Eloro Resources’ Deep Hole DSBS-02 Encounters Numerous Mineralized Intercepts Including 146.65 g Ag eq/t (10.74 g Ag/t, 1.01 g Au/t, 0.31% Zn, 0.11% Pb and 0.06% Sn) over 88.66m and 131.86 g Ag eq/t (21.38 g Ag/t, 0.06 g Au/t, 0.25% Zn, 0.24% Pb and

Eloro Resources’ Deep Hole DSBS-02 Encounters Numerous Mineralized Intercepts

Including 146.65 g Ag eq/t (10.74 g Ag/t, 1.01 g Au/t, 0.31% Zn, 0.11% Pb and 0.06% Sn)

over 88.66m and 131.86 g Ag eq/t (21.38 g Ag/t, 0.06 g Au/t, 0.25% Zn, 0.24% Pb and

0.14% Sn) over 104.38m in the Santa Barbara Target Area at the Iska Iska Silver-Tin

Polymetallic Project, Potosi Department, Bolivia

 Hole DSBS-02 was drilled across the interpre ted Santa Barbara feeder zone to a length

of 1,023.4m, corresponding to a vertical depth of 745m. Notably, 67% of the overall length

of this hole yielded reportable intersections which collectively average 100.42 g Ag eq/t.

 Grade shell modelling in Leapfrog of the Santa Barbara Deposit indicates that, as of this

date, drilling has defined a higher-grade zone >90 g Ag eq/t that is approximately 750m

along strike, 650m wide and extends to a depth of at least 750m. This deposit remains

open in all directions.

 Hole DPC-09, the first of a series of holes to test the major inverse magnetic susceptibility

anomaly in the Porco area, intersected 41 reportable mineralized intersections

representing 29% of this 1,124.4m long hole that collectively average 94.73 g Ag eq/t.

Significantly, the last reportable intersection near the bottom of this hole is higher in Ag

and Sn with very low values of Zn and Pb. This is typical of what is seen in the Santa

Barbara area in the transition from the Ag-Zn-Pb-Sn polymetallic mineralization to the

more tin dominant mineralization at depth.

 The coincidence of the magnetic inverse model with the chargeability/conductivity model

from Bore Hole Induced Polarization (BHIP) surveys provides a powerful tool to outline

very prospective drill targets. BHIP surveys to a depth of almost 1,000m show that the

conductivity increases with depth at Santa Barbara, indicating that the potential feeder

zone could be even more substantive.

Toronto, Canada, June 14, 2022 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF;

FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from an additional

two (2) diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic

project in the Potosi Department, southern Bolivi a. Hole DSBS-02 is a surface hole drilled due

north at -30 0 from the south side of Santa Barbara across the higher-grade likely feeder zone.

Hole DPC-09 is the first in a series of drill holes to test the extensive magnetic susceptibility

anomaly in the Porco area in the southern part of the property. Four drills including three surface

drills and one underground drill are focussed on completing drilling in the Santa Barbara

Resource Definition Drilling Area. The underground drill is on its last hole and will be moved to

surface to complete drill holes requested by Micon International Limited (“Micon”) to better define

the preliminary open pit to be utilized for the maiden mineral resource estimate targeted for

completion at the end of Q3.

Overall, the Company has completed 59,499m in 95 drill holes to-date, including four holes in

progress, as shown in Figure 1. Tables 1 and 2 list significant assay results for the two drill holes

reported. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1,

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

TSX.V Symbol: ELO www.elororesources.com

2 | Page

2022, press release. Table 3 summarizes drill holes with assays pending. Highlights are as

follows:

Santa Barbara Mineral Resource Definition Target Area – Surface Drilling

Hole DSBS-02 was collared in the south part of the Santa Barbara target at an azimuth of 00 and

dip of -30 0 to test across the likely higher grade feeder zone for the Santa Barbara Ag-Sn

polymetallic mineralization. This hole was drilled to a length of 1,023.4m, corresponding to a

vertical depth of 745m, with 67% of the hole containing reportable intersections which collectively

average 100.42 g Ag eq/t. Significant results are as follows:

 146.65 g Ag eq/t (10.74 g Ag/t, 1.01 g Au/t, 0.31% Zn, 0.11% Pb and 0.06% Sn) over

88.66m from 319.36m to 408.02m, including a higher-grade section of:

o 737.33 g Ag eq/t (51.11 g Ag/t, 6.82 g Au/t, 0.24% Zn, 0.31% Pb, and 0.19%

Sn) over 12.06m from 355.39m to 367.45m. Notably, this is the strongest gold-

bearing intercept encountered to date at Iska Iska.

 131.86 g Ag eq/t (21.38 g Ag/t, 0.06 g Au/t, 0.25% Zn, 0.24% Pb and 0.14% Sn) over

104.38m from 531.22m to 635.60m, including higher-grade sections of:

o 224.16g Ag eq/t (50.19 g Ag/t, 0.02 g Au/t, 0.41% Zn, 0.38% Pb and 0.24%Sn)

over 26.79m from 543.09 to 569.88,

o 300.90g Ag eq/t (35.33 g Ag/t, 0.20 g Au/t, 0.26 % Zn. 0.78% Pb and 0.36% Sn)

over 10.38m from 590.84m to 601.22m.

 78.94 g Ag eq/t (12.77 g Ag/t, 0.06 g Au/t, 0.66% Zn, 0.12% Pb and 0.04% Sn) over

235.43m from 670.27m to 905.70m which included higher grade sections of: 

o 494.81 g Ag eq/t (170.06 g Ag/t, 0.49 g Au/t, 0.37% Zn, 0.35 %Pb, 0.40 % Sn)

over 4.46m from 722.70m to 727.16m, 

o 181.64 g Ag eq/t (76.79 g Ag/t, 0.19g Au/t, 0.76% Zn, 0.23 %Pb and 0.07% Sn)

over 4.35m from 770.73m to 775.08m, 

o 120.54 g Ag eq/t (15.50g Ag/t, 0.01 g Au/t, 1.57% Zn, 0.34% Pb and 0.03%Sn)

over 10.96 m from 800.44m to 811.40m, and 

o 129.54 g Ag eq/t (6.44 g Ag/t, 0.08 g Au/t, 2.03% Zn, 0.34% Pb and 0.02% Sn)

over 8.94 m from 853.28m to 862.22m. 

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

modelling in Leapfrog of the Santa Barbara Deposit by the Iska Iska geological team indicates

that drilling has defined a higher-grade zone >90 g Ag eq/t that extends approximately 750m

along strike, is 650m wide and extends to a depth of at least 750m. The deposit is open in all

directions. Figure 2 shows the Santa Barbara deposit model relative to the extensive 3D inverse

magnetic susceptibility model, demonstrating the remarkable scale of this enormous mineralized

system.”

Dr. Pearson continued: “Figure 3 is a 3D model combining the inverse magnetic susceptibility

model and the bore hole induced polarization (“BHIP”) chargeability and conductivity data that

clearly shows how this new hole DSBS-02 intersected significant mineralization in an area of an

extensive chargeability anomaly coincident with a magnetic high. In the lower part of this hole

conductivity increases substantially and indicates that this hole stopped just short of a likely area

of massive sulphide mineralization. The coincidence of the magnetic inverse model with the

chargeability/conductivity model provides a powerful tool to outline very prospective drill targets.

3 | Page

BHIP surveys to a depth of almost 1,000m show that the conductivity increases with depth at

Santa Barbara, indicating that the potential feeder zone could be even more substantive.”

Dr. Chris Hale, P.Geo., Chief Geophysicist for Eloro said: “Geophysical targeting is very useful

at Iska Iska because the mineralization often occurs in association with pyrrhotite, a mineral that

affects both the electrical and magnetic properties of the host rock. BHIP helps to correlate

mineralization between the holes because it samples a much larger volume around the borehole

than each assay does. BHIP provides two electrical measures of the quantity of mineralization;

chargeability that measures the amount of disseminated mineralization and conductivity that

shows when the strength of mineralization reaches the point of “connectivity”, resulting in a

conductive deposit. This explains the strong spatial correlation between the grade of

mineralization and the chargeable volume around DSBS-02. We do not yet have BHIP surveys

under DPC-09 but this hole was targeted to test a peak in the magnetic susceptibility that was

modelled using surface magnetic data. The excellent spatial coincidence between the

mineralized intersection and the peak in magnetic susceptibility gives us confidence that we will

also likely intersect mineralization when we drill the larger magnetic susceptibility zone that is

modelled deeper and farther to the south.”

Porco Area – Magnetic Inverse Anomaly – Surface Drilling

Hole DPC-09 is the first of a series of holes to test the major inverse magnetic susceptibility

anomaly in the Porco area, as outlined in Eloro’s March 1, 2022 press release. This hole

intersected 41 reportable mineralized intersections, representing 29% of this 1,124.4m long

hole that collectively averaged 94.73 g Ag eq/t. Highlights include:

 143.47 g Ag eq/t (10.67 g Ag/t, 0.25 g Au/t, 1.90 % Zn, 0.23%Pb, 0.09% Cu and 0.01%

Sn) over 11.96m from 363.57 to 375.53m

 84.46 g Ag eq/t (6.52 g Ag/t, 0.03 g Au/t, 1.13% Zn, 0.37% Pb and 0.01% Sn) over

10.63m from 410.09 to 420.72m

 79.46 g Ag eq/t (4.47 g Ag/t, 0.02 g Au/t, 1.12% Zn, 0.08 %Pb and 0.03 % Sn) over

42.55m from 740.63m to 783.18m.

 82.64 g Ag eq/t (3.48 g Ag/t, 0.05 g Au/t, 0.50% Zn, 0.09% Pb, and 0.08% Sn) over

57.34m from 798.15m to 855.49m including a higher grade section of:

o 127.94 g Ag eq/t (3.37 g Ag/t, 0.05 g Au/t, 0.50% Zn,0.12% Pb and 0.16% Sn)

over 12.02m from 798.15 to 810.17m,

 96.13 g Ag eq/t (8.14 g Ag/t, 0.15 g Au/t, 0.40% Zn, 0.11% Pb and 0.09% Sn) over

14.83m from 972.51m to 987.34m,

 69.88 g Ag eq/t (8.73 g Ag/t, 0.11 g Au/t, 0.22% Zn, 0.05% Pb and 0.06% Sn ) over

40.24m from 1045.82m to 1086.06m including a higher grade section of

o 100.05 g Ag eq/t (16.71 g Ag/t, 0.08 g Au/t, 0.35% Zn, 0.06% Pb and 0.09% Sn)

over 13.25m from 1068.37 to 1081.62m

 163.35 g Ag eq/t (48.35 g Ag/t, 0.12 g Au/t, 0.05% Zn, 0.05% Pb, 0.09% Cu and 0.15%

Sn) over 5.95m from 1114.63m to 1120.58m

As shown in Figure 4, this hole intersected a very extensive inverse magnetic susceptibility

anomaly which, at elevation 3,400m, extends for approximately 1.6km along strike by 700m wide

with a vertical extent of approximately 750m. The 3,400m elevation is approximately 100m above

4 | Page

the valley floor. Significantly, the last reportable intersection near the bottom of the hole is higher

in Ag and Sn with very low values of Zn and Pb. This is typical of what is seen in the Santa

Barbara area in the transition from the Ag-Zn-Pb-Sn polymetallic mineralization to the more tin

dominant mineralization at depth.

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

Definition Target Area as at June 14, 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.

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi =

bismuth, Cd = cadmium and g Ag eq/t = grams silv er 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

DSBS‐02 7.84 24.44 16.60 1.36 0.01 0.00 0.01 0.00 0.07 0.001 0.001 44.49

116.64 119.75 3.11 11.60 0.01 0.04 0.54 0.03 0.04 0.001 0.001 58.37

140.40 153.60 13.20 0.72 0.01 1.11 0.15 0.00 0.01 0.001 0.003 60.89

170.99 174.10 3.11 0.74 0.01 0.99 0.07 0.01 0.01 0.001 0.004 53.28

181.52 210.84 29.32 1.61 0.01 1.04 0.11 0.02 0.02 0.001 0.004 64.93

Incl. 204.66 209.33 4.67 4.63 0.01 2.69 0.35 0.06 0.04 0.002 0.008 172.94

235.15 255.86 20.71 5.43 0.06 1.83 0.55 0.01 0.09 0.003 0.007 168.10

270.96 281.72 10.76 7.62 0.04 0.49 0.22 0.02 0.06 0.001 0.002 78.72

290.74 293.71 2.97 15.53 0.05 0.06 0.14 0.04 0.05 0.001 0.001 59.26

298.26 308.78 10.52 26.84 0.11 0.05 0.09 0.08 0.02 0.001 0.001 65.08

319.36 408.02 88.66 10.74 1.01 0.31 0.11 0.01 0.06 0.008 0.001 146.65

Incl. 355.39 367.45 12.06 51.11 6.82 0.24 0.31 0.02 0.19 0.047 0.001 737.33

438.04 447.12 9.08 3.67 0.21 1.53 0.10 0.01 0.05 0.001 0.007 126.04

469.60 483.12 13.52 1.17 0.06 0.59 0.05 0.01 0.06 0.001 0.002 69.05

489.14 517.80 28.66 6.00 0.02 0.55 0.34 0.01 0.04 0.001 0.002 68.65

522.20 525.40 3.20 6.50 0.04 0.27 0.12 0.01 0.07 0.001 0.001 66.24

531.22 635.60 104.38 21.38 0.06 0.25 0.24 0.01 0.14 0.002 0.001 131.86

Incl. 543.09 569.88 26.79 50.19 0.02 0.41 0.38 0.01 0.24 0.001 0.001 224.16

Incl. 590.84 601.22 10.38 35.33 0.20 0.26 0.78 0.01 0.36 0.006 0.001 300.90

647.53 658.12 10.59 10.57 0.01 0.23 0.28 0.01 0.14 0.001 0.001 116.41

670.27 905.70 235.43 12.77 0.06 0.66 0.12 0.01 0.04 0.005 0.002 78.94

Incl. 722.70 727.16 4.46 170.06 0.49 0.37 0.35 0.04 0.40 0.104 0.003 494.81

Incl. 770.73 775.08 4.35 76.79 0.19 0.76 0.23 0.01 0.07 0.013 0.001 181.64

Incl. 800.44 811.40 10.96 15.50 0.01 1.57 0.34 0.01 0.03 0.001 0.004 120.54

Incl. 853.28 862.22 8.94 6.44 0.08 2.03 0.34 0.01 0.02 0.001 0.006 129.54

917.78 931.28 13.50 7.05 0.03 0.78 0.13 0.01 0.04 0.002 0.002 73.10

953.83 955.34 1.51 16.00 0.01 0.48 1.24 0.01 0.19 0.001 0.001 191.90

964.38 971.84 7.46 5.96 0.01 0.53 0.14 0.01 0.04 0.001 0.001 62.14

980.80 1022.40 41.60 38.97 0.08 0.24 0.34 0.03 0.10 0.007 0.001 132.38

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE

SURFACE DIAMOND DRILLING

Hole No. From (m) To  (m) Length  (m)

5 | Page

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 February 1, 2022, to more accurately reflect current

metal prices):

Element Price $US

(per kg)

Ratio to

Ag

Ag $722.56 1.0000

Sn $42.56 0.0589

Zn $3.30 0.0046

Pb $2.33 0.0032

Au $57,604.00 79.7221

Cu $9.68 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.

6 | Page

Table 2: Significant Results, Surface Diamond Drilling, Porco Area – Magnetic Inverse

Anomaly as at June 14, 2022.

See Note Table 1.

Ag Au Zn Pb Cu Sn Bi Cd Ag  eq

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

DPC‐09 0.00 5.42 5.42 1.89 0.01 0.00 0.01 0.00 0.15 0.001 0.001 94.64

104.28 109.27 4.99 1.67 0.01 0.97 0.04 0.03 0.01 0.002 0.002 60.29

162.18 172.74 10.56 0.64 0.03 0.84 0.07 0.01 0.01 0.002 0.003 54.18

177.18 178.65 1.47 2.00 0.01 1.10 0.32 0.00 0.02 0.001 0.004 72.61

195.31 196.80 1.49 3.00 0.01 0.81 0.41 0.00 0.01 0.001 0.003 59.66

207.43 208.91 1.48 9.00 0.05 4.04 0.38 0.01 0.01 0.001 0.019 215.09

211.94 213.44 1.50 0.30 0.01 1.04 0.07 0.01 0.01 0.001 0.003 55.60

216.47 217.95 1.48 2.00 0.05 1.67 0.22 0.00 0.01 0.001 0.006 93.82

270.53 271.99 1.46 8.00 0.03 3.61 0.20 0.05 0.01 0.001 0.018 194.48

363.57 375.53 11.96 10.67 0.25 1.90 0.23 0.09 0.01 0.004 0.014 143.47

392.13 393.60 1.47 8.00 0.02 1.52 0.34 0.01 0.01 0.001 0.007 94.61

410.09 420.72 10.63 6.52 0.03 1.13 0.37 0.01 0.01 0.008 0.005 84.46

425.11 426.61 1.50 12.00 0.01 1.11 0.34 0.02 0.01 0.001 0.004 81.08

468.78 473.31 4.53 7.01 0.32 0.95 0.27 0.04 0.01 0.004 0.002 98.88

621.97 624.95 2.98 29.49 0.15 7.91 0.48 0.02 0.05 0.001 0.027 451.93

668.49 674.45 5.96 16.81 0.11 3.40 0.38 0.02 0.02 0.001 0.018 211.05

684.96 686.38 1.42 3.00 0.34 0.31 0.11 0.02 0.01 0.001 0.001 58.23

704.50 710.58 6.08 8.75 0.49 1.56 0.17 0.03 0.01 0.005 0.014 135.68

731.63 736.15 4.52 11.62 0.11 2.11 0.36 0.02 0.06 0.001 0.013 165.28

740.63 783.18 42.55 4.47 0.02 1.12 0.08 0.01 0.03 0.001 0.007 79.46

798.15 855.49 57.34 3.48 0.05 0.50 0.09 0.02 0.08 0.002 0.002 82.64

Incl. 798.15 810.17 12.02 3.37 0.03 0.50 0.12 0.00 0.16 0.001 0.002 127.94

865.90 868.95 3.05 1.50 0.02 0.54 0.06 0.02 0.06 0.001 0.002 69.83

879.52 881.00 1.48 11.00 2.81 1.92 0.06 0.04 0.09 0.001 0.010 382.28

896.05 897.54 1.49 3.00 0.02 0.51 0.10 0.01 0.09 0.001 0.001 83.89

902.05 903.54 1.49 6.00 0.68 0.97 0.09 0.03 0.05 0.001 0.003 139.62

911.06 912.57 1.51 2.00 0.03 0.31 0.02 0.01 0.09 0.001 0.001 71.60

921.60 923.15 1.55 2.00 0.02 0.53 0.02 0.01 0.06 0.001 0.002 66.00

924.64 926.07 1.43 3.00 0.01 0.59 0.01 0.01 0.05 0.001 0.003 59.22

933.55 936.56 3.01 4.03 0.06 0.73 0.08 0.01 0.12 0.001 0.004 114.76

941.08 944.06 2.98 4.47 0.03 0.22 0.06 0.01 0.06 0.001 0.001 58.50

945.53 946.99 1.46 10.00 0.04 0.29 0.33 0.01 0.16 0.001 0.001 133.74

951.57 953.02 1.45 20.00 0.01 0.71 0.52 0.01 0.03 0.001 0.003 86.78

957.59 960.51 2.92 5.00 0.07 0.46 0.10 0.01 0.17 0.001 0.002 136.71

972.51 987.34 14.83 8.14 0.15 0.40 0.11 0.02 0.09 0.002 0.002 96.13

994.96 997.89 2.93 4.51 0.06 0.35 0.03 0.00 0.04 0.001 0.001 53.12

1003.85 1005.30 1.45 14.00 0.07 0.69 0.03 0.02 0.03 0.005 0.002 74.61

1014.23 1035.30 21.07 6.83 0.03 0.24 0.06 0.01 0.05 0.002 0.001 56.12

1045.82 1086.06 40.24 8.73 0.11 0.22 0.05 0.02 0.06 0.003 0.001 69.88

Incl. 1068.37 1081.62 13.25 16.71 0.08 0.35 0.06 0.04 0.09 0.004 0.001 100.05

1090.64 1093.67 3.03 9.53 0.19 0.09 0.02 0.03 0.05 0.005 0.001 62.69

1104.16 1108.73 4.57 6.67 0.08 0.13 0.01 0.03 0.04 0.003 0.001 48.93

1114.63 1120.58 5.95 48.38 0.12 0.05 0.05 0.09 0.15 0.018 0.001 163.35

PORCO AREA ‐ MAGNETIC INVERSE ANOMALY

SURFACE DIAMOND DRILLING

Hole No. From (m) To  (m) Length  (m)

7 | Page

Figure 1 – Geological Plan Map showing Drilling in Santa Barbara and Porco Areas with

Holes referred to in this release highlighted.

8 | Page

Figure 2: 3D Location of > 90 g Ag eq/t Grade Shell Model for Santa Barbara relative to

the 3D Magnetic Susceptibility Inverse Model. The high-grade likely feeder zone at Santa

Barbara extends approximately 750m along strike, is 650m wide and extends to a depth

of at least 750m. The deposit is open in all directions.