Eloro Resources Ltd. Intersects the Longest Zinc Interval to Date at its Iska Iska Project, Potosí Department, Bolivia with 456 Metres Grading 1.72% Zn including 190.5m grading 2.35% Zn in Hole DSB-88
Eloro Resources Ltd. Intersects the Longest Zinc Interval to Date at its
Iska Iska Project, Potosí Department, Bolivia with 456 Metres Grading
1.72% Zn including 190.5m grading 2.35% Zn in Hole DSB-88
Highlights:
• This intersection in Hole DSB-88 is the longest zinc interval discovered to date at Iska
Iska and is also outside the current resource limit further expanding the Silver-Zinc
(Ag-Zn) Epithermal Domain located in the eastern margin of the potential Santa Barbara
starter pit.
• DSB-89, a step-out hole collared 50m northwest of hole DSB -88, intersected a number of
higher grade silver, tin and zinc intervals:
o 13.50m grading 74.64 g/t Ag, 0.81% Pb, 0.24% Sn beginning at 50.8m;
o 19.50m grading 41.52 g/t Ag, 0.88% Zn beginning at 74.8m;
o 33.00m grading 28.96 g/t Ag, 0.75% Pb and 2.36% Zn beginning at 103.30m;
o 20.25m grading 19.61 g/t Ag, 1.29% Pb and 2.38% Zn beginning at 136.30m;
and
o 24.75m grading 0.45% Pb, 1.80% Zn beginning at 156.55m.
• Further downhole DSB-89 intersected additional higher grade sections of:
o 16.50m grading 81.94 g/t Ag, 1.78 % Pb, 1.37% Zn and 0.15% Sn beginning at
392.80m;
o 118.50m grading 0.68% Pb and 1.31% Zn beginning at 200.80m;
o 76.50m grading 38.69g/t Ag, 0.79% Pb and 0.93% Zn beginning at 359.80m and
27.00m grading 49.87g/t Ag, 0.47% Pb and 1.13% Zn beginning at 409.30m;
TORONTO, Canada, October 9, 2025 -- Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF;
FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce further assay results from two
(2) step- out drillholes (DSB -88 and DSB -89) of the second phase definition diamond drilling
program. Both holes are in the Silver -Zinc-Polymetallic Domain in the potential Santa Barbara
starter pit area. These results further expand the footprint of this domain and indicate that the
deposit continues to be open to the east (see Figure 1). To date, a total of 6,756m of diamond
drilling in fourteen (14) holes has been completed in the current definition drilling phase. A total of
3,371m was completed in the seven (7) reported holes, with assay results pending for one
remaining hole totaling 514m in length.
Figure 1 shows the location of drill holes reported, Table 1 lists significant assay results and Table
2 lists drill hole coordinates.
Tom Larsen, Eloro’s CEO commented: “We are encouraged by these latest drill results at the
Santa Barbara zone. They are successfully infilling areas that were previously characterized as
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waste in the Mineral Resource Estimate (MRE) due to a lack of drilling data, and are expected to
contribute to both the expansion and upgrading of the mineral resource for the upcoming
Preliminary Economic Assessment (PEA).”
Dr. Osvaldo Arce, P.Geo., Eloro’s Executive Vice President Operations , Latin America added:
“The definition drill program has been very successful in extending the footprint of both the higher-
grade Sn-Ag domain to the west and the higher -grade Ag-Zn-Polymetallic domain to the east,
which are controlled by the Porco-Huayra Kasa fault system. Therefore, Iska Iska hosts two giant
near surface mineral deposits that remarkably are juxtaposed against each other, hence can be
potentially mined from one large starter pit with a relatively low stripping ratio.”
Dr. Arce continued: “The recent intercepts of infill and step-out drilling in the potential starter pit at
Santa Barbara zone of 0.51% Sn and 25.46 g/t Ag over 213m within a broader interval of 0.47%
Sn and 23.17 g/t Ag over 241.50m in hole DSB-87 (see Eloro’s Press Release dated September
16, 2025) and the current results of 1.72% Zn over 456m in drill hole DSB -88 and of 1.27% Zn,
24.51g/t Ag and 0.54% Pb over 154.50m in drill hole DSB -89 are some of the most robust
mineralized intersections to date in the definition drill program at Santa Barbara zone and some
of the most significant intersections within the Iska Iska Project. These important results reinforce
the exploration strategy of the Eloro technical team.”
Definition Drill Program, Santa Barbara Potential Starter Pit Area
Drillholes DSB-88 and DSB-89 were drilled in the southeastern margin of the potential starter pit
area. DSB-88, a step -out hole collared 310.00m northeast of hole DSB -87, intersected the
following silver, gold, zinc, lead and tin intervals.
• 25.75 g/t Ag over 6.00m beginning at 50.20m,
• 1.72% Zn over 456.00m beginning at 56.20m including:
o 2.35% Zn over 190.50m beginning at 56.20m,
o 3.63% Zn over 27.00m beginning at 158.20m, and
o 1.79% Zn over 36.00m beginning at 261.70m.
Further downhole, DSB-88 intersected 1.74% Zn over 136.50m beginning at 375.70m, including:
• 1.10 g/t Au, 19.33 g/t Ag, 1,69% Pb, 3.97% Zn and 0.13% Sn over 6.75m beginning at
385.45m and
• 48.50 g/t Ag, 2.00% Pb, 6.02% Zn and 0.18% Sn over 10.50m beginning at 474.70m.
DSB-89, a step -out hole collared 50.00m northwest of hole DSB -88, intersected the following
silver, zinc, lead and tin intervals:
• 24.51 g/t Ag and 1.27% Zn over 154.50m beginning at 26.80m, including:
o 74.64 g/t Ag and 0.24% Sn over 13.50m beginning at 50.80m;
o 41.52 g/t Ag over 19.50m beginning at 74.80m;
o 28.96 g/t Ag and 2.36% Zn over 33.00m beginning at 103.30m;
o 19.61 g/t Ag, 1.29% Pb, 2.38% Zn and 0 .12% Sn over 20.25m beginning at
136.30m and
o 1.80% Zn over 24.75m beginning at 156.55m. These intervals are within a broader
interval of 154.00m grading 1.27% Zn, 24.51g/t Ag and 0.54% Pb beginning at
26.80m
• 1.31% Zn over 118.50m beginning at 200.80m
• 38.69 g/t Ag and 0.93% Zn over 76.50m beginning at 359.80m, including:
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o 81.94 g/t Ag, 1.78% Pb, 1.37% Zn and 0.15% Sn over 16.50m beginning at
392.80m; and
o 49.87 g/t Ag and 1.13% Zn over 27.00m beginning at 409.30m.
Further downhole, DSB-89 intersected 1.24% Zn and 0.11% Sn over 4.50m beginning at 479.80m.
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Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara zone, Iska Iska.
The yellow circles highlight the location of holes DSB-88 and DSB-89 referred to in this
release.
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Table 1: Definition Diamond Drill Results as of October 6, 2025, Santa Barbara, Iska, Iska.
Hole No. From (m) To (m) Length
(m)
Ag Zn Pb Sn Ag eq.
g/t % % % g/t
DSB-88 50.20 56.20 6.00 25.75 0.09 0.20 0.04 38.06
56.20 512.20 456.00 5.92 1.72 0.41 0.04 79.83
Incl. 56.20 246.70 190.50 6.95 2.35 0.48 0.04 103.18
Incl. 2 158.20 185.20 27.00 8.44 3.63 0.83 0.06 160.48
Incl. 261.70 297.70 36.00 2.84 1.79 0.50 0.04 82.14
Incl. 375.70 512.20 136.50 8.81 1.74 0.51 0.06 89.26
Incl. 2 385.45* 392.20 6.75 19.33 3.97 1.69 0.13 213.53
Incl. 2 474.70 485.20 10.50 48.50 6.02 2.00 0.18 324.57
DSB-89 26.80 181.30 154.50 24.51 1.27 0.54 0.09 93.75
Incl. 50.80 64.30 13.50 74.64 0.03 0.81 0.24 131.33
Incl. 74.80 94.30 19.50 41.52 0.88 0.23 0.06 83.17
Incl. 103.30 136.30 33.00 28.96 2.36 0.75 0.09 139.82
Incl. 136.30 156.55 20.25 19.61 2.38 1.29 0.12 148.73
Incl. 156.55 181.30 24.75 4.57 1.80 0.45 0.07 88.02
200.80 319.30 118.50 3.76 1.31 0.68 0.08 77.66
359.80 436.30 76.50 38.69 0.93 0.79 0.10 102.10
Incl. 359.80 392.80 33.00 7.91 0.56 0.57 0.10 57.77
Incl. 392.80 409.30 16.50 81.94 1.37 1.78 0.15 186.72
Incl. 409.30 436.30 27.00 49.87 1.13 0.47 0.06 104.57
479.80 484.30 4.50 7.43 1.24 0.50 0.11 81.82
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 1.10 g/t Au
Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Completed at Iska
Iska as of October 6, 2025
Hole No. Type Collar
Easting
Collar
Northing Elevation Azimuth Angle Hole length
(m)
DSB-88 P 205481 7656205 4173 225° -60° 515.5
DSB-89 P 205447 7656241 4191 225° -60° 509.5
Subtotal 1,025
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Qualified Person (“QP”)
Dr. Osvaldo Arce, P.Geo. Executive Vice President, 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 overall technical
program and supervises all field work carried out at Iska Iska.
Eloro utilized both ALS and AHK for drill core analys es, 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, while ICP, such as ICP-OES or
ICP-MS, measure emitted light or ions to determine 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 d one as a QA/QC check. AHK is following
the same analytical protocols used as with ALS and with the same QA/QC protocols with the
exception of 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 program 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 Pot osi in southern Bolivia. Eloro has an
option to earn a 100% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene
possibly 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 November 18, 2020, Eloro announced the discovery of a
significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra
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Kasa underground workings and a high- grade gold-bismuth zone in the underground workings.
On November 24, 2020, Eloro announced the discovery of the Santa Barbara Breccia Pipe (SBBP)
approximately 150m southwest of the Huayra Kasa underground workings.
Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at
the SBBP including the discovery hole from 0.0m to 257.5m. Subsequent drilling has confirmed
the presence of significant values of Ag- Sn polymetallic minerali zation 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 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, 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 consultants Micon
International Limited. The MRE was reported in two domains, the Polymetallic (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.
Results of the definition drill program which totalled 5,267.7m in 11 holes were reported on
December 18, 2023 and January 11, 2024, respectively. Significant results included 279.22 g
Ag/t, 0.47% Pb and 0.43% Sn (339.82g Ag eq/t) over 62.84m and 33.83 g Ag/t, 1.53% Zn, 0.93%
Pb and 0.14% Sn (130.88g Ag eq/t) over 178.99m including 120.37 g Ag/t, 2.13% Zn, 1.57%
Pb and 0.19% Sn in hole DSB-61; 57.62g Ag/t, 1.26% Zn, 0.94% Pb and 0.12% Sn (139.94g Ag
eq/t) over 136.11m in hole DSB-66 and 118.86g Ag/t, 0.35% Zn, 0.35% Pb and 0.15% Sn (152.29g
Ag eq/t) over 81.28m in hole DSB-65. This latter intersection in hole DSB-65 included a very high-
grade sample of 5,080g Ag/t, 0.12 g Au/t, 0.26% Zn, 1.34% Pb, 1.53% Cu and 1.27% Sn
(4,746.46g Ag eq/t) over 1.46m.
Metallurgical tests reported on January 23, 2024 from a 6.3 tonne PQ drill core bulk sample
representative of the higher grade Polymetallic (Ag-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.
On January 29, 2024, the Company reported that the new chargeability high outlined southeast
of the MRE open pit by the expanded induced polarization (IP) survey indicates that the major
mineralized structural corridor that is up to 800m wide extends a further 600m along strike to the
southeast for an overall strike length of at least 2km. This new area has not been drilled.
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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. Areas with higher -grade resource
typically have much better drilling density but holes outside the core potential 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. Previous drilling has shown that areas with high- grade
mineralization typically have much better drilling density, whereas holes outside the core area are
too widely spaced to give an accurate grade estimate. This increased drilling density is particularly
important for defining the extent of the high-grade Ag-bearing and Sn-bearing 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 preliminary economic assessment (“PEA”).
Results from the first definition drill hole DSB-68 were released on November 26, 2024. This hole
intersected 66.90g Ag/t, 0.63% Zn, 0.42% Pb and 0.11% Sn (111.14g Ag eq/t) over 289.13m
including higher grade intervals of:
• 126.10g Ag/t, 0.55% Zn, 0.60% Pb and 0.09% Sn (160.72g Ag eq/t) over 122.03m,
• 47.61g Ag/t, 0.22% Zn, 0.40% Pb and 0.45% Sn (146.06g Ag eq/t) over 16.51m, and
• 25.52g Ag/t, 2.19% Zn, 0.65% Pb and 0.10% Sn (129.60g Ag eq/t) over 7.46m
Further drill results were released on January 6, 2025:
• Hole DSB-69 intersected 127.49g Ag/t, 0.50% Zn, 0.16% Pb and 0.31% Sn (193.00g Ag
eq/t) over 41.25m within a broader interval of 49.71g Ag/t, 0.78% Zn, 0.32% Pb and
0.15% Sn (106.97g Ag eq/t) over 142.50m.
• Hole DSB-70 intersected, 45.71g Ag/t, 3.11% Zn, 1.91% Pb and 0.23% Sn (232.35g Ag
eq/t) over 81.00m within a broader interval of 30.08g Ag/t, 1.63% Zn 0.98% Pb and
0.13% Sn (127.89g Ag eq/t) over 255.75m
• Hole DSB-71 intersected 53.17 Ag/t, 0.72% Zn, 0.40% Pb and 0.19% Sn (116.62 g Ag
eq/t) over 45.00m within a broader interval of 29.26 Ag/t, 0.58% Zn, 0.22% Pb and 0.11%
Sn (71.46g Ag eq/t) over 127.50m.
On January 23, 2025, the Company reported discovery hole DSB -72 that opens up a major tin
zone intersecting 33m grading 1.39% Sn within 87m grading 0.74% Sn. Tin mineralization is
hosted in an extensive intrusion breccia unit (TIB) that is approximately 750m long by 450m wide
and extends to a depth of at least 700m. Previous wide space reconnaissance drilling has
intersected a number of significant Sn intersections in this breccia unit which is very under-drilled
Higher grade tin mineralization in Hole DSB-72 occurs as visible coarse and medium-grained high
temperature cassiterite which is likely to be amenable to multi-gravity separation. Core from this
hole will be used for additional metallurgical testing. Geophysically, the intrusion breccia has low
chargeability which contrasts considerably with the adjacent later epithermal Ag- Zn-Pb
mineralization which is marked by a strong chargeability anomaly. The intrusive breccia is very
likely an offshoot or apophysis from a large tin porphyry at depth. The likely top of this tin porphyry
is marked by a highly conductive zone that is interpreted as a pyrite- pyrrhotite halo around this
porphyry. Similar pyritic halos have been reported from other major tin deposits in the Bolivian
Tin Belt.
With this discovery of a presumed shallow level apophysis of a tin porphyry at depth, Eloro is in a
unique position of having two discernable different deposit styles juxtaposed against one another;
a very large silver -zinc-lead dominant system next to a high -grade tin system. While these two