Eloro Resources Intersects 172.43 g Ag eq/t (40.16 g Ag/t, 0.51% Zn, 0.41% Pb and 0.13% Sn) over 303.05m in Southern Part of Santa Barbara Target at Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Eloro Resources Intersects 172.43 g Ag eq/t (40.16 g Ag/t, 0.51% Zn, 0.41% Pb and 0.13%

Sn) over 303.05m in Southern Part of Santa Barbara Target at Iska Iska Silver-Tin

Polymetallic Project, Potosi Department, Bolivia

 Includes higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t, 0.14 g Au/t, 0.57

%Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag eq/t (66.93 g

Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m in underground drill hole

METSBUG-02.

 Hole DSB-20, which is in approximately the centre of the NW Extension target area,

intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g

Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m including a higher-grade section

of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb and 0.21% Sn) over 28.57m.

Toronto, Canada, February 23, 2022 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF;

FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from six (6)

additional diamond drill holes from its on-going dr illing program at the Iska Iska silver-tin

polymetallic project in the Potosi Departm ent, southern Bolivia. Hole METSBUG-02 is an

underground hole drilled northeast from the Santa Barbara adit for metallurgical purposes and to

complete fill-in drilling. The remaining five (5) holes tested the NW extension in the Santa Barbara

Mineral Resource Target Area (DSB-12, -13, -15, -20 and -21) on a series of NE-SW sections as

shown in Figure 1.

As previously announced (see Eloro’s press release dated January 18, 2022) drilling

recommenced on January 17, 2022, with two surface drill rigs and one underground rig. Since

the restart, the Company has completed an additional 4,649m of drilling, for an overall total of

45,117m in 80 drill holes, including three holes in progress as shown in Figure 1. Table 1 lists

significant assay results. Prices used for calculating Ag equivalent grades are as outlined in

Eloro’s February 1, 2022, press release. Table 2 summarizes drill holes with assays pending.

Highlights are as follows:

Underground Metallurgical Hole, Santa Barbara Mineral Resource Target Area

Underground hole METSBUG-02, collared in the Santa Barbara adit and drilled at an azimuth of

40 degrees at -10 degrees dip, intersected significant mineralization (Figure 1 and Table 1) over

the full length of the hole:

 172.43 g Ag eq/t (40.16 g Ag/t, 0.51% Zn, 0.41% Pb and 0.13% Sn) over 303.05m from

0.00 to 303.05 m including higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t,

0.14 g Au/t, 0.57 %Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag

eq/t (66.93 g Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m from 180.95m to

258.72m.

 This hole was designed to intersect midway across the intersection in Hole DHK-18 which

returned 129.65 g Ag eq/t over 300.75m (see press release July 28, 2021; grade is

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

TSX.V Symbol: ELO www.elororesources.com

2 | Page

172.18 g Ag eq/t with updated metal prices) in the mineralized envelope to the east of

the Santa Barbara Breccia Pipe.

Sectional Drill Holes NW Extension Santa Barbara Mineral Resource Target Area

Significant results have been returned from the five (5) initial sectional drill holes testing the NW

Extension of the Santa Barbara mineralized trend. This area is marked by a prominent magnetic

anomaly and is underlain by several dacitic domes, possibly related to a secondary caldera. An

additional 11 holes totaling 7,859m have been completed to provide coverage on 100m spaced

sections over much of the NW Extension target area as shown in Figure 1. Assay results on

these holes are pending. Figure 2 is a section along hole DSB-20. Highlights are as follows:

 Hole DSB-20, which is in approximately the centre of the NW Extension target area,

intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g

Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m from 247.56m to 321.21m

including a higher-grade section of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb

and 0.21% Sn) over 28.57m from 267.08m to 295.65m.

 Hole DSB-21, on the northwesternmost section, intersected 14 reportable intersections

including a high-grade Cu zone grading 152.04 g Ag eq/t (9.48 g Ag/t and 1.02% Cu)

over 25.27m from 58.85m to 84.12m and 114.77 g Ag eq/t (40.85 g Ag/t, 0.09 g Au/t,

0.69% Zn and 0.18% Pb) over 16.28m from 163.98m to 180.28m.

 Hole DSB-15, 100m southeast of Hole DSB-21, intersected 12 reportable intersections

including 112.43 g Ag eq/t (9.98 g Ag/t, 0.10 g Au/t, 0.21% Zn, 0.34% Pb, 0.09% Sn

and 0.12% Cd) over 10.53m from 293.70m to 304.23m and 186.75 g Ag eq/t (14.67 g

Ag/t, 0.13 g Au/t, 0.27% Zn, 0.17% Cu and 0.19% Sn) over 19.65m from 710.97m to

730.62m.

 Hole DSB-12, collared 200m southeast of hole DSB-15 and 100m northwest of hole DSB-

20, intersected 20 reportable mineralized intersections of which nine ranged from 10.41m

to 24.07m long. Best results were 130.28 g Ag eq/t (92.32 g Ag/t, 0.06% Cu) over

10.41m from 332.64 to 311.90, 129.54 g Ag eq/t (10.19 g Ag/t, 0.22 % Zn, 0.15% Cu,

0.13% Sn) over 18.04m from 487.76m to 505.80m, 116.73 g Ag eq/t (10.18 g Ag/t,

0.12% Cu, 0.10 % Sn and 0.13% Bi) over 24.07m from 594.44m to 618.51m and 164.01

g Ag eq/t (7.80 g Ag/t, 0.11 g Au/t, 0.39% Zn, 0.21% Cu, 0.11% Bi) over 21.05m from

753.50m to 771.49m.

 Hole DSB-13, drilled on the same section but shallower than hole DSB-12, intersected 15

reportable mineralized intersections of which the best results were 48.53 g Ag eq/t (5.66

g Ag/t and 0.29% Zn) over 37.58m from 161.71m to 199.29m, 171.55 g Ag eq/t over

9.01m (21.45 g Ag/t, 0.54 g Au/t, 0.38% Zn, 0.14% Sn) from 221.66m to 230.67m, 51.89

g Ag eq/t (3.48 g Ag/t and 0.24% Zn) over 39.13m from 320.57m to 361.18m and 71.71

g Ag eq/t over 8.93m (7.07 g Ag/t, 0.11% Cu and 0.06% Sn) from 601.95m to 610.88m. 

Tom Larsen, CEO of Eloro, commented: “This new underground hole is the longest and highest-

grade intersection obtained thus far in our diamond drill program. Results from the step-out holes

on the NW extension are also very encouraging. Turnaround at both the ALS and AHK

laboratories continues to improve so we anticipate being able to have a more regular release of

results going forward. Drilling productivity continues to be very high with more than 4,600m

completed by the three drills since our restart last month. We will shortly complete our

3 | Page

underground drilling and will exchange this drill for a high capacity surface rig which will further

increase our production.”

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “The 100m-

spaced sectional drilling has been completed on the NW Extension, however it is evident that

much further drilling will be required to fully evaluate this exciting target area. Underground

drilling is continuing from the Santa Barbara adit to test the major magnetic anomaly to the

southwest. The first of a series of surface holes testing the southern Santa Barbara target area

is in progress, with the aim of further expanding the high-grade mineralization already identified

in this area. Hole DPC-07 in the Porco area is testing a major magnetic anomaly, while additional

drill holes are planned to further test the Porco Breccia Pipe deeper. Hole DM2-01, to be drilled

in the Mina 2 area in the southeast part of the property, will test for a potential tin porphyry at

depth. Channel sampling and geological mapping are in progress in the Mina 2 workings.”

4 | Page

Table 1: Significant Results, Diamond Drilling, Santa Barbara Resource Definition Target

Area as at February 23, 2022.

Ag Au Zn Pb Cu Sn Bi Cd Ag  eq

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

METSBUG‐02 0.00 303.05 303.05 40.16 0.06 0.51 0.41 0.09 0.13 0.006 0.004 172.43

Incl. 0.00 49.55 49.55 119.36 0.14 0.06 0.57 0.38 0.52 0.010 0.001 507.64

Incl. 180.95 258.72 77.77 66.93 0.04 1.03 0.67 0.06 0.08 0.013 0.011 196.67

Ag Au Zn Pb Cu Sn Bi Cd Ag  eq

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

DSB‐21 21.15 22.61 1.46 8.00 0.23 0.00 0.07 0.02 0.06 0.022 0.001 68.81

58.85 84.12 25.27 9.48 0.02 0.01 0.05 1.02 0.00 0.001 0.001 152.04

163.98 180.26 16.28 40.85 0.09 0.69 0.18 0.04 0.03 0.019 0.012 114.77

228.21 243.27 15.06 24.11 0.06 0.50 0.10 0.04 0.04 0.002 0.002 87.05

255.28 261.26 5.98 27.07 0.06 0.61 0.14 0.02 0.03 0.001 0.001 83.85

268.78 270.28 1.50 32.00 0.08 0.30 0.03 0.15 0.15 0.018 0.001 165.47

309.61 315.61 6.00 15.70 0.02 0.68 0.44 0.01 0.01 0.001 0.002 67.35

453.86 455.38 1.52 25.00 0.05 0.02 0.03 0.06 0.05 0.025 0.001 74.03

513.92 515.42 1.50 68.00 0.03 0.03 0.00 0.03 0.01 0.002 0.001 83.83

521.39 525.88 4.49 24.09 0.06 0.06 0.01 0.05 0.04 0.005 0.001 64.40

578.55 581.40 2.85 1.51 0.01 2.61 0.00 0.01 0.00 0.001 0.001 125.26

638.51 640.00 1.49 59.00 0.03 0.15 0.01 0.31 0.28 0.013 0.001 277.24

649.04 656.55 7.51 20.09 0.02 0.64 0.01 0.12 0.11 0.008 0.001 135.84

665.75 667.25 1.50 44.00 0.14 0.03 0.02 0.29 0.28 0.547 0.001 354.97

DSB‐20 46.66 51.20 4.54 9.69 0.01 0.01 0.19 1.21 0.00 0.001 0.001 180.58

82.61 85.56 2.95 5.54 0.02 0.37 0.46 0.01 0.01 0.004 0.073 51.71

118.70 123.22 4.52 8.76 0.03 2.14 0.42 0.01 0.06 0.002 0.060 166.00

150.28 162.26 11.98 17.68 0.03 0.62 0.49 0.01 0.05 0.002 0.026 94.64

188.89 221.88 32.99 5.29 0.02 0.35 0.14 0.01 0.10 0.002 0.008 85.30

233.97 235.50 1.53 17.00 0.02 0.59 0.32 0.01 0.06 0.002 0.002 92.39

247.56 321.21 73.65 21.79 0.07 0.27 0.36 0.01 0.12 0.028 0.001 129.42

Incl. 267.08 295.65 28.57 27.54 0.08 0.40 0.55 0.02 0.21 0.037 0.001 204.03

352.73 357.24 4.51 4.69 0.01 0.54 0.25 0.01 0.02 0.001 0.001 51.73

360.23 361.73 1.50 4.00 0.01 1.38 0.01 0.01 0.01 0.001 0.001 76.68

399.15 402.09 2.94 3.02 0.03 0.34 0.17 0.01 0.05 0.001 0.001 59.64

408.26 409.83 1.57 4.00 0.01 0.63 0.02 0.01 0.05 0.001 0.001 64.50

426.27 427.72 1.45 4.00 0.02 0.01 0.01 0.01 0.12 0.003 0.001 80.50

499.10 500.53 1.43 2.00 0.01 0.02 0.01 0.03 0.08 0.001 0.001 55.86

518.38 536.18 17.80 12.01 0.06 0.37 0.08 0.03 0.04 0.045 0.001 71.11

552.63 568.40 15.77 16.71 0.15 0.08 0.03 0.10 0.10 0.059 0.001 116.90

591.30 598.70 7.40 9.41 0.21 0.05 0.02 0.05 0.06 0.014 0.001 73.18

697.09 698.50 1.41 6.00 0.02 0.00 0.00 0.10 0.10 0.007 0.001 82.51

719.40 723.90 4.50 9.34 0.06 0.03 0.01 0.11 0.10 0.015 0.001 94.70

743.47 749.50 6.03 21.42 0.18 0.11 0.03 0.59 0.30 0.007 0.001 297.99

770.56 791.43 20.87 5.24 0.08 0.05 0.01 0.27 0.05 0.075 0.001 93.75

814.25 820.15 5.90 2.58 0.02 0.06 0.01 0.23 0.03 0.364 0.001 118.69

866.21 868.00 1.79 3.00 0.03 0.00 0.00 0.43 0.04 0.034 0.001 90.39

SANTA  BARBARA NW EXTENSION  SECTIONAL DRILLING

Hole No. From (m) To  (m) Length  (m)

SANTA  BARBARA RESOURCE DEFINITION TARGET ZONE

UNDERGROUND DRILL HOLE ‐ METALLURGICAL HOLE

Hole No. From (m) To  (m) Length  (m)

5 | Page

Table 1: Significant Results, Diamond Drilling, Santa Barbara Resource Definition Target

Area as at February 23, 2022 (con’t).

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.

Ag Au Zn Pb Cu Sn Bi Cd Ag  eq

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

DSB‐15 23.76 29.83 6.07 22.14 0.06 0.00 0.08 0.01 0.10 0.003 0.001 93.29

55.33 58.30 2.97 2.00 0.05 0.01 0.02 1.34 0.02 0.001 0.001 196.03

173.61 178.12 4.52 21.35 0.14 0.62 0.20 0.02 0.03 0.002 0.001 86.78

293.70 304.23 10.53 9.98 0.10 0.21 0.34 0.08 0.09 0.022 0.121 112.43

314.20 322.74 8.54 4.13 0.04 0.59 0.33 0.05 0.06 0.008 0.009 89.94

435.66 437.19 1.53 0.50 0.01 0.11 0.00 0.00 0.14 0.001 0.001 88.97

461.30 462.80 1.50 2.00 0.01 0.13 0.01 0.01 0.14 0.004 0.001 90.73

474.55 476.05 1.50 24.00 0.06 0.03 0.03 0.20 0.15 0.031 0.001 153.19

480.55 486.53 5.98 7.52 0.02 0.12 0.01 0.11 0.10 0.011 0.001 90.20

532.48 533.97 1.49 34.00 0.04 0.01 0.01 0.13 0.11 0.034 0.001 126.43

582.19 583.74 1.55 1.00 0.01 2.03 0.00 0.01 0.03 0.001 0.001 113.31

710.97 730.62 19.65 14.67 0.13 0.27 0.00 0.17 0.19 0.070 0.001 186.75

DSB‐13 50.50 66.67 4.48 18.11 0.01 0.01 0.08 0.20 0.02 0.001 0.005 57.64

111.90 124.02 12.12 4.67 0.01 0.71 0.08 0.01 0.02 0.001 0.004 54.94

161.71 199.29 37.58 5.66 0.07 0.29 0.09 0.02 0.03 0.001 0.004 48.53

208.19 211.20 3.01 16.02 0.27 0.48 0.03 0.09 0.03 0.001 0.005 90.12

221.66 230.67 9.01 21.45 0.54 0.38 0.07 0.02 0.14 0.009 0.005 171.55

272.71 274.22 1.51 27.00 0.30 0.06 0.06 0.04 0.07 0.019 0.005 105.33

287.75 292.25 4.50 5.67 0.03 1.18 0.31 0.02 0.06 0.002 0.003 108.69

308.70 311.64 2.94 3.00 0.02 0.37 0.25 0.01 0.04 0.001 0.002 52.61

320.57 361.18 39.13 3.48 0.08 0.24 0.07 0.02 0.04 0.002 0.005 51.89

405.83 410.50 4.67 8.63 0.10 0.73 0.03 0.05 0.03 0.017 0.005 78.28

432.52 434.06 1.54 5.00 2.42 0.18 0.02 0.06 0.01 0.506 0.005 312.23

525.10 526.62 1.52 3.00 0.11 0.03 0.01 0.05 0.11 0.044 0.005 93.10

537.14 540.23 3.09 6.94 0.02 0.01 0.01 0.08 0.08 0.029 0.005 74.07

601.95 610.88 8.93 7.07 0.03 0.02 0.01 0.11 0.06 0.047 0.005 71.71

695.03 696.50 1.47 12.00 0.10 0.07 0.02 0.26 0.11 0.13 0.01 147.95

DSB‐12 157.18 172.03 14.85 45.47 0.08 0.12 0.11 0.02 0.04 0.003 0.003 89.84

209.63 221.60 11.97 28.82 0.04 0.03 0.10 0.03 0.05 0.009 0.004 71.87

301.26 311.90 10.64 54.31 0.02 0.01 0.00 0.04 0.02 0.007 0.005 78.19

332.64 343.05 10.41 92.32 0.05 0.02 0.01 0.06 0.04 0.005 0.004 130.28

377.74 379.19 1.45 9.00 0.10 0.01 0.01 0.06 0.07 0.002 0.005 66.35

428.94 430.58 1.64 3.00 0.01 0.02 0.01 0.02 0.09 0.001 0.005 61.28

453.15 466.73 13.58 11.53 0.03 0.03 0.01 0.08 0.07 0.007 0.005 68.58

487.76 505.80 18.04 10.19 0.04 0.22 0.03 0.15 0.13 0.035 0.005 129.54

510.30 517.79 7.49 1.79 0.08 0.08 0.01 0.04 0.05 0.014 0.005 48.24

523.80 529.68 5.88 3.55 0.32 0.03 0.01 0.10 0.10 0.012 0.005 105.18

561.32 562.84 1.52 3.00 0.03 0.04 0.01 0.12 0.12 0.008 0.005 97.29

568.86 574.84 5.98 3.77 0.02 0.06 0.01 0.08 0.07 0.042 0.005 65.41

586.83 588.40 1.57 3.00 0.01 0.03 0.00 0.12 0.11 0.017 0.005 90.61

594.44 618.51 24.07 10.18 0.07 0.05 0.01 0.12 0.10 0.128 0.005 116.73

639.64 641.15 1.51 5.00 0.01 0.00 0.01 0.13 0.09 0.008 0.005 80.70

660.57 663.58 3.01 5.01 0.17 0.26 0.01 0.23 0.02 0.060 0.005 82.79

669.60 672.58 2.98 5.01 0.14 0.11 0.01 0.20 0.07 0.060 0.005 102.57

686.16 690.63 4.47 4.97 0.36 0.07 0.01 0.15 0.03 0.039 0.005 81.16

717.52 738.57 21.05 7.80 0.11 0.39 0.03 0.21 0.14 0.109 0.005 164.01

753.50 771.49 17.99 1.81 0.06 0.06 0.03 0.21 0.03 0.18 0.01 91.66

SANTA BARBARA NW EXTENSION  SECTIONAL DRILLING (CON'T)

Hole No. From (m) To  (m) Length  (m)

6 | Page

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 January 30, 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.

7 | Page

Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill

Holes in Progress at Iska Iska from February 23, 2022 press release.

Hole No. Type Collar

Easting

Collar

Northing

Elev Azimuth Angle Hole Length

m

Surface Drilling Northwest Extension Santa Barbara

DSB-14 S 205283.0 7656587.2 4175.0 225 -65 968.5

DSB-16 S 204973.1 7657053.8 4165.0 225 -65 862.0

DSB-17 S 7656765.4 205131.3 4173.0 225 -40 841.0

DSB-18 S 7656676.3 205207.1 4175.0 225 -40 890.4

DSB-19 S 7656676.3 205207.1 4175.0 225 -65 803.3

DSB-22 S 7657208.4 204799.4 4145.0 225 -40 258.4

DSB-23 S 205341.0 7656535.0 4177.0 225 -40 661.3

DSB-24 S 205341.0 7656535.0 4177.0 225 -65 343.4

DSB-25 S 205283.0 7656587.2 4175.0 225 -40 615.3

DSB-26 S 205044.5 7656982.6 4150.0 225 -40 815.4

DSB-27 S 205044.5 7656982.6 4150.0 225 -65 800.4

Subtotal 7,859.4

Underground Drilling Santa Barbara Adit

DSBU-3 UG 205285.2 7656074.8 4165.0 270 -20 443.5

DSBU-4 UG 205285.2 7656074.8 4165.0 180 -20 570.0

DSBU-5 UG 205285.2 7656074.8 4165.0 0 -40 491.7

DSBU-6 UG 205285.2 7656074.8 4165.0 0 -65 253.5

DSBU-7 UG 205284.5 7656080.0 4167.1 235 -50 800.9

Subtotal 2,559.6

DSBU-8 UG 205284.5 7656080.0 4167.1 200 -50 In progress

Underground Metallurgical Drill Holes Santa Barbara

METSBU-

01 UG 205285.2 7656074.8 4165.0 10 -35 351.0

Subtotal 351.0

Surface Drilling South Extension Santa Barbara

DSBS-01 S 205300.0 7655563.0 4204.0 30° -30 In progress

Porco Target Area – Surface Drill Program

DPC-04 S 205457.2 7655110.9 4175.0 0 -60 371.4

DPC-05 S 205457.2 7655110.9 4175.0 90 -60 407.5

DPC-06 S 205457.2 7655110.9 4175.0 243 -60 716.4

DPC-08 S 205456.2 7655113.4 4175.9 243 -60 800.4

Subtotal 2,295.7

DPC-07 S 205090.0 7655343.7 4310.0 235 -65 In progress

TOTAL 13,065.7

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling

completed since the start of the program on September 13, 2020 to December 17, 2021 is 40,468 m in 73

holes (26 underground holes and 47 surface holes). From re-start of drilling on January 17, 2022, an

additional 4,649m has been completed bringing the overall total to 45,117m in 80 drill holes (27

underground drill holes and 53 surface drill holes) including 3 holes in progress.

8 | Page

Figure 1: Geology of the Iska Iska Caldera Complex showing locations of Major Breccia

Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes

completed and planned.