Eloro Resources Files Updated NI 43-101 Technical Report on Iska Iska Project Eloro Resources Also Announces Filing of Final Base Shelf Prospectus
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TSX.V Symbol: ELO www.elororesources.com
Eloro Resources Files Updated NI 43-101 Technical Report on Iska Iska Project
Eloro Resources Also Announces Filing of Final Base Shelf Prospectus
Toronto, Ontario – May 11, 2022 – Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO;
OTCQX: ELRRF; FSE: P2QM) is pleased to announce that it has filed on SEDAR an updated technical
report (“Technical Report”) on the Company’s Iska Iska silver-tin polymetallic project, prepared by Micon
International Limited (“Micon”) and in accordance with National Instrument 43-101.
Eloro also announces that it has filed a final short form base shelf prospectus with the securities regulatory
authorities in each of the provinces of Canada except Québec.
Updated NI 43-101 Technical Report
The Technical Report supports the interpretation of t he drilling and other exploration results thus far, and
details Eloro’s next exploration phase leading to the estimation of mineral resources. Micon’s conclusions
in the Technical Report include the following:
- The potential of the Iska Iska Project is unquestionable in terms of its regional geological setting. It
is in the midst of a proven metallogenic district with well-established world-class mines such as Cerro
Rico de Potosi, Chorolque, and San Vicente. The fact that nearby mines of the Bolivian polymetallic
type are operating profitably, is positive for the current drill definition and metallurgical investigations
at Iska Iska.
- Proximity of the deposit to surface offers an opportunity/potential for both open pit and underground
exploitation, especially in the Santa Barbara – Huayra Kasa area.
- Geological mapping, geophysical surveys, and diamond drilling have revealed a potentially large
deposit of significance but yet to be converted into a resource. So far, the mineralization/deposit is
isotropic, lacking any preferred alignment; this is corroborated by variography and downhole IP
surveys.
- All holes drilled across the project to date display in tervals of alteration and significant mineralization,
and the limits of the system have not yet been delin eated. The deposit is wide open for expansion
in all directions.
- The “epicentre” of mineralization appears to be in the Santa Barbara adit area, where the highest
grades and widest widths have been encountered to date. Therefore, resource development and
expansion should radiate outwards from here.
In making recommendations in the Technical Report, Micon states: Eloro’s nearer term objective is a
maiden mineral resource estimate within this large target area. This work is advancing well with the initial
mineral resource targeted to be completed in Q3 2022. Exploration drilling is also planned on other major
targets in the Iska Iska Caldera Complex including the Porco and Mina 2 areas. Accordingly, Micon
recommends a two-pronged approach for Eloro to achieve its objectives, namely an initial phase of
geophysics and additional delineation drilling followed by a second phase of resource expansion and
preliminary economic assessment.
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Final Base Shelf Prospectus
The base shelf prospectus filed by Eloro will allow Eloro to qualify the distribution by way of prospectus of
up to C$100 million, in aggregate, of common shares, warrants and units, or any combination thereof, from
time to time during the 25-month period during which t he base shelf prospectus is effective. The specific
terms of any future offering will be established in a prospectus supplement to the base shelf prospectus,
which supplement will be filed with the applicable Canadian securities regulatory authorities in connection
with any such offering.
Eloro has filed the base shelf prospectus to provi de the Company with greater financial flexibility going
forward but has not entered into any agreements or arrangements to authorize or offer any securities of the
Company at this time.
A copy of the final short form base shelf prospectus is available under Eloro’s profile on SEDAR at
www.sedar.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be
any sale of, any securities of the Company in any jurisdiction in which such offer, solicitation or sale would
be unlawful.
Qualified Person
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration and a Qualified Person as such term
is defined in National Instrument 43-101, has revi ewed and approved the technical content of this news
release.
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 ac quire 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. A 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 pr operty. 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 Are na Gold Mine. La Victoria consists of eight
mining concessions and eight mining claims encompas sing 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-look ing 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 (forward-looking statements in this news release include, witho ut limitation, statements
regarding an initial mineral resource estimate for the Iska Iska project and regarding future financings, if any, pursuant
to the short form base shelf prospectus referred to in this news release). There can be no assurance that forward-
looking statements will prove to be accurate. Actual resu lts and future events could differ materially from those
anticipated in such statements. Readers should not place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.