Eloro Resources Continues to Expand Higher-Grade Ti n and Silver Mineralization in Step-Out Definition Drilling at i ts Iska Iska Project, Potosí Department, Bolivia
Eloro Resources Continues to Expand Higher-Grade Ti n and Silver
Mineralization in Step-Out Definition Drilling at i ts Iska Iska Project,
Potosí Department, Bolivia
Highlights:
DSB-78, a step-out hole 75m southwest of discovery hole DSB-72, intersected a higher-grade
tin zone grading 0.40% Sn over 79.50m beginning at 319.60m, including a higher-grade
section of 0.89% Sn over 16.50m beginning at 366.10m. Further downhole, it interse cted
0.57% Sn over 25.50m beginning at 486.10m, including a section grading 0.90% Sn over
13.50m beginning at 495.10m.
Hole DSB-79 , a step-out hole collared 75m southwest of hole DSB-64, intersected both silver-
and tin-enriched zones. Higher-grade silver grading 52.73 g/t Ag over 43.50m occurs from
214.10m, including 401.65 g/t Ag over 3.00m beginning at 244.10m. Further down hole a
number of higher grade tin intersections were retur ned including: 0.43% Sn over 3.00m
beginning at 404.60m, 0.31% Sn over 9.00m beginning at 418.10m, 0.72% Sn over 4.50m
beginning at 454.10m, 0,21% Sn over 6.00m beginning at 440.60m, and 0.28% Sn over
1.50m beginning at 472.10m.
DSB-81, a step-out hole 50m southwest of hole DSB-35, inter sected 0.18% Sn over
57.00m beginning at 9.60m, including higher grade section s of 0.33% Sn over
6.00m beginning at 9.6m and 0.32% Sn over 6.00m beginning at 44.10m.
Hole DSB-82 drilled 50m northeast of hole DSB-35 intersected 0.16% Sn and 14.19 g/t Ag
over 15.00m beginning at 97.80m. It also intersected 0.23% Sn over 12.00m beginning at
472.80m.
DSB-83 drilled 135m northeast of discovery hole DSB-72, intersected a number of significant
silver and tin intervals:
39.43 g/t Ag over 31.50m beginning at 52.30m, including 43.53 g/t Ag over 25.50m
beginning at 52.30m.
51.24 g/t Ag over 25.50m beginning at 313.50m, including 69.22 g/t Ag over 13.50m
beginning at 315.00m.
0.39% Sn and 33.62 g/t Ag over 49.50m beginning at 349.50m, including 0.84% Sn over
3.75m beginning at 367.50m, and 1.10% Sn over 6.00m beginning at 390.00m.
0.22% Sn over 15.00m beginning at 408.00m.
0.23% Sn over 6.00m beginning at 457.50m.
37.91 g/t Ag over 16.50m beginning at 513.00m, including 87.00 g/t Ag over 4.50m
beginning at 513.00m.
0.29% Sn over 1.50m beginning at 540.00m.
Note: True width is approximately 80% of core length. Si lver equivalent (Ag eq) grades are calculated
using 3-year average metal prices of Ag = US$24.14/ oz, Zn = US$1.36/lb , Pb = 0.98/lb and Sn =
US$13.74/lb, and preliminary metallurgical recoveries of Ag = 88%, Zn = 87%, Pb= 80% and Sn = 50%.
In selecting intervals, a cutoff grade of 30 g Ag e q/t has been used. Lower grade material may be
included in intersections where geological continuity is warranted.
20 Adelaide Street East, Suite 200, Toronto, Ontari o CANADA M5C 2T6 Tel.: (416) 868-9168
TSX Symbol: ELO www.elororesources.com
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Results from the first 5 diamond drillholes from the restart definition drill program has significantly
expanded the higher-grade tin mineralization and th e shallower higher grade silver mineralized
zone which is above the tin zone. The tin mineralization is extended at least 100m laterally beyond
the known mineralization in the western part of the Santa Barbara zone and remains open along
strike.
TORONTO, Canada, August 6, 2025 -- Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF;
FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from the first five
(5) drillholes of the restart phase definition diamond drilling program in the predominant tin domain
potential Santa Barbara starter pit area in the Iska Iska silver-tin polymetallic project in the Potosi
Department of southwestern Bolivia. A total of 2,871.4m of diamond drilling has been completed
in these five (5) holes with assays pending for the remaining three holes totalling 1,413.90m.
Figure 1 shows the location of drill holes reported, Table 1 lists significant assay results and Table
2 lists drill hole coordinates.
Tom Larsen, Eloro’s CEO commented: “The new drill r esults are significantly expanding on the
existing mineralization in the predominant tin doma in, further adding to the solid foundation for
building the initial open pit mineral resource. We continue to be encouraged with the higher-grade
tin and silver drill results. The Santa Barbara Zon e continues to be open laterally and downdip,
offering significant potential for further infill a nd step-out drilling to further expand and upgrade
resources for the planned PEA.”
Dr. Osvaldo Arce, P.Geo., Executive Vice President Operations Latin America for Eloro added:
“The current closer-spaced definition drill program has both upgraded and expanded the
mineralization with significant higher-grade tin and silver zones which are still open laterally and
at depth in the potential starter pit area at Santa Barbara zone. This highlights the significant
opportunity to outline additional higher-grade mine ral resources presently defined in a 700m x
400m x 500m potential starter pit, as well as further enlarging this target to the NE and SE.”
Definition Drill Program, Santa Barbara Potential Starter Pit Area
Holes DSB-78 and DSB-79 were drilled on the southwestern margin of the pot ential starter pit
area at Santa Barbara as shown in Figure 1. Hole DSB-78 is located 75m southwest of discovery
hole DSB-72 and hole DSB-79 is located 75m southwest of hole DSB-64. Both holes intersected
significant tin mineralization in intrusion breccia (TIB) and locally in phreatomagmatic breccia. Tin
intersections in both holes are visibly coarse and medium grained cassiterite which are likely to
be amenable to multi-gravity separation.
Hole DSB-78 intersected 0.40% Sn over 79.50m from 319.60m to 399.10m, including a higher-
grade section of 0.89% Sn over 16.50m from 366.10m to 382.60m. It also intersected 0.57% Sn
over 25.50m from 486.10m to 511.60m, including a section grading 0.90% Sn over 13.50m from
495.10m to 508.60m. In addition, it intersected 38 g/t Ag and 0.50% Sn over 3.00m from 7.60m
to 10.60m; 390.40 g/t Ag and 0.25% Sn over 3.75m from 224.35m to 228.10m; 51.33 g/t Ag
over 4.50m from 244.60m to 249.10m, and 0.42% Sn over 3.00m from 549.10m to 552.10m.
Hole DSB-79 intersected both silver and tin enriched zones. A higher-grade silver intersection of
52.73 g/t Ag over 43.50m was returned from 214.10m to 257.60m, including 401.65 g/t Ag over
3.00m from 244.10m to 247.10m. Multiple zones of deeper higher-grade tin mineralization were
intersected including 0.43% Sn over 3.00m from 404.60m to 407.60m, 0.31% Sn over 9.00m
from 418.10m to 427.10, 0.72% Sn over 4.50m from 454.10m to 458.60m, 0,21% Sn over 6.00m
from 440.60m to 446.60m, and 0.28% Sn over 1.50m from 472.10m to 473.60m. Shallow higher
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grade tin mineralization of 0.21% Sn and 19.50 g/t Ag over 19.50m from 86.60m to 106.10m,
including 0.47% Sn over 6.00m, was also intersected.
Holes DSB-81 and DSB-82 were drilled on the western margin of the potential starter pit area at
Santa Barbara as shown in Figure 1. Hole DSB-81 is located 50m southwest of hole DSB-35 and
DSB-82 is located 50m northeast of hole DSB-35. Both hole s intersected moderate intensity tin
mineralization in intrusion breccia (TIB), the prin cipal host for higher grade tin mineralization at
Iska Iska (see Eloro press releases dated January 2 3, 2025 and February 20, 2025 for further
detail) and minorly in medium grained dacitic dome. Tin intersections in both holes are visibly
coarse and medium grained cassiterite which are likely to be amenable to multi-gravity separation.
Hole DSB-81 intersected 0.18% Sn over 57.00m from 9.60m to 66.60m including higher grade
sections of 0.33% Sn over 6.00m from 9.60m to 15.60m and 0.32% Sn over 6.00m from 44.10m
to 50.10m. Shallower higher grade silver and tin mi neralization was also intersected, including
48.00 g/t Ag and 0.23% Sn over 0.75m from 80.85m to 81.60m; and 55.00 g/t Ag and 0.75%
Sn over 1.50m from 237.60m to 239.10m.
Hole DSB-82 intersected 0.16% Sn and 14.19 g/t Ag over 15.00m from 97.80m to 112.80m,
0.23% Sn over 12m from 472.80m to 484.80m and 0.17% Sn over 12m from 594.30 to 606.30m.
Shallower tin mineralization was also intersected, including 0.28% Sn over 3.90m from 0.90m to
4.80m; 0.26% Sn over 1.50m from 34.80m to 36.30m; 0.27% Sn over 4.50m from 81.30m to
85.80m; 0.38% Sn over 1.50m from 130.80m to 132.30m and 0.48% Sn over 4.50m from
139.80m to 144.30m.
Hole DSB-83 was drilled on the central part of the potential s tarter pit area at Santa Barbara as
shown in Figure 1. It is located 135m northeast of discovery hole DSB-72 and intersected multiple
silver and tin intervals, mostly in intrusion breccia and locally in medium grained dacite. The first
mineralized interval was intersected in the oxides zone related to silver mineralization.
Subsequently, multiple mineralized interceptions were encountered in the lower part of the hole in
the sulphides zone starting from 313.50 to 541.50m in intrusion breccia (TIB). The mineralizing
sequence starts with shallow silver mineralization, continues deeper to tin-silver combined
mineralization, followed by a tin interval, then an other silver interval, finally ending with a tin
interval. This is interpreted as a continuous overp rinting between high-temperature tin
mineralization and lower-temperature epithermal silver mineralization.
Hole DSB-83 intersected the following mineralized intervals:
39.43 g/t Ag over 31.50m from 52.30m to 83.80m, including 43.53 g/t Ag over 25.50m from
52.30m to 77.80m.
32.26 g/t Ag over 4.70m from 112.30m to 117.00m.
51.24 g/t Ag over 25.50m from 313.50m to 339.00m, including 69.22 g/t Ag over 13.50m
from 315.00m to 328.50m.
0.39% Sn and 33.62 g/t Ag over 49.50m from 349.50m to 300.00m, including 0.41% Sn over
7.50m from 349.50m to 357.00m; 0.84% Sn over 3.75m from 367.50m to 371.25m; 0.41%
Sn over 7.50m from 379.50m to 387.00m; and 1.10% Sn over 6.00m from 390.00m to
396.00m.
0.22% Sn over 15.00m from 408.00m to 423.00m.
0.21% Sn over 1.50m from 450.00m to 451.50m.
0.23% Sn over 6.00m from 457.50m to 463.50m.
37.91 g/t Ag over 16.50m from 513.00m to 529.50m, including 87.00 g/t Ag over 4.50m from
513.00m 517.50m.
0.29% Sn over 1.50m from 540.00m to 541.50m.
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Table 1: Definition Diamond Drill Results as of August 1, 2025, Santa Barbara, Iska, Iska
SANTA BARBARA DEFINITION DIAMOND DRILL RESULTS – PR EDOMINANT Sn DOMAIN
Hole No. From (m) To (m) Length
(m)
Ag Zn Pb Sn Ag eq.
g/t % % % g/t
DSB-78 7.60 10.60 3.00 38.00 0.00 0.06 0.50 132.38
108.10 117.10 9.00 4.67 0.00 0.01 0.22 46.61
145.60 148.60 3.00 21.00 0.00 0.00 0.21 58.67
204.10 213.10 9.00 37.17 0.00 0.04 0.04 40.75
224.35 228.10 3.75 390.40 0.00 0.07 0.25 393.55
244.60 249.10 4.50 51.33 0.00 0.01 0.01 47.84
262.60 264.10 1.50 4.00 0.00 0.01 0.34 70.16
277.60 280.60 3.00 10.50 0.00 0.03 0.41 89.63
319.60 399.10 79.50 2.43 0.00 0.01 0.40 80.67
Incl. 366.10 382.60 16.50 6.14 0.00 0.01 0.89 179.78
441.10 442.60 1.50 0.50 0.05 0.02 0.36 72.27
486.10 511.60 25.50 1.38 0.17 0.02 0.57 118.64
Incl. 495.10 508.60 13.50 1.00 0.04 0.02 0.90 178.92
537.10 541.60 4.50 0.92 0.02 0.03 0.25 51.74
549.10 552.10 3.00 2.50 0.02 0.02 0.42 85.38
DSB-79 86.60 106.10 19.50 18.57 0.02 0.03 0.21 59.42
Incl. 86.60 92.60 6.00 2.80 0.03 0.02 0.47 95.25
142.10 146.60 4.50 16.10 0.01 0.03 0.16 45.40
214.10 257.60 43.50 52.73 0.00 0.05 0.04 56.00
Incl. 244.10 247.10 3.00 401.65 0.00 0.13 0.02 361.13
338.60 343.85 5.25 3.97 0.00 0.03 0.30 62.92
353.60 355.10 1.50 5.20 0.00 0.00 0.20 44.49
391.10 392.60 1.50 2.70 0.00 0.01 0.24 50.18
404.60 407.60 3.00 3.65 0.00 0.03 0.43 87.76
418.10 427.10 9.00 0.98 0.00 0.01 0.31 61.85
440.60 446.60 6.00 1.28 0.01 0.02 0.21 43.61
454.10 458.60 4.50 0.63 0.01 0.01 0.72 140.72
472.10 473.60 1.50 0.30 0.01 0.00 0.28 54.43
DSB-81 9.60 66.60 57.00 5.58 0.00 0.01 0.18 39.54
Incl. 9.60 15.60 6.00 10.25 0.00 0.00 0.33 72.89
Incl. 44.10 50.10 6.00 3.50 0.00 0.02 0.32 65.81
80.85 81.60 0.75 48.00 0.00 0.16 0.23 90.63
104.10 105.60 1.50 14.00 0.01 0.09 0.31 75.91
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SANTA BARBARA DEFINITION DIAMOND DRILL RESULTS – PR EDOMINANT Sn DOMAIN
Hole No. From (m) To (m) Length
(m)
Ag Zn Pb Sn Ag eq.
g/t % % % g/t
203.10 204.60 1.50 13.00 0.00 0.00 0.16 42.57
237.60 239.10 1.50 55.00 0.00 0.24 0.75 200.67
312.60 314.10 1.50 12.00 0.00 0.02 0.45 98.76
DSB-82 0.90 4.80 3.90 8.87 0.00 0.05 0.28 62.79
34.80 36.30 1.50 4.40 0.00 0.01 0.26 55.58
81.30 85.80 4.50 12.10 0.00 0.03 0.27 63.91
97.80 112.80 15.00 14.19 0.00 0.09 0.16 44.97
130.80 132.30 1.50 6.50 0.00 0.21 0.38 84.39
139.80 144.30 4.50 47.00 0.00 0.23 0.48 140.01
154.80 159.30 4.50 28.23 0.00 0.07 0.09 43.53
256.80 259.80 3.00 2.10 0.34 0.01 0.16 45.66
432.30 433.80 1.50 1.10 0.00 0.00 0.20 40.23
460.80 463.80 3.00 0.30 0.00 0.00 0.31 61.34
472.80 484.80 12.00 0.75 0.00 0.01 0.23 46.68
490.80 493.80 3.00 0.60 0.00 0.00 0.24 48.08
532.80 535.05 2.25 43.83 0.01 0.05 0.04 47.69
576.30 577.80 1.50 20.20 0.27 0.04 0.30 86.69
594.30 606.30 12.00 22.51 0.03 0.05 0.17 55.48
DSB-83 52.30 83.80 31.50 39.43 0.00 0.06 0.08 52.03
Incl. 52.30 77.80 25.50 43.53 0.00 0.07 0.09 57.57
112.30 117.00 4.70 32.26 0.00 0.00 0.01 29.73
259.50 267.00 7.50 72.80 0.01 0.03 0.06 76.49
313.50 339.00 25.50 51.24 0.00 0.00 0.05 55.02
Incl. 315.00 328.50 13.50 69.22 0.00 0.00 0.07 74.84
349.50 399.00 49.50 33.62 0.00 0.14 0.39 108.17
Incl. 349.50 357.00 7.50 29.20 0.00 0.00 0.41 105.39
Incl. 367.50 371.25 3.75 2.40 0.00 0.34 0.84 173.45
Incl. 379.50 387.00 7.50 27.00 0.00 0.20 0.41 108.48
Incl. 390.00 396.00 6.00 85.75 0.00 0.23 1.10 294.48
408.00 423.00 15.00 3.80 0.00 0.03 0.22 46.88
450.00 451.50 1.50 7.00 0.01 0.03 0.21 47.41
457.50 463.50 6.00 0.88 0.00 0.04 0.23 46.67
Incl. 513.00 517.50 4.50 87.00 0.01 0.01 0.02 81.17
513.00 529.50 16.50 37.91 0.01 0.00 0.03 40.23
540.00 541.50 1.50 1.00 0.01 0.00 0.29 57.12
Note: True width is approximately 80% of core length. Silver equivalent (Ag eq) grades are calculated using
3-year average metal prices of Ag = US$24.14/oz, Zn = US$1.36/lb , Pb = 0.98/lb and Sn = US$13.74/lb,
and preliminary metallurgical recoveries of Ag = 88 %, Zn = 87%, Pb= 80% and Sn = 50%. In selecting
intervals, a cutoff grade of 30 g Ag eq/t has been used. Lower grade material may be included in
intersections where geological continuity is warranted.
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Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara zone, Iska Iska.
The yellow circles highlight the location of holes DSB-78, DSB-79, DSB-81, DSB-82 and
DSB-83 referred to in this release.
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Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Completed at Iska Iska
as of August 1, 2025
Hole No. Type Collar Easting Collar Northing Elev Azimuth Angle Hole Length (m)
DSB-78 P 205055 7656072 4340 225° -85° 554.6
DSB-79 P 205076 7656025 4324 225° -85° 500.3
DSB-81 P 204979 7656137 4357 225° -85° 608.6
DSB-82 P 205048 7656206 4362 225° -85° 650.3
DSB-83 P 205184 7656202 4334 225° -85° 557.6
Subtotal 2,871.4
Qualified Person (“QP”)
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 has supervised all field work carried out at Iska Iska.
Eloro utilized both ALS and AHK for drill core anal yses, 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 prep aration facility operated by AHK in Tupiza with
pulps sent to the main ALS Global laboratory in Lim a for analysis. Eloro employs an industry
standard QA/QC program with standards, blanks and d uplicates inserted into each batch of
samples analyzed with selected check samples sent to a separate accredited laboratory.
Drill core samples sent to AHK Laboratories were prepared in a preparation facility installed and
managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Check samples
between ALS and AHK are regularly done as a QA/QC c heck. AHK is following the same
analytical protocols used as with ALS and with the same QA/QC protocols.
About Iska Iska
The 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 calde ra 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, Tasn a and Tatasi, all located along the same
overall geological trend.
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Eloro began underground diamond drilling from the H uayra Kasa underground workings at Iska
Iska on September 13, 2020. On November 18, 2020, E loro announced the discovery of a
significant breccia pipe with extensive silver poly metallic mineralization just east of the Huayra
Kasa underground workings and a high-grade gold-bis muth zone in the underground workings.
On November 24, 2020, Eloro announced the discovery of the Santa Barbara Breccia Pipe (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 from 0.0m to 257.5m. Subsequent drilling has confirmed
the presence of significant values of Ag-Sn polymet allic 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 brecc ia 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 DHK-15 which retur ned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn,
0.59%Pb, 0.080%Cu and 0.056%Sn over 257.5m, 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 San ta Barbara deposit and the Tin (Sn-Ag-Pb)
Domain which is primarily in the west and north.
The Polymetallic Domain is estimated to contain 560Mt at 13.8 g Ag/t, 0.73% Zn & 0.28% Pb at
an NSR cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40 for potential
underground. The majority of the mineral resource is contained in the constraining pit which has
a stripping ratio of 1:1. The Polymetallic Domain c ontains a higher-grade mineral resource at a
NSR cutoff of $US25/t of 132 million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a
net NSR value of US$34.40/t which is 3.75 the estim ated operating cost of US$9.20/t. The Tin
Domain which is adjacent to the Polymetallic Domain and does not overlap, is estimated to contain
a mineral resource of 110Mt at 0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.
Results of the definition drill program which total led 5,267.7m in 11 holes were reported on
December 18, 2023 and January 11, 2024, respectivel y. Significant results included 279.22 g
Ag/t, 0.47% Pb and 0.43% Sn (339.82g Ag eq/t) over 62.84m and 33.83 g Ag/t, 1.53% Zn, 0.93%
Pb and 0.14% Sn (130.88g Ag eq/t) over 178.99m incl uding 120.37 g Ag/t, 2.13% Zn, 1.57%
Pb and 0.19% Sn in hole DSB-61; 57.62g Ag/t, 1.26% Zn, 0.94% Pb and 0.12% Sn (139.94g Ag
eq/t) over 136.11m in hole DSB-66 and 118.86g Ag/t, 0.35% Zn, 0.35% Pb and 0.15% Sn (152.29g
Ag eq/t) over 81.28m in hole DSB-65. This latter intersection in hole DSB-65 included a very high-
grade sample of 5,080g Ag/t, 0.12 g Au/t, 0.26% Zn, 1.34% Pb, 1.53% Cu and 1.27% Sn
(4,746.46g Ag eq/t) over 1.46m.
Metallurgical tests reported on January 23, 2024 fr om 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 ave rage silver grade is likely significantly
underreported in the original twinned holes due to the much smaller sample size.
On January 29, 2024, the Company reported that the new chargeability high outlined southeast
of the MRE open pit by the expanded induced polariz ation (IP) survey indicates that the major
mineralized structural corridor that is up to 800m wide extends a further 600m along strike to the
southeast for an overall strike length of at least 2km. This new area has not been drilled.