Eloro Resources Intersects 198.00 g Ag eq/t (67.79 g Ag/t, 1.44% Zn and 1.04% Pb) over 134.47m in Silver-Rich Area of High-Grade Feeder Zone in Santa Barbara Target Area at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia
Eloro Resources Intersects 198.00 g Ag eq/t (67.79 g Ag/t, 1.44% Zn and 1.04% Pb) over
134.47m in Silver-Rich Area of High-Grade Feeder Zone in Santa Barbara Target Area at the
Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia
This intersection in hole DSB-31, drilled 200m southeast of the Santa Barbara adit, includes
a higher-grade portion grading 566.36 g Ag eq/t (246.26 g Ag/t, 3.72% Zn and 3.88% Pb)
over 25.51m.
Additional significant intersections in this hole include:
o 161.54 g Ag eq/t (32.14 g Ag/t, 1.94% Zn and 0.76% Pb) over 82.12m,
o 123.24 g Ag eq/t (9.23 g Ag/t, 1.44% Zn, 0.26% Pb a nd 0.07% Sn) over 62.23m,
and
o 126.21 g Ag eq/t (6.05 g Ag/t, 1.58% Zn and 0.52% Pb) over 81.12m
Overall, 51% of the overall length of this 987.99m long hole yielded reportable intersections,
which collectively average 139.44 g Ag eq/t .
The high-grade silver zone intersected in hole DSB -31 appears to be in the same structural-
mineralized corridor as the silver-rich zone in the Santa Barbara adit. As previously reported
channel sampling along the adit returned 441.98 g Ag eq/t (164.96 g Ag/t, 0.23 g Au/t, 3.46%
Pb and 0.46% Sn) over 165.89m . Adjusted to prices used in this current release, the overall
Ag eq/t value is 493.61 g Ag eq/t.
Hole DSB-33 drilled at an azimuth of 225 0 with a dip of -60 0 to test the southwest limit of the
high-grade feeder zone in the vicinity of the Centr al Breccia intersected 18 reportable
intersections including a very high tin intersectio n grading 1.41% Sn over 21.25m which
included a 9.04m section that graded 3.08% Sn . A total of 26% of this hole contained
reportable intersections which collectively averaged 123.39 g Ag eq/t.
Toronto, Canada, October 5, 2022 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE:
P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from two (2) additional
diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in
the Potosi Department, southern Bolivia. One drill hole, DSB-31, tested the potential south-
southeastern extension of the high-grade feeder zone at Santa Barbara while the second hole, DSB-
33, tested the southwest limit of the zone in the vicinity of the Central Breccia, as shown in Figure 1.
In its September 20, 2022 press release, the Company reported that new downhole geophysical data
has significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further
250m along strike to the south-southeast from existing drilling. The 3D inverse magnetic model which
correlates very strongly with the conductive zone s uggests that the high-grade feeder zone may
extend across the entire caldera for as much as a further 1 km along strike for a total potential strike
length of at least 2 km. As previously reported, t he definition drill program has been modified to
sectionally drill this potential extension with the intention of defining a major open-pittable deposit in
the valley of the caldera. As a result, the estima ted completion date for the maiden National
Instrument 43-101 mineral resource has been pushed back to the end of Q1 2023.
20 Adelaide Street East, Suite 200, Toronto, Ontari o CANADA M5C 2T6 Tel.: (416) 868-9168
TSX.V Symbol: ELO www.elororesources.com
2 | P a g e
Overall, the Company has completed 77,182m in 119 d rill holes to-date at Iska Iska, including four
holes in progress, as shown in Figure 1. Tables 1 and 2 list significant assay results for the drill holes
reported. Prices used for calculating Ag equivalen t grades are as outlined in Eloro’s July 21, 2022
press release. Table 3 summarizes drill holes with assays pending. Highlights for the drilling are as
follows:
Santa Barbara High Grade Feeder Zone Extension Definition Drilling
Hole DSB-31 was drilled to test the potential south-southeaste rn extension of the Santa Barbara
High Grade Feeder Zone shown in Figure 1. This hol e was collared approximately 200m south-
southeast of the underground drill bay in the Santa Barbara adit and was drilled at an azimuth of 225 0
with a dip of -60 0. This hole intersected several extensive high grade silver zones:
198.00 g Ag eq/t (67.79 g Ag/t, 1.44% Zn and 1.04% Pb) over 134.47m from 11.61m to
146.06m, including a higher-grade portion of 566.36 g Ag eq/t (246.26 g Ag/t, 3.72% Zn and
3.88% Pb) over 25.51m from 113.09m to 138.60m,
161.54 g Ag eq/t (32.14 g Ag/t, 1.94% Zn and 0.76% Pb) over 82.12m from 168.46m to
250.58m including a higher-grade portion of 384.21 g Ag eq/t (104.09 g Ag/t, 3.74% Zn and
2.34% Pb) over 19.14m from 210.45m to 229.59m,
123.24 g Ag eq/t (9.23 g Ag/t, 1.44% Zn, 0.26% Pb a nd 0.07% Sn) over 62.23m from
466.48m to 528.65m including higher-grade portions of 202.40 g Ag eq/t (13.75 g Ag/t,
2.46% Zn, 0.33% Pb and 0.12 Sn) over 20.63m from 480.00 to 500.63m and 166.76 g Ag
eq/t (9.76 g Ag/t, 1.83% Zn, 0.50% Pb and 0.11 Sn) over 13.05m from 515.60 to 528.65m.
126.21 g Ag eq/t (6.05 g Ag/t, 1.58% Zn and 0.52% P b) over 81.12m from 614.21m to
695.33m
120.39 g Ag eq/t (8.32 g Ag/t, 1.78% Zn and 0.06% P b) over 11.99m from 900.33m to
912.32m
Overall, 51% of the overall length of this 987.99m long hole yielded reportable intersections,
which collectively average 139.44 g Ag eq/t .
The high-grade silver zone intersected in hole DSB- 31 appears to be in the same structural-
mineralized corridor as the silver-rich zone in the Santa Barbara adit. As previously reported (see
press release dated April 13, 2021), channel sampli ng along the adit returned 441.98 g Ag eq/t
(164.96 g Ag/t, 0.23 g Au/t, 3.46% Pb and 0.46% Sn) over 165.89m . Adjusted to prices used in
this current release, the overall Ag eq/t value is 493.61 g Ag eq/t .
Hole DSB-33 was drilled at an azimuth of 225 0 with a dip of -60 0 to test the southwest limit of the
high-grade feeder zone in the vicinity of the Centr al Breccia (Figure 1). This hole intersected 18
reportable intersections including a very high tin intersection grading 1.41% Sn over 21.25m from
354.98m to 376.23m. This included a 9.04m section from 356.56m to 365.60m that graded 3.08%
Sn . A total of 26% of this 825.82m hole contained reportable intersec tions which collectively
averaged 123.39 g Ag eq/t.
Tom Larsen, CEO of Eloro said: “Hole DSB-31 and Hol e DSB-33 continue to confirm high grade
values of metals, especially silver to the south-so utheast and tin to the southwest of the ever-
expanding Santa Barbara feeder system. The geophysical surveys have been remarkable as a tool
in determining where these highly conductive areas of potential commercial mineralization are
located.
On behalf of the Eloro shareholders, I congratulate Dr. Bill Pearson, P.Geo., Dr. Chris Hale, P.Geo.
and Dr. Osvaldo Arce, P.Geo., in systematically def ining the Santa Barbara feeder system through
geophysics and follow up drilling. The added strik e length along the collapsed caldera valley floor
will further extend the likely open pit dimensions resulting in potentially stronger economics. These
3 | P a g e
recently released holes at Iska Iska further demons trate both high grade metal zonation and
substantial tonnage potential.”
Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice Pre sident, Exploration commented: “We are
continuing our 100m-spaced sectional definition diamond drill program focusing on testing the south-
southeastern extension of the high-grade feeder zon e across the valley of the Iska Iska Caldera.
Figure 1 shows holes in progress and planned. Our aim is to complete this program by November
so that assay results can be received by early Q1 2 023 to facilitate completion of the inaugural NI
43-101 mineral resource by the end of Q1 2023. We are also continuing to work closely with
GeologicAI and our mineralogists in Blue Coast Rese arch and Lisa Can Analytical Solutions to
calibrate the AI in the scanning system to track the mineral and metal zoning more accurately. The
drilling results reported herein, as well as previo us results, along with on-site work by Dr. Osvaldo
Arce, P.Geo. and his geological team, support the p otential for outlining significant zones of high-
grade silver and high-grade tin. The high-grade silver is typically shallower whereas the high-grade
tin is generally deeper. The remarkable feeder zone at Iska Iska continues to be open along strike
and down-dip especially to the south-southeast and it likely extends across a width of least 500m for
potentially as much as 2km along strike.”
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Figure 1 – Geological Plan Map showing Drilling in Santa Barbara Area with Holes referred
to in this release highlighted.
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Table 1: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition
High Grade Feeder Zone Extension as at October 5, 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 sandstones and dacites, it is estimated that true width
ranges between 70% and 90% of the down hole interva l 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.
Ag Au Zn Pb Cu Sn Bi Cd Ag eq
g/t g/t % % % % % % g/t
DSB-31 4.95 6.95 2.00 5.00 0.01 0.00 0.08 0.01 0.12 0.002 0.001 57.14
11.61 146.06 134.47 67.79 0.02 1.44 1.04 0.11 0.03 0.002 0.00 6 198.00
Incl. 63.57 81.01 17.44 30.89 0.01 2.84 0.28 0.50 0.01 0.001 0 .013 245.09
Incl. 113.09 138.60 25.51 246.26 0.01 3.72 3.88 0.02 0.03 0.0 01 0.013 566.36
159.65 161.00 1.35 6.00 0.01 1.34 0.14 0.01 0.01 0.001 0.002 8 3.05
168.46 250.58 82.12 32.14 0.03 1.94 0.76 0.01 0.01 0.003 0.00 6 161.54
Incl. 210.45 229.59 19.14 104.09 0.10 3.74 2.34 0.02 0.02 0.0 10 0.012 384.21
264.11 267.08 2.97 6.51 0.04 1.30 0.20 0.01 0.01 0.001 0.003 8 5.59
307.67 327.03 19.36 3.54 0.21 0.94 0.14 0.01 0.01 0.001 0.003 78.57
345.24 348.19 2.95 3.00 0.16 0.54 0.09 0.01 0.01 0.001 0.001 5 2.70
364.59 378.07 13.48 5.79 0.08 0.94 0.41 0.02 0.02 0.001 0.003 82.02
394.48 403.47 8.99 4.47 0.11 1.36 0.22 0.01 0.02 0.001 0.007 9 7.48
420.12 424.66 4.54 5.69 0.01 0.97 0.58 0.01 0.04 0.001 0.005 9 0.06
433.72 435.27 1.55 4.00 0.01 0.90 0.16 0.01 0.02 0.001 0.003 6 2.06
447.40 448.67 1.27 5.00 0.01 1.45 0.16 0.01 0.02 0.001 0.006 8 9.96
466.48 528.65 62.23 9.23 0.05 1.44 0.26 0.01 0.07 0.001 0.007 123.24
Incl. 480.00 500.63 20.63 13.75 0.10 2.46 0.33 0.02 0.12 0.00 1 0.012 202.40
Incl. 515.60 528.65 13.05 9.76 0.06 1.83 0.50 0.01 0.11 0.001 0.007 166.76
536.20 537.71 1.51 5.00 0.01 1.11 0.22 0.01 0.11 0.001 0.004 1 10.12
546.66 551.16 4.50 13.06 0.07 1.33 0.37 0.01 0.09 0.001 0.006 131.42
560.18 561.68 1.50 2.00 0.52 0.57 0.02 0.00 0.01 0.004 0.002 8 3.36
579.65 584.14 4.49 3.96 0.10 1.08 0.09 0.01 0.07 0.001 0.004 9 5.98
597.54 603.69 6.15 3.48 0.01 0.95 0.08 0.01 0.06 0.001 0.003 7 6.70
614.21 695.33 81.12 6.05 0.11 1.58 0.52 0.01 0.03 0.008 0.007 126.66
720.94 722.52 1.58 6.00 0.01 1.88 0.38 0.01 0.01 0.001 0.008 1 18.30
751.11 752.57 1.46 11.00 0.07 1.49 0.24 0.01 0.01 0.039 0.007 113.89
785.82 787.27 1.45 1.00 0.01 0.91 0.08 0.02 0.03 0.001 0.004 6 2.35
801.06 802.50 1.44 7.00 0.01 1.36 0.20 0.01 0.04 0.002 0.006 9 7.34
812.88 841.63 28.75 4.05 0.05 0.60 0.24 0.01 0.06 0.006 0.002 71.20
874.65 876.18 1.53 2.00 0.23 0.44 0.28 0.01 0.02 0.008 0.001 6 5.06
880.67 883.63 2.96 7.00 1.08 0.17 0.06 0.01 0.07 0.019 0.001 1 44.91
895.70 897.22 1.52 0.50 0.02 0.43 0.01 0.01 0.15 0.001 0.001 8 2.37
900.33 912.32 11.99 8.32 0.05 1.78 0.06 0.03 0.04 0.007 0.008 120.39
919.97 921.50 1.53 3.00 0.33 0.22 0.27 0.10 0.04 0.050 0.001 9 1.51
924.46 929.01 4.55 10.68 0.45 0.13 0.07 0.06 0.07 0.022 0.001 98.80
975.85 981.93 6.08 1.76 0.15 0.54 0.01 0.06 0.01 0.005 0.002 5 5.16
986.50 987.99 1.49 1.00 0.51 0.04 0.01 0.04 0.01 0.014 0.001 6 1.61
SANTA BARBARA RESOURCE DEFINITION - HIGH GRADE FEED ER ZONE EXTENSION
SURFACE DIAMOND DRILLING
Hole No. From (m) To (m) Length (m)
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Metal prices and conversion factors used for calcul ation of g Ag eq/t (grams Ag per grams x metal
ratio) are as follows: (Prices updated as of July 2 1, 2022, to more accurately reflect current metal
prices):
Element Price $US
(per kg)
Ratio to
Ag
Ag $607.00 1.0000
Sn $23.55 0.0589
Zn $2.98 0.0046
Pb $1.92 0.0032
Au $54,932.80 79.7221
Cu $7.00 0.0134
Bi $12.76 0.0177
Cd $5.50 0.0076
In calculating the intersections reported in this p ress release a sample cutoff of 30 g Ag eq/t was
used with generally a maximum dilution of 3 continu ous 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 | P a g e
Table 2: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition
High Grade Feeder Zone Extension as at October 5, 2022.
See Note Table 1.
Ag Au Zn Pb Cu Sn Bi Cd Ag eq
g/t g/t % % % % % % g/t
DSB-33 20.83 46.70 25.87 4.08 0.03 0.00 0.07 0.00 0.20 0.004 0.001 87.32
100.80 102.32 1.52 27.00 0.02 0.00 0.00 0.01 0.05 0.003 0.001 50.05
106.83 108.34 1.51 35.00 0.06 0.00 0.00 0.02 0.05 0.005 0.001 61.23
121.94 136.62 14.68 6.73 0.04 0.00 0.02 0.06 0.09 0.002 0.001 51.83
144.28 153.26 8.98 7.28 0.01 0.00 0.01 0.29 0.05 0.002 0.001 60.17
201.04 202.51 1.47 38.00 0.02 0.00 0.00 0.22 0.19 0.001 0.001 139.68
208.60 216.10 7.50 50.59 0.06 0.00 0.00 0.03 0.03 0.001 0.001 73.61
259.92 282.51 22.59 16.39 0.05 0.00 0.02 0.12 0.11 0.008 0.00 1 77.88
Incl. 262.93 268.89 5.96 32.45 0.08 0.00 0.06 0.15 0.16 0.012 0.001 124.97
285.57 287.07 1.50 12.00 0.01 0.00 0.00 0.08 0.14 0.006 0.001 76.95
293.00 294.53 1.53 12.00 0.01 0.00 0.00 0.14 0.08 0.028 0.001 64.42
308.15 344.40 36.25 9.07 0.04 0.00 0.05 0.10 0.11 0.013 0.001 71.97
354.98 376.23 21.25 8.86 0.11 0.00 0.01 0.01 1.41 0.003 0.001 566.51
Incl. 356.56 365.60 9.04 16.16 0.20 0.00 0.02 0.00 3.08 0.004 0.001 1,230.26
385.32 386.83 1.51 0.50 0.01 0.00 0.00 0.01 0.13 0.001 0.001 5 1.09
391.35 392.86 1.51 1.00 0.04 0.00 0.01 0.01 0.19 0.003 0.001 81.11
414.03 418.62 4.59 2.34 0.01 0.00 0.00 0.08 0.11 0.003 0.001 55.48
438.20 442.73 4.53 1.50 0.02 0.00 0.00 0.10 0.20 0.058 0.001 104.47
450.28 459.46 9.18 37.12 0.06 0.00 0.01 0.00 0.04 0.003 0.001 61.31
464.05 465.51 1.46 9.00 0.28 0.00 0.02 0.01 0.05 0.004 0.001 55.65
483.70 485.23 1.53 1.00 0.01 0.00 0.00 0.56 0.00 0.002 0.001 67.89
491.26 495.82 4.56 1.66 0.01 0.00 0.00 0.79 0.00 0.001 0.001 94.74
503.50 515.53 12.03 8.41 0.14 0.01 0.02 0.14 0.05 0.034 0.001 67.13
543.06 544.51 1.45 0.50 0.02 0.03 0.00 0.00 0.15 0.053 0.001 74.71
576.00 579.08 3.08 1.25 0.02 1.26 0.01 0.00 0.01 0.001 0.002 67.01
589.42 592.47 3.05 2.00 0.02 0.15 0.01 0.14 0.09 0.030 0.001 70.21
596.95 598.45 1.50 0.50 0.02 0.06 0.01 0.00 0.16 0.005 0.001 6 7.93
613.44 619.40 5.96 3.91 0.27 0.06 0.01 0.01 0.05 0.017 0.001 57.66
664.45 665.95 1.50 10.00 0.09 0.82 0.03 0.02 0.03 0.001 0.001 74.02
673.43 682.44 9.01 15.66 0.26 0.01 0.01 0.10 0.11 0.125 0.001 121.80
706.44 707.96 1.52 5.00 0.03 1.14 0.07 0.01 0.02 0.004 0.003 76.52
800.12 801.63 1.51 1.00 0.08 0.02 0.02 0.01 0.02 0.236 0.001 66.65
822.87 825.82 2.95 13.39 0.01 0.21 0.02 0.20 0.14 0.013 0.001 104.16
SANTA BARBARA RESOURCE DEFINITION - HIGH GRADE FEED ER ZONE EXTENSION
SURFACE DIAMOND DRILLING
Hole No. From (m) To (m) Length (m)
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Table 3: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in
Progress at Iska Iska from October 5, 2022 press release.
SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No. Type Collar
Easting
Collar
Northing
Elev Azimuth Angle Hole
Length (m)
Surface Drilling Santa Barbara Resource Definition South-Southeast Extension
DSB-34 S 205274.0 7655896.1 4224.5 225° -60° 851.4
DSB-35 S 205016.0 7656179.1 4360.0 225° -60° 1061.4
DSB-36 S 205729.9 7656034.6 4054.8 225° -60° 935.4
DSB-37 S 205588.0 7655893.0 4087.0 225° -60° 917.4
DSB-38 S 205823.1 7655981.9 4035.0 225° -60° 851.5
DSB-39 S 205684.3 7655839.5 4062.3 225° -60° 857.4
DSB-40 S 205540.3 7655695.5 4092.7 225° -60° 1052.4
DSB-41 S 205653.0 7656253.0 4125.0 225° -60° 842.4
DSB-42 S 205277.0 7656316.0 4156.3 225° -65° 845.4
DSB-43 S 205157.0 7656038.0 4301.0 225° -55° 833.1
Subtotal 9,047.8
DSB-44 S 205611.0 7655624.7 4075.7 225° -60° In progress
DSB-45 S 205263.4 7656426.4 4240.3 225° -60° In progress
DSB-46 S 205681.7 7655554.1 4061.4 225° -60° In progress
Surface Drilling Santa Barbara Resource Definition Northeast Extension
DHK-26 S 205700.3 7656454.4 4180.0 225° -65° 929.4
DHK-27 S 205529.4 7656222.5 4153.1 270° -45° 860.0
DHK-28 S 205597.3 7656479.6 4151.4 225° -65° 968.0
DHK-29 S 205485.7 7656489.5 4158.0 225° -70° 827.6
Subtotal 3,585 .00
DHK-30 S 205439.9 7656182.8 4192.1 225° -60° In progress
Santa Barbara Underground Metallurgical Hole
METSBUG-03 UG 205284.5 7656080.0 4167.1 270° -35° 7 07.8
Subtotal 707.8
Mina 2 Target Area - Surface Drill Program Testing Magnetic Inverse Model
DM2-01 S 205943.0 7654215.9 3663.6 30° -60° 860.3
Subtotal 860.3
TOTAL 14,200.9
S = Surface UG=Underground; collar coordinates in m etres; azimuth and dip in degrees. Total drilling
completed since the start of the program on Septemb er 20, 2020 is 77,182.47m in 119 drill holes (32
underground drill holes and 87 surface drill holes) including 4 holes in progress.