Eloro Resources Intersects H ighest Silver Interval to Date at its Iska Iska project, Southern Bolivia wi th 72 metres grading 294.81 g/t Silver within a broader interval of 180 metres grading 164.74 g/t Silver in Hole DSB-93
Eloro Resources Intersects H ighest Silver Interval to Date at its Iska Iska
project, Southern Bolivia wi th 72 metres grading 294.81 g/t Silver within a
broader interval of 180 metres grading 164.74 g/t Silver in Hole DSB-93
Highlights:
Eloro's second phase definition diamond drilling program has now been completed with
sixteen (16) drill holes drilled totalling 8,286.40 metres across the potential starter pit area
(1,000m by 600m by 500m deep). The program has succeeded in confirming continuity
and expanding higher-grade silver-tin-poly metallic mineralization in this extensive
porphyry-epithermal system.
DSB-93, an infill hole drilled 107m northeast of discovery hole DSB-61, intersected the highest
silver interval obtained thus far at Iska Iska with 72.00 metres grading 294.81g/t Silver (Ag)
and 0.44% Lead (Pb) beginning at 131.70m, within a broader interval of 180.00m grading
165g/t Ag, 0.74% Pb, 0.72% Zinc (Zn) and 0.16% Tin (Sn) beginning at 112.20m. Previously,
the highest-grade silver interval was 62.84m grading 279.22 g/t Ag, beginning at 87.44m, in drill
hole DSB-61, located 107m southwest of hole DSB-93. This intersection also contained 0.47%
Pb and 0.43% Sn (see Eloro Press Release dated December 18, 2023).
Hole DSB-93 also intersected the following well mineralized intervals:
o 28.50m grading 0.84g/t Au, 253.63g/t Ag, 1.10% Pb and 0.57% Sn beginning at 223.20m
o 33.00m grading 0.18% Sn beginning at 374.70m
o 7.50m grading 1.43% Cu beginning at 34.20m
o 7.50m grading 1.25% Zn beginning at 49.20m
o 6.00m grading 0.54% Pb and 3.09% Zn beginning at 86.70m
o 8.80m grading 1.45% Zn beginning at 416.70m
o 3.00m grading 1.68% Zn beginning at 101.70m
DSB-90, an infill hole collared 100m east of discov ery hole DSB-72 intersected a higher-grade
tin section of 51.00m grading 0.24% Sn beginning at 400.00m and a higher-grade silver section
of 13.50m grading 106.32g/t Ag and 0.16% Sn beginning at 256.00m, including 7.50m
grading 186.50g/t Ag and 0.14% Sn beginning at 256.00m.
Hole DSB-90 also intersected higher-grade tin sections of:
o 24.00m grading 0.57% Sn beginning at 91.00m
o 16.50m grading 0.36% Sn beginning at 134.50m
o 22.50m grading 0.20% Sn beginning at 311.50m including 10.50m grading 0.29% Sn
beginning at 311.50m
o 19.50m grading 0.16% Sn beginning at 338.50m
o 13.50m grading 0.24% Sn beginning at 380.50m
Note: True width is approximately 80% of core length.
20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868-9168
TSX Symbol: ELO www.elororesources.com
TORONTO, CANADA, December 9, 2025 -- Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF;
FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from the last two (2)
drillholes (DSB-90 and DSB-93) of the second phase definition diamond drilling program at the
Company’s Iska Iska Project, Po tosi Department, Southern Bolivia. These two holes were in the
predominant Tin Domain and the predominant Silver-Polymetallic Domain, respectively, in the potential
Santa Barbara starter pit area. These results furt her expand the higher-grade footprint of both metal
domains (see Figure 1). The current phase of the definition drilling phase has now concluded with a
total of 8,286.40m of diamond drilling in sixteen (16) holes completed.
Figure 1 shows the location of the reported drill holes, Table 1 lists significant assay results, and Table
2 lists drill hole coordinates. Table 3 provides an overall summary of the main intervals reported in the
second phase definition diamond drilling program.
Tom Larsen, Eloro’s CEO, commented: “The sec ond phase definition drilling program not only
intersected the longest and highest-grade silver, tin and zinc intervals at the Santa Barbara zone to
date, but also, all sixteen holes in the program, co mprising 12 step-out and 4 infill holes, intercepted
significant silver-tin-polym etallic mineralization in areas previously considered as waste in the initial
Mineral Resource Estimate (“MRE”) due to lack of drilling information. The latest drilling demonstrates
that there is a much larger endowment of higher-grade silver-tin-polymetallic both laterally and at depth,
which will likely upgrade and expand the MRE for t he planned PEA.” Mr. Larsen continued: “With the
overall results obtained so far, Iska Iska continues to confirm its future participation as a premier silver-
tin-polymetallic resource supporting the global shift toward the world´s critical minerals supply chain.”
Dr. Osvaldo Arce, P.Geo., Eloro’s Executive Vice President Operations, Latin America, added: “The
results obtained in drill holes DSB-90 and DSB-93 c onfirm the presence of a higher-grade silver-tin-
polymetallic mineralization, distributed laterally and vertically, in a major porphyry-epithermal system
extending beyond the existing limit of the potential starter pit . These results confirm the system's
extension nature and highlight the long-lived and multi-phase deformation and hydrothermal activity at
the Santa Barbara deposit.”
Definition Drill Program, Santa Barbara Potential Starter Pit Area
Drillholes DSB-90 and DSB-93 were drilled in the central predominant tin domain and in the
predominant silver-polymetallic domain, respectively (Figure 1).
DSB-90, an infill hole collared 100m east of discovery hole DSB-72 intersected the following tin and
silver intervals:
24.00m grading 0.57% Sn beginning at 91.00m
16.50m grading 0.36% Sn beginning at 134.50m
6.00m grading 0.11% Sn beginning at 199.00m
13.50m grading 106.32g/t Ag and 0.16% Sn beginning at 256.00m, including:
o 7.50m grading 186.50g/t Ag and 0.14% Sn beginning at 256.00m.
Further downhole, DSB-90 intersected the following intervals:
3.00m grading 0.14% Sn beginning at 289.00m
22.50m grading 0.20% Sn beginning at 311.50m including
o 10.50m grading 0.29% Sn beginning at 311.50m
19.50m grading 0.16% Sn beginning at 338.50m
13.50m grading 0.24% Sn beginning at 380.50m
51.00m grading 0.24% Sn beginning at 400.00m
9.00m grading 0.16% Sn beginning at 464.50m
6.00m grading 31.85 g/t Ag beginning at 499.00m
DSB-93, an infill hole drilled 107m southwest of discovery hole DSB-61, intersected the
following silver, gold, copper, lead and zinc intervals:
7.50m grading 1.43% Cu beginning at 34.20m
7.50m grading 1.25% Zn beginning at 49.20m
6.00m grading 0.54% Pb and 3.09% Zn beginning 86.70m
3.00m grading 1.68% Zn beginning at 101.70m
180.00m grading 164.74g/t Ag, 0.74% Pb, 0.72% Zn and 0.16% Sn beginning at 112.20m
including:
o 72.00 metres grading 295.00g/t Ag and 0.44% Pb beginning at 131.70m
Further downhole, DSB-93 intersected:
28.50m grading 0.84g/t Au, 253.63g/t Ag, 1.10% Pb and 0.57% Sn beginning at 223.20m
33.00m grading 0.18% Sn beginning at 374.70m
8.80m grading 1.45% Zn beginning at 416.70m
Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara zone, Iska Iska. The
yellow circles highlight the location of holes DSB-90 and DSB-93 referred to in this release.
Table 1: Definition Diamond Drill Results as of December 04, 2025, Santa Barbara, Iska, Iska.
Hole No. From
(m)
To (m) Length
(m)
Ag Zn Pb Sn Ag eq.
g/t % % % g/t
DSB-90 91.00 115.00 24.00 1.26 0.00 0.01 0.57 113.40
134.50 151.00 16.50 4.52 0.00 0.02 0.36 73.97
199.00 205.00 6.00 8.70 0.00 0.05 0.11 29.95
256.00 269.50 13.50 106.32 0.00 0.08 0.16 127.34
Incl. 256.00 263.50 7.50 186.50 0.00 0.09 0.14 192.73
289.00 292.00 3.00 12.25 0.01 0.17 0.14 41.51
311.50 334.00 22.50 7.64 0.02 0.04 0.20 48.46
Incl. 311.50 322.00 10.50 12.03 0.04 0.09 0.29 71.00
Incl. 326.50 334.00 7.50 5.82 0.01 0.01 0.19 42.32
338.50 358.00 19.50 25.18 0.01 0.10 0.16 56.68
380.50 394.00 13.50 20.74 0.01 0.02 0.24 66.81
400.00 451.00 51.00 2.06 0.01 0.01 0.24 49.47
464.50 473.50 9.00 7.67 0.06 0.02 0.16 40.49
499.00 505.00 6.00 31.85 0.22 0.02 0.04 43.34
DSB-93 34.20 41.70 7.50* 0.50 0.05 0.06 0.01 4.99
49.20 56.70 7.50 1.00 1.25 0.26 0.06 60.99
86.70 92.70 6.00 1.00 3.09 0.54 0.03 122.86
101.70 104.70 3.00 0.50 1.68 0.21 0.05 70.86
112.20 292.20 180.00 164.74 0.72 0.74 0.16 217.46
Incl. 131.70 203.70 72.00 294.81 0.21 0.44 0.06 288.25
Incl. 223.20 251.70 28.50** 253.63 0.45 1.10 0.57 374.02
374.70 407.70 33.00 12.73 0.17 0.28 0.18 58.81
416.70 425.50 8.80 20.42 1.45 0.19 0.07 84.27
Note: True width is approximately 80% of core length. Silver equivalent (Ag eq) grades are calculated
using 3-year average metal prices of Ag = US$24.14/oz, Zn = US$1.36/lb, Pb = 0.98/lb, and Sn =
US$13.74/lb, and preliminary metallurgical recoveries of Ag = 88%, Zn = 87%, Pb = 80% and Sn =
50%. In selecting intervals, a cutoff grade of 30 g Ag eq/t has been used. Lower grade material may be
included in intersections where geological continuity is warranted.
*Interval also assayed 1.43% Cu. ** Interval also assayed 0.84 g/t Au.
Table 2: Summary of Diamond Drill Hole Coordi nates for Drill Holes Completed at Iska Iska as
reported in this Press Release
Hole No. Type Collar
Easting
Collar
Northing
Elevation Azimuth Angle Hole
length
(m)
DSB-90 S 205182 7656125 4328 235° -85° 514.00
DSB-93 S 205372 7656171 4224 230° -60° 425.50
Subtotal 939.50
Table 3: Main Intervals in the Second Phase Definition Diamond Drilling
Date Drillhole
ID
Category Az.
(°)
Dip
(°)
Length
(m)
Main Intervals
08-06-25 DSB-78 Step-out 225 -85 554.60 79.50m @ 0.40% Sn beginning at 319.60m, incl.
16.50m @ 0.89% Sn beginning at 366.60m
08-06-25 DSB-79 Step-out 225 -85 500.30 43.50m @ 52.73 g/t Ag beginning at 214.10m,
incl. 3.0m @ 401.65 g/t Ag beginning at 244.10m
09-16-25 DSB-80 Step-out 225 -85 551.30 15.00m @ 53.10 g/t Ag beginning at 340.50m;
10.50m @ 34.50 g/t Ag beginning at 460.50m
08-06-25 DSB-81 Step-out 225 -85 608.60 57.00m @ 0.18% Sn beginning at 9.60m, incl.
6.00m @ 0.33% Sn beginning at 9.60m and
6.00m @ 0.32% Sn beginning at 44.10m
08-06-25 DSB-82 Step-out 225 -85 650.30 15.00m @ 0.16% Sn and 14.19 g/t Ag beginning
at 97.80m; 12.00m @ 0.23% Sn beginning at
472.80m
08-06-25 DSB-83 Step-out 225 -85 557.60 31.50m @ 39.43 g/t Ag beginning at 52.30m, incl.
25.50m @ 43.53 g/t Ag; 25.50m @ 51.24 g/t Ag
beginning at 313.50m, incl. 13.50m @ 69.22 g/t
Ag beginning at 315.00m; 49.50m @ 0.39% Sn
and 33.62 g/t Ag beginning at 349.50m
09-16-25 DSB-84 Step-out 225 -85 410.30 16.50m @ 31.62g/t Ag beginning at 109.00m,
incl. 3.00m @ 108.80 g/t Ag beginning at
109.00m
09-16-25 DSB-85 Step-out 225 -85 452.30 22.50m @ 38.26 g/t Ag beginning at 58.50m;
10.50m @ 68.36 g/t Ag beginning at 136.50m;
9.00m @ 198.08 g/t Ag beginning at 166.50m
09-16-25 DSB-86 Step-out 225 -60 515.60 241.00m @ 0.81% Zn and 0.80% Pb beginning at
102.70m, incl. 100.50m @ 1.56% Zn and 0.98%
Pb beginning at 242.20m; 105.00m @ 0.85% Zn
beginning at 344.20m
09-16-25 DSB-87 Infill 225 -85 416.50 241.50m @ 0.47% Sn and 23.17 g/t Ag incl.
213.00m @ 0.51% Sn and 25.46 g/t Ag
beginning at 26.10m, incl. 34.50 m @ 1.18% Sn
beginning at 62.10m
10-09-25 DSB-88 Step-out 225 -60 515.50 456.00m @1.72% Zn incl. 190.50m @ 2.35% Zn
beginning at 56.20m
10-09-25 DSB-89 Step-out 225 -60 509.50 13.50m @ 74.64 g/t Ag, 0.81% Pb and 0.24% Sn
beginning at 50.80m; 19.50m @ 41.52 g/t Ag,
0.88% Zn beginning at 74.80m; 33.00m @ 28.96
g/t Ag, 0.75% Pb and 2.26% Sn beginning at
103.30m
12-05-25 DSB-90 Infill 235 -85 514.00 51.00m @ 0.24% Sn beginning at 400.00m;
24.00m @ 0.57% Sn beginning at 91.00m;
16.50m @ 0.36% Sn beginning at 134.50m
13.50m @ 106.32 g/t Ag beginning at 256.00m
11-19-25 DSB-91 Infill 225 -85 514.00 64.50m @ 37.33 g/t Ag beginning at 19.50m;
151.50m @ 1.41% Zn, 0.63% Pb and 13.35 g/t
Ag beginning at 109.50m incl. 31.50m @ 34.90
g/t Ag, 1.49% Zn and 0.35% Pb beginning at
147.00m
11-19-25 DSB-92 Step-out 225 -60 590.50 90.00m @ 61.05 g/t Ag and 0.20% Sn beginning
at 492.30m incl. 15.00m @ 173.30 g/t Ag. 0.15%
Sn and 1.59 g/t Au beginning at 517.80m;
49.00m @ 50.14 g/t Ag and 0.26% Sn beginning
at 67.80m
12-05-25 DSB-93 Infill 230 -60 419.50 180.00m @ 165.00 g/t Ag, 0.74% Pb, 0.72% Zn
and 0.16% Sn beginning at 112.20m, incl.
72.00m @ 295 g/t Ag and 0.44% Pb beginning at
131.70m; 28.50m @ 254.00 g/t Ag, 0.84 g/t Au,
1.10% Pb and 0.57% Sn beginning at 223.20m
Qualified Person (“QP”)
Dr. Osvaldo Arce, P.Geo. Executive Vice Presi dent, Latin America for Eloro and General Manager of
Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L, and a Qualified Person (“QP”) as defined by National
Instrument (“NI”) 43-101 has reviewed and approved the technical content of this news release. Dr.
Arce who has more than 35 years of mineral exploration and extensive mining expertise across several
countries in North and South America manages the ov erall technical program and supervises all field
work conducted at Iska Iska.
Eloro utilized both ALS and AHK for drill core analyses, both of whom are major international accredited
laboratories. Drill samples sent to ALS were 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. Drill core samples sent to AHK Laboratories are also prepared
by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru.
Silver (Ag), zinc (Zn) and lead (Pb) are analyzed by Inductively Coupled Plasma Atomic Emission
Spectroscopy (ICP-AES) using a four-acid digestion; Sn is analyzed by X-Ray Fluorescence (XRF) and
Au is analyzed by fire assay on 50g pulps with an Atomic Absorption Spectroscopy (AAS) finish. AAS
measures absorbed light to quantify elements, whil e ICP, such as ICP-OES or ICP-MS, measure
emitted light or ions to determi ne elements. XRF uses fluorescent X -rays to excite atoms and to emit
X-rays that reveal the presence and concentration of tin. Sample size in ICP typically ranges from 100
mg (0.1 g) to 1 g, for AAS, is usually less than 100 mg (0.1 g) and for XRF is ideally below 75 µm.
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 except for Sn for which
a sodium peroxide fusion is used at AHK following by ICP. Check comparisons of Sn results from ALS
and ALS indicate no statistically significant difference between results using the two different analytical
techniques.
Eloro employs an industry standard QA/QC progra m with standards, blanks and duplicates inserted
into each batch of samples analyzed at both laboratories with selected check samples sent to a
separate accredited laboratory. Check results are regularly monitored.
About Iska Iska
The Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled
by the Title Holder, Empresa Minera Villegas 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
100% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic por phyry-epithermal complex associated with a Miocene
collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes
and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least
1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San
Vicente, Chorolque, Tasna and Tatasi, all located along the same overall geological trend.
Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on
September 13, 2020. On January 26, 2021, Eloro announced significant results from the first drilling at
the Santa Barbara Breccia Pipe (SBBP) including the discovery hole DHK-15 which returned 29.53g
Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu and 0.056%Sn over 257.5m, from surface.
Subsequent drilling has confirmed the presence of significant va lues of Ag-Sn polymetallic
mineralization in the SBBP and the adjacent Central Breccia Pipe (CBP). A substantive mineralized
envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous
channel sampling along the walls of the Santa Barbara Adit located to the east of SBBP returned
average grades of 164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 446 g Ag/t,
9.03% Pb and 1.16% Sn over 56.19m. The west end of the adit intersects the end of the SBBP.
Since the initial discovery hole Eloro has released a number of significant drill results in the SBBP and
the surrounding mineralized envelope which, along with geophysical data, has defined an extensive
target zone. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the initial inferred
MRE for Iska Iska, prepared by independent consult ants Micon International Limited. The MRE was
reported in two domains, the Polymeta llic (Ag-Zn-Pb) Domain which is primarily in the east and south
of the Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the west and north.
The Polymetallic Domain is estimated to contain 560Mt of inferred mineral resources at 13.8 g Ag/t,
0.73% Zn & 0.28% Pb at an NSR cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40
for potential underground. The majority of the mineral resource is contained in the constraining pit which
has a stripping ratio of 1:1. The Polymetallic Domain contains a higher-grade inferred mineral resource
at a NSR cutoff of $US25/t of 132 million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a
net NSR value of US$34.40/t which is 3.75 the estimated operating cost of US$9.20/t. The Tin Domain
which is adjacent to the Polymetallic Domain and does not overlap, is estimated to contain an inferred
mineral resource of 110Mt at 0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.
Metallurgical tests reported on January 23, 2024 from a 6.3 tonne PQ drill core bulk sample
representative of the higher grade Polymetallic (A g-Zn-Pb) Domain returned a significantly higher
average silver value of 91 g Ag/t compared to the weighted average grade of the original twinned holes
at 31 g Ag/t strongly suggesting that the average silver grade is likely significantly underreported in the
original twinned holes due to the much smaller sample size.
The Company reported on July 30, 2024, that updated modelling of the potential starter pit area at
Santa Barbara zone highlights the importance of completing additional drilling to better define the grade
and extent of the mineral resource in this area. Ar eas with higher-grade resource typically have much
better drilling density but holes outside the core pot ential pit area are too widely spaced to give an
accurate estimate of grade.
On September 4, 2024, the Company announced the restart of definition drilling in the potential starter
pit area at Santa Barbara. It was highly focused on in fill and step-out drill program in order to better
define the full vertical and lateral extent of high-grade Sn and Ag mineralization, expanding higher-
grade Sn mineralization to the west and the silver to the central and west parts. Also, to fill-in gaps that
were formerly categorized as low-grade or internal waste in the mineral resource model and to drill in a
closer-spacing 50m x 50m grid. Prev ious drilling has shown that areas with high-grade mineralization
typically have much better drilling density, wher eas holes outside the core area are too widely spaced
to give an accurate grade estimate. This increased dril ling density is particularly important for defining
the extent of the high-grade Ag-bearing and Sn-beari ng structures, and for categorizing the mineral
resources from inferred to indicated, which have a major influence on overall grade and resources that
will contribute to the PEA.
Since September 4, 2024 the Company has complet ed 27 drill holes totalling 14,085.80 metres of
definition drilling in 2 distinct phases of diamond dr illing in the potential starter pit area of the Santa
Barbara Zone. This drilling has continued to intersect strong, broad zones and high-grade mineralization
with good continuity in both the predominant Sn-Ag domain to the west (15 drill holes) and in the
predominant Ag-Zn-Polymetallic domain to the east (12 drill holes). Both zones remain open along and
across strike as well as downdip.
The intercepts of 151.47 g Ag/t over 135m found in hole DSB-75; 66.90g Ag/t over 289.13m in hole
DSB-68; 126.10g Ag/t over 122.03m, 127.49g Ag/t ov er 41.25m and 49.71g Ag/t over 142.50m found
in hole DSB-69; and 45.71g Ag/t over 81.00m and 30 .08g Ag/t over 255.75m found in hole DSB-70
confirm the presence of continued silver pockets grading over 50 g Ag/t. Moreover, tin enriched pockets
such as 1.39% Sn over 33m, 0.74% Sn over 87m found in hole DSB-72 and 0.55% Sn over 49.5m,
0.34% Sn over 91.5m, 0.31% Sn over 103.5m in hole DSB-74 demonstrate the existence of consistent
high grade tin pockets at the Santa Barbara zone. And finally, the presence of intercepts such as 1.41%
Zn over 151.50m in hole DSB-91, 1.77% Zn over 238.50m and 1.72% Zn over 456m found in hole DSB-
88 reveal continuous Zn (and Pb) ore shoots in the property. These results have further expanded, at