Eloro Resources’ Deep Underground Hole DSBU-10 Intersects 188.64 g Ag eq/t (44.75 g Ag/t, 0.08 g Au/t, 1.05% Zn, 0.76% Pb and 0.14% Sn) over 349.08m in Core of Feeder Zone in the Santa Barbara Target Area at the Iska Iska Silver-Tin Polymetallic Project, Potosi
Eloro Resources’ Deep Underground Hole DSBU-10 Intersects 188.64 g Ag eq/t (44.75 g
Ag/t, 0.08 g Au/t, 1.05% Zn, 0.76% Pb and 0.14% Sn) over 349.08m in Core of Feeder Zone
in the Santa Barbara Target Area at the Iska Iska Silver-Tin Polymetallic Project, Potosi
Department, Bolivia
Hole DSBU-10 drilled at azimuth 40 0 and a dip of -60 0, is the highest grade, longest
intersection thus far at Iska Iska and includes the highest grade Ag to date of 44.75 g Ag/t
over 349.08m. Notably, 59% of the overall length of this 878.9m long hole yielded
reportable intersections which collectively average 160.14 g Ag eq/t.
Hole DHK-24, collared at surface near Huayra Kasa approximately 100m SE of Hole
DSBU-10 and drilled to the SW at -600 intersected multiple intersections including
o 114.62 g Ag/t (17.89 g Ag/t, 0.04 g Au/t, 1.58% Zn, 0.62% Pb and 0.05% Sn)
over 112.91m,
o 84.31 g Ag eq/t (2.61 g Ag/t, 0.10 g Au/t, 1.22% Zn and 0.21% Pb) over
162.48m, 120.0 g Ag eq/t (5.51 g Ag/t, 0.09 g Au/t, 1.71 %Zn and 0.34%Pb)
over 65.73m and
o 110.91 g Ag eq/t (43.67 g Ag/t, 0.07 g Au/t, 0.35% Zn, and 0.10 % Sn) over
177.86m.
o Notably, 62% of the overall length of this 926.3m long hole yielded reportable
intersections which collectively average 110.70 g Ag eq/t.
o The major feeder zone at Santa Barbara remains open to the southeast where
further drilling is now in progress. Note that metal prices for the Ag equivalent
calculation have been updated to reflect current metal prices.
Toronto, Canada, July 21, 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. Hole DSBU-10 is an underground hole drilled at
azimuth 400 at -600 dip across the higher-grade feeder zone. Hole DHK-24 is a surface drill hole
collared near Huayra Kasa approximately 100m SE of Hole DSBU-10 and drilled to the SW at -
600. Four drills including three surface drills and one underground drill are focussed on completing
drilling in the Santa Barbara Resource Definition Drilling Area. A fourth surface drill has been
added to further expand drilling capacity.
Overall, the Company has completed 64,573m in 102 drill holes to-date at Iska Iska, including
four holes in progress, as shown in Figure 1. Tables 1 and 2 list significant assay results for the
two drill holes reported and Figure 2 is a geological cross section. Prices used for calculating Ag
equivalent grades have been updated to current metal prices as noted below. Table 3
summarizes drill holes with assays pending. Highlights are as follows:
20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868-9168
TSX.V Symbol: ELO www.elororesources.com
2 | Page
Santa Barbara Mineral Resource Definition Target Area – Surface Drilling
Significant results are as follows:
188.64 g Ag eq/t (44.75 g Ag/t, 0.08 g Au/t, 1.05% Zn, 0.76% Pb and 0.14% Sn) over
349.08m from 0.0 to 349.08m in underground hole DSBU-10 in the core of feeder zone
in the Santa Barbara Target Area
o Notably, 59% of the overall length of this 878.9m long hole yielded reportable
intersections which collectively average 160.14 g Ag eq/t.
Hole DHK-24, collared at surface near Huayra Kasa approximately 100m SE of Hole
DSBU-10 and drilled to the SW at -600 intersected multiple intersections including;
o 114.62 g Ag/t (17.89 g Ag/t, 0.04 g Au/t, 1.58% Zn, 0.62% Pb and 0.05% Sn)
over 112.91m from 22.01 to 134.92m, including a higher-grade portion of 226.05
g Ag/t (26.25 g Ag/t, 2.74% Zn and 0.95% Pb) over 52.86m from 64.12m to
116.98m
o 84.31 g Ag eq/t (2.61 g Ag/t, 0.10 g Au/t, 1.22% Zn and 0.21% Pb) over
162.48m from 143.88 to 306.36m
o 120.0 g Ag eq/t (5.51 g Ag/t, 0.09 g Au/t, 1.71 %Zn and 0.34%Pb) over 65.73m
from 395.30m to 461.03m including a higher-grade portion of 299.92 g Ag eq/t
(17.19 g Ag/t, 0.31 g Au/t, 4.34% Zn and 0.59% Pb) over 17.06m from 414.84
to 431.90m
o 110.91 g Ag eq/t (43.67 g Ag/t, 0.07 g Au/t, 0.35% Zn, and 0.10 % Sn) over
177.86m from 546.78m to 724.64m including higher-grade portions of
967.90 g Ag eq/t (764.26 g Ag/t, 1.03 g Au/t, 0.34% Zn, 0.20% Pb, 0.09%
Cu and 0.10% Sn) over 7.57m from 549.82m to 557.39m
183.56 g Ag eq/t (81.68 g Ag/t, 0.34% Zn and 0.21% Sn) over 7.54m
from 635.69m to 643.23m and
221.65 g Ag eq/t (20.34 g Ag/t, 0.81% Zn, 0.15% Pb and 0.39% Sn) over
12.16m from 682.30m to 694.46m
o Notably, 62% of the overall length of this 926.3m long hole yielded reportable
intersections which collectively average 110.70 g Ag eq/t.
Tom Larsen, CEO of Eloro said: “These are the best drilling results to date at Iska Iska, even with
the discounted metal prices being quoted in comparison to higher values used for previous silver
equivalent drill hole results. The significance of DSBU-10 and DHK-24 both drilled at -60 degrees
further strengthens our geological belief that there is major tonnage potential in this feeder system
that further expands the already extensive initial Santa Barbara mineral resource definition target
area currently being drilled.”
Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We continue
to get impressive results from the higher-grade feeder zone at Santa Barbara. Based on
geological and geophysical evidence, it appears that this feeder zone may extend much further
to the SE across the centre of the Iska Iska Caldera. We are currently completing addition drill
holes to test this possibility and have added an additional drill to further accelerate the program.”
3 | Page
Table 1: Significant Results, Underground Diamond Drilling, Santa Barbara Resource
Definition Target Area as at July 21, 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.
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.
Ag Au Zn Pb Cu Sn Bi Cd Ag eq
g / t g / t %%%%%% g / t
DSBU‐10 0.00 349.08 349.03 44.75 0.08 1.05 0.76 0.05 0.14 0.009 0.007 188.64
361.08 362.58 1.50 3.00 0.01 0.83 0.15 0.02 0.00 0.001 0.001 51.97
388.18 422.72 34.54 12.74 0.01 0.96 0.40 0.01 0.00 0.001 0.003 75.90
452.66 476.68 24.02 11.39 0.01 2.94 0.63 0.01 0.01 0.001 0.011 182.47
509.77 533.97 24.20 1.87 0.02 1.85 0.25 0.01 0.00 0.001 0.005 106.39
571.73 576.10 4.37 2.87 0.01 1.55 0.34 0.01 0.01 0.001 0.004 94.05
585.20 598.76 13.56 3.22 0.09 0.84 0.18 0.02 0.02 0.001 0.002 67.00
621.38 622.90 1.52 1.00 0.04 1.21 0.10 0.01 0.01 0.001 0.001 71.95
628.83 637.98 9.15 2.31 0.01 0.98 0.01 0.01 0.00 0.001 0.001 54.99
667.28 677.60 10.32 34.45 0.11 1.79 0.73 0.04 0.06 0.010 0.008 185.24
704.63 706.13 1.50 6.00 0.01 0.27 0.23 0.03 0.08 0.013 0.001 65.20
746.62 770.20 23.58 11.05 0.01 0.54 0.06 0.04 0.04 0.002 0.001 60.83
798.80 816.80 18.00 8.01 0.08 1.14 0.14 0.03 0.03 0.001 0.004 91.25
SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DIAMOND DRILLING
Hole No. From (m) To (m) Length (m)
4 | Page
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.
Table 2: Significant Results, Surface Diamond Drilling, Santa Barbara Resource
Definition Target Area as at July 21, 2022.
See Note Table 1.
Ag Au Zn Pb Cu Sn Bi Cd Ag eq
g / t g / t %%%%%% g / t
DHK‐24 22.01 134.92 112.91 17.89 0.04 1.58 0.62 0.02 0.05 0.007 0.008 144.62
Incl. 64.12 116.98 52.86 26.25 0.06 2.74 0.95 0.03 0.06 0.003 0.012 226.06
143.88 306.36 162.48 2.61 0.10 1.22 0.21 0.02 0.01 0.002 0.003 84.31
Incl. 163.35 169.46 6.11 6.21 0.59 1.99 0.30 0.04 0.01 0.010 0.006 177.93
Incl. 287.36 298.60 11.24 8.99 0.01 2.43 0.67 0.01 0.03 0.001 0.008 163.22
354.45 357.60 3.15 1.00 0.01 1.04 0.08 0.01 0.01 0.001 0.003 61.13
363.55 366.55 3.00 1.24 0.01 0.91 0.07 0.01 0.01 0.001 0.003 55.12
378.50 386.34 7.84 0.50 0.01 0.96 0.11 0.01 0.01 0.001 0.003 58.50
395.30 461.03 65.73 5.51 0.09 1.71 0.34 0.01 0.02 0.002 0.008 120.00
Incl. 414.84 431.90 17.06 17.19 0.31 4.34 0.59 0.01 0.05 0.005 0.021 299.62
484.83 507.53 22.70 13.78 0.11 2.20 0.64 0.00 0.04 0.003 0.010 168.02
Incl. 492.38 500.00 7.62 35.03 0.30 4.95 1.08 0.01 0.06 0.008 0.024 367.25
521.09 524.14 3.05 6.44 0.02 0.55 0.08 0.01 0.05 0.001 0.001 57.74
546.78 724.64 177.86 43.67 0.07 0.35 0.05 0.01 0.10 0.001 0.001 110.91
Incl. 549.82 557.39 7.57 764.26 1.03 0.34 0.20 0.09 0.19 0.014 0.001 967.90
Incl. 596.58 607.10 10.52 16.55 0.01 0.06 0.02 0.01 0.19 0.001 0.001 97.24
Incl. 635.69 643.23 7.54 81.68 0.01 0.34 0.02 0.01 0.21 0.001 0.001 183.56
Incl. 682.30 694.46 12.16 20.34 0.03 0.81 0.15 0.01 0.39 0.001 0.001 221.65
732.18 735.24 3.06 4.52 0.01 0.63 0.04 0.03 0.05 0.001 0.001 61.45
768.45 773.02 4.57 5.27 0.10 0.39 0.05 0.01 0.05 0.002 0.001 57.09
804.71 806.24 1.53 38.00 0.03 0.85 0.24 0.00 0.06 0.017 0.003 115.24
878.15 881.15 3.00 2.99 0.16 0.07 0.01 0.02 0.04 0.005 0.001 41.09
SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
SURFACE DIAMOND DRILLING
Hole No. From (m) To (m) Length (m)
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Figure 1 – Geological Plan Map showing Drilling in Santa Barbara Area with Holes
referred to in this release highlighted.
6 | Page
Figure 2: Geological Cross of Diamond Drill Holes DSBU-10 and DHK-24 showing Major
Higher Grade Feeder Zone
7 | Page
Table 3: Summary of Diamond Drill Holes Completed with Assays Pending and Drill
Holes in Progress at Iska Iska from July 21, 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 Breccia
DHK-25 S 205526.9 7656384.7 4178.1 225° -55° 1,147.3
Subtotal 1,147.3
Surface Drilling Northwest Extension Santa Barbara
DSB-16 S 204973.9 7657053.1 4147.1 225° -65° 862.0
DSB-17 S 205136.3 7656770.8 4168.1 225° -40° 841.0
DSB-18 S 205209.3 7656683.3 4172.5 225° -40° 890.4
DSB-19 S 205209.9 7656684.0 4172.5 225° -65° 803.3
DSB-23 S 205343.3 7656534.4 4176.1 225° -40° 863.2
DSB-27 S 205044.5 7656982.6 4150.0 225° -65° 800.4
DSB-28 S 205512 7656112.0 4162.0 225° -60° 851.4
Subtotal 5911.7
DSB-29 S 205511.0 7655966.9 4134.0 225° -60° In progress
DSB-30 S 205440.3 7656179.1 4192.0 225° -60° In progress
DSB-31 S 205652.4 7656108.4 4088.0 225° -60° In progress
Underground Drilling Santa Barbara Adit
DSBU-09 UG 205284.5 7656080.0 4167.1 90° -60° 904.0
DSBU-11 UG 205284.5 7656080.0 4167.1 180° -55° 803.7
Subtotal 1707.7
METSBUG-03 UG 205284.5 7656080.0 4167.1 270° -35° In progress
Porco Target Area - Surface Drill Program Testing Magnetic Inverse Model
DPC-07 S 205090.1 7655340.9 4310.0 235° -60° 791.4
DPC-08 S 205585.0 7655423.6 4089.0 235° -65° 800.4
DPC-10 S 205396.5 7655701.2 4148.0 225° -60° 1,088.4
DPC-11 S 205456.7 7655516.6 4125.0 235° -70° 1,065.0
DPC-12 S 205650.0 7655200.0 4100.0 235° -70° 941.4
Subtotal 4,686.6
Mina 2 Target Area - Surface Drill Program Testing Magnetic Inverse Model
DM2-01 S 205944 7654211 3674.0 30° -60° 860.3
Subtotal 860.3
TOTAL 14,313.6
S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling
completed since the start of the program on Septem ber 13, 2020 is 64,573m in 102 drill holes (33
underground drill holes and 69 surface drill holes) including 4 holes in progress.
8 | Page
Qualified Person
Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L.,
and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical
content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration
Eloro, and who has more than 45 years of worldwide mining exploration experience, including
extensive work in South America, manages the ov erall technical program, working closely with
Dr. Osvaldo Arce, P.Geo. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and
Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon are regularly
consulted on technical aspects of the project.
Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international
accredited laboratories. Drill samples sent to ALS are 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. More recently Eloro has had
ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard
QA/QC program with standards, blanks and duplicates inserted into each batch of samples
analyzed with selected check samples sent to a separate accredited laboratory.
Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and
managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn
analysis on these samples is done by ALS Bolivia Ltda in Lima. 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. Turnaround time continues to improve,
as laboratories return to more normal staffing levels.
About Iska Iska
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 99% 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 located in
the same 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
Kasa underground workings and a high-grade gold-bismuth zone in the underground workings.
On November 24, 2020, Eloro announced the discovery of the 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 DHK-15 which returned 129.60 g Ag eq/t over 257.5m
(29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064%
Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn
polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized
envelope which is open along strike and down-dip extends around both major breccia pipes.