Eloro Resources Ltd. Files NI 43-101 Technical Report by Micon on the Iska Iska Polymetallic Property, Potosi Department, Southern Bolivia

Eloro Resources Ltd. Files NI 43-101 Technical Report by Micon on the Iska Iska

Polymetallic Property, Potosi Department, Southern Bolivia

Toronto, Canada, April 29, 2020 – Eloro Resources L td. (TSX-V: ELO; FSE: P2Q) (“Eloro”,

or the “Company”) is pleased to announce that the Company has filed on SEDAR an independent

technical report (“Report”) by Micon International Limited (“Micon”), prepared in accordance with

National Instrument 43-101 - Standards of Disclosur e for Mineral Projects ("NI 43-101"). This

report, authored by Messrs. Charley Murahwi, P.Geo. , Pr. Sci. Nat., FAusIMM and Richard

Gowans, P.Eng., of Micon, supports Eloro’s planned exploration program at the Iska Iska

polymetallic epithermal-porphyry project (“Iska Iska” or the “Project”), in the Potosí Department,

southern Bolivia by Minera Tupiza S.R.L., Eloro’s wholly-owned Bolivian subsidiary. The Report

will also be posted on the Company’s website, www.elororesources.com.

In the Report, Micon concludes: “ The proximity of the Project to world class deposit s confirms

the favourable geological setting. In the Qualified Person’s (“QP”) experience, the optimal place

to explore is in the vicinity of an operating mine. It remains to be established whether this will be

the case at Iska Iska. Overall, Micon is of the opi nion that further exploration of the Iska Iska

property is merited based on the promising reconnai ssance sampling results, which have been

independently verified by the Micon QP. The geologi cal model and concepts being applied by

Eloro are sound. The deposit, if developed, renders itself amenable to both open pit and bulk

underground mining. ”

A US$1,040,000 two-phase exploration program is rec ommended in the Report. Phase I is a

limited office study estimated at US$40,000, due to the restrictions of the COVID-19 global

pandemic. The Phase II exploration program includes 3,500m of underground drilling as well as

geological mapping, trenching and sampling. The es timated cost of Phase II is US$1,000,000.

Micon concludes that the budget under consideration is reasonable and justified and

recommends that Eloro conduct the planned activities.

Tom Larsen, President & CEO of Eloro commented: “The Company is very pleased with Micon’s

efforts in completing the Iska Iska NI 43-101 Repor t and we are fortunate that the lead author,

Charley Murahwi, made the site visit in January 202 0, just prior to Bolivia’s COVID-19 related

travel restrictions. The Report clearly defines Eloro’s next steps to advance this project, in order

to unlock the potential unrealized value at Iska Iska. We are also pleased to have highly regarded

Bolivian geoscientist, Dr. Osvaldo Arce, supervise the proposed surface and underground drilling

programs and grateful to the Villegas family, Iska Iska’s owners, for giving Eloro the opportunity

to advance this highly prospective property.”

Qualified Person

Dr. Osvaldo Arce, P. Geo., an expert on Bolivian ge ology and a Qualified Person in the context

of NI 43-101 has reviewed and approved the technical content of this news release.

About Iska Iska

Iska Iska 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

20 Adelaide Street East, Suite 200, Toronto, Ontari o CANADA M5C 2T6 Tel.: (416) 868-9168 Fax: (416) 3 61-1333

TSX.V Symbol: ELO www.elororesources.com

Sud Chichas Province of the Department of Potosi. T he property can be classified as a

polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) epith ermal-porphyry complex. This is an important

mineral deposit type in Bolivia.

Geological mapping on the property by Eloro has rev ealed the spatial and temporal zonation of

alteration and vein minerals in an area of about 5 square kilometres. The polymetallic

mineralization occurs mainly as veins, subsidiary v ein swarms, veinlets, stockworks, and

disseminations, forming a subvertical vein system i n both the stock and the volcanic and

sedimentary rocks. Preliminary evaluation work inc luding 42 channel samples in underground

and on surface workings at Iska Iska returned significant results as summarized below. All of the

channel samples included altered wall rock with wid ths ranging between 1.20 to 5.55 m,

averaging 2.90 m (see press release of October 8, 2019 for further details).

 Silver. Anomalous silver values range between 35.5-694 g/t Ag (46% of channel samples).

 Gold. Anomalous gold values range between 0.31-28.6 g/t Au (42% of channel samples).

 Zinc. Anomalous zinc values range between 1.05-16.95% Zn (37% of channel samples).

 Lead. Anomalous lead values range between 0.41-16.95% Pb (49% of channel samples).

 Copper. Anomalous copper values range between 0.1->1% (22% of channel samples).

 Bismuth. Anomalous bismuth values range between 967-7,380 g/ t Bi (22% of channel

samples).

 Indium. Anomalous indium values range between 10.35->500 g/ t In (34% of channel

samples).

About Eloro Resources Ltd.

Eloro is an exploration and mine development compan y with a portfolio of gold and base-metal

properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly

prospective Iska Iska Property, which can be classi fied as a polymetallic epithermal-porphyry

complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro

has completed a NI 43-101 Technical Report on Iska Iska, which is a road-accessible, royalty-

free property. Eloro also owns an 82% interest in t he La Victoria Gold/Silver Project, located in

the North-Central Mineral Belt of Peru some 50 km south of Barrick's Lagunas Norte Gold Mine

and Pan American Silver’s La Arena Gold Mine. The P roperty consists of eight mining

concessions and eight mining claims encompassing ap proximately 89 square kilometres. The

Property has good infrastructure with access to roa d, water and electricity and is located at an

altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thoma s G. Larsen, President and CEO or

Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forwar d-looking information. Statements containing forwar d

looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts,

projections, expectations, or beliefs as to future events or results and are believed to be reasonable based

on information currently available to the Company. There can be no assurance that forward-looking

statements will prove to be accurate. Actual result s and future events could differ materially from th ose

anticipated in such statements. Readers should not place undue reliance on forward-looking information .

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)

accepts responsibility for the adequacy or accuracy of this release.