Eloro Resources Intersects 160.00 g Ag eq/t (27.37g Ag/t, 0.62% Zn, 0.52% Pb and 0.11% Sn) over 251.87m and 133.45 g Ag eq/t (19.10g Ag/t, 0.20 g Au/t, 0.42% Zn, 0.64% Pb and 0.08% Sn) over 289.45m in the Santa Barbara Target area at the Iska Iska Silver-Tin

Eloro Resources Intersects 160.00 g Ag eq/t (27.37g Ag/t, 0.62% Zn, 0.52% Pb and 0.11%

Sn) over 251.87m and 133.45 g Ag eq/t (19.10g Ag/t, 0.20 g Au/t, 0.42% Zn, 0.64% Pb and

0.08% Sn) over 289.45m in the Santa Barbara Target area at the Iska Iska Silver-Tin

Polymetallic Project, Potosi Department, Bolivia

 These new drill results combined with previously released drill results for the underground

drilling are defining a potential major feeder structure for the Ag-Sn polymetallic

mineralization in the Santa Barbara Adit area.

 Bore Hole Induced Polarization (BHIP) surveys to a depth of almost 1,000m indicates that

the conductivity increases with depth indicating that this potential feeder zone could be

substantive.

Toronto, Canada, May 25, 2022 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE:

P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from an additional four

(4) diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic

project in the Potosi Department, southern Bolivia. Holes DSBU-08, DSBU-07 and DSBU-04 are

underground holes drilled from the Santa Barbara adit to test the southwestern and southern

extension of the higher-grade mineralized zone. Surface drill hole DSB-26 tested the northwest

extension of the Santa Barbara mineralized zone approximately 800m northwest of the Santa

Barbara adit underground drill bay. Drilling is currently focussed primarily on the Santa Barbara

Resource Definition Drilling Area with two surface drills and one underground drill. One surface

drill is completing holes in the Porco area to test for a potential tin porphyry as suggested by the

3D inverse magnetic model (see Eloro press release dated March 1, 2022).

Overall, the Company has completed 56,863m in 92 drill holes to-date, including four holes in

progress, as shown in Figures 1 and 2. Tables 1 and 2 list significant assay results for the drill

holes in the major target areas. Prices used for calculating Ag equivalent grades are as outlined

in Eloro’s February 1, 2022, press release. Table 3 summarizes drill holes with assays pending.

Highlights are as follows:

Santa Barbara Mineral Resource Definition Target Area – Underground Drilling

Hole DSBS-07 was drilled underground at an azimuth of 235 0 and dip of -50 0 to test the

southwestern extension of the potential higher-grade area in the Santa Barbara Adit area. Hole

DSBS-08 was drilled at the same inclination at an azimuth of 200 0 while DSBU-04 was drilled

due south at an angle of -200. All three holes intersected very long higher-grade intersections:

 Hole DSBU-07 intersected 160.00 g Ag eq/t (27.37 g Ag/t, 0.62% Zn, 0.52% Pb and

0.11% Sn) over 251.87m from 0.00m to 251.87m, including a higher-grade section of:

o 178.37 g Ag eq/t (28.84 g Ag/t, 0.69% Zn, 0.62% Pb, and 0.13% Sn) over

208.47m from 0.00m to 208.47m.

 This hole had a second major intersection of 83.72 g Ag eq/t (6.67 g Ag/t and 0.11%Sn)

over 208.93m from 272.87m to 481.8m. This included higher grade sections of:

20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868-9168

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o 115.37g Ag eq/t (5.34 g Ag/t and 0.16%Sn) over 40.98m from 328.54 to

369.52m and

o 224.01g Ag eq/t (1.50 g Ag/t and 0.35% Sn) over 21.58m from 438.11m to

459.69m.

 Hole DSBU-08 intersected 133.45 g Ag eq/t (19.10 g Ag/t, 0.20 g Au/t, 0.42% Zn,

0.64% Pb, 0.06% Cu and 0.08% Sn) over 289.45m from 0.00m to 289.45m which

included higher grade sections of: 

o 152.70 g Ag eq/t (44.65 g Ag/t, 0.08 g Au/t, 0.01% Zn, 0.58 %Pb, 0.20 %Cu and

0.09% Sn) over 22.56m from 0.00m to 22.56m, 

o 150.23 g Ag eq/t (47.17 g Ag/t, 0.03g Au/t, 0.01% Zn, 0.58 %Pb, 0.20% Cu and

0.09% Sn) over 10.82m from 57.10m to 67.92m, 

o 182.92 g Ag eq/t (40.31 g Ag/t, 0.13 g Au/t, 0.30% Zn, 0.88% Pb, 0.05% Cu and

0.14% Sn) over 27.09 m from 90.71m to 117.80m. 

o 222.51 g Ag eq/t (20.38 g Ag/t, 0.12 g Au/t, 1.09% Zn, 1.45% Pb, 0.05% Cu and

0.15% Sn) over 51.24 m from 163.14m to 214.38m, and 

o 254.55 g Ag eq/t (31.50 g Ag/t, 1.17 g Au/t, 0.73% Zn, 0.27% Pb, 0.08% Cu and

0.13% Sn) over 16.42 m from 244.48m to 260.90. 

o Overall, 65% of this 641.9m long hole had reportable intersections which

collectively average 107.73 g Ag eq/t.

 Hole DSBU-04 intersected 97.09 g Ag eq/t (30.11 g Ag/t, 0.41% Pb, 0.06% Cu and

0.07% Sn) over 154.62m from 0.00m to 154.62m which included higher grade sections

of: 

o 126.66 g Ag eq/t (7.00 g Ag/t, 0.63 %Pb and 0.15% Sn) over 16.78m from 0.00m

to 16.78m,  

o 174.32 g Ag eq/t (70.30 g Ag/t, 0.45 %Pb and 0.12% Sn) over 15.02m from

61.79m to 76.81m 

Dr. Bill Pearson, P.Geo. Executive Vice President, Exploration commented: “As shown in Figure

3, a N-S cross section looking east, holes DSBU-07, DSBU-08 and DSBU-4 define a significant

extension to the southwest and south of the major high grade mineralized area in the southern

part of Santa Barbara. These results combined with previously released drill results for the

underground drilling are defining a potential major feeder structure for the Ag-Sn polymetallic

mineralization in the Santa Barbara area. Data from on-going borehole induced polarization

surveys (BHIP) further reinforce the potential extent of this feeder zone.”

Dr. Chris Hale, P.Geo., Chief Geophysicist for Eloro commented: “Field personnel from MES

Geophysics have advanced the borehole induced polarization (BHIP) survey technique to

achieve excellent IP/Res data over 1000 m downhole, by reading while the drill is still on the hole.

Preliminary analysis of Pole-dipole data at 25m intervals shows that the conductivity within about

10m of the axis of hole DHK-25 increases with depth between 500m and the end of the hole.

Chargeability is highest near 525m but remains high (> 10 mV/V) over the entire interval to 975m.

Cross hole chargeability and resistivity data have also been collected to a depth of 1000 m,

between this hole and both DHK-24 and DSB-06. Data were also collected to 900m in DHK-24.

Cross hole data from both DHK-24 and DHK-25 will be used for inverse modelling of the

chargeable mineralization. Future BHIP surveys will use the “through-the-drill” technique to

collect data, resolving fine detail in the geophysical models even at depths over a kilometer.”

3 | Page

Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary Minera Tupiza S.R.L.

(“Minera Tupiza”), further commented: “Recent drill assay results from the Santa Barbara zone

continue to expand a large and robust tin-silver polymetallic likely feeder zone located to the

southeast of the Santa Barbara breccia pipe that is wide open at depth. Holes DSBU-4, DSBU-

07 and DSBU-08 encountered numerous interval s of polymetallic oxide and sulphide

mineralization that confirm multiple mineralizing events that occurred during the Miocene, which

is an important feature of other large polymetallic deposits in the Eastern Andes of southern

Bolivia.”

Northwest Extension, Santa Barbara Mineral Resource Definition Target Area

Hole DSBS-26 was collared 800m northwest of the Santa Barbara adit drill bay at an azimuth of

225 and dip of -40 0. This hole intersected 23 reportable mineralized intersections of which the

most significant were as follows:

 76.10 g Ag eq/t (2.78 g Ag/t and 0.50% Cu) over 22.19m from 50.22 to 72.41m including

a higher-grade section of:

o 214.83 g Ag eq/t (10.90 g Ag/t and 1.48% Cu) over 4.44m from 50.22 to 54.66m

 735.49 g Ag eq/t (615.71 g Ag/t, 0.40 g Au/t, 0.20% Zn, 0.40% Pb and 0.17% Cu) over

10.46m from 134.74 to 145.20m

 93.02 g Ag eq/t (41.08 g Ag/t and 0.36% Zn) over 26.75m from 335.85 to 362.60m.

 264.05 g Ag eq/t (14.04 g Ag/t, 0.20% Zn, 0.38% Cu, and 0.31% Sn) over 20.06m from

407.51m to 427.57m

 70.56 g Ag eq/t (6.31 g Ag/t, 0.08 % Cu and 0.08 % Sn) over 67.50m from 591.71m to

659.21m including higher-grade sections of:

o 93.46 g Ag eq/t (5.07 g Ag/t, 0.09% Cu and 0.11% Sn) over 18.06m from 594.72

to 612.78m and

o 105.19 g Ag eq/t (13.00 g Ag/t, 0.11% Cu and 0.12% Sn) over 13.45m from

636.69 to 650.14m

4 | Page

Table 1: Significant Results, Underground Diamond Drilling, Santa Barbara Resource

Definition Target Area as at May 25, 2022.

Ag Au Zn Pb Cu Sn Bi Cd Ag  eq

g / t g / t %%%%%% g / t

DSBU‐08 0.00 289.45 289.45 19.10 0.20 0.42 0.64 0.06 0.08 0.007 0.003 133.45

Incl. 0.00 22.56 22.56 44.65 0.08 0.01 0.58 0.20 0.09 0.016 0.001 152.70

Incl. 57.10 67.92 10.82 47.17 0.03 0.01 0.89 0.15 0.09 0.002 0.001 150.23

Incl. 90.71 117.80 27.09 40.31 0.13 0.30 0.88 0.05 0.14 0.005 0.004 182.92

Incl. 163.14 214.38 51.24 20.38 0.12 1.09 1.45 0.05 0.15 0.007 0.006 222.51

Incl. 244.48 260.90 16.42 31.50 1.17 0.73 0.27 0.08 0.13 0.018 0.003 254.55

305.90 308.88 2.98 23.59 0.17 0.02 0.12 0.03 0.07 0.012 0.001 87.58

322.42 325.39 2.97 32.45 0.38 0.03 0.07 0.03 0.04 0.016 0.001 99.55

353.90 410.33 56.43 48.53 0.08 0.10 0.03 0.05 0.05 0.010 0.001 96.73

Incl. 353.90 373.30 19.40 105.69 0.10 0.11 0.05 0.09 0.08 0.015 0.001 184.92

417.77 420.77 3.00 7.50 0.23 0.18 0.10 0.05 0.04 0.005 0.001 70.29

428.29 429.80 1.51 6.00 0.20 1.30 0.02 0.16 0.04 0.004 0.001 126.85

434.15 438.58 4.43 12.14 0.14 0.33 0.01 0.06 0.04 0.005 0.001 71.88

458.16 472.98 14.82 5.92 0.25 0.11 0.06 0.02 0.15 0.005 0.001 122.90

488.01 503.03 15.02 4.90 0.80 0.05 0.01 0.03 0.09 0.008 0.001 129.61

524.08 527.09 3.01 4.01 0.20 0.06 0.01 0.31 0.51 0.011 0.001 363.98

534.58 552.63 18.05 10.27 0.39 0.03 0.01 0.05 0.07 0.016 0.001 97.09

563.17 578.28 15.11 6.38 0.19 0.19 0.12 0.03 0.12 0.008 0.001 110.23

585.79 587.32 1.53 7.00 0.39 0.11 0.01 0.02 0.06 0.041 0.001 87.49

596.56 619.10 22.54 6.94 0.30 0.05 0.05 0.00 0.09 0.014 0.001 88.81

628.10 632.63 4.53 7.56 0.48 0.31 0.02 0.02 0.05 0.024 0.001 96.64

641.70 643.21 1.51 1.00 0.01 0.35 0.01 0.01 0.06 0.001 0.001 54.10

656.54 659.44 2.90 5.97 0.05 0.60 0.01 0.02 0.02 0.004 0.001 52.15

664.40 669.05 4.65 7.33 0.06 0.57 0.03 0.02 0.01 0.009 0.001 50.98

681.10 682.65 1.55 4.00 0.07 0.04 0.03 0.01 0.22 0.002 0.001 146.14

811.56 813.06 1.50 4.00 0.03 0.51 0.04 0.04 0.04 0.009 0.001 60.25

835.90 842.00 6.10 12.97 0.06 0.47 0.12 0.04 0.05 0.003 0.001 78.19

DSBU‐07 0.00 251.87 251.87 27.37 0.10 0.62 0.52 0.08 0.11 0.008 0.007 160.00

Incl. 0.00 208.47 208.47 28.84 0.08 0.69 0.62 0.09 0.13 0.008 0.008 178.37

272.87 481.80 208.93 6.67 0.03 0.08 0.03 0.02 0.11 0.012 0.001 83.72

Incl. 328.54 369.52 40.98 5.34 0.02 0.11 0.04 0.02 0.16 0.018 0.002 115.37

Incl. 438.11 459.69 21.58 1.50 0.06 0.07 0.03 0.04 0.35 0.028 0.001 224.01

535.76 540.34 4.58 2.67 0.16 0.07 0.02 0.01 0.11 0.070 0.001 98.79

556.84 558.38 1.54 3.00 0.32 0.03 0.01 0.03 0.07 0.016 0.001 76.69

565.93 585.48 19.55 2.58 0.14 0.10 0.08 0.03 0.07 0.024 0.001 70.81

Incl. 565.93 570.43 4.50 7.01 0.37 0.25 0.31 0.10 0.16 0.071 0.001 179.75

589.98 591.40 1.42 6.00 0.10 0.05 0.01 0.00 0.07 0.001 0.001 59.90

594.40 595.87 1.47 3.00 0.32 0.05 0.01 0.01 0.05 0.004 0.001 61.97

609.38 613.95 4.57 1.66 0.06 0.12 0.01 0.00 0.08 0.004 0.001 62.70

636.47 660.27 23.80 1.56 0.14 0.03 0.01 0.05 0.05 0.013 0.001 52.97

669.34 670.92 1.58 6.00 0.85 0.02 0.04 0.07 0.08 0.131 0.001 157.15

685.90 690.53 4.63 13.00 0.05 0.41 0.16 0.01 0.06 0.001 0.001 75.96

693.73 695.24 1.51 4.00 0.03 1.05 0.01 0.00 0.01 0.001 0.006 61.12

740.65 742.18 1.53 13.00 0.21 0.01 0.01 0.12 0.11 0.057 0.001 121.41

DSBU‐04 0.00 154.62 154.62 30.11 0.03 0.01 0.41 0.04 0.07 0.004 0.005 97.09

Incl. 0.00 16.78 16.78 7.00 0.08 0.01 0.63 0.02 0.15 0.004 0.005 126.66

Incl. 61.79 76.81 15.02 70.30 0.02 0.02 0.45 0.09 0.12 0.005 0.005 174.32

256.93 272.02 15.09 14.06 0.03 0.97 0.41 0.01 0.04 0.001 0.007 100.31

276.62 278.10 1.48 7.00 0.01 0.02 0.49 0.01 0.07 0.001 0.005 66.06

288.64 290.14 1.50 40.00 0.04 6.15 2.72 0.02 0.26 0.008 0.020 572.30

360.98 368.43 7.45 1.00 0.01 0.91 0.13 0.02 0.04 0.001 0.004 71.39

377.41 385.04 7.63 2.00 0.01 0.93 0.21 0.01 0.03 0.002 0.002 74.41

414.12 415.63 1.51 1.00 0.01 0.85 0.59 0.00 0.00 0.001 0.044 64.52

427.17 445.15 17.98 16.83 0.02 2.79 0.47 0.01 0.04 0.002 0.019 186.76

496.44 499.26 2.82 2.04 0.01 1.44 0.11 0.00 0.02 0.001 0.006 83.24

504.88 506.43 1.55 1.00 0.01 1.19 0.03 0.01 0.01 0.001 0.002 63.57

513.00 514.48 1.48 8.00 0.01 0.75 1.81 0.00 0.04 0.001 0.002 123.93

524.85 532.24 7.39 6.93 0.01 1.44 0.34 0.00 0.07 0.002 0.004 127.29

551.78 553.30 1.52 1.00 0.07 1.19 0.07 0.00 0.07 0.003 0.003 106.03

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE

UNDERGROUND DRILL HOLES ‐ SANTA BARBARA ADIT

Hole No. From (m) To  (m) Length  (m)

5 | Page

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 silv er 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 February 1, 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.

6 | Page

Table 2: Significant Results, Surface Diamond Drilling, Santa Barbara Resource

Definition Target Area – Northwest Extension as at May 25, 2022.

See Note Table 1.

Ag Au Zn Pb Cu Sn Bi Cd Ag  eq

g / t g / t %%%%%% g / t

DSB‐26 50.22 72.41 22.19 2.78 0.01 0.01 0.03 0.50 0.01 0.001 0.001 76.10

Incl. 50.22 54.66 4.44 10.90 0.02 0.00 0.05 1.48 0.00 0.001 0.001 214.83

104.71 121.27 16.56 11.32 0.12 0.35 0.08 0.01 0.02 0.009 0.001 55.20

Incl. 104.71 106.22 1.51 84.00 1.25 0.10 0.14 0.01 0.04 0.095 0.001 231.91

134.74 145.20 10.46 615.71 0.40 0.20 0.41 0.17 0.07 0.009 0.001 735.49

194.50 195.99 1.49 43.00 0.21 0.08 0.15 0.07 0.08 0.013 0.002 126.20

203.69 205.19 1.50 7.00 0.40 0.37 0.14 0.01 0.08 0.013 0.035 113.80

241.27 262.32 21.05 0.92 0.01 0.77 0.27 0.01 0.01 0.001 0.003 56.00

295.20 298.20 3.00 14.00 0.16 0.40 0.01 0.05 0.03 0.004 0.001 71.28

304.22 313.20 8.98 31.52 0.10 0.11 0.01 0.09 0.08 0.007 0.001 102.83

335.85 362.60 26.75 41.08 0.08 0.36 0.02 0.06 0.03 0.015 0.002 93.02

357.97 362.60 4.63 195.65 0.05 0.33 0.01 0.08 0.04 0.022 0.001 255.05

407.51 427.57 20.06 14.04 0.05 0.20 0.02 0.38 0.31 0.018 0.001 264.05

446.96 449.92 2.96 5.41 0.06 0.14 0.01 0.15 0.12 0.013 0.001 108.61

476.98 478.45 1.47 6.00 0.13 0.14 0.00 0.09 0.06 0.012 0.001 71.41

487.42 488.93 1.51 6.00 0.07 0.01 0.01 0.10 0.09 0.025 0.001 84.30

530.79 532.35 1.56 3.00 0.03 0.01 0.00 0.10 0.07 0.006 0.001 63.06

538.29 572.37 34.08 2.21 0.12 0.25 0.00 0.09 0.02 0.003 0.001 49.76

591.71 659.21 67.50 6.31 0.06 0.04 0.00 0.08 0.08 0.013 0.001 70.56

Incl. 594.72 612.78 18.06 5.07 0.07 0.08 0.00 0.09 0.11 0.021 0.001 93.46

Incl. 636.69 650.14 13.45 13.00 0.03 0.02 0.00 0.11 0.12 0.011 0.001 105.19

665.21 666.72 1.51 9.00 0.12 0.04 0.01 0.21 0.18 0.107 0.001 170.93

693.35 696.40 3.05 28.95 0.27 0.05 0.01 0.63 0.55 0.067 0.001 474.73

725.89 727.53 1.64 0.50 1.20 0.46 0.00 0.01 0.00 0.003 0.001 120.48

766.09 770.69 4.60 8.08 0.13 0.57 0.01 0.24 0.09 0.172 0.001 160.65

789.80 791.30 1.50 7.00 0.32 0.72 0.04 0.41 0.01 0.722 0.001 256.32

806.33 807.80 1.47 6.00 0.14 0.39 0.05 0.27 0.00 0.385 0.001 142.79

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE

SURFACE DIAMOND DRILLING ‐ NORTHWEST  EXTENSION

Hole No. From (m) To  (m) Length  (m)

7 | Page

Figure 1 – Geological Plan Map showing Major Drilling areas. Santa Barbara drilling is

shown in more detail in Figure 2.

8 | Page

Figure 2: Geological Plan Map of the Santa Barbara Mineral Resource Target Area with

Diamond Drill Holes