Eloro Resources Intersects 182.34g Ag eq/t (29.85g Ag/t, 1.01% Zn, 0.64% Pb, 0.11% Cu and 0.11% Sn) over 351.0m in Southern Part of Santa Barbara Target at Iska Iska Silver- Tin Polymetallic Project, Potosi Department, Bolivia
Eloro Resources Intersects 182.34g Ag eq/t (29.85g Ag/t, 1.01% Zn, 0.64% Pb, 0.11% Cu
and 0.11% Sn) over 351.0m in Southern Part of Santa Barbara Target at Iska Iska Silver-
Tin Polymetallic Project, Potosi Department, Bolivia
• Includes higher-grade sections in hole METSBUG-01 of:
o 261.14g Ag eq/t (24.65g Ag/t, 0.15% Zn, 0.14% Pb, 0 .81% Cu and 0.19% Sn)
over 22.56m
o 599.26g Ag eq/t (208.14g Ag/t, 0.28% Zn, 0.51% Pb, 0.56% Cu and 0.41% Sn)
over 17.60m
o 324.72g Ag eq/t (12.49g Ag/t, 1.88% Zn, 1.26% Pb, 0 .02% Cu and 0.31% Sn)
over 30.01m
o 292.78g Ag eq/t (55.64g Ag/t, 2.70% Zn, 1.31% Pb, 0 .02% Cu and 0.12% Sn)
over 31.72m
• Hole DSB-25 , drilled approximately 400m northwest of hole METSBUG-01, intersected
25 reportable intersections with a best result of 205.13g Ag eq/t (25.01g Ag/t, 0.11g Au/t,
0.13% Cu and 0.25% Sn) over 81.11m including a higher-grade section of 428.83g Ag
eq/t (55.88g Ag/t, 0.19g Au/t, 0.28% Cu and 0.53 %Sn) over 17.93m
Toronto, Canada, March 16, 2022 – Eloro Resources L td. (TSX-V: ELO; OTCQX: ELRRF;
FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from an additional
two (2) diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic
project in the Potosi Department, southern Bolivia. Hole METSBUG-01 is an underground hole
drilled for metallurgical sampling purposes from the Santa Barbara adit, while step-out hole DSB-
25 was drilled approximately 400m northwest of hole METSBUG-01. Both holes intersected
major new extensions of the already large Santa Barbara mineralized zone.
The Company has completed 53,445m in 83 drill holes , including three holes in progress, as
shown in Figure 1. Table 1 lists significant assay results from holes METSBUG-01 and DSB-25.
Prices used for calculating Ag equivalent grades ar e as outlined in Eloro’s February 1, 2022,
press release. Table 2 summarizes drill holes with assays pending. Highlights are as follows:
Santa Barbara Mineral Resource Target Area
Hole METSBUG-01, an underground hole drilled for me tallurgical sampling purposes from the
Santa Barbara adit, was drilled at azimuth 10 degre es at a dip of -35 degrees to intersect the
midpoint of an intercept of 184.97g Ag eq/t (29.53g Ag/t, 0.08g Au/t, 1.45% Zn, 0.59% Pb,
0.08% Cu, 0.056% Sn) over 257.5m in discovery hole DHK-15 (see Eloro’s January 26, 2021
press release; 164.87g Ag eq/t recalculated, up fro m 129.60 g Ag eq/t, using current metal
pricing) to provide a representative sample in the higher-grade mineralized area of the Santa
Barbara breccia pipe (Figures 1 and 2 and Table 1).
This hole intersected 182.34g Ag eq/t (29.85g Ag/t, 1.01% Zn, 0.64% Pb, 0.11% Cu and 0.11%
Sn) over its full length of 351.0m including higher-grade sections of:
20 Adelaide Street East, Suite 200, Toronto, Ontari o CANADA M5C 2T6 Tel.: (416) 868-9168
TSX.V Symbol: ELO www.elororesources.com
2 | Page
• 261.14g Ag eq/t (24.65g Ag/t, 0.15% Zn, 0.14% Pb, 0 .81% Cu and 0.19% Sn) over
22.56m from 2.94m to 25.50m,
• 599.26g Ag eq/t (208.14g Ag/t, 0.28% Zn, 0.51% Pb, 0.56% Cu and 0.41% Sn) over
17.60m from 46.66m to 64.26m. This section included a remarkable sample over 1.42m
from 55.43m to 56.85m which assayed 5,106g Ag eq/t (1,730g Ag/t, 0.42g Au/t, 2.15%
Bi, 6.33% Cu and 3.55% Sn) ,
• 324.72g Ag eq/t (12.49g Ag/t, 1.88% Zn, 1.26% Pb, 0 .02% Cu and 0.31% Sn) over
30.01m from 92.89m to 122.90m,
• 292.78g Ag eq/t (55.64g Ag/t, 2.70% Zn, 1.31% Pb, 0 .02% Cu and 0.12% Sn) over
31.72m from 241.28m to 273.00m
As shown in Figure 2, a SW-NE cross section looking northwest, hole METSBUG-01, along with
previously released drill holes METSBUG-02 (see Eloro’s February 23, 2022 press release) and
DSBU-03 (see Eloro’s March 1, 2022 press release) define a major high grade mineralized area
that extends across a width of approximately 600m to a depth of a least 600m and is open along
strike to the northwest and at depth. It is signifi cant to note that hole METSBUG-01 was
mineralized from top to bottom and terminated in mineralization.
Importantly, mineralization, especially areas with higher tin grades, appears coincident with
elevated magnetic susceptibility (Figure 2). Areas of elevated magnetic susceptibility appear
much more expansive than current volumes of rock that have been drill tested, a good indication
that more mineralization is yet to be discovered.
Step-out hole DSB-25 , drilled approximately 400m northwest of hole METSBUG-01, intersected
25 reportable intersections with a best result of 205.13g Ag eq/t (25.01g Ag/t, 0.1 g Au/t, 0.13%
Cu and 0.25% Sn) over 81.11m from 356.93m to 439.04m including a higher-grade section of
428.83g Ag eq/t (55.88 g Ag/t, 0.19 g Au/t, 0.28% C u and 0.53 %Sn) over 17.93m from
379.18m to 397.11m. This hole continues to confirm the extent of significant mineralization in the
northwest extension area of Santa Barbara.
Tom Larsen, CEO of Eloro, commented: “We are contin uing to intersect wide areas of higher-
grade mineralization which will enhance our planned inaugural National Instrument 43-101
mineral resource estimate. Longer holes are planned in this very prospective area of the Santa
Barbara target to better define the full extent of the higher-grade areas which remain open both
along strike and downdip.”
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “We are continuing
to expand the extent of the remarkable silver-tin p olymetallic mineralized system at Iska Iska.
Additional holes are in progress to test the downdi p and along strike extent of the high-grade
zone in the southeastern part of the Santa Barbara target area. Drilling is also in progress, as
outlined in the Eloro press release of March 1, 2022, to test the major targets in the Porco area
indicated by the 3D inverse magnetic susceptibility model.”
Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary Minera Tupiza S.R.L.
(“Minera Tupiza”), further commented: “Recent assays from drillholes METSBUG 1 and 2 and
DSBU-03 have intersected highly enriched zones of Sn, Ag, Pb and Cu with local Au and Bi in
stockworks, disseminations and a variety of breccia types including both volcanic explosive and
later structurally controlled breccias. The strength and intensity of mineralization in these holes
along with the elevated magnetic susceptibility whi ch extends much further along strike and
downdip suggests the possibility of a major feeder in this area.”
3 | Page
Table 1: Significant Results, Diamond Drilling, Santa Barbara Resource Definition Target
Area as at March 16, 2022.
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 sandst ones and dacites, it is estimated that true
width ranges between 70% and 90% of the down hole i nterval 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 silver 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 Februar y 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
Ag Au Zn Pb Cu Sn Bi Cd Ag eq
g/t g/t % % % % % % g/t
METSBUG-01 0.00 351.00 351.00 29.85 0.03 1.01 0.64 0.11 0.11 0.02 0.01 182.34
Incl 2.94 25.50 22.56 24.65 0.05 0.15 0.14 0.81 0.19 0.01 0.00 261.14
Incl 46.66 64.26 17.60 208.14 0.07 0.28 0.51 0.56 0.41 0.21 0.01 599.26
Incl 92.89 122.90 30.01 12.49 0.03 1.88 1.26 0.02 0.31 0.00 0.01 324.72
Incl 241.28 273.00 31.72 55.64 0.02 2.70 1.21 0.02 0.12 0.00 0.01 292.78
DSB-25 28.46 29.80 1.34 13.00 0.25 0.01 1.97 0.05 0.00 0.042 0.001 11 2.56
74.10 114.60 40.50 7.34 0.04 0.00 0.17 0.01 0.08 0.002 0.001 6 4.16
147.02 148.40 1.38 30.00 0.07 0.01 0.27 0.01 0.08 0.014 0.001 97.17
188.92 191.96 3.04 53.79 0.04 0.00 0.98 0.01 0.02 0.001 0.001 101.78
205.45 232.46 27.01 39.47 0.05 0.01 0.37 0.06 0.04 0.003 0.00 1 89.29
253.43 260.90 7.47 1.10 0.03 0.09 0.75 0.03 0.03 0.001 0.010 5 3.58
268.39 284.96 16.57 16.47 0.03 0.18 0.84 0.02 0.04 0.002 0.00 4 80.33
308.96 347.97 39.01 6.71 0.05 0.18 0.08 0.09 0.04 0.002 0.003 55.16
356.93 439.04 82.11 25.01 0.11 0.01 0.03 0.13 0.25 0.031 0.00 1 205.13
Incl. 379.18 397.11 17.93 55.88 0.19 0.01 0.04 0.22 0.53 0.08 6 0.001 428.83
463.20 511.86 48.66 1.09 0.02 0.03 0.47 0.01 0.12 0.001 0.029 94.26
539.20 542.20 3.00 4.50 0.08 0.87 0.20 0.01 0.01 0.006 0.030 6 7.28
564.70 570.69 5.99 2.61 0.04 0.02 0.01 0.05 0.09 0.006 0.003 6 5.41
591.03 593.99 2.96 4.48 0.07 0.01 0.00 0.15 0.14 0.035 0.001 1 20.46
612.04 615.03 2.99 6.99 0.12 0.00 0.01 0.08 0.08 0.005 0.001 7 3.20
630.04 643.52 13.48 3.99 0.17 0.01 0.00 0.09 0.04 0.005 0.001 57.42
663.01 664.51 1.50 7.00 0.06 0.04 0.02 0.57 0.02 0.363 0.001 1 68.61
682.50 685.53 3.03 10.53 0.02 0.05 0.00 0.26 0.14 0.004 0.001 133.31
691.50 697.50 6.00 4.37 0.16 0.10 0.01 0.05 0.04 0.078 0.001 6 7.41
703.50 713.87 10.37 9.46 0.53 0.39 0.01 0.08 0.06 0.183 0.001 145.81
719.90 725.82 5.92 4.29 0.03 0.39 0.15 0.06 0.05 0.014 0.001 6 7.07
739.43 742.41 2.98 3.00 0.07 0.30 0.07 0.06 0.04 0.061 0.001 6 9.46
755.97 760.52 4.55 4.89 0.17 0.18 0.03 0.08 0.07 0.043 0.001 8 6.36
766.54 768.03 1.49 7.00 0.04 0.19 0.03 0.19 0.09 0.032 0.001 1 01.64
772.54 778.59 6.05 6.23 0.10 0.75 0.05 0.20 0.06 0.042 0.003 1 21.20
796.54 798.03 1.49 3.00 0.09 0.11 0.09 0.06 0.03 0.347 0.001 1 07.40
NORTHWEST EXTENSION DRILL HOLE
SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND METALLURGICAL DRILL HOLE
Hole No. From (m) To (m) Length (m)
4 | Page
Element Price $US
(per kg)
Ratio to
Ag
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.
Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill
Holes in Progress at Iska Iska from March 16, 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-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 7244.1
Underground Drilling Santa Barbara Adit
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 2116.1
DSBU-8 UG 205284.5 7656080.0 4167.1 200 -50 In progress
Surface Drilling South Extension Santa Barbara
DSBS-01 S 205300.0 7655563.0 4204.0 30° -30 700.8
Subtotal 700.8
DSBS-02 S 205300.0 7655563.0 4204.0 0° -45 In progress
5 | Page
Hole No. Type Collar
Easting
Collar
Northing
Elev Azimuth Angle Hole Length
m
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-07 S 205090.0 7655343.7 4310.0 235 -65 791.4
DPC -08 S 205456.2 7655113.4 4175.9 243 -60 800.4
Subtotal 2295.7
DPC-09 S 205090.0 7655343.7 4310.0 235 -65 In progress
TOTAL 12,356.7
S = Surface UG=Underground; collar coordinates in m etres; 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 12,977m has been completed bringing the overall total to 53,445m in 83 drill holes (28
underground drill holes and 55 surface drill holes) including 3 holes in progress.
6 | 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.
7 | Page
Figure 2: Preliminary W-E Geological Cross Section with Drill Holes METSBUG-01,
METSBUG-02 and DSBU-03 (looking northwest)
8 | Page
Qualified Person
Dr. Osvaldo Arce, P. Geo., General Manager of Miner a Tupiza, and a Qualified Person in the
context of NI 43-101, has reviewed and approved the technical content of this news release. Dr.
Bill Pearson, P.Geo., Executive Vice President Expl oration Eloro, and who has more than 45
years of worldwide mining exploration experience in cluding extensive work in South America,
manages the overall technical program working closely with Dr. Osvaldo Arce, P.Geo., Manager
of Minera Tupiza. Dr. Quinton Hennigh, P.Geo., Sen ior Technical Advisor to Eloro and
Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International
Limited are regularly consulted on technical aspects of the project.
The magnetic survey was carried out by MES Geophysi cs using a GEM Systems GSM-19W
Overhauser magnetometer. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent
Exploration provided the survey design, preparation of the maps and interpretation from data
processed and quality reviewed by Rob McKeown, P. Geo. of MES Geophysics. Messrs. Hale,
Gilliatt and McKeown are Qualified Persons as defined under NI 43-101 Mr. Joe Mihelcic, P.Eng.,
P.Geo., a QP under NI 43-101, of Clearview Geophysics completed the 3D magnetic inversion
model in consultation with Dr. Chris Hale, P.Geo. a nd Mr. John Gilliatt, P.Geo. of Intelligent
Exploration.
Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international
accredited laboratories. Drill samples sent to ALS are 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. More recently Eloro has had
ALS send pulps to their laboratory at Galway in Ire land. Eloro employs an industry standard
QA/QC program with standards, blanks and duplicates inserted into each batch of samples
analyzed with selected check samples sent to a separate accredited laboratory.
Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and
managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn
analysis on these samples is done by ALS Bolivia Lt da in Lima. 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. Turnaround time continues to improve
and it is hoped that most of the sample backlog will be cleared in the next 4-6 weeks.
About Iska Iska
Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly
controlled by the Title Holder, Empresa Minera Vill egas 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 99% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic porphy ry-epithermal complex associated with a
Miocene possibly collapsed/resurgent caldera, empla ced on Ordovician age rocks with major
breccia pipes, dacitic domes and hydrothermal brecc ias. The caldera is 1.6km by 1.8km in
dimension with a vertical extent of at least 1km. M ineralization age is similar to Cerro Rico de
Potosí and other major deposits such as San Vicente , Chorolque, Tasna and Tatasi located in
the same geological trend.
Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska
Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a
significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra
Kasa underground workings and a high-grade gold-bismuth zone in the underground workings.