Eloro Resources Intersects Multiple Intersections including 108.16 g Ag eq/t (11.63 g Ag/t, 1.53% Zn and 0.36% Pb) over 111.26m in High-Grade Feeder Zone in Santa Barbara Target Area at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Eloro Resources Intersects Multiple Intersections including 108.16 g Ag eq/t (11.63 g Ag/t,

1.53% Zn and 0.36% Pb) over 111.26m in 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-36, drilled 400m southeast of the Santa Barbara adit, includes

higher-grade portions of:

o 180.29 g Ag eq/t (24.27 g Ag/t, 2.49% Zn and 0.73% Pb) over 24.13m.

o 197.54 g Ag eq/t (17.04 g Ag/t, 2.96% Zn and 0.58% Pb) over 11.82m.

o 211.34 g Ag eq/t (30.50 g Ag/t, 2.87% Zn and 0.76% Pb) over 6.02m.

 Other significant intersections in this hole include:

o 101.31 g Ag eq/t (28.14 g Ag/t, 0.19% Zn, 0.55% Pb and 0.26% Cu) over 77.82m.

o 101.47 g Ag eq/t (23.88 g Ag/t, 1.08% Zn and 0.56% Pb) over 55.54m.

o 205.75 g Ag eq/t (20.69 g Ag/t, 0.15 g Au/t, 0.68% Zn and 0.75% Pb) over 22.75m.

o 136.82 g Ag eq/t (3.33 g Ag/t, 0.09 gAu/t, 1.72% Zn, 0.31% Pb and 0.07% Sn) over

78.39m including 478.26 g Ag eq/t (12.60 g Ag/t, 0.27 gAu/t, 5.61% Zn, 0.91% Pb

and 0.28% Sn over 10.53m

o 203.26 g Ag eq/t (1.73 g Ag/t, 0.75% Zn and 0.42% Sn) over 12.22m.

o The last sample in this 935.4m long hole returned 549.91g Ag eq/t (46.00 g Ag/t,

3.33% Zn, 2.27%Pb and 0.68% Sn) over 1.51m.

o 52% of this hole contained reportable intersections which collectively averaged 112.48

g Ag eq/t.

 On-Strike Extension of High Grade Feeder Zone at Santa Barbara to South-Southeast

now confirmed for an additional 400m and is open along strike.

Toronto, Canada, October 18, 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-36, collared 400m southeast of the

Santa Barbara adit, tested the extension of the core of the high-grade feeder zone at Santa Barbara

while hole DSB-34, tested the potential southwest limits of the high-grade feeder zone as shown in

Figure 1.

To-date, the Company has completed 79,258m in 118 drill holes to-date at Iska Iska, including four

holes in progress, as shown in Figure 1. Table 1 lists significant assay results for the drill holes

reported. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s July 21, 2022

press release. Table 2 summarizes drill holes completed with assays pending and holes in progress.

Tom Larsen, CEO of Eloro, said: “Results from hole DSB-36 continue to confirm that the high-grade

feeder zone extends much further south-southeast across the valley of the Iska Iska caldera as

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

TSX.V Symbol: ELO www.elororesources.com

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interpreted from our geophysical surveys. This new hole has extended the strike length a further

400m to the south-southeast where it remains open along strike. We are continuing to aggressively

drill this important target which has the potential to outline a significant open pittable resource.”

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We are

continuing to carry out our 100m-spaced sectional drilling across the Iska Iska caldera valley. As

shown in Figure 2, we have four holes in progress with four additional holes planned that collectively

total 6,000m to complete our first-pass definition drill program. We expect that this drilling will be

completed by the mid- to latter part of November. Currently, assays are outstanding for

approximately 14,213m of drill core as shown in Table 2. Turnaround from our assay laboratories

has however improved in recent weeks so we expect most of this backlog to be cleared up by the

end of November. We are working closely with Micon International to build a robust model for the

mineral resource estimation. GeologicAI is also completing development of comprehensive mineral

maps calibrated by our new mineralogical data which will greatly aid the modelling process.”

Santa Barbara High Grade Feeder Zone Extension Definition Drilling

Hole DSB-36 was drilled to test the potential south-southeastern extension of the Santa Barbara

High Grade Feeder Zone shown in Figure 1. This hole was collared approximately 400m south-

southeast of the underground drill bay in the Santa Barbara adit and was drilled at an azimuth of 2250

with a dip of -600. This hole intersected many significant intersections including:

 108.16 g Ag eq/t (11.63 g Ag/t, 1.53% Zn and 0.36% Pb) over 111.26m from 326.22 to

437.48m with higher-grade portions of:

o 180.29 g Ag eq/t (24.27 g Ag/t, 2.49% Zn and 0.73% Pb) over 24.13m.

o 197.54 g Ag eq/t (17.04 g Ag/t, 2.96% Zn and 0.58% Pb) over 11.82m.

o 211.34 g Ag eq/t (30.50 g Ag/t, 2.87% Zn and 0.76% Pb) over 6.02m.

 101.31 g Ag eq/t (28.14 g Ag/t, 0.19% Zn, 0.55% Pb and 0.26% Cu) over 77.82m from

3.70m to 81.52m.

 101.47 g Ag eq/t (23.88 g Ag/t, 1.08% Zn and 0.56% Pb) over 55.54m from 207.34 to

262.88m.

 205.75 g Ag eq/t (20.69 g Ag/t, 0.15 g Au/t, 0.68% Zn and 0.75% Pb) over 22.75m from

619.88m to 642.63m.

 136.82 g Ag eq/t (3.33 g Ag/t, 0.09 gAu/t, 1.72% Zn, 0.31% Pb and 0.07% Sn) over 78.39m

from 776.87m to 855.26m including:

o 478.26 g Ag eq/t (12.60 g Ag/t, 0.27 gAu/t, 5.61% Zn, 0.91% Pb and 0.28% Sn over

10.53m from 805.52m to 816.05m.

 203.26 g Ag eq/t (1.73 g Ag/t, 0.75% Zn and 0.42% Sn) over 12.22m from 897.58m to

909.80m.

 The last sample in this 935.4m long hole returned 549.91g Ag eq/t (46.00 g Ag/t, 3.33% Zn,

2.27% Pb and 0.68% Sn) over 1.51m from 933.89m to 935.40m.

 52% of this hole contained reportable intersections which collectively averaged 112.48 g Ag

eq/t

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Hole DSB-34 was drilled at an azimuth of 225 0 with a dip of -60 0 and was collared approximately

200m due south of the Santa Barbara adit to test the potential southwest limit of the high-grade feeder

zone (Figure 1). This hole intersected several wide lower grade intersections in the upper part of the

hole which are notable for their silver content in the absence of appreciable base metals. In the lower

part of the hole, base metals are again present including tin and copper. Significant results are as

follows:

 51.52 g Ag eq/t (21.00 g Ag/t and 0.07% Sn) over 37.14m from 14.40m to 51.54m.

 52.95 g Ag eq/t (19.14 g Ag/t and 0.2% Zn) over 55.41m from 242.84 to 298.25m including

a higher-grade section grading:

o 109.29 g Ag eq/t (61.42 g Ag/t, 0.18% Zn and 0.11% Cu) over 5.98m from 258.37m

to 264.35m

 65.49 g Ag eq/t (9.93 g Ag/t, 0.53% Zn and 0.14% Pb) over 24.17m from 372.95 to 397.12m

including a higher-grade section grading:

o 153.09 g Ag eq/t (20.27 g Ag/t, 1.53% Zn, 0.34% Pb and 0.11% Sn) over 4.58m

from 392.54m to 397.12m

 197.66 g Ag eq/t (71.64 g Ag/t, 0.25 g Au/t, 0.09% Zn, 0.11% Pb, 0.14% Cu and 0.20% Sn)

over 13.35m from 506.87 to 520.22m.

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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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Figure 2: Plan map showing Completed and Planned Drill Holes to test the South-

southeastern Extension of the High-Grade Feeder Zone at Santa Barbara. The surface

projection of the High Conductivity Zone (from 200m below surface) and the 3D Magnetic

Susceptibility Anomaly (from 500m below surface) are also shown for reference. For further

discussion on our geophysical surveys, please refer to our press release of September 20,

2022.

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

High Grade Feeder Zone Extension as at October 18, 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 interval length but this will be confirmed by further

drilling and geological modelling.

Ag Au Zn Pb Cu Sn Bi Cd Ag eq

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

DSB-36 3.70 81.52 77.82 28.14 0.01 0.19 0.55 0.26 0.04 0.002 0.001 101.31

99.92 118.17 18.25 2.94 0.01 1.06 0.12 0.01 0.01 0.001 0.004 65.25

133.32 175.91 42.59 4.29 0.02 0.92 0.18 0.01 0.01 0.001 0.003 61.35

207.34 262.88 55.54 23.88 0.01 1.08 0.56 0.01 0.01 0.001 0.004 101.47

270.40 290.05 19.65 4.80 0.02 0.68 0.16 0.01 0.01 0.008 0.003 50.91

303.58 305.15 1.57 9.00 0.01 1.57 0.32 0.01 0.01 0.001 0.006 101.25

309.69 311.16 1.47 9.00 0.01 1.81 0.35 0.01 0.01 0.001 0.007 114.86

314.20 315.68 1.48 3.00 0.02 1.48 0.15 0.01 0.01 0.001 0.006 87.80

326.22 437.48 111.26 11.63 0.01 1.53 0.36 0.01 0.02 0.001 0.006 108.16

Incl. 341.27 365.40 24.13 24.27 0.01 2.49 0.73 0.01 0.02 0.001 0.010 180.29

Incl. 385.05 396.87 11.82 17.04 0.02 2.96 0.58 0.01 0.03 0.001 0.014 197.54

Incl. 414.88 420.90 6.02 30.50 0.01 2.87 0.76 0.01 0.03 0.002 0.015 211.34

469.38 476.90 7.52 34.26 0.01 1.88 1.03 0.01 0.02 0.001 0.010 169.51

520.60 528.10 7.50 7.41 0.48 1.30 0.36 0.04 0.02 0.002 0.004 138.34

555.16 559.67 4.51 7.98 0.07 1.23 0.39 0.01 0.02 0.001 0.005 97.30

619.88 642.63 22.75 20.69 0.15 0.68 0.75 0.02 0.28 0.023 0.003 205.75

666.62 675.76 9.14 7.29 0.20 0.81 0.44 0.03 0.02 0.001 0.003 90.78

707.48 708.97 1.49 5.00 0.15 2.70 0.30 0.03 0.02 0.001 0.010 173.01

721.14 725.69 4.55 3.98 0.09 1.68 0.13 0.01 0.02 0.001 0.007 108.37

736.45 737.96 1.51 8.00 0.41 3.79 0.30 0.01 0.01 0.008 0.014 250.18

766.36 767.79 1.43 1.00 0.01 0.87 0.10 0.01 0.00 0.001 0.003 50.04

776.87 855.26 78.39 3.33 0.09 1.72 0.31 0.01 0.07 0.016 0.007 136.82

Incl. 805.52 816.05 10.53 12.60 0.27 5.61 0.96 0.01 0.28 0.106 0.024 478.26

876.41 877.90 1.49 17.00 0.01 0.43 0.43 0.01 0.01 0.001 0.001 55.23

897.58 909.80 12.22 1.73 0.01 0.78 0.01 0.00 0.42 0.001 0.002 203.26

933.89 935.40 1.51 46.00 0.04 3.33 2.27 0.01 0.68 0.001 0.015 549.91

DSB-34 14.40 51.54 37.14 21.00 0.03 0.00 0.03 0.00 0.07 0.002 0.001 51.52

71.04 72.56 1.52 4.80 0.01 0.01 0.09 0.07 0.13 0.001 0.001 68.23

75.51 96.60 21.09 5.67 0.02 0.51 0.28 0.03 0.04 0.001 0.003 59.09

114.80 116.23 1.43 31.90 0.01 0.32 3.01 0.00 0.07 0.001 0.001 172.01

180.90 182.37 1.47 1.80 0.01 0.07 0.02 0.02 0.12 0.001 0.001 57.17

242.84 298.25 55.41 19.14 0.02 0.20 0.02 0.06 0.03 0.008 0.001 52.95

Incl. 258.37 264.35 5.98 61.42 0.03 0.18 0.02 0.11 0.05 0.014 0.001 109.29

307.32 312.40 5.08 2.14 0.01 0.71 0.07 0.01 0.02 0.002 0.002 50.50

372.95 397.12 24.17 9.93 0.02 0.53 0.14 0.01 0.05 0.004 0.002 65.49

Incl. 392.54 397.12 4.58 20.27 0.02 1.53 0.34 0.01 0.11 0.002 0.006 153.09

425.90 427.40 1.50 8.40 0.05 0.26 0.05 0.03 0.05 0.001 0.001 50.35

462.06 465.14 3.08 24.20 0.06 0.17 0.03 0.00 0.05 0.010 0.001 61.39

469.67 472.60 2.93 23.15 0.04 0.03 0.06 0.02 0.04 0.003 0.001 49.32

506.87 520.22 13.35 71.64 0.25 0.09 0.11 0.14 0.20 0.018 0.001 197.66

652.67 658.42 5.75 2.87 0.11 0.69 0.01 0.02 0.02 0.004 0.001 59.71

661.42 662.88 1.46 4.20 0.01 0.12 0.17 0.02 0.11 0.001 0.001 58.73

680.63 682.17 1.54 4.70 0.21 0.08 0.06 0.01 0.02 0.575 0.001 160.73

718.13 736.53 18.40 0.30 0.01 1.10 0.01 0.01 0.01 0.001 0.001 59.67

825.57 837.65 12.08 5.58 0.06 0.01 0.01 0.13 0.07 0.077 0.001 70.86

SANTA BARBARA RESOURCE DEFINITION - HIGH GRADE FEEDER ZONE EXTENSION

SURFACE DIAMOND DRILLING

Hole No. From (m) To (m) Length (m)

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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 July 21, 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 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.

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

Progress at Iska Iska from October 18, 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-35 S 205,015 7,656,180 4,359 225° -60° 1,061.4

DSB-37 S 205,590 7,655,896 4,087 225° -60° 917.4

DSB-38 S 205,820 7,655,979 4,035 225° -60° 851.5

DSB-39 S 205,681 7,655,843 4,063 225° -60° 857.4

DSB-40 S 205,542 7,655,696 4,091 225° -60° 1,052.4

DSB-41 S 205,651 7,656,256 4,126 225° -60° 842.4

DSB-42 S 205,577 7,656,316 4,156 225° -65° 845.4

DSB-43 S 205,153 7,656,041 4,304 225° -55° 833.1

DSB-44 S 205,611 7,655,625 4,076 225° -60° 964.1

Subtotal 8,225.1

DSB-45 S 205,263 7,656,426 4,240 225° -60° In progress

DSB-46 S 205,682 7,655,554 4,061 225° -60° In progress

DSB-47 S 205,370 7,656,108 4,227 225° -60° In progress

DSB-48 S 205,752 7,655,483 4,054 225° -60° In progress

Surface Drilling Santa Barbara Resource Definition Northeast Extension

DHK-26 S 205,703 7,656,455 4,177 225° -65° 929.4

DHK-27 S 205,528 7,656,226 4,154 270° -45° 860.0

DHK-28 S 205,599 7,656,477 4,152 225° -65° 968.0

DHK-29 S 205,487 7,656,488 4,158 225° -70° 827.6

DHK-30 S 205,495 7,656,653 4,110 225° -60° 815.4

Subtotal 4,400.4

Santa Barbara Underground Metallurgical Hole

METSBUG-03 UG 205,281 7,656,076 4,168 270° -35° 707.8

Subtotal 707.8

Mina 2 Target Area - Surface Drill Program Testing Magnetic Inverse Model

DM2-01 S 2,059,430 76,542,159 36,636 30° -60° 860.3

Subtotal 860.3

TOTAL 14,193.6

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

completed since the start of the program on September 20, 2020 is 79,473.6m in 118 drill holes (32

underground drill holes and 86 surface drill holes) including 4 holes in progress.