Eloro Resources Announces the Commencement of Expansion Diamond Drilling Program Based on Positive Updated MRE Results at Its Iska Iska Project, Southern Bolivia Key Program Objectives: Expansion Drill Program: The 2026 drilling program at Iska Iska, as part of the Preliminary
Eloro Resources Announces the
Commencement of Expansion Diamond
Drilling Program Based on Positive Updated
MRE Results at Its Iska Iska Project, Southern
Bolivia
Key Program Objectives:
Expansion Drill Program:
The 2026 drilling program at Iska Iska, as part of the Preliminary
Economic Assessment (PEA) process, follows the successful completion of the Updated Mineral
Resource Estimate (MRE) in late April 2026. Its main objectives are to strategically expand and
upgrade the 85.17 million tonnes of Indicated Resources grading 78.38 Ag g/t Eq. and 945.43
million tonnes of Inferred Resources grading 22.04 Ag g/t Eq. in the Updated MRE.
Indicated Resource Definition:
Targeted step-out drilling with 50m spacing within the higher-
grade core area of the Potential Starter Pit, aiming to further expand the Initial Indicated Resource.
Strike and Depth Extensions:
Testing the potential down-dip and strike length of known higher-
grade Silver-Tin (Ag-Sn)-polymetallic shoots which remain open laterally and vertically.
Trend Expansion:
Follow up on successful 2024-2025 step-out drilling that extended the
mineralized envelope down-dip and along a strike length of approximately 1.4 kilometres to the
east and west.
Contractor - Major Drilling Group
: Major Drilling Group International Inc. is the process of
mobilizing two diamond drill rigs to the Iska Iska project, with a third drill expected to be added in
the next three months.
Toronto, Ontario--(Newsfile Corp. - May 7, 2026) -
Eloro Resources Ltd. (TSX: ELO) (OTCQX:
ELRRF) (FSE: P2QM)
("Eloro" or the "Company") is pleased to announce the commencement of its
expansion drilling program, which is focused on upgrading and expanding higher grade Silver-Tin (Ag-
Sn)-Polymetallic mineralization at its 100% owned Iska Iska Project in Southern Bolivia. Major Drilling
Group International Inc. is in the process of mobilizing two diamond drill rigs to the Iska Iska Project, with
a third drill expected to be added in the next three months.
The drilling campaign comprises 40,000m of diamond drilling in approximately 75 holes, following the
Company's recent definition drilling program that intersected mineralization over a strike length of
approximately 1.4 kilometres. Initially, 40 holes totalling 18,250m will be drilled and then it will be
followed up by approximately 45 holes totalling 21,750m.
Tom Larsen, CEO of Eloro, commented: "We are excited to be commencing our expansion drilling
program, a major milestone in advancing the Iska Iska Project, after the release of the successful
Updated MRE in late April. The next phase of drilling is an opportunity to add additional Indicated
Resources to, and further support, our planned PEA."
Mr. Larsen continued: "This program is the continuation of exploration efforts leading to the highly
prospective target areas developed by the exploration work between 2020-2025. In addition, our
exploration team has identified compelling targets at other prospective areas such as Central, Porco,
Huayra Kasa East, San Juan and Mina 2."
Dr. Osvaldo Arce, P.Geo., Eloro's Executive Vice President, Exploration and Latin America Operations
added: "It's been nearly six years since we started exploring and drilling the Iska Iska mineralized
system, which is a true grass-root discovery that has now developed into one of the largest silver-tin
polymetallic deposits discovered in the prolific Bolivian Tin Belt. We are optimistic about the planned
drilling program since we believe that we can continue to expand and upgrade this very large
mineralized system which has become a significant discovery for Bolivia."
EXPANSION DRILLING PROGRAM
The latest Iska Iska Mineral Resource Estimate ("MRE"), the findings of which were reported by Eloro
on
April 22, 2026, confirms a large-scale polymetallic system with an Indicated Mineral Resource of 85.17
million tonnes grading 40 g/t Ag, containing 109.53 million ounces of silver, 1.03 million tonnes of zinc
grading 1.21% Zn, 0.60 million tonnes of lead grading 0.71% Pb (78.38 Ag g/t Eq.) and an Inferred
Mineral Resource of 945.43 million tonnes grading 8.5 g/t Ag, containing 248.60 million ounces of silver,
4.72 million tonnes of zinc grading 0.47% Zn, 1.50 million tonnes of lead grading 0.16% Pb, 290,000
tonnes of tin grading 0.03% Sn and 1.21 million ounces of gold grading 0.04 g/t Au (22.04 Ag g/t Eq.).
The expansion drilling program is particularly important to define the full extent of the higher-grade Silver-
Tin (Ag-Sn)-Polymetallic Indicated Resource, which has a major influence on overall grade and
resources for the Preliminary Economic Assessment ("PEA").
Detailed geological and engineering work will be carried out to further assess the ground-water quality,
contamination risks, predicting geologic hazards, characterizing mineral resources and their extraction
costs, producing geotechnical information and waste repository siting for the planned PEA.
While the system contains multiple minerals of silver-tin-zinc-lead (Ag-Sn-Zn-Pb), silver (Ag) represents
a key metal in terms of its distribution and economic value. As a result, one of the key objectives of the
expansion drilling program is to potentially expand the Indicated Resource in the central part of the Santa
Bárbara feeder zone. The actual Indicated Mineral Resource occurs in the central part of the Santa
Bárbara feeder zone, and it will continue as the primary target for the 2026 expansion drilling.
The mineralized system at Iska Iska is zoned from west to east into four principal domains (Figure 1):
1
.
Predominant Tin (Sn) domain is mainly developed in the western portion of the system and
comprises both shallow and deeper mineralization.
2
.
The Polymetallic (Ag, Sn, Zn, Pb) domain is located mostly upwards within the central and western
sectors of the deposit, with localized extensions of the mineralization toward the east, southeast,
and northwest.
3
.
The Epithermal (Zn, Ag, Pb) domain is located between the Polymetallic and Predominant zinc
(Zn) domains, and
4
.
The Predominant Zinc (Zn) domain is primarily distributed within the eastern to southeastern
sectors of the deposit.
Figure 1: Panoramic view of the Iska Iska project caldera, showing the four main metal
domains over a strike length of about 1.4 km
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1539/296412_elorofig1.jpg
DRILLING STRATEGY
Step-out Drilling (Systematic Controlled Expansion)
The 50m-spacing step-out drilling is focused on enlarging the Indicated Resource and to confirm the
continuity of mineralization beyond its current boundaries. The targets are Ag-Sn-Polymetallic
mineralization but especially mainly Ag-bearing intervals that were intercepted in previous wider spaced
drilling.
Another objective of the 2026 step-out drilling program is to advance towards a planned PEA, which will
allow future pit designs to include most of the current Mineral Resources outside the current pit shells.
The 2026 drilling program comprises 40,000m, from which about 85% will be assigned to the Santa
Barbara mineralized area with the remaining meterage to other outside potential areas. Drilling will be
conducted using a combination of 100m and 50m spacings for Inferred and Indicated Resource
categories, respectively, in selected locations of the deposit.
The initial drilling phase comprising a total of 40 planned drill holes, including step-out, infill, and
exploratory holes, reaching 18,250m is listed in Table 1 with collar locations shown in Figure 2. Of the
planned drill holes, 22 totalling 10,500m are step-outs, primarily targeting silver-dominant mineralization
strategically distributed to expand the Indicated Resource. In addition, 4 exploratory drill holes (2,250m)
are planned to test for extensions in the underexplored areas surrounding the Santa Barbara mineralized
zone.
Table 1 and Figure 2 detail the First phase Expansion Drill Program that includes 40 drill holes totalling
18,250m. The following Phase II drilling will comprise approximately 21,750m, which will be drilled
following evaluation of the results from the Expansion Drilling - Phase I.
Table 1: Expansion Drill Program - Phase I
Hole ID
Easting
Northing
Elevation
m.a.s.l.
Planned
metres
Target
DSB-94
205157
7656097
4322
350
Polymetallic
DSB-95
205393
7656476
4186
350
Epithermal
DSB-96
205269
7656070
4285
350
Polymetallic
DSB-97
205605
7656123
4109
500
Polymetallic
DSB-98
205303
7656039
4261
350
Polymetallic
DSB-99
205747
7656193
4088
550
Polymetallic
DSB-100
205677
7656157
4091
550
Polymetallic
DSB-101
205359
7655980
4214
550
Polymetallic
DSB-102
205676
7656051
4071
600
Polymetallic
DSB-103
205149
7656161
4344
500
Predominant Sn
DSB-104
205782
7656017
4045
550
Epithermal
DSB-105
205216
7656193
4319
500
Polymetallic
DSB-106
205748
7655945
4048
550
Polymetallic
DSB-107
205251
7656268
4293
400
Polymetallic
DSB-108
205676
7655981
4057
500
Polymetallic
DSB-109
205291
7656233
4274
450
Polymetallic
DSB-110
205623
7656033
4084
200
Polymetallic
DSB-111
205305
7656351
4254
450
Polymetallic
DHK-32
205987
7656434
4120
500
Epithermal
DSB-112
205305
7656422
4229
350
Epithermal
DSB-113
205569
7656229
4138
600
Epithermal
DSB-114
205416
7656210
4205
550
Polymetallic
DSB-115
205428
7656016
4185
350
Polymetallic
DSB-116
205517
7656316
4171
450
Epithermal
DSB-117
205553
7656136
4133
550
Polymetallic
DSB-118
205535
7656087
4136
500
Polymetallic
DSB-119
205341
7656458
4206
350
Epithermal
DSB-120
205217
7655909
4250
450
Epithermal
DSB-121
205393
7656406
4207
500
Polymetallic
DSB-122
205218
7656264
4310
650
Predominant Sn
DSB-123
205146
7656263
4336
600
Predominant Sn
DSB-124
205262
7656133
4292
500
Polymetallic
DSB-125
205042
7655945
4333
400
Polymetallic
DSB-126
204933
7656228
4329
650
Predominant Sn
DSB-127
205296
7656100
4266
450
Polymetallic
DSB-128
205340
7656069
4242
150
Polymetallic
DSB-129
205570
7656016
4112
500
Polymetallic
DSB-130
205606
7656086
4102
500
Polymetallic
DSB-131
205288
7656122
4272
100
Polymetallic
DSB-132
205323
7656016
4243
350
Polymetallic
TOTAL
18,250
Note. All holes azimuths are 225 degrees and their inclinations vary from 50 to 85 degrees.
Figure 2: Location of the main planned drill holes at Iska Iska compared to the Ag-dominant
domain.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1539/296412_elorofig2.jpg
Table 2: Summary of Indicated and Inferred Mineral Resources in Optimized Pit (April 2026)
Classification
Tonnes
Ag
Ag
Ag
Zn
Zn
Pb
Pb
Sn
Sn
Au
Au
Millions
g/t
Eq.
g/t
Moz
%
Mt
%
Mt
%
Mt
g/t
Moz
Indicated
85.17
78.38
40
109.53
1.21
1.03
0.71
0.60
N/A
N/A
N/A
N/A
Inferred
945.43
22.04
8.5
248.60
0.47
4.72
0.16
1.50
0.03
0.29
0.04
1.21
Source: Eloro Press Release dated April 22, 2026.
INDICATED RESOURCES - A CLEAR PATH TO A PLANNED PEA
A compelling feature of the Iska Iska Updated MRE is the distribution of the resources relative to the
optimized pit shell. 284 million tonnes are spatially contained within the current pit limits, including 85.2
million tonnes of Indicated Resources, grading 78.4 g/t silver equivalent. 181 million tonnes of Inferred
Resources are sitting alongside and beneath the existing Indicated resource in the same geological
envelope. This is not peripheral or marginal mineralization, but it sits in the economic boundary already
defined by independent pit optimization, located with the higher-grade Indicated blocks within the Santa
Barbara zone (Figure 3).
Figure 3: Isometric 3D view of the Iska Iska Ultimate Pit and 83.2 Mt of Indicated Resources.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1539/296412_elorofig3.jpg
The proximity of this Inferred tonnage to the existing Indicated Resource blocks, within the same
optimized pit shell and sharing the same structural controls, signifies it is uniquely amenable to
conversion with targeted drilling. The 2026 expansion drilling program is precisely designed to close the
drill spacing required to reclassify these tonnes. Successful drilling could potentially lift the total Indicated
Resource, a step-change that would materially transform the project's PEA economics.
Figure 4: Iska Iska Section view looking North showing Oxides, Transitional and Sulphides
zones.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1539/296412_elorofig4.jpg
Table 3 sets out the resource tonnage and grade contained within the optimized pit limits, separated by
resource classification and by Weathering Zones: Oxides, Transitional and Sulphides, reflecting the
vertical zonation of the Santa Barbara mineralized system.
Table 3: Mineral Resources Within the Optimized Pit Limits, and by Classification and
Weathering Zones (Lithology), at the Iska Iska Project (April 2026 MRE)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1539/296412_elorofig5.jpg
Qualified Person
Dr. Osvaldo Arce, P.Geo. Executive Vice President, Latin America for Eloro and General Manager of
Eloro's Bolivian subsidiary, Minera Tupiza S.R.L, and a Qualified Person ("QP") as defined by National
Instrument ("NI") 43-101 has reviewed and approved the technical content of this news release. Dr. Arce
who has more than 35 years of mineral exploration and extensive mining expertise across several
countries in North and South America manages the overall technical program and supervises all field
work conducted at Iska Iska.
Eloro utilized both ALS and AHK for drill core analyses, both of whom are major international accredited
laboratories. Drill samples sent to ALS were 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. Drill core samples sent to AHK Laboratories are also prepared by
AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru.
Silver (Ag), zinc (Zn) and lead (Pb) are analyzed by Inductively Coupled Plasma Atomic Emission
Spectroscopy (ICP-AES) using a four-acid digestion; Sn is analyzed by X-Ray Fluorescence (XRF) and
Au is analyzed by fire assay on 50g pulps with an Atomic Absorption Spectroscopy (AAS) finish. AAS
measures absorbed light to quantify elements, while ICP, such as ICP-OES or ICP-MS, measure
emitted light or ions to determine elements. XRF uses fluorescent X-rays to excite atoms and to emit X-
rays that reveal the presence and concentration of tin. Sample size in ICP typically ranges from 100 mg
(0.1 g) to 1 g, for AAS, is usually less than 100 mg (0.1 g) and for XRF is ideally below 75 µm.
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 except for Sn for which
a sodium peroxide fusion is used at AHK following by ICP. Check comparisons of Sn results from ALS
and ALS indicate no statistically significant difference between results using the two different analytical
techniques.
Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into
each batch of samples analyzed at both laboratories with selected check samples sent to a separate
accredited laboratory. Check results are regularly monitored.
About Iska Iska
The Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by
Eloro Resources Ltd. 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
collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic
domes and hydrothermal breccias. The caldera is 1.6 km by 1.8 km 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, all located along the same overall geological trend.
Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on
September 13, 2020. On January 26, 2021, Eloro announced significant results from the first drilling at
the Santa Barbara Breccia Pipe (SBBP) including the discovery hole DHK-15 which returned 29.53g
Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu and 0.056%Sn over 257.5m, from surface.
Subsequent drilling has confirmed the presence of significant values of Ag-Sn polymetallic mineralization
in the SBBP and the adjacent Central Breccia Pipe (CBP). A substantive mineralized envelope which is
open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling
along the walls of the Santa Barbara Adit located to the east of SBBP returned average grades of
164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 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. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the initial inferred
MRE for Iska Iska, prepared by independent consultants Micon International Limited. The MRE was
reported in two domains, the Polymetallic (Ag-Zn-Pb) Domain which is primarily in the east and south of
the Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the west and north.
Metallurgical tests reported on January 23, 2024, from a 6.3 tonne PQ drill core bulk sample
representative of the higher grade Polymetallic (Ag-Zn-Pb) Domain returned a significantly higher
average silver value of 91 g Ag/t compared to the weighted average grade of the original twinned holes
at 31 g Ag/t strongly suggesting that the average silver grade was likely significantly underreported in the
original twinned holes due to the much smaller sample size.
The Company reported on July 30, 2024, that updated modelling of the potential starter pit area at Santa
Barbara zone highlights the importance of completing additional drilling to better define the grade and
extent of the mineral resource in this area. Areas with higher-grade resource typically have much better
drilling density but holes outside the core potential pit area are too widely spaced to give an accurate
estimate of grade.
On September 4, 2024, the Company announced the restart of definition drilling in the potential starter
pit area at Santa Barbara. It was highly focused on infill and step-out drill program in order to better
define the full vertical and lateral extent of high-grade Sn and Ag mineralization, expanding higher-grade
Sn mineralization to the west and the silver to the central and west parts. Also, to fill-in gaps that were
formerly categorized as low-grade or internal waste in the mineral resource model and to drill in a closer-
spacing 50m x 50m grid. Previous drilling has shown that areas with high-grade mineralization typically
have much better drilling density, whereas holes outside the core area are too widely spaced to give an
accurate grade estimate. This increased drilling density is particularly important for defining the extent of
the high-grade Ag-bearing and Sn-bearing structures, and for categorizing the mineral resources from
inferred to indicated, which have a major influence on overall grade and resources that will contribute to
the PEA.
Since September 4, 2024, the Company has completed 27 drill holes totalling 14,085.80 metres of
definition drilling in 2 distinct phases of diamond drilling in the potential starter pit area of the Santa