.29m, 171.55 g Ag eq/t over 9.01m (21.45 g Ag/t, 0.54 g Au/t, 0.38% Zn, 0.14% Sn) from 221.66m to 230.67m, 51.89 g Ag eq/t (3.48 g Ag/t and 0.24% Zn) over 39.13m from 320.57m to 361.18m and 71.71 g Ag eq/t over 8.93m (7.07 g Ag/t, 0.11% Cu and 0.06% Sn) from 601.95m to 610.88m.

Table 1: Significant Results, Diamond Drilling, Santa Barbara Resource Definition Target Area as at February 23, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DRILL HOLE – METALLURGICAL HOLE
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-02	0.00	303.05	303.05	40.16	0.06	0.51	0.41	0.09	0.13	0.006	0.004	172.43
Incl.	0.00	49.55	49.55	119.36	0.14	0.06	0.57	0.38	0.52	0.010	0.001	507.64
Incl.	180.95	258.72	77.77	66.93	0.04	1.03	0.67	0.06	0.08	0.013	0.011	196.67
SANTA BARBARA NW EXTENSION SECTIONAL 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-21	21.15	22.61	1.46	8.00	0.23	0.00	0.07	0.02	0.06	0.022	0.001	68.81
	58.85	84.12	25.27	9.48	0.02	0.01	0.05	1.02	0.00	0.001	0.001	152.04
	163.98	180.26	16.28	40.85	0.09	0.69	0.18	0.04	0.03	0.019	0.012	114.77
	228.21	243.27	15.06	24.11	0.06	0.50	0.10	0.04	0.04	0.002	0.002	87.05
	255.28	261.26	5.98	27.07	0.06	0.61	0.14	0.02	0.03	0.001	0.001	83.85
	268.78	270.28	1.50	32.00	0.08	0.30	0.03	0.15	0.15	0.018	0.001	165.47
	309.61	315.61	6.00	15.70	0.02	0.68	0.44	0.01	0.01	0.001	0.002	67.35
	453.86	455.38	1.52	25.00	0.05	0.02	0.03	0.06	0.05	0.025	0.001	74.03
	513.92	515.42	1.50	68.00	0.03	0.03	0.00	0.03	0.01	0.002	0.001	83.83
	521.39	525.88	4.49	24.09	0.06	0.06	0.01	0.05	0.04	0.005	0.001	64.40
	578.55	581.40	2.85	1.51	0.01	2.61	0.00	0.01	0.00	0.001	0.001	125.26
	638.51	640.00	1.49	59.00	0.03	0.15	0.01	0.31	0.28	0.013	0.001	277.24
	649.04	656.55	7.51	20.09	0.02	0.64	0.01	0.12	0.11	0.008	0.001	135.84
	665.75	667.25	1.50	44.00	0.14	0.03	0.02	0.29	0.28	0.547	0.001	354.97
DSB-20	46.66	51.20	4.54	9.69	0.01	0.01	0.19	1.21	0.00	0.001	0.001	180.58
	82.61	85.56	2.95	5.54	0.02	0.37	0.46	0.01	0.01	0.004	0.073	51.71
	118.70	123.22	4.52	8.76	0.03	2.14	0.42	0.01	0.06	0.002	0.060	166.00
	150.28	162.26	11.98	17.68	0.03	0.62	0.49	0.01	0.05	0.002	0.026	94.64
	188.89	221.88	32.99	5.29	0.02	0.35	0.14	0.01	0.10	0.002	0.008	85.30
	233.97	235.50	1.53	17.00	0.02	0.59	0.32	0.01	0.06	0.002	0.002	92.39
	247.56	321.21	73.65	21.79	0.07	0.27	0.36	0.01	0.12	0.028	0.001	129.42
Incl.	267.08	295.65	28.57	27.54	0.08	0.40	0.55	0.02	0.21	0.037	0.001	204.03
	352.73	357.24	4.51	4.69	0.01	0.54	0.25	0.01	0.02	0.001	0.001	51.73
	360.23	361.73	1.50	4.00	0.01	1.38	0.01	0.01	0.01	0.001	0.001	76.68
	399.15	402.09	2.94	3.02	0.03	0.34	0.17	0.01	0.05	0.001	0.001	59.64
	408.26	409.83	1.57	4.00	0.01	0.63	0.02	0.01	0.05	0.001	0.001	64.50
	426.27	427.72	1.45	4.00	0.02	0.01	0.01	0.01	0.12	0.003	0.001	80.50
	499.10	500.53	1.43	2.00	0.01	0.02	0.01	0.03	0.08	0.001	0.001	55.86
	518.38	536.18	17.80	12.01	0.06	0.37	0.08	0.03	0.04	0.045	0.001	71.11
	552.63	568.40	15.77	16.71	0.15	0.08	0.03	0.10	0.10	0.059	0.001	116.90
	591.30	598.70	7.40	9.41	0.21	0.05	0.02	0.05	0.06	0.014	0.001	73.18
	697.09	698.50	1.41	6.00	0.02	0.00	0.00	0.10	0.10	0.007	0.001	82.51
	719.40	723.90	4.50	9.34	0.06	0.03	0.01	0.11	0.10	0.015	0.001	94.70
	743.47	749.50	6.03	21.42	0.18	0.11	0.03	0.59	0.30	0.007	0.001	297.99
	770.56	791.43	20.87	5.24	0.08	0.05	0.01	0.27	0.05	0.075	0.001	93.75
	814.25	820.15	5.90	2.58	0.02	0.06	0.01	0.23	0.03	0.364	0.001	118.69
	866.21	868.00	1.79	3.00	0.03	0.00	0.00	0.43	0.04	0.034	0.001	90.39

SANTA BARBARA NW EXTENSION SECTIONAL DRILLING (CON’T)
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-15	23.76	29.83	6.07	22.14	0.06	0.00	0.08	0.01	0.10	0.003	0.001	93.29
	55.33	58.30	2.97	2.00	0.05	0.01	0.02	1.34	0.02	0.001	0.001	196.03
	173.61	178.12	4.52	21.35	0.14	0.62	0.20	0.02	0.03	0.002	0.001	86.78
	293.70	304.23	10.53	9.98	0.10	0.21	0.34	0.08	0.09	0.022	0.121	112.43
	314.20	322.74	8.54	4.13	0.04	0.59	0.33	0.05	0.06	0.008	0.009	89.94
	435.66	437.19	1.53	0.50	0.01	0.11	0.00	0.00	0.14	0.001	0.001	88.97
	461.30	462.80	1.50	2.00	0.01	0.13	0.01	0.01	0.14	0.004	0.001	90.73
	474.55	476.05	1.50	24.00	0.06	0.03	0.03	0.20	0.15	0.031	0.001	153.19
	480.55	486.53	5.98	7.52	0.02	0.12	0.01	0.11	0.10	0.011	0.001	90.20
	532.48	533.97	1.49	34.00	0.04	0.01	0.01	0.13	0.11	0.034	0.001	126.43
	582.19	583.74	1.55	1.00	0.01	2.03	0.00	0.01	0.03	0.001	0.001	113.31
	710.97	730.62	19.65	14.67	0.13	0.27	0.00	0.17	0.19	0.070	0.001	186.75
DSB-13	50.50	66.67	4.48	18.11	0.01	0.01	0.08	0.20	0.02	0.001	0.005	57.64
	111.90	124.02	12.12	4.67	0.01	0.71	0.08	0.01	0.02	0.001	0.004	54.94
	161.71	199.29	37.58	5.66	0.07	0.29	0.09	0.02	0.03	0.001	0.004	48.53
	208.19	211.20	3.01	16.02	0.27	0.48	0.03	0.09	0.03	0.001	0.005	90.12
	221.66	230.67	9.01	21.45	0.54	0.38	0.07	0.02	0.14	0.009	0.005	171.55
	272.71	274.22	1.51	27.00	0.30	0.06	0.06	0.04	0.07	0.019	0.005	105.33
	287.75	292.25	4.50	5.67	0.03	1.18	0.31	0.02	0.06	0.002	0.003	108.69
	308.70	311.64	2.94	3.00	0.02	0.37	0.25	0.01	0.04	0.001	0.002	52.61
	320.57	361.18	39.13	3.48	0.08	0.24	0.07	0.02	0.04	0.002	0.005	51.89
	405.83	410.50	4.67	8.63	0.10	0.73	0.03	0.05	0.03	0.017	0.005	78.28
	432.52	434.06	1.54	5.00	2.42	0.18	0.02	0.06	0.01	0.506	0.005	312.23
	525.10	526.62	1.52	3.00	0.11	0.03	0.01	0.05	0.11	0.044	0.005	93.10
	537.14	540.23	3.09	6.94	0.02	0.01	0.01	0.08	0.08	0.029	0.005	74.07
	601.95	610.88	8.93	7.07	0.03	0.02	0.01	0.11	0.06	0.047	0.005	71.71
	695.03	696.50	1.47	12.00	0.10	0.07	0.02	0.26	0.11	0.13	0.01	147.95
DSB-12	157.18	172.03	14.85	45.47	0.08	0.12	0.11	0.02	0.04	0.003	0.003	89.84
	209.63	221.60	11.97	28.82	0.04	0.03	0.10	0.03	0.05	0.009	0.004	71.87
	301.26	311.90	10.64	54.31	0.02	0.01	0.00	0.04	0.02	0.007	0.005	78.19
	332.64	343.05	10.41	92.32	0.05	0.02	0.01	0.06	0.04	0.005	0.004	130.28
	377.74	379.19	1.45	9.00	0.10	0.01	0.01	0.06	0.07	0.002	0.005	66.35
	428.94	430.58	1.64	3.00	0.01	0.02	0.01	0.02	0.09	0.001	0.005	61.28
	453.15	466.73	13.58	11.53	0.03	0.03	0.01	0.08	0.07	0.007	0.005	68.58
	487.76	505.80	18.04	10.19	0.04	0.22	0.03	0.15	0.13	0.035	0.005	129.54
	510.30	517.79	7.49	1.79	0.08	0.08	0.01	0.04	0.05	0.014	0.005	48.24
	523.80	529.68	5.88	3.55	0.32	0.03	0.01	0.10	0.10	0.012	0.005	105.18
	561.32	562.84	1.52	3.00	0.03	0.04	0.01	0.12	0.12	0.008	0.005	97.29
	568.86	574.84	5.98	3.77	0.02	0.06	0.01	0.08	0.07	0.042	0.005	65.41
	586.83	588.40	1.57	3.00	0.01	0.03	0.00	0.12	0.11	0.017	0.005	90.61
	594.44	618.51	24.07	10.18	0.07	0.05	0.01	0.12	0.10	0.128	0.005	116.73
	639.64	641.15	1.51	5.00	0.01	0.00	0.01	0.13	0.09	0.008	0.005	80.70
	660.57	663.58	3.01	5.01	0.17	0.26	0.01	0.23	0.02	0.060	0.005	82.79
	669.60	672.58	2.98	5.01	0.14	0.11	0.01	0.20	0.07	0.060	0.005	102.57
	686.16	690.63	4.47	4.97	0.36	0.07	0.01	0.15	0.03	0.039	0.005	81.16
	717.52	738.57	21.05	7.80	0.11	0.39	0.03	0.21	0.14	0.109	0.005	164.01
	753.50	771.49	17.99	1.81	0.06	0.06	0.03	0.21	0.03	0.18	0.01	91.66

Element	Price $US (per kg)	Ratio to Ag
Ag	$722.56	1.0000
Sn	$42.56	0.0589
Zn	$3.30	0.0046
Pb	$2.33	0.0032
Au	$57,604.00	79.7221
Cu	$9.68	0.0134
Bi	$12.76	0.0177
Cd	$5.50	0.0076

Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from February 23, 2022 press release.

Hole No.	Type	Collar Easting	Collar Northing	Elev	Azimuth	Angle	Hole Length m
Surface Drilling Northwest Extension Santa Barbara
DSB-14	S	205283.0	7656587.2	4175.0	225	-65	968.5
DSB-16	S	204973.1	7657053.8	4165.0	225	-65	862.0
DSB-17	S	7656765.4	205131.3	4173.0	225	-40	841.0
DSB-18	S	7656676.3	205207.1	4175.0	225	-40	890.4
DSB-19	S	7656676.3	205207.1	4175.0	225	-65	803.3
DSB-22	S	7657208.4	204799.4	4145.0	225	-40	258.4
DSB-23	S	205341.0	7656535.0	4177.0	225	-40	661.3
DSB-24	S	205341.0	7656535.0	4177.0	225	-65	343.4
DSB-25	S	205283.0	7656587.2	4175.0	225	-40	615.3
DSB-26	S	205044.5	7656982.6	4150.0	225	-40	815.4
DSB-27	S	205044.5	7656982.6	4150.0	225	-65	800.4
						Subtotal	7,859.4
Underground Drilling Santa Barbara Adit
DSBU-3	UG	205285.2	7656074.8	4165.0	270	-20	443.5
DSBU-4	UG	205285.2	7656074.8	4165.0	180	-20	570.0
DSBU-5	UG	205285.2	7656074.8	4165.0	0	-40	491.7
DSBU-6	UG	205285.2	7656074.8	4165.0	0	-65	253.5
DSBU-7	UG	205284.5	7656080.0	4167.1	235	-50	800.9
						Subtotal	2,559.6
DSBU-8	UG	205284.5	7656080.0	4167.1	200	-50	In progress
Underground Metallurgical Drill Holes Santa Barbara
METSBU-01	UG	205285.2	7656074.8	4165.0	10	-35	351.0
						Subtotal	351.0
Surface Drilling South Extension Santa Barbara
DSBS-01	S	205300.0	7655563.0	4204.0	30°	-30	In progress

Porco Target Area – Surface Drill Program
DPC-04	S	205457.2	7655110.9	4175.0	0	-60	371.4
DPC-05	S	205457.2	7655110.9	4175.0	90	-60	407.5
DPC-06	S	205457.2	7655110.9	4175.0	243	-60	716.4
DPC-08	S	205456.2	7655113.4	4175.9	243	-60	800.4
						Subtotal	2,295.7
DPC-07	S	205090.0	7655343.7	4310.0	235	-65	In progress
						TOTAL	13,065.7

Graphics accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/67563307-0861-40ba-81e4-12246f6bfdc1

https://www.globenewswire.com/NewsRoom/AttachmentNg/7737fb7a-f5a8-4af7-8127-9c07cdda5c0c

Qualified Person

About Iska Iska

About Eloro Resources Ltd.

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

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Figure 1

Figure 2

Includes higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t, 0.14 g Au/t, 0.57 %Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag eq/t (66.93 g Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m in underground drill hole METSBUG-02.
Hole DSB-20, which is in approximately the centre of the NW Extension target area, intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m including a higher-grade section of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb and 0.21% Sn) over 28.57m.

Underground Metallurgical Hole, Santa Barbara Mineral Resource Target Area

172.43 g Ag eq/t (40.16 g Ag/t, 0.51% Zn, 0.41% Pb and 0.13% Sn) over 303.05m from 0.00 to 303.05 m including higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t, 0.14 g Au/t, 0.57 %Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag eq/t (66.93 g Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m from 180.95m to 258.72m.
This hole was designed to intersect midway across the intersection in Hole DHK-18 which returned 129.65 g Ag eq/t over 300.75m (see press release July 28, 2021; grade is 172.18 g Ag eq/t with updated metal prices) in the mineralized envelope to the east of the Santa Barbara Breccia Pipe.

Sectional Drill Holes NW Extension Santa Barbara Mineral Resource Target Area

Hole DSB-20, which is in approximately the centre of the NW Extension target area, intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m from 247.56m to 321.21m including a higher-grade section of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb and 0.21% Sn) over 28.57m from 267.08m to 295.65m.
Hole DSB-21, on the northwesternmost section, intersected 14 reportable intersections including a high-grade Cu zone grading 152.04 g Ag eq/t (9.48 g Ag/t and 1.02% Cu) over 25.27m from 58.85m to 84.12m and 114.77 g Ag eq/t (40.85 g Ag/t, 0.09 g Au/t, 0.69% Zn and 0.18% Pb) over 16.28m from 163.98m to 180.28m.
Hole DSB-15, 100m southeast of Hole DSB-21, intersected 12 reportable intersections including 112.43 g Ag eq/t (9.98 g Ag/t, 0.10 g Au/t, 0.21% Zn, 0.34% Pb, 0.09% Sn and 0.12% Cd) over 10.53m from 293.70m to 304.23m and 186.75 g Ag eq/t (14.67 g Ag/t, 0.13 g Au/t, 0.27% Zn, 0.17% Cu and 0.19% Sn) over 19.65m from 710.97m to 730.62m.
Hole DSB-12, collared 200m southeast of hole DSB-15 and 100m northwest of hole DSB-20, intersected 20 reportable mineralized intersections of which nine ranged from 10.41m to 24.07m long. Best results were 130.28 g Ag eq/t (92.32 g Ag/t, 0.06% Cu) over 10.41m from 332.64 to 311.90, 129.54 g Ag eq/t (10.19 g Ag/t, 0.22 % Zn, 0.15% Cu, 0.13% Sn) over 18.04m from 487.76m to 505.80m, 116.73 g Ag eq/t (10.18 g Ag/t, 0.12% Cu, 0.10 % Sn and 0.13% Bi) over 24.07m from 594.44m to 618.51m and 164.01 g Ag eq/t (7.80 g Ag/t, 0.11 g Au/t, 0.39% Zn, 0.21% Cu, 0.11% Bi) over 21.05m from 753.50m to 771.49m.
Hole DSB-13, drilled on the same section but shallower than hole DSB-12, intersected 15 reportable mineralized intersections of which the best results were 48.53 g Ag eq/t (5.66 g Ag/t and 0.29% Zn) over 37.58m from 161.71m to 199.29m, 171.55 g Ag eq/t over 9.01m (21.45 g Ag/t, 0.54 g Au/t, 0.38% Zn, 0.14% Sn) from 221.66m to 230.67m, 51.89 g Ag eq/t (3.48 g Ag/t and 0.24% Zn) over 39.13m from 320.57m to 361.18m and 71.71 g Ag eq/t over 8.93m (7.07 g Ag/t, 0.11% Cu and 0.06% Sn) from 601.95m to 610.88m.

Table 1: Significant Results, Diamond Drilling, Santa Barbara Resource Definition Target Area as at February 23, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DRILL HOLE – METALLURGICAL HOLE
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-02	0.00	303.05	303.05	40.16	0.06	0.51	0.41	0.09	0.13	0.006	0.004	172.43
Incl.	0.00	49.55	49.55	119.36	0.14	0.06	0.57	0.38	0.52	0.010	0.001	507.64
Incl.	180.95	258.72	77.77	66.93	0.04	1.03	0.67	0.06	0.08	0.013	0.011	196.67
SANTA BARBARA NW EXTENSION SECTIONAL 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-21	21.15	22.61	1.46	8.00	0.23	0.00	0.07	0.02	0.06	0.022	0.001	68.81
	58.85	84.12	25.27	9.48	0.02	0.01	0.05	1.02	0.00	0.001	0.001	152.04
	163.98	180.26	16.28	40.85	0.09	0.69	0.18	0.04	0.03	0.019	0.012	114.77
	228.21	243.27	15.06	24.11	0.06	0.50	0.10	0.04	0.04	0.002	0.002	87.05
	255.28	261.26	5.98	27.07	0.06	0.61	0.14	0.02	0.03	0.001	0.001	83.85
	268.78	270.28	1.50	32.00	0.08	0.30	0.03	0.15	0.15	0.018	0.001	165.47
	309.61	315.61	6.00	15.70	0.02	0.68	0.44	0.01	0.01	0.001	0.002	67.35
	453.86	455.38	1.52	25.00	0.05	0.02	0.03	0.06	0.05	0.025	0.001	74.03
	513.92	515.42	1.50	68.00	0.03	0.03	0.00	0.03	0.01	0.002	0.001	83.83
	521.39	525.88	4.49	24.09	0.06	0.06	0.01	0.05	0.04	0.005	0.001	64.40
	578.55	581.40	2.85	1.51	0.01	2.61	0.00	0.01	0.00	0.001	0.001	125.26
	638.51	640.00	1.49	59.00	0.03	0.15	0.01	0.31	0.28	0.013	0.001	277.24
	649.04	656.55	7.51	20.09	0.02	0.64	0.01	0.12	0.11	0.008	0.001	135.84
	665.75	667.25	1.50	44.00	0.14	0.03	0.02	0.29	0.28	0.547	0.001	354.97
DSB-20	46.66	51.20	4.54	9.69	0.01	0.01	0.19	1.21	0.00	0.001	0.001	180.58
	82.61	85.56	2.95	5.54	0.02	0.37	0.46	0.01	0.01	0.004	0.073	51.71
	118.70	123.22	4.52	8.76	0.03	2.14	0.42	0.01	0.06	0.002	0.060	166.00
	150.28	162.26	11.98	17.68	0.03	0.62	0.49	0.01	0.05	0.002	0.026	94.64
	188.89	221.88	32.99	5.29	0.02	0.35	0.14	0.01	0.10	0.002	0.008	85.30
	233.97	235.50	1.53	17.00	0.02	0.59	0.32	0.01	0.06	0.002	0.002	92.39
	247.56	321.21	73.65	21.79	0.07	0.27	0.36	0.01	0.12	0.028	0.001	129.42
Incl.	267.08	295.65	28.57	27.54	0.08	0.40	0.55	0.02	0.21	0.037	0.001	204.03
	352.73	357.24	4.51	4.69	0.01	0.54	0.25	0.01	0.02	0.001	0.001	51.73
	360.23	361.73	1.50	4.00	0.01	1.38	0.01	0.01	0.01	0.001	0.001	76.68
	399.15	402.09	2.94	3.02	0.03	0.34	0.17	0.01	0.05	0.001	0.001	59.64
	408.26	409.83	1.57	4.00	0.01	0.63	0.02	0.01	0.05	0.001	0.001	64.50
	426.27	427.72	1.45	4.00	0.02	0.01	0.01	0.01	0.12	0.003	0.001	80.50
	499.10	500.53	1.43	2.00	0.01	0.02	0.01	0.03	0.08	0.001	0.001	55.86
	518.38	536.18	17.80	12.01	0.06	0.37	0.08	0.03	0.04	0.045	0.001	71.11
	552.63	568.40	15.77	16.71	0.15	0.08	0.03	0.10	0.10	0.059	0.001	116.90
	591.30	598.70	7.40	9.41	0.21	0.05	0.02	0.05	0.06	0.014	0.001	73.18
	697.09	698.50	1.41	6.00	0.02	0.00	0.00	0.10	0.10	0.007	0.001	82.51
	719.40	723.90	4.50	9.34	0.06	0.03	0.01	0.11	0.10	0.015	0.001	94.70
	743.47	749.50	6.03	21.42	0.18	0.11	0.03	0.59	0.30	0.007	0.001	297.99
	770.56	791.43	20.87	5.24	0.08	0.05	0.01	0.27	0.05	0.075	0.001	93.75
	814.25	820.15	5.90	2.58	0.02	0.06	0.01	0.23	0.03	0.364	0.001	118.69
	866.21	868.00	1.79	3.00	0.03	0.00	0.00	0.43	0.04	0.034	0.001	90.39

SANTA BARBARA NW EXTENSION SECTIONAL DRILLING (CON’T)
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-15	23.76	29.83	6.07	22.14	0.06	0.00	0.08	0.01	0.10	0.003	0.001	93.29
	55.33	58.30	2.97	2.00	0.05	0.01	0.02	1.34	0.02	0.001	0.001	196.03
	173.61	178.12	4.52	21.35	0.14	0.62	0.20	0.02	0.03	0.002	0.001	86.78
	293.70	304.23	10.53	9.98	0.10	0.21	0.34	0.08	0.09	0.022	0.121	112.43
	314.20	322.74	8.54	4.13	0.04	0.59	0.33	0.05	0.06	0.008	0.009	89.94
	435.66	437.19	1.53	0.50	0.01	0.11	0.00	0.00	0.14	0.001	0.001	88.97
	461.30	462.80	1.50	2.00	0.01	0.13	0.01	0.01	0.14	0.004	0.001	90.73
	474.55	476.05	1.50	24.00	0.06	0.03	0.03	0.20	0.15	0.031	0.001	153.19
	480.55	486.53	5.98	7.52	0.02	0.12	0.01	0.11	0.10	0.011	0.001	90.20
	532.48	533.97	1.49	34.00	0.04	0.01	0.01	0.13	0.11	0.034	0.001	126.43
	582.19	583.74	1.55	1.00	0.01	2.03	0.00	0.01	0.03	0.001	0.001	113.31
	710.97	730.62	19.65	14.67	0.13	0.27	0.00	0.17	0.19	0.070	0.001	186.75
DSB-13	50.50	66.67	4.48	18.11	0.01	0.01	0.08	0.20	0.02	0.001	0.005	57.64
	111.90	124.02	12.12	4.67	0.01	0.71	0.08	0.01	0.02	0.001	0.004	54.94
	161.71	199.29	37.58	5.66	0.07	0.29	0.09	0.02	0.03	0.001	0.004	48.53
	208.19	211.20	3.01	16.02	0.27	0.48	0.03	0.09	0.03	0.001	0.005	90.12
	221.66	230.67	9.01	21.45	0.54	0.38	0.07	0.02	0.14	0.009	0.005	171.55
	272.71	274.22	1.51	27.00	0.30	0.06	0.06	0.04	0.07	0.019	0.005	105.33
	287.75	292.25	4.50	5.67	0.03	1.18	0.31	0.02	0.06	0.002	0.003	108.69
	308.70	311.64	2.94	3.00	0.02	0.37	0.25	0.01	0.04	0.001	0.002	52.61
	320.57	361.18	39.13	3.48	0.08	0.24	0.07	0.02	0.04	0.002	0.005	51.89
	405.83	410.50	4.67	8.63	0.10	0.73	0.03	0.05	0.03	0.017	0.005	78.28
	432.52	434.06	1.54	5.00	2.42	0.18	0.02	0.06	0.01	0.506	0.005	312.23
	525.10	526.62	1.52	3.00	0.11	0.03	0.01	0.05	0.11	0.044	0.005	93.10
	537.14	540.23	3.09	6.94	0.02	0.01	0.01	0.08	0.08	0.029	0.005	74.07
	601.95	610.88	8.93	7.07	0.03	0.02	0.01	0.11	0.06	0.047	0.005	71.71
	695.03	696.50	1.47	12.00	0.10	0.07	0.02	0.26	0.11	0.13	0.01	147.95
DSB-12	157.18	172.03	14.85	45.47	0.08	0.12	0.11	0.02	0.04	0.003	0.003	89.84
	209.63	221.60	11.97	28.82	0.04	0.03	0.10	0.03	0.05	0.009	0.004	71.87
	301.26	311.90	10.64	54.31	0.02	0.01	0.00	0.04	0.02	0.007	0.005	78.19
	332.64	343.05	10.41	92.32	0.05	0.02	0.01	0.06	0.04	0.005	0.004	130.28
	377.74	379.19	1.45	9.00	0.10	0.01	0.01	0.06	0.07	0.002	0.005	66.35
	428.94	430.58	1.64	3.00	0.01	0.02	0.01	0.02	0.09	0.001	0.005	61.28
	453.15	466.73	13.58	11.53	0.03	0.03	0.01	0.08	0.07	0.007	0.005	68.58
	487.76	505.80	18.04	10.19	0.04	0.22	0.03	0.15	0.13	0.035	0.005	129.54
	510.30	517.79	7.49	1.79	0.08	0.08	0.01	0.04	0.05	0.014	0.005	48.24
	523.80	529.68	5.88	3.55	0.32	0.03	0.01	0.10	0.10	0.012	0.005	105.18
	561.32	562.84	1.52	3.00	0.03	0.04	0.01	0.12	0.12	0.008	0.005	97.29
	568.86	574.84	5.98	3.77	0.02	0.06	0.01	0.08	0.07	0.042	0.005	65.41
	586.83	588.40	1.57	3.00	0.01	0.03	0.00	0.12	0.11	0.017	0.005	90.61
	594.44	618.51	24.07	10.18	0.07	0.05	0.01	0.12	0.10	0.128	0.005	116.73
	639.64	641.15	1.51	5.00	0.01	0.00	0.01	0.13	0.09	0.008	0.005	80.70
	660.57	663.58	3.01	5.01	0.17	0.26	0.01	0.23	0.02	0.060	0.005	82.79
	669.60	672.58	2.98	5.01	0.14	0.11	0.01	0.20	0.07	0.060	0.005	102.57
	686.16	690.63	4.47	4.97	0.36	0.07	0.01	0.15	0.03	0.039	0.005	81.16
	717.52	738.57	21.05	7.80	0.11	0.39	0.03	0.21	0.14	0.109	0.005	164.01
	753.50	771.49	17.99	1.81	0.06	0.06	0.03	0.21	0.03	0.18	0.01	91.66

Element	Price $US (per kg)	Ratio to Ag
Ag	$722.56	1.0000
Sn	$42.56	0.0589
Zn	$3.30	0.0046
Pb	$2.33	0.0032
Au	$57,604.00	79.7221
Cu	$9.68	0.0134
Bi	$12.76	0.0177
Cd	$5.50	0.0076

Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from February 23, 2022 press release.

Hole No.	Type	Collar Easting	Collar Northing	Elev	Azimuth	Angle	Hole Length m
Surface Drilling Northwest Extension Santa Barbara
DSB-14	S	205283.0	7656587.2	4175.0	225	-65	968.5
DSB-16	S	204973.1	7657053.8	4165.0	225	-65	862.0
DSB-17	S	7656765.4	205131.3	4173.0	225	-40	841.0
DSB-18	S	7656676.3	205207.1	4175.0	225	-40	890.4
DSB-19	S	7656676.3	205207.1	4175.0	225	-65	803.3
DSB-22	S	7657208.4	204799.4	4145.0	225	-40	258.4
DSB-23	S	205341.0	7656535.0	4177.0	225	-40	661.3
DSB-24	S	205341.0	7656535.0	4177.0	225	-65	343.4
DSB-25	S	205283.0	7656587.2	4175.0	225	-40	615.3
DSB-26	S	205044.5	7656982.6	4150.0	225	-40	815.4
DSB-27	S	205044.5	7656982.6	4150.0	225	-65	800.4
						Subtotal	7,859.4
Underground Drilling Santa Barbara Adit
DSBU-3	UG	205285.2	7656074.8	4165.0	270	-20	443.5
DSBU-4	UG	205285.2	7656074.8	4165.0	180	-20	570.0
DSBU-5	UG	205285.2	7656074.8	4165.0	0	-40	491.7
DSBU-6	UG	205285.2	7656074.8	4165.0	0	-65	253.5
DSBU-7	UG	205284.5	7656080.0	4167.1	235	-50	800.9
						Subtotal	2,559.6
DSBU-8	UG	205284.5	7656080.0	4167.1	200	-50	In progress
Underground Metallurgical Drill Holes Santa Barbara
METSBU-01	UG	205285.2	7656074.8	4165.0	10	-35	351.0
						Subtotal	351.0
Surface Drilling South Extension Santa Barbara
DSBS-01	S	205300.0	7655563.0	4204.0	30°	-30	In progress

Porco Target Area – Surface Drill Program
DPC-04	S	205457.2	7655110.9	4175.0	0	-60	371.4
DPC-05	S	205457.2	7655110.9	4175.0	90	-60	407.5
DPC-06	S	205457.2	7655110.9	4175.0	243	-60	716.4
DPC-08	S	205456.2	7655113.4	4175.9	243	-60	800.4
						Subtotal	2,295.7
DPC-07	S	205090.0	7655343.7	4310.0	235	-65	In progress
						TOTAL	13,065.7

Graphics accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/67563307-0861-40ba-81e4-12246f6bfdc1

https://www.globenewswire.com/NewsRoom/AttachmentNg/7737fb7a-f5a8-4af7-8127-9c07cdda5c0c

Qualified Person

About Iska Iska

About Eloro Resources Ltd.

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

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Tags Eloro Resources, Iska Iska, Thomas Larsen

Base Metals Energy Junior Mining Precious Metals

Eloro Resources Announces the Restart of Diamond Drilling and Provides Update on Iska Iska Silver-Tin Polymetallic Project, Potosi Department. Bolivia

Post author By admin
Post date January 18, 2022

Figure 1

Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed and planned.

Figure 2

Longitudinal Section Showing the Inverse Model of Magnetic Susceptibility. Susceptibility Highlights Major Targets and Geological Features. The location of this Section A-A’ is shown in Figure 1.

Figure 3

3D Magnetic Inverse Model Showing Locations of initial planned exploration drill holes in the Porco and Mina 2 area. The previous drilling shown is from the Porco radial drill platform as reported in the press release of November 17, 2021.

TORONTO, Jan. 18, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. By the end of 2021, the Company completed 40,468 metres (m) in 73 drill holes at Iska Iska, as shown in Figure 1. Table 1 summarizes drill holes with assays pending. Currently there are two surface drill rigs and one underground drill rig on site. Drilling with all rigs recommenced on January 17, 2022. Highlights of work in progress are as follows:

Definition drilling has been substantially completed over the Santa Barbara target zone which extends for over a strike length of approximately 1,400m, across a width of 500m and to a depth of 600+m. All drill holes in the Northwest Extension intersected significant mineralization confirming that the Santa Barbara mineralization extends across the full 1,400m long resource definition target zone. The mineralized system remains open along strike to the northwest and southeast as well as to the southwest.
More assay results are expected to be released in the next 2-3 weeks, but further delays have been experienced due to the impact of Covid-19 on staffing at the laboratories. All drill core completed prior to shutdown of drilling on December 17, 2021, has been logged, sawn and sampled with samples shipped to the laboratories.
The Iska Iska caldera complex, which we now know has both a main caldera and two nested secondary calderas, extends along strike in a northwest-southeast direction for at least 2.5km, a width of at least 2km and likely extends to a depth of more than 1km.
Going forward exploration drilling will be focused on testing the major targets in the Porco and Mina 2 areas along with the potential for a tin porphyry at depth. We are working closely with Micon International Limited to facilitate the National Instrument (“NI”) 43-101 mineral resource estimation process which we are now targeting to be completed in Q2 2022.

Tom Larsen, CEO of Eloro commented: “The last two years have proven to be Eloro’s most transformative and exciting to date. Our decision in 2019 to pursue a new mineral resource project, which resulted in the January 2020 signing of the Iska Iska silver-tin polymetallic property option agreement, has proven to be the catalyst for the Company’s upward trajectory and promising future. In just 15 months since the start of diamond drilling, Iska Iska has advanced from a promising grass roots project to being on the verge of outlining a significant NI 43-101 compliant mineral resource. Under the leadership of Dr. Osvaldo Arce, P. Geo., our in-country General Manager, and Dr. Bill Pearson, P, Geo., our Executive Vice President Exploration, we have built a very strong in-country technical team based in Tupiza, Bolivia. This team is supported by several excellent local contractors including Leduc Drilling who have completed more than 40,000 metres of diamond drilling since we started. As outlined in this update, we have a tremendous amount of work in progress, which will lead to the inaugural mineral resource, confirmation of metallurgical recoveries and drill-testing of more major targets in this remarkable mineralized system.”

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “Work is progressing well on completing an updated geological model for the Santa Barbara Target Zone. The bore hole induced polarization (IP) survey results are being processed and the resulting 3D inverse model should help in determining the internal geometry of the deposit, especially of higher sulphide zones, which generally have the best grades. We are working closely with Micon International Limited to facilitate the mineral resource estimation process which we are now targeting to be completed in Q2 2022. Both the ALS and AHK Laboratories are working to reduce the backlog of samples waiting for analysis, however, the recent surge in Covid has created staffing issues for the laboratories, hence there may be further delays in receiving assay results although it is expected that more results will be available for release in the next 2-3 weeks. Definition drilling on our 1,400m by 500m wide by 600m deep mineral resource definition target zone in Santa Barbara is almost complete with the final two holes to be completed in the next two weeks. All drill core completed prior to shutdown of drilling on December 17, 2021 has been logged, sawn and sampled with samples shipped to the laboratories. Going forward exploration drilling will be focused on testing the major targets in the Porco and Mina 2 areas along with the potential for a tin porphyry at depth.”

Dr. Osvaldo Arce, P.Geo., General Manager of Eloro`s Bolivian subsidiary, Minera Tupiza S.R.L. (“Minera Tupiza”), said: “The Iska Iska silver-tin polymetallic deposit is hosted in Miocene breccia pipes, dacitic domes as well as granodiorite stocks and Ordovician sandstones, but especially in the breccia pipes. These breccia pipes were formed by explosive fluids derived from a large magmatic plumbing system, likely comparable to several major deposits in southern Bolivia. Such as Chorolque, Tasna, Tatasi, Chocaya and Siete Suyos. However, in contrast to these other deposits, the Iska Iska system shows a uniqueness of preservation due to the intense and ubiquitous silicification that affects all rocks but especially those with closer proximity to the vents marked by the breccia pipes. The basement Ordovician quartz sandstones are also very erosionally resistant. The combination of the silicification and erosionally resistant basement has preserved an almost complete volcanic edifice at Iska Iska which extends 1km vertically from the valley floor. We now know that the Iska Iska caldera complex consists of a large main caldera covering an area of approximately 1.6km by 1.8km with two nested secondary calderas approximately 1.2 km by 1.0 km in the northwest and approximately 800m in diameter in the southeast as shown in Figure 1. The Iska Iska caldera complex extends along strike in a northwest-southeast direction for at least 2.5km, a width of at least 2km and likely extends to a depth of more than 1km. Iska Iska was not discovered historically because of extensive leaching of metals at surface forming a very depleted oxide zone barren of metals.”

Definition Drilling Santa Barbara Target Area

Definition drilling in the Santa Barbara Mineral Resource Definition Drilling Target Area, as shown in Figure 1, has been substantially completed except for one section with holes DSB-26 and DSB-27 that will be drilled in the next few weeks. Overall, 25 surface (18,443m) and 19 underground (8,124m) holes totalling 26,567m have been completed to test the Santa Barbara target zone over a strike length of approximately 1,400m, across a width of 500m and to a depth of 600+m, as shown in Figure 1. The drill holes testing the Northwest Extension all intersected significant amounts of mineralization confirming that the Santa Barbara mineralization extends across the full 1,400m long target zone. Fill-in drilling from underground in the Santa Barbara adit also intersected significant mineralization and completed addition drill coverage in the eastern part of the SBBP. Assay results are pending for 22 of these mineral resource definition holes, as listed in Table 1.

An updated geological interpretation is in progress which will be used to refine the current model developed in Leapfrog mining software. The upper boundary of sulphide mineralization marked by the sulphide/oxide interface is well defined by geological logging and the magnetic susceptibility inversion model. The base of the mineralization, which is up to 600m thick, is defined by the lower limit of the high magnetic susceptibility. The northeast limit of the mineralization is defined by geology near the contact of the basement Ordovician quartz sandstones with the dacitic intrusive domes. The mineralized target zone is open along strike both to the northwest and southeast, as well as to the southwest. Data from the borehole IP inverse model is expected to aid in defining the internal geometry of the mineralization. Zones of higher sulphide content which have greater chargeability and much lower resistivity tend to be higher grade. These zones are also more magnetic because of the presence of pyrrhotite.

Exploration Drilling Porco Breccia Pipe, Gap Area and Mina 2 Targets

The focus of drilling in 2022 will shift to drill-testing the Porco Breccia Pipe (“PBP”) and the area between the PBP and Central Breccia Pipe (“CBP”) where there is a major magnetic anomaly (see press release October 21, 2021, and Figures 2 and 3), and testing the potential for a tin porphyry at depth. Figures 1 and 3 show the initial planned drilling. Holes DPC-07 and DPC-08, will initially test the Porco area targets with more follow-up drilling planned. Hole DM2-01, to be collared near the Mina 2 portal, will test for the potential tin porphyry at depth. In addition, an underground drill hole from the drill bay in the Santa Barbara adit, hole DSBU-07, will be drilled to the southwest to test the magnetic anomaly in the northern part of the CBP. Underground geological mapping and channel sampling is also in progress in the Mina 2 workings in the southern part of the property (see Figure 1 for location) with drilling also planned in this area later in the year. This area appears to be associated with a secondary caldera (Figure 1).

Eloro is currently using two laboratories, ALS Global and AHK Laboratories, both of whom have sample preparation facilities in Oruro, Bolivia and laboratories in Lima, Peru. The Company is also planning to use the ALS laboratory facility in Galway, Ireland, to achieve a faster turnaround and to help reduce the large backlog of samples with assays pending. Unfortunately, the recent wave of Covid-19 is impacting staffing at both ALS and AHK laboratories, hence there may be additional delays.

Metallurgical Drill Holes

Two diamond drill holes, METSBUG-01 and METSBUG-02 were drilled to provide larger samples of drill core for metallurgical testing. Hole MESTSBUG-01 was directed to intersect the mineralized breccia of the Santa Barbara Breccia Pipe (“SBBP”) near the centre of discovery hole DHK-15 which intersected 129.6 g Ag eq/t over 257.5m (see press release January 26, 2021). The second metallurgical hole, METSBUG-02, intersected the centre of hole DHK-18 in the mineralized envelope east of the SBBP. Hole DHK-18 returned 129.65 g Ag eq/t over 300.75m (see press release July 28, 2021). These holes have been sawn and one-quarter core sent for analysis with three-quarters core to be used for metallurgical testing.

Metallurgical Testing

A program of preliminary metallurgical testwork has been completed by the Mineral Concentration Laboratory of the National Faculty of Engineering of the Technical University of Oruro (UTO). The testwork used eight (8) composite samples assembled from early-stage resource definition drilling. These samples were selected to represent oxide and sulphide mineralization from the Huayra Kasa Mine (“HKM”) area, the SBBP and the CBP targets. Four of the samples were from HKM, three from SBBP and one from CBP. These early-stage drilling samples from these mineralized areas contained relatively low amounts of tin and therefore the conceptual testwork program was focussed on other valuable components particularly silver, zinc and lead.

The objective of this preliminary metallurgical testwork was to develop an early-stage conceptual understanding of the metallurgy. Although the program included basic mineralogy using X-ray diffraction (XRD) analysis, preliminary gravity and leach tests, and work index determinations, the main focus of the scoping level testwork program was to investigate froth flotation, without regrinding, to recover silver into separate lead and zinc concentrates. Detailed development work still needs to be done to investigate the recovery of tin, gold and other potentially valuable elements, such as indium, cadmium and bismuth.

Several open circuit flotation tests were completed using each composite sample and the results provided useful insight into the metallurgy of the Iska Iska project. The program was successful in providing a potential pathway to the successful recovery of lead, zinc and silver into saleable concentrates and will be used as a starting point for further metallurgical optimization during the next phase of testwork.

Richard Gowan, P.Eng., Principal Metallurgist for Micon International Limited, reviewed the preliminary open circuit flotation test results and considers that lead recovery of around 80% to 85% into a saleable lead concentrate could be expected once the flotation conditions were optimized. The projected zinc recovery to a final saleable zinc concentrate is around 80% to 90%. The lead concentrate would also contain considerable valuable silver and potentially payable amounts of gold, while the zinc concentrate would also contain payable amounts of silver and potentially valuable cadmium and indium. Total silver recoveries into the combined lead and silver rougher concentrates were around 73%, but with optimization Micon believes that the total flotation silver recovery can be increased up to 80%. Note that the projected recoveries based on the preliminary test data require confirmation from additional metallurgical testing hence should not be relied upon.

The next phase of testwork will be undertaken by Blue Coast Research Ltd. (“Blue Coast”) based in Parksville, BC and will optimize the flotation flowsheet to maximize lead, zinc, silver and gold into saleable concentrates and develop an appropriate flow sheet for the recovery of tin. Recovery of other more minor valuable metals including bismuth, indium and cadmium will also be considered. Blue Coast has world-class metallurgical testing, analytical services, flowsheet development, consulting and operational support. Their excellent team has been augmented with the addition of Mr. Mike Hallewell, C.Eng. a senior independent mineral processing consultant based in Cornwall, England, who has extensive specialist knowledge in the recovery of tin at mining operations and exploration projects worldwide.

Eloro, in consultation with Micon International Limited and Blue Coast, has selected four representative metallurgical samples from existing drill core in addition to the two new metallurgical holes: 1) Mineralized breccia in discovery drill hole DHK-15; 2) Mineralized dacitic envelope from hole DHK-15; 3) mineralized dacitic envelope from hole DHK-18 and 4) Sn-rich zone in hole DSB-06. Approximately 60m of core from each drill hole has been quarter cored. These samples, in addition to approximately 60m from the two metallurgical holes noted above (three-quarter core), are in the process of being shipped to Blue Coast with the testing likely to begin in the first part of February.

Bore Hole Induced Polarization Survey

The Bore Hole IP program at Iska Iska, carried out from August 2021 to December 2021, has progressed well with sixty-two (62) separate cross-hole surveys completed using many of the drill holes in the north-northeast part of the property. This program, which is being directed by Eloro’s Chief Geophysicist, Dr. Chris Hale, P.Geo., initially focused on the mineralization of the SBBP. A further nineteen (19) cross-hole surveys have also been completed to outline the PBP mineralization. In addition, forty (40) profiles have been obtained from twenty-one individual SBBP and PBP drill holes.

Two types of surveys have been carried out with two distinct objectives:

1. Pole Dipole surveys are used to profile the resistivity and chargeability of each drill hole, and

2. Cross-Hole surveys to test the continuity of mineralization between the drill holes.

In pole-dipole surveys current is injected into each hole being surveyed; one dipole length deeper than the lowest potential dipole. The current point changes throughout the survey as the entire array is lowered or raised in the drill hole.

For cross-hole surveys, current is injected at fixed points in several other drill holes around each candidate hole so that the sensitivity of the survey can be concentrated in the various volumes enclosed between different pairs of drill holes.

Low resistivity and high chargeability indicate the presence of metallic mineralization, in both survey types. Dipoles of 10, 25 and 50 m lengths were used to profile different cylinder radii around each drill hole and an additional potential was measured from the collar to depth. This provides a maximum off-hole measurement radius up to several hundred meters for the deepest stations. Profile data from the pole-dipole surveys calibrate the IP/Res response against the known mineralization in the drill core. Cross-hole data are used for inverse modelling with the UBC DCIP3D software and for interpretation of the off-hole distribution of mineralization.

The mineralization of the SBBP is being modeled using current injection from Santa Barbara and Huayra Kasa holes. PBP holes will provide a separate model of mineralization for the southern part of the property including the major target zone between the CBP and PBP.

Synchrotron Study

Synchrotron mineral cluster analysis was performed on 84 drill core samples by Dr. Lisa Van Loon of LisaCan Analytical Solutions and Dr. Neil Banerjee, P.Geo. of Western University, Department of Earth Science. These samples were selected to be representative of higher-grade areas of major and important minor metals including Ag, Sn, Zn, Pb, Au, Bi, In, Cu and Cd. This work builds on previous analytical work done on the underground channel samples from the due diligence program at Huayra Kasa (see press release June 25, 2020). The synchrotron is a type of circular particle accelerator that is an extremely powerful source of broad-spectrum electromagnetic radiation (e.g., visible light, infrared, UV, & X-rays), approximately 10 billion times brighter than the sun that provides a rapid, high-resolution analytical technique for mineral exploration.

Four (4) mineralogical domains were identified. These domains all have the same or very similar mineralogy. These mineralogical patterns are the result of the time-integrated effects of geological processes with the domains representing every event that has happened to these rocks since they were originally formed, including mineralization. Domain 2 is the largest and includes 60 samples while Domain 1 includes 17 samples, Domain 3 includes 6 samples, and Domain 4 consists of 1 sample. Within the 4 domains, Au-, Cd-, Cu-, Pb-, Sn, and Zn-dominant sub-domains are identified. The sub-domains are interpreted using the available geochemistry data to determine the predominant elements of interest within each sub-domain. These sub-domains can be used in a predictive way to better understand the spatial distribution of these elements of interest.

Domain 2 contains two Sn-dominant sub-domains. In one sub-domain Sn is associated with high Cu, Ag, Bi, and In. Cassiterite was positively identified as the Sn-bearing mineral. In the other sub-domain, Sn is associated with high Ag, but no Sn-bearing minerals were identified but this may reflect the limited number of samples (2) available in the second subdomain.

The sub-domains are interpreted to be likely related to variations in fluid composition, precipitation mechanism, or host rock interaction. The 3D distribution of the sub-domains will be evaluated in the context of lithological and structural variability within the deposit as they have important implications for geometallurgy and processing. Further work will investigate if these 3D subdomains can be used to identify blocks with different processing requirements. Additional testing is planned to further refine this pattern.

Enersoft Inc. GeologicAI Scanning Unit

Eloro has contracted Enersoft Inc. to provide a GeologicAI Scanning Unit on site in Tupiza to enable systematic scanning of diamond drill core. The GeologicAI unit has multiple scanners including XRF, Spectroscopy, 50xMicroscopic images and Laser Profilometer. The scanner, which is in a compact self-contained trailer, will provide real time processing of diamond drill core on-site. It will allow generation of mineral maps including distribution of sulphides of the polymetallic mineralization. Data from the synchrotron study will be used to help calibrate the AI to maximize its efficiency in generating these mineral maps which will be very helpful in defining metal and mineral zonation. The scanner is currently en route by boat to Bolivia and it is hoped that it will be on-site and fully operational by the end of February.

Environmental Studies

The following studies are being carried out by the environmental staff of Minera Tupiza SRL and environmental consultants at Iska Iska:

Collection of existing environmental documentation on the Porvenir concession, where the Iska Iska project is under exploration, including the review of environmental legal documents.
Environmental inspection and evaluation of the Porvenir concession.
Implementation of warning and information signs.
Preparation of detailed environmental studies required by the Bolivian environmental authority.
Regular monitoring of soil, noise, air and water in accordance with current environmental regulations, in all the exploration work.
Control of solid and liquid waste in exploration work.
Construction of sedimentation and infiltration pits for the final disposal of sludge from the cutting of samples.
Construction and implementation of sanitation stations.
Evaluation of all existing underground workings on the property including Huayra Kasa, Santa Barbara, Porco and Mina 2 area.
Preparation of a baseline environmental study for Iska Iska.

Environmental Social Governance (“ESG”) Program

Eloro has a very active program led by ESG Manager Ana Moran, Attorney at Law and Dr. Osvaldo Arce, P.Geo. Major ESG initiatives completed in 2021 include the following:

Community support for COVID-19 in Tupiza and surrounding communities.
Building of 110 sanitation stations in homes in the communities of Almona and La Torre, the closest communities to the Iska Iska property at 5km east and 5km southeast, respectively.
Working with the Women’s Association of Almona and La Torre to support training courses in baking and embroidery as well as other social activities.
Support for school programs including providing classroom materials, snacks during breaks and support to teachers.

ESG activities planned for 2022 include:

Continued implementation of courses, workshops, classes, materials, and other requirements of social projects focused on women, children, and youth groups in Almona, La Torre and additional surrounding communities.
Construction of an additional 134 sanitation stations in the communities of Almona, La Torre and other surrounding communities.
Delivery of equipment for community medical centers.
Improving educational services of the community schools by delivering computer equipment.
Support for local community strengthening and development through specialized services in consultation with the communities.

Table 1: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from November 17, 2021 press release.

Hole No.	Type	Collar Easting	Collar Northing	Elev	Azimuth	Angle	Hole Length m
Surface Drilling Northwest Extension Santa Barbara
DSB-12	S	205072.7	7656867.5	4165.0	225	-40	806.2
DSB-13	S	205072.7	7656867.5	4165.0	225	-60	696.5
DSB-14	S	205283.0	7656587.2	4175.0	225	-65	968.5
DSB-15	S	204973.1	7657053.8	4165.0	225	-40	731.2
DSB-16	S	204973.1	7657053.8	4165.0	225	-65	862.0
DSB-17	S	7656765.4	205131.3	4173.0	225	-40	841.0
DSB-18	S	7656676.3	205207.1	4175.0	225	-40	890.4
DSB-19	S	7656676.3	205207.1	4175.0	225	-65	803.3
DSB-20	S	7656765.4	205131.3	4173.0	225	-65	896.5
DSB-21	S	7657138.0	204870.0	4135.0	225	-40	557.3
DSB-22	S	7657208.4	204799.4	4145.0	225	-40	258.4
DSB-23	S	205341.0	7656535.0	4177.0	225°	-40	661.3
DSB-24	S	205341.0	7656535.0	4177.0	225	-65	343.4
DSB-25	S	205283.0	7656587.2	4175.0	225°	-40	615.3
						Subtotal	9,931.3
Underground Drilling Santa Barbara Adit
DSBU-1	UG	205285.2	7656074.8	4165.0	90	-10	260.5
DSBU-2	UG	205285.2	7656074.8	4165.0	270	-20	563.6
DSBU-3	UG	205285.2	7656074.8	4165.0	270	-20	443.5
DSBU-4	UG	205285.2	7656074.8	4165.0	180	-20	570.0
DSBU-5	UG	205285.2	7656074.8	4165.0	0	-40	491.7
DSBU-6	UG	205285.2	7656074.8	4165.0	0	-65	253.5
						Subtotal	2,582.8
Underground Metallurgical Drill Holes Santa Barbara
METSB-01	UG	205285.2	7656074.8	4165.0	10	-35	351.0
METSB-02	UG	205285.2	7656074.8	4165.0	40	-10	303.1
						Subtotal	654.1
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-06	S	204902.0	7655860.0	4420.0	180	-80	626.4
DCN-07	S	204902.0	7655860.0	4420.0	270	-60	680.4
						Subtotal	1,306.8
Central Breccia Pipe – Surface Radial Drill Program – South Setup
DCS-04	S	204852.1	7655612.3	4429.7	180	-60	644.4
						Subtotal	644.4
Porco Central – Surface Radial Drill Program
DPC-02	S	205457.2	7655110.9	4175.0	225	-60	908.2
DPC-03	S	205457.2	7655110.9	4175.0	135	-60	524.5
DPC-04	S	205457.2	7655110.9	4175.0	0	-60	371.4
DPC-05	S	205457.2	7655110.9	4175.0	90	-60	407.5
DPC-06	S	205457.2	7655110.9	4175.0	243	-60	716.4
						Subtotal	2,928.0
						TOTAL	18,047.4

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 13, 2020 to December 17, 2021 is 40,468 m in 73 holes. (26 underground holes and 47 surface holes).

Figure 1: Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed and planned.
https://www.globenewswire.com/NewsRoom/AttachmentNg/ae9f47fe-ad5c-4ede-a35b-54c9b30806f0

Figure 2. Longitudinal Section Showing the Inverse Model of Magnetic Susceptibility. Susceptibility Highlights Major Targets and Geological Features. The location of this Section A-A’ is shown in Figure 1.
https://www.globenewswire.com/NewsRoom/AttachmentNg/8e5e7e61-1572-41d9-95cc-44f517e9897c

Figure 3: 3D Magnetic Inverse Model Showing Locations of initial planned exploration drill holes in the Porco and Mina 2 area. The previous drilling shown is from the Porco radial drill platform as reported in the press release of November 17, 2021.
https://www.globenewswire.com/NewsRoom/AttachmentNg/0221d613-4c98-46a4-b0c2-d76b5c38fb92

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza, 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. Arce. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.

Drill core samples sent to AHK Laboratories are sent to their preparation laboratory in Oruro. With pulps sent to AHK laboratory in Lima, Peru. Check samples between ALS and AHK are regularly cone 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 is being impacted by the recent surge in Covid-19 cases which has caused disruptions in staffing.

The magnetic survey was carried out by MES Geophysics using a GEM Systems GSM-19W Overhauser magnetometer. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided the survey design, preparation of the maps and interpretation from data processed and quality reviewed by Rob McKeown, P. Geo. of MES Geophysics. Messrs. Hale, Gilliatt and McKeown are Qualified Persons as defined under NI 43-101. The 3D magnetic inversion model was prepared by Mr. Joe Mihelcic, P.Eng., P.Geo. of Clearview Geophysics in consultation with Messrs. Hale and Gilliatt. Mr. Mihelcic is a QP under NI 43-101.

Borehole IP surveys were carried out by MES Geophysics with data processing, modeling and interpretation by Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration.

About Iska Iska

Since the discovery hole on the SBBP, Eloro has released a number of significant drill results on this target, including:

122.66 grams g Ag eq/t (35.05 g Ag/t, 0.72% Zn, 0.61% Pb, 0.11% Sn and 0.06 g Au/t) over 123.61m including 205.74 g Ag eq/t (92.30 g Ag/t, 0.57% Zn, 0.85% Pb, 0.18% Sn and 0.07 g Au/t) over 32.32m (DSB-07).
105.41 g Ag eq/t (8.55 g Ag/t, 1.01% Zn, 0.48% Pb, 0.06% Sn and 0.38 g Au/t) over 173.58m including 199.77 g Ag eq/t (21.90 g Ag/t, 1.18% Zn, 0.93% Pb 0.12% Sn and 0.94 g Au/t) over 39.08m (DSB-07).
69.89 g Ag eq/t over 252.89m from 355.12 to 608.02m including several higher-grade sections of 196.60 g Ag eq/t including 131.13 g Ag/t over 14.52m, 134.62 g Ag eq/t including 93.25 g Ag/t over 21.08m and 145.35 g Ag eq/t including 2.38% Zn over 10.11m (DSB-08).
114.96 Ag eq/t including 0.325% Sn over 56.2m including a higher-grade section of 187.98 g Ag eq/t including 0.535% Sn over 28.86m; 80.71 g Ag eq/t including 0.213% Sn over 74.39m and 118.69 g Ag eq/t over 10.77m (DSB-10).
129.65 g Ag eq/t (18.38 g Ag/t, 2.14% Zn, 0.67%Pb, and 0.047% Sn) over 300.75m from 65.14m to 365.91m, including higher grade intervals of 215.54 g Ag eq/t over 72.76m, 163.35 g Ag eq/t over 31.83m and 224.48 g Ag eq/t over 19.39m. 82% of this 446.5m long hole contained reportable intervals (DHK-18).
234.19 g Ag eq/t (70.58 g Ag/t, 2.31% Zn, 2.74% Pb and 0.042% Sn) over 53.2m including a higher-grade portion of 931.73 g Ag eq/t (367.29 g Ag/t, 5.64% Zn, 13.67% Pb and 0.10% Sn) over 9.26m (DHK-20).
108.24 g Ag eq/t (3.14g Ag/t, 0.24 g Au/t, 2.03% Zn and 0.58% Pb) over 48.2m including a higher-grade interval grading 180.76 g Ag eq/t (4.46 g Ag/t, 0.35 g Au/t, 3.57% Zn and 1.05% Pb) over 15.02m (DHK-19). 160.22 g Ag eq/t (36.53 g Ag/t, 1.63% Zn, 1.20% Pb and 0.10% Sn) over 194.14m (DHK-21) including higher grade portions of:
- 250.50 g Ag eq/t (51.31 g Ag/t, 3.35% Zn, 1.78% Pb and 0.10% Sn) over 18.24m.
- 257.40 g Ag eq/t (75.83 g Ag/t, 2.29% Zn, 2.40% Pb and 0.12% Sn) over 16.33m.
- 350.91 g Ag eq/t (112.57 g Ag/t, 1.41% Zn, 3.08% Pb and 0.33% Sn) over 30.06m.
- 64% of this 512.9m long hole contains reportable intersections.
94.68 g Ag eq/t (3.87 g Ag/t, 0.067 g Au/t, 1.63% Zn, 0.43% Pb and 0.05% Sn) over 169.93m including a higher-grade zone that graded 158.64 g Ag eq/t (9.35g Ag/t, 0.016 g Au/t, 3.43% Zn, 0.71% Pb and 0.03%Sn) over 29.84m (DHK-22).
100g Ag eq/t (including 38.71 g Ag/t, 0.88%Zn and 0.51%Pb) over 188.5 m from 58.67m to 247.13m including a higher-grade portion of 154 g Ag eq/t (including 75.51 g Ag/t, 0.96% Zn, 0.65% Pb and 0.16%Cu) over 65.8m (DHK-23).

On May 4, 2021, Eloro released results from the first drill hole on the CBP. Hole DCN-01 intersected multiple mineralized intercepts including 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m and containing 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53m.

Hole DCN-04 drilled at -80 degrees to the north from the northern radial platform of the CBP, intersected seventeen (17) mineralized intersections, principally Sn-Ag-bearing, over its 851.4m length. Best results include: 71.54 g Ag eq/t (32.58 g Ag/t and 0.10% Sn) over 97.10m from 134.40 to 231.5m; 101.52 g Ag eq/t (28.74 g Ag/t and 0.19% Sn) over 62.01m; 70.42 g Ag eq/t (28.74 g Ag/t and 0.16% Sn) over 22.59m; and 236.96 g Ag eq/t (92.21 g Ag/t and 0.25% Sn) over 17.45m. Hole DCS-02 was drilled southeast at -60 degrees from the south radial platform of the CBP. This hole, which was drilled to 800.5m, intersected nine (9) reportable Ag-Zn-Pb-Sn mineralized intervals. Best results include 79.53 g Ag eq/t (including 0.21% Sn) over 19.42m, 101.01 g Ag eq/t (32.76 g Ag/t, 0.76% Zn, 0.75% Pb) over 10.47 and 130.95g Ag eq/t (34.14 g Ag/t, 0.10 g Au/t, 1.35% Zn and 0.56 % Pb over 7.40m.

A detailed ground magnetic survey of the Iska Iska property, reported on June 6, 2021, confirmed the extent of the Iska Iska Caldera as determined from geological mapping and satellite interpretation, including Aster data. The SBBP and CBP, both of which have been confirmed by drill-testing, are marked by prominent low anomalies reflecting strong alteration. The magnetic data suggests that the Central and Porco Breccia Pipes likely merge at depth. In addition, there is a prominent area of low intensity magnetics northwest of the SBBP which was reported on in this press release.

Geological mapping and satellite interpretation identified a third major breccia pipe target, Porco (South), that is approximately 600m in diameter (South) located southeast of the CBP in the southern part of the Iska Iska caldera complex. The Porco (South) Breccia Pipe target has a similar magnetic signature to the Santa Barbara and Central Breccia Pipes, further confirming the likelihood of it being a major breccia pipe. Six (6) drill holes have been completed on Porco; assay results are pending. Previous channel sampling in the Porco adit located adjacent the target area 200m to the southeast returned 50m grading 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn over an average sample width of 2.49m.

Currently three diamond drill rigs are active at Iska Iska, two surface rigs and one underground drill. Planned drilling in the current program for Iska Iska is 51,000m of which 40,000m has been completed with the aim of outlining an initial inferred NI 43-101 compliant mineral resource by Q2 2022. The target zone at the SBBP and the surrounding mineralized envelope is 1400m along strike, 500m wide and extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. A borehole induced polarization/resistivity (IP/Res) survey is in progress to further define drill targets and aid resource definition drilling. Preliminary metallurgical tests are also in progress. An updated NI 43-101 Technical Report is being prepared by independent consultant Micon International Ltd.

About Eloro Resources Ltd.

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

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Tags Eloro Resources, Iska Iska

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