ELO Eloro Resources Ltd

Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from the last eight (8) diamond drill holes from the definition drill program at Santa Barbara in the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Two (2) of these drill holes (DSB-45 and DSB-47) filled in gaps in previous drilling of the High-Grade Zone. The remaining six (6) holes (DSB-44. DSB-48, DSB-49, DSB-50, DSB-51 and DSB-52) tested the potential south-southeastern extension of the High-Grade Zone at Santa Barbara.

As previously reported in Eloro’s press release dated November 27, 2022, the Company completed 84,495m of drilling in 122 holes to complete the definition drill program in the Santa Barbara target area, as shown in Figure 1. Tables 1 and 2 list significant assay results for the reported drill holes. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s July 21, 2022 press release to maintain consistency with Ag equivalent calculations in previous releases.

Tom Larsen, CEO of Eloro, said: “These latest results, which complete the Santa Barbara definition diamond drill program, have significantly expanded the potential open pittable resource across the valley of the Iska Iska Caldera. Micon International Limited (”Micon”) will be updating the deposit’s inaugural mineral resource model to incorporate these new results. Our geological technical team led by Dr. Bill Pearson, P.Geo. and Dr. Osvaldo Arce, P.Geo., is working closely with Micon to ensure all required information is completed. As recently reported (see Eloro’s press release dated April 4, 2023) additional metallurgical testing is being carried out under the direction of Mike Hallewell, C.Eng., Eloro’s Senior Strategic Metallurgist.” 

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President, Exploration commented: “Drilling is advancing in the Casiterita area as previously outlined to test for the potential tin porphyry (see Eloro’s February 14, 2023 press release). To date, a total of 3,302 metres of diamond drilling has been completed in 9 holes, including two in progress. Assay results from these holes are pending. We have also completed additional surface induced polarization/resistivity (“IP/Res”) surveys on the western side of Santa Barbara. Bore hole IP/Res (“BHIP”) surveys continue to be carried out on drill holes as holes are completed. Regional geological, prospecting and sampling, along with ground magnetic surveys, are being carried out on Eloro’s large land package in the Iska Iska area (see Eloro press release dated November 22, 2022).”

Santa Barbara Definition Drilling

Hole DSB-47 was drilled to test the area immediately southwest of the Santa Barbara Breccia Pipe (“SBBP”) (Figure 1) and returned a 321m long intersection with a number of higher-grade intervals as follows:

• 114g Ag eq/t (9.90g Ag/t, 0.12 g Au/t, 0.96% Zn, and 0.68% Pb) over 320.97m from 59.40m to 380.37m, including higher-grade portions of:
  • 232.30 g Ag eq/t (29.86g Ag/t, 0.22 g Au/t, 0.63% Zn, 2.18% Pb, 0.30% Cu and 0.10% Sn) over 32.02m from 60.90m to 92.92m
  • 147.06 g Ag eq/t (5.41g Ag/t, 1.90% Zn and 0.90% Pb) over 10.66m from 133.89m to 144.55m
  • 184.83 g Ag eq/t (36.83g Ag/t, 1.81% Zn and 1.13% Pb) over 23.82m from 170.30m to 194.12m
  • 243.09 g Ag eq/t (4.48g Ag/t, 0.95 g Au/t, 2.02% Zn and 0.81% Pb) over 13.68m from 218.45m to 232.13m and 
  • 249.06g Ag eq/t (18.48g Ag/t, 0.10 g Au/t, 2.34% Zn, 1.74% Pb and 0.11% Sn) over 24.30m from 285.25m to 309.55m

Six (6) holes (DSB-44. DSB-48, DSB-49, DSB-50, DSB-51 and DSB-52) tested the potential south-southeastern extension of the High-Grade Zone at Santa Barbara. All these holes, which were drilled at an azimuth of 2250 with a dip of -600, tested and confirmed an additional 300m of potential strike length to the south-southeast. Collectively, these holes intersected many significant intersections within altered and mineralized dacite porphyry, dacite and dacitic breccia.

The most significant holes are the most southernmost three, DSB-50, DSB-51 and DSB-52, which each returned well mineralized intersections over 100m in core length as follows:

• 86.67g Ag eq/t (13.57g Ag/t, 0.99% Zn and 0.41% Pb) over 105.42m including 193.50 g Ag eq/t (15.34g Ag/t, 3.22% Zn and 0.17% Pb) over 10.57m (DSB-50)
• 103.03g Ag eq/t (5.18g Ag/t, 1.72% Zn and 0.21% Pb) over 143.06m including 175.06 g Ag eq/t (9.39g Ag/t, 2.96% Zn and 0.35% Pb) over 49.87m (DSB-51)

• 123.28g Ag eq/t (7.46g Ag/t, 0.14 g Au/t, 1.85% Zn and 0.26% Pb) over 119.77m including 306.28 g Ag eq/t (18.03g Ag/t, 0.45g Au/t, 4.55% Zn and 0.47% Pb) over 28.79m (DSB-52)

Drill holes in the south-southeastern extension of the Santa Barbara Deposit are notably Zn-rich returning some of the highest Zn values intersected thus far. These three holes expand the strike extent of the Santa Barbara High-Grade Zone to more than 1,100m significantly expanding the potential open pittable resource. The High-Grade zone is now 800m across and is open along strike to the south-southeast.

In addition to the results cited above, all six holes drilled in the southeasternmost part of the target area returned numerous additional reportable intersections which are listed in detail in Table 2.

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

Table 1: Significant Results, Fill-in Surface Diamond Drilling Santa Barbara Deposit as at April 12, 2023.

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-47	14.12	20.13	6.01	3.00	0.18	0.02	0.42	0.07	0.01	0.001	0.001	45.31
	35.10	38.13	3.03	5.02	0.16	0.06	0.77	0.02	0.04	0.001	0.001	63.85
	59.40	380.37	320.97	9.90	0.12	0.96	0.68	0.06	0.04	0.007	0.006	114.00
Incl.	60.90	92.92	32.02	29.86	0.22	0.63	2.18	0.30	0.10	0.037	0.008	232.30
Incl.	133.89	144.55	10.66	5.41	0.02	1.90	0.90	0.02	0.04	0.002	0.008	147.06
Incl.	170.30	194.12	23.82	36.83	0.02	1.81	1.13	0.02	0.04	0.007	0.009	184.83
Incl.	218.45	232.13	13.68	4.48	0.95	2.02	0.81	0.03	0.05	0.012	0.021	243.09
Incl.	285.25	309.55	24.30	18.48	0.10	2.34	1.74	0.03	0.11	0.012	0.011	249.06
	407.54	443.53	35.99	60.46	0.04	0.17	0.04	0.03	0.06	0.016	0.001	102.52
	449.57	502.90	53.33	19.32	0.03	0.12	0.02	0.02	0.05	0.004	0.001	48.36
	523.78	544.27	20.49	46.60	0.33	0.18	0.03	0.05	0.06	0.038	0.001	122.11
	552.01	553.45	1.44	49.00	0.11	0.08	0.02	0.04	0.04	0.025	0.001	89.83
	558.01	565.49	7.48	5.57	0.03	0.11	0.02	0.02	0.05	0.010	0.001	40.35
	570.00	571.54	1.54	22.00	0.03	0.03	0.01	0.04	0.06	0.010	0.001	56.27
	577.49	579.02	1.53	65.00	0.53	0.08	0.14	0.07	0.15	0.136	0.001	217.80
	589.56	595.70	6.14	16.63	0.12	0.04	0.03	0.02	0.05	0.029	0.001	57.26
	602.08	603.62	1.54	1.00	0.01	0.05	0.02	0.00	0.13	0.001	0.001	56.14
	606.71	609.71	3.00	5.47	0.18	0.03	0.03	0.02	0.04	0.034	0.001	48.22
	612.72	615.73	3.01	0.75	0.01	0.02	0.01	0.01	0.11	0.001	0.001	45.72
	618.73	620.27	1.54	0.50	0.01	0.02	0.01	0.01	0.12	0.001	0.001	50.24
	626.26	627.77	1.51	2.00	0.01	0.01	0.01	0.01	0.11	0.001	0.001	48.49
	639.90	641.45	1.55	1.00	0.01	0.60	0.01	0.00	0.04	0.001	0.002	46.31
	654.89	656.38	1.49	7.00	0.16	0.12	0.01	0.06	0.08	0.009	0.001	66.86
	669.92	671.43	1.51	1.00	0.03	0.07	0.01	0.01	0.11	0.001	0.001	52.02
	701.66	704.66	3.00	5.93	0.11	0.26	0.03	0.03	0.29	0.005	0.001	145.91
	719.59	721.09	1.50	3.00	0.16	0.21	0.03	0.07	0.09	0.036	0.001	77.56
	773.78	778.30	4.52	1.33	0.13	0.06	0.05	0.00	0.08	0.047	0.001	60.85
	839.96	841.43	1.47	16.00	0.09	0.04	0.02	0.08	0.08	0.007	0.001	68.49
	853.45	859.50	6.05	6.95	0.19	0.19	0.02	0.04	0.02	0.012	0.001	47.65
	872.88	874.40	1.52	6.00	0.03	0.02	0.00	0.32	0.04	0.021	0.001	65.14
	888.02	892.58	4.56	5.97	0.22	0.16	0.02	0.09	0.02	0.022	0.001	58.69
	934.63	936.15	1.52	1.00	0.27	0.00	0.00	0.02	0.01	0.092	0.001	50.88
	966.19	967.73	1.54	1.00	0.65	0.01	0.00	0.01	0.01	0.002	0.001	64.93
	973.69	982.69	9.00	1.74	0.29	0.01	0.00	0.08	0.01	0.050	0.001	53.07

Table 1 (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-45	14.40	15.75	1.35	14.00	0.04	0.00	0.38	0.01	0.13	0.011	0.001	82.58
	57.15	58.65	1.50	27.00	0.03	0.00	0.29	0.01	0.02	0.014	0.001	49.73
	69.30	84.57	15.27	11.72	0.01	0.00	0.22	0.01	0.05	0.003	0.001	40.33
	92.45	95.63	3.18	20.09	0.05	0.01	0.60	0.03	0.21	0.036	0.001	135.39
	104.68	124.58	19.90	24.67	0.06	0.00	0.21	0.02	0.03	0.001	0.001	48.28
	139.70	157.37	17.67	21.74	0.10	0.01	0.33	0.01	0.01	0.001	0.001	46.54
	161.89	164.98	3.09	8.49	0.28	0.00	0.42	0.01	0.00	0.001	0.001	49.54
	172.53	177.26	4.73	31.95	0.18	0.01	0.17	0.01	0.03	0.066	0.001	80.33
	197.00	206.45	9.45	18.86	0.04	0.00	0.04	0.01	0.05	0.001	0.001	43.57
	230.67	239.67	9.00	2.12	0.02	0.51	0.06	0.01	0.02	0.001	0.004	40.74
	280.28	305.84	25.56	10.17	0.07	0.02	0.03	0.08	0.09	0.008	0.001	64.68
Incl.	298.27	302.82	4.55	21.75	0.20	0.03	0.03	0.27	0.27	0.037	0.001	186.19
	316.46	339.21	22.75	30.04	0.01	0.01	0.01	0.05	0.06	0.010	0.001	62.73
	354.21	360.31	6.10	6.76	0.04	0.05	0.02	0.12	0.19	0.001	0.001	103.32
	413.20	417.70	4.50	21.33	0.03	0.03	0.00	0.06	0.09	0.005	0.001	67.39
	443.40	444.91	1.51	2.00	0.01	0.31	0.03	0.06	0.05	0.001	0.001	47.17
	450.90	455.40	4.50	10.86	0.03	0.01	0.01	0.01	0.13	0.007	0.001	69.23
	464.42	465.97	1.55	5.00	0.02	0.02	0.01	0.06	0.10	0.008	0.001	56.18
	506.84	509.86	3.02	15.00	0.39	0.20	0.05	0.29	0.27	0.003	0.001	201.22
	517.45	519.01	1.56	7.00	0.39	0.11	0.04	0.01	0.02	0.003	0.001	56.84
	526.47	531.00	4.53	7.00	0.17	0.19	0.05	0.01	0.03	0.003	0.001	47.20
	578.10	592.40	14.30	15.88	0.11	0.21	0.02	0.14	0.13	0.031	0.002	107.89
Incl.	584.05	589.35	5.30	19.23	0.08	0.33	0.02	0.32	0.30	0.013	0.002	198.35
	608.89	622.54	13.65	4.83	0.09	0.14	0.01	0.06	0.04	0.010	0.001	43.15
	672.53	674.06	1.53	11.00	0.13	0.88	0.04	0.03	0.03	0.003	0.005	82.53
	686.18	687.65	1.47	15.00	0.13	0.03	0.08	0.09	0.10	0.007	0.001	80.58
	693.70	695.20	1.50	0.50	0.66	0.03	0.02	0.04	0.00	0.001	0.001	67.92
	716.50	724.05	7.55	4.78	1.10	0.24	0.02	0.04	0.04	0.169	0.001	171.18
	790.55	799.68	9.13	7.14	0.06	0.01	0.01	0.14	0.12	0.079	0.001	90.87
	805.78	807.25	1.47	5.00	3.40	0.36	0.01	0.01	0.01	0.151	0.001	366.52
	817.74	819.26	1.52	1.00	1.95	0.04	0.00	0.02	0.03	0.091	0.001	210.52

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 Research to establish levels of recovery for each element reported. The preliminary phase of Ag, Zn and Pb testwork is complete but additional development and optimization will be required. Metallurgical testing is in progress to establish Sn recovery. Future geo-metallurgical programs will also include studies to understand the deportment of other potential metals such as gold, copper, bismuth and indium. 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, Definition Surface Diamond Drilling South-Southeastern Extension Santa Barbara Deposit as at April 11, 2023.

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-44	30.72	32.20	1.48	0.50	0.51	0.02	0.02	0.01	0.01	0.001	0.001	54.61
	74.27	77.22	2.95	3.10	0.01	1.11	0.15	0.01	0.02	0.001	0.002	70.58
	116.55	118.02	1.47	3.00	0.01	1.24	0.17	0.01	0.01	0.001	0.004	75.40
	122.53	125.54	3.01	6.01	0.01	1.82	0.22	0.04	0.01	0.001	0.006	114.11
	136.08	137.57	1.49	7.00	0.02	1.77	0.48	0.01	0.00	0.001	0.005	113.23
	216.26	241.83	25.57	5.95	0.03	1.42	0.24	0.02	0.01	0.002	0.005	92.71
	256.90	264.36	7.46	0.89	0.03	1.99	0.43	0.01	0.01	0.001	0.006	119.73
	271.92	276.43	4.51	1.51	0.06	0.47	0.08	0.07	0.01	0.011	0.002	45.10
	291.52	300.53	9.01	5.67	0.04	1.13	0.27	0.02	0.01	0.001	0.004	78.77
	332.08	336.60	4.52	3.99	0.01	0.59	0.27	0.01	0.01	0.001	0.003	46.16
	347.09	389.20	42.11	5.85	0.17	1.10	0.26	0.02	0.01	0.005	0.005	90.53
Incl.	380.25	389.20	8.95	10.59	0.56	1.67	0.62	0.03	0.01	0.020	0.007	175.29
	416.30	425.40	9.10	5.16	0.02	0.96	0.12	0.01	0.01	0.001	0.004	63.12
	436.06	472.20	36.14	7.01	0.03	1.22	0.14	0.01	0.01	0.001	0.007	80.71
Incl.	439.06	445.15	6.09	12.07	0.11	2.75	0.27	0.01	0.01	0.001	0.018	171.92
Incl.	464.62	469.13	4.51	7.53	0.01	1.45	0.24	0.02	0.03	0.001	0.004	102.66
	478.46	487.40	8.94	8.98	0.08	0.99	0.16	0.01	0.01	0.001	0.005	76.33
	499.49	525.13	25.64	11.41	0.03	1.04	0.29	0.01	0.03	0.001	0.004	87.00
Incl.	499.49	508.52	9.03	22.37	0.06	1.71	0.60	0.02	0.03	0.001	0.009	144.05
	534.16	544.69	10.53	5.45	0.02	0.56	0.10	0.01	0.02	0.001	0.002	48.25
	547.80	567.30	19.50	6.54	0.12	0.72	0.07	0.02	0.04	0.001	0.003	72.23
	574.84	576.34	1.50	18.00	0.22	2.49	0.42	0.03	0.07	0.001	0.010	204.13
	583.86	586.82	2.96	6.52	0.01	1.21	0.12	0.01	0.03	0.001	0.004	83.80
	598.90	603.39	4.49	24.73	0.25	0.51	0.18	0.03	0.09	0.001	0.001	117.24
	619.93	630.64	10.71	12.39	0.12	0.88	0.03	0.02	0.03	0.004	0.001	80.09
	634.94	636.44	1.50	11.00	0.09	0.30	0.03	0.02	0.04	0.001	0.001	52.06
	706.11	709.22	3.11	4.68	0.09	1.57	0.04	0.02	0.05	0.001	0.006	114.27
	730.20	736.28	6.08	4.51	0.08	0.21	0.00	0.03	0.06	0.001	0.001	49.75
	748.30	769.47	21.17	7.34	0.04	0.52	0.02	0.01	0.03	0.001	0.002	50.23
	787.70	833.13	45.43	10.17	0.14	0.36	0.13	0.01	0.10	0.001	0.002	83.94
Incl.	824.04	830.07	6.03	26.60	0.09	0.53	0.23	0.01	0.22	0.001	0.003	155.60
	869.40	870.90	1.50	47.00	0.03	0.08	0.03	0.16	0.16	0.023	0.001	140.96
	931.33	932.83	1.50	2.00	1.57	0.02	0.01	0.01	0.00	0.001	0.001	147.71
	944.92	946.46	1.54	3.00	0.40	0.33	0.00	0.02	0.01	0.001	0.002	59.87

Table 2 (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-48	0.00	1.59	1.59	3.50	0.01	0.01	0.02	0.00	0.12	0.001	0.001	52.48
	76.14	79.13	2.99	36.17	0.32	0.09	0.81	1.10	0.01	0.127	0.003	251.50
	132.07	133.54	1.47	1.10	0.50	0.55	0.07	0.18	0.00	0.005	0.001	98.73
	151.55	154.57	3.02	1.05	0.05	1.14	0.05	0.03	0.00	0.001	0.003	68.53
	210.44	217.93	7.49	7.88	0.11	2.38	0.22	0.21	0.00	0.001	0.012	168.86
	287.40	306.97	19.57	18.21	0.07	1.15	0.19	0.19	0.00	0.020	0.004	114.11
	342.90	345.90	3.00	8.30	0.05	1.47	0.21	0.06	0.00	0.001	0.005	99.52
	386.60	443.60	57.00	10.62	0.59	0.88	0.14	0.19	0.00	0.026	0.005	141.41
Incl.	415.04	425.66	10.62	27.98	1.54	1.82	0.32	0.57	0.01	0.066	0.010	348.43
Incl.	437.58	443.60	6.02	33.43	2.40	2.07	0.40	0.43	0.01	0.112	0.012	442.47
	452.63	454.14	1.51	4.40	0.35	1.05	0.11	0.03	0.00	0.002	0.005	96.55
	457.22	458.71	1.49	8.20	0.46	1.57	0.22	0.15	0.00	0.004	0.007	153.17
	479.83	481.33	1.50	5.60	0.33	1.06	0.12	0.04	0.01	0.004	0.005	101.35
	506.93	508.48	1.55	15.10	0.55	2.42	0.12	0.53	0.01	0.003	0.015	252.37
	515.99	522.05	6.06	9.43	0.24	2.52	0.17	0.15	0.01	0.002	0.014	181.04
	537.10	543.18	6.08	8.01	0.17	1.87	0.23	0.26	0.01	0.001	0.013	158.64
	586.64	588.15	1.51	6.40	0.10	1.46	0.22	0.02	0.01	0.001	0.008	100.15
	627.50	628.97	1.47	3.60	0.52	0.44	0.04	0.01	0.00	0.025	0.001	81.27
	642.38	643.95	1.57	15.20	0.01	1.65	0.34	0.01	0.01	0.001	0.008	114.00
	693.78	695.33	1.55	6.10	0.01	0.91	0.06	0.00	0.00	0.001	0.004	55.62
	705.88	708.90	3.02	5.28	0.01	0.93	0.11	0.00	0.01	0.001	0.004	58.81
	730.00	731.53	1.53	6.60	0.02	0.96	0.04	0.00	0.01	0.001	0.005	59.97
	745.12	746.68	1.56	5.50	0.01	1.21	0.05	0.01	0.04	0.001	0.007	84.11

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-49	3.08	74.40	71.32	6.94	0.04	0.09	0.21	0.01	0.05	0.002	0.001	43.87
	99.68	106.67	6.99	5.27	0.01	0.52	0.84	0.02	0.00	0.001	0.052	65.29
	143.83	151.60	7.77	17.41	0.01	1.34	0.43	0.01	0.00	0.001	0.004	100.11
	162.20	163.74	1.54	4.00	0.01	0.70	0.13	0.00	0.01	0.001	0.001	45.97
	174.48	175.99	1.51	4.00	0.01	1.23	0.10	0.00	0.00	0.001	0.004	69.90
	200.34	201.86	1.52	0.50	0.88	0.23	0.01	0.00	0.00	0.007	0.001	94.27
	253.30	263.93	10.63	21.02	0.03	1.23	0.49	0.02	0.00	0.025	0.005	109.66
	285.32	291.28	5.96	10.90	0.06	0.54	0.10	0.01	0.00	0.023	0.002	54.11
	313.95	338.13	24.18	6.21	0.02	0.43	0.15	0.01	0.01	0.003	0.002	37.62
	348.76	419.28	70.52	15.57	0.22	1.28	0.22	0.01	0.01	0.113	0.005	134.92
Incl.	353.33	363.92	10.59	32.75	0.10	1.88	0.26	0.02	0.05	0.040	0.008	171.67
Incl.	382.22	393.11	10.89	2.61	0.67	0.15	0.04	0.00	0.00	0.410	0.001	159.09
Incl.	402.24	414.78	12.54	31.80	0.05	4.16	0.78	0.03	0.01	0.045	0.018	281.40
	449.50	450.94	1.44	3.00	0.01	0.85	0.12	0.01	0.01	0.001	0.003	54.87
	465.96	469.07	3.11	71.05	0.17	1.68	0.86	0.02	0.01	0.117	0.004	228.13
	497.83	502.27	4.44	3.64	0.02	0.81	0.13	0.01	0.01	0.003	0.002	55.57
	570.16	571.62	1.46	3.00	0.01	0.72	0.24	0.00	0.00	0.001	0.001	47.62
	595.75	664.63	68.88	10.26	0.04	1.07	0.30	0.01	0.01	0.003	0.005	81.61
Incl.	622.87	628.85	5.98	20.43	0.17	2.39	0.37	0.01	0.01	0.006	0.010	172.19
	669.26	670.67	1.41	3.00	0.04	0.89	0.18	0.01	0.01	0.004	0.003	61.62
	684.31	695.53	11.22	12.10	0.04	0.84	0.37	0.01	0.01	0.001	0.002	73.56
	716.79	738.00	21.21	4.41	0.08	0.63	0.11	0.01	0.01	0.001	0.001	50.56
	756.12	759.14	3.02	6.50	0.02	1.74	0.15	0.01	0.01	0.001	0.005	105.26
	766.69	769.81	3.12	6.39	0.01	0.65	0.17	0.01	0.01	0.001	0.002	49.87

Table 2 (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-50	0.00	103.81	103.81	4.29	0.02	0.06	0.13	0.01	0.07	0.002	0.001	41.06
	117.59	119.01	1.42	2.00	0.23	0.11	0.62	0.02	0.01	0.023	0.001	59.30
	129.75	155.43	25.68	15.38	0.11	0.43	0.43	0.01	0.01	0.031	0.024	73.81
	162.92	268.34	105.42	13.57	0.02	0.99	0.41	0.01	0.02	0.001	0.004	86.67
Incl.	220.07	230.64	10.57	15.34	0.01	3.22	0.17	0.04	0.02	0.002	0.013	193.50
	278.84	290.87	12.03	8.28	0.26	0.31	0.18	0.01	0.01	0.269	0.001	112.50
Incl.	283.40	290.87	7.47	4.05	0.26	0.14	0.15	0.00	0.00	0.425	0.001	130.16
	299.95	301.45	1.50	14.00	0.01	0.72	0.35	0.02	0.00	0.002	0.003	65.24
	337.64	340.67	3.03	10.05	0.02	0.81	0.41	0.02	0.00	0.003	0.001	69.44
	355.67	361.68	6.01	20.16	0.05	1.61	0.36	0.01	0.00	0.002	0.007	119.29
	384.37	407.10	22.73	3.41	0.01	0.82	0.08	0.01	0.00	0.003	0.003	50.40
	422.13	423.70	1.57	3.00	0.01	1.02	0.11	0.01	0.00	0.001	0.004	58.99
	481.16	482.67	1.51	17.00	0.08	2.45	0.82	0.03	0.01	0.013	0.012	181.44
	526.40	536.91	10.51	6.13	0.01	0.58	0.40	0.01	0.01	0.001	0.003	51.80
	545.97	555.14	9.17	15.73	0.38	0.49	0.26	0.01	0.00	0.011	0.003	87.74
	568.74	571.75	3.01	19.18	0.05	0.81	0.91	0.01	0.02	0.002	0.004	101.29
	591.41	628.87	37.46	10.83	0.07	1.81	0.31	0.01	0.02	0.003	0.009	125.32
Incl.	591.41	595.77	4.36	11.03	0.27	2.95	0.32	0.01	0.02	0.003	0.015	200.81
Incl.	603.24	607.78	4.54	28.69	0.23	5.52	0.65	0.04	0.02	0.015	0.027	361.08
Incl.	613.94	621.32	7.38	18.41	0.03	2.30	0.55	0.01	0.02	0.001	0.011	162.39
	639.43	642.51	3.08	17.27	0.07	2.28	0.12	0.02	0.02	0.002	0.011	148.51
	656.06	666.65	10.59	3.64	0.01	0.63	0.10	0.00	0.01	0.001	0.002	42.59
	678.71	680.20	1.49	6.00	0.01	0.65	0.32	0.00	0.01	0.001	0.002	51.35
	701.42	711.72	10.30	12.09	0.17	2.06	0.39	0.02	0.02	0.003	0.008	151.06
	738.93	744.96	6.03	4.84	0.05	0.85	0.12	0.01	0.01	0.004	0.003	61.44
	763.08	764.60	1.52	3.00	0.02	0.70	0.12	0.01	0.00	0.003	0.003	45.79
	836.89	839.93	3.04	11.01	0.23	0.84	0.12	0.01	0.00	0.014	0.004	83.26
	847.39	848.92	1.53	4.00	0.01	1.11	0.04	0.01	0.01	0.001	0.004	63.47

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-51	27.20	28.73	1.53	1.80	0.01	0.02	0.07	0.00	0.12	0.001	0.001	50.93
	33.60	35.10	1.50	1.40	0.01	0.01	0.03	0.00	0.13	0.001	0.001	53.10
	87.47	99.50	12.03	10.58	0.83	0.18	0.11	0.20	0.00	0.054	0.001	133.99
	109.95	114.50	4.55	1.93	0.26	0.39	0.04	0.01	0.01	0.007	0.007	51.61
	120.40	141.43	19.51	7.95	0.39	0.43	0.04	0.13	0.00	0.024	0.001	87.59
	189.66	194.14	4.48	55.04	0.21	1.12	0.38	0.31	0.00	0.044	0.003	187.89
	203.20	204.69	1.49	5.10	0.01	2.10	0.17	0.01	0.01	0.001	0.009	120.52
	228.70	230.19	1.49	24.10	0.02	2.84	0.32	0.01	0.00	0.008	0.012	180.69
	240.70	243.75	3.05	3.73	0.05	0.88	0.15	0.01	0.00	0.001	0.002	58.83
	254.31	397.37	143.06	5.18	0.02	1.72	0.21	0.02	0.00	0.002	0.006	103.03
Incl.	346.09	395.96	49.87	9.39	0.03	2.96	0.35	0.03	0.00	0.003	0.011	175.06
	409.49	419.94	10.45	4.37	0.01	0.89	0.21	0.01	0.01	0.001	0.003	59.37
	436.54	438.04	1.50	2.60	0.01	1.05	0.21	0.01	0.00	0.001	0.004	64.14
	477.16	510.20	33.04	15.24	0.08	2.07	0.42	0.02	0.01	0.006	0.010	143.70
Incl.	480.19	501.18	20.99	20.76	0.10	2.83	0.61	0.02	0.01	0.003	0.013	194.49
	541.89	558.36	16.47	8.88	0.11	0.94	0.25	0.00	0.01	0.002	0.004	77.20
	583.97	585.46	1.49	5.40	0.01	0.83	0.23	0.02	0.01	0.001	0.003	59.20
	591.54	599.04	7.50	14.46	0.50	2.99	0.28	0.23	0.01	0.003	0.015	248.02
	608.11	623.17	15.06	8.61	0.03	0.82	0.09	0.02	0.01	0.001	0.004	60.04
	632.28	633.80	1.52	5.30	0.04	0.73	0.13	0.01	0.00	0.001	0.003	51.51
	659.40	660.90	1.50	7.40	0.48	1.02	0.11	0.12	0.00	0.001	0.004	119.55
	669.85	671.40	1.55	3.30	0.10	0.51	0.09	0.01	0.01	0.006	0.001	44.95
	766.07	769.04	2.97	11.59	0.01	0.56	0.06	0.01	0.01	0.001	0.002	45.73
	787.00	788.50	1.50	2.20	0.22	0.64	0.07	0.01	0.01	0.013	0.001	62.14

Table 2 (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-52	6.45	7.92	1.47	1.40	0.01	0.00	0.02	0.00	0.12	0.001	0.001	50.31
	58.14	92.70	34.56	5.27	0.03	0.10	0.02	1.35	0.00	0.001	0.002	170.69
Incl.	76.06	86.67	10.61	7.70	0.05	0.10	0.01	3.60	0.00	0.001	0.001	434.10
	104.78	113.78	9.00	16.51	0.13	0.37	0.15	0.32	0.00	0.021	0.006	94.69
	177.43	178.88	1.45	4.70	0.07	0.69	0.09	0.03	0.00	0.003	0.001	53.41
	210.70	212.23	1.53	2.80	0.15	1.00	0.13	0.03	0.01	0.001	0.003	75.08
	236.43	237.94	1.51	2.60	0.01	0.87	0.14	0.01	0.01	0.001	0.003	54.85
	248.65	267.07	18.42	5.85	0.07	0.84	0.13	0.02	0.00	0.002	0.003	61.46
Incl.	257.99	264.09	6.10	7.52	0.13	1.85	0.26	0.01	0.00	0.002	0.006	121.67
	274.70	394.47	119.77	7.46	0.14	1.85	0.26	0.01	0.00	0.005	0.007	123.28
Incl.	295.89	323.18	27.29	6.13	0.08	1.89	0.32	0.01	0.00	0.002	0.007	119.70
Incl.	342.86	371.65	28.79	18.03	0.45	4.55	0.47	0.03	0.00	0.016	0.018	306.28
	414.19	415.73	1.54	7.10	0.01	1.57	0.53	0.01	0.00	0.001	0.007	104.43
	421.76	423.29	1.53	10.10	0.01	0.46	0.22	0.00	0.00	0.018	0.001	45.37
	453.60	458.17	4.57	21.44	0.08	0.86	0.31	0.02	0.00	0.011	0.003	87.03
	494.38	531.20	36.82	4.77	0.08	1.05	0.24	0.04	0.00	0.002	0.005	77.28
	584.04	635.60	51.56	12.13	0.09	0.96	0.21	0.06	0.00	0.012	0.004	85.12
Incl.	584.04	591.60	7.56	60.67	0.55	3.52	0.63	0.35	0.01	0.075	0.016	363.38
	646.23	647.75	1.52	9.70	0.01	0.75	0.16	0.01	0.00	0.004	0.003	55.03
	662.81	694.57	31.76	13.17	0.28	0.66	0.18	0.07	0.01	0.002	0.002	90.35
Incl.	677.96	687.00	9.04	25.53	0.83	1.05	0.21	0.16	0.02	0.005	0.003	188.17
	717.20	720.23	3.03	7.79	0.02	1.61	0.24	0.01	0.00	0.007	0.007	100.27
	727.80	745.95	18.15	9.40	0.03	0.74	0.10	0.02	0.00	0.006	0.003	56.23
	752.02	753.53	1.51	8.50	0.01	1.19	0.20	0.01	0.00	0.002	0.005	76.72
	765.61	807.87	42.26	9.82	0.04	0.77	0.10	0.01	0.00	0.002	0.003	58.02
Incl.	789.82	795.85	6.03	41.56	0.20	1.14	0.15	0.06	0.00	0.008	0.006	131.23

See note Table 1Qualified 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 100% 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 (29.53 g 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 suggested 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 was modified to sectionally drill this potential extension with the intention of defining a major open pittable deposit in the valley of the caldera.

The Company completed 84,495m of drilling in 122 holes from the definition drill program in the Santa Barbara target area.

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 in the Porco area and on Mina Casiterita commencing in early February 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 100% 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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