Channel Sampling at Porco Adit returns 103m Strike Length Grading 521 Ag eq/t (including 117 g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66%Sn) at Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. To date, the Company has completed 35,738 metres (m) in 68 drill holes including three (3) in progress to test major target areas at Iska Iska. This press release reports drilling results from one (1) additional hole which tested the Porco Breccia Pipe (“PBP”) (Hole DPC-01) and new underground channel sampling from the Porco adit located approximately 200m south of the PBP. Currently three drill rigs are in operation at Iska Iska. Two surface drill rigs are continuing to drill at the Santa Barbara Resource Definition Target Zone (Figure 1) to outline an initial National Instrument 43-101 (“NI-43-101”) compliant resource. A third drill, an underground rig, situated in the west end of the Santa Barbara Adit, is testing the eastern part of Santa Barbara Breccia Pipe (“SBBP’) and its mineralized envelope. Figure 1 is a geological plan map showing locations of drill holes completed, in progress and planned to complete resource definition drilling along with an updated geological interpretation. Figure 2 is a plan map of channel sampling at the Porco adit. Table 1 provides significant drilling results with definitions of chemical symbols, Table 2 details channel sample results from the Porco adit and Table 3 lists holes completed with assays pending, as well as holes in progress in the three major target areas. Highlights include:

Porco Adit

• Channel sampling in the Porco adit returned 521.33 g Ag eq/t (including 117.10 g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66% Sn) over a 103m strike length with an average channel width of 1.8m as shown in Figure 2 and Table 2. Mineralization in the Porco adit is hosted in a series of veins, veinlets, stockworks and disseminations in Ordovician quartz sandstone. The veins are parallel to and crosscutting the drift. In the western part of the drift veins are primarily sulphide-bearing whereas those in the eastern half are primarily oxide. Eloro believes mineralization at the Porco adit is sourced from a large underlying porphyry system as evidenced by recently acquired magnetic susceptibility data.

Porco Breccia Pipe

• Hole DCP-01 drilled due west at -65 degrees from the Porco radial platform intersected sixteen (16) separate zones of quartz-tourmaline veins in granodioritic intrusive breccia with best results of 110.30 g Ag eq/t over 3.0m, 67.08 g Ag eq/t over 6.0m including 168.25 g Ag eq/t (25.0 g Ag/t, 1.31% Zn, 0.32% Pb and 0.25% Sn) over 1.54m, 131.16 g Ag eq/t (18 g Ag/t, 0.54% Cu and 0.31% Bi) and 80.66 g Ag eq/t over 3.0m (0.23% Sn).

Figure 3 is a longitudinal section (A-A’ in Figure 1) showing the inverse model of magnetic susceptibility which highlights major targets and geological features. Figure 4 is a 3D view of the inversion model showing that Hole DPC-01 just clipped the edge of a very strong and extensive magnetic susceptibility anomaly below and to the northwest of the PBP. The strongest part of the anomaly, as shown in Figure 5, a cross section along drill hole DPC-01 (B-B’ in Figure 1), is located just to the northwest of this hole in the very prospective gap area between the Central Breccia Pipe and the PBP (see Figure 1). Further drilling is planned to test this target once definition drilling at the Santa Barbara Resource Definition Target Zone is completed.

Definition Drilling Santa Barbara Target Area

Definition drilling is continuing in the Santa Barbara Resource Definition Target Zone as shown in Figure 1. Currently a series of SW-NE sections at approximately 100m intervals are being completed with holes drilled on each section at -40 degrees and –65 degrees to provide coverage over the full target strike length of 1,400m. Underground drilling is continuing in the Santa Barbara adit to evaluate the resource potential in the mineralized envelope east of the SBBP. It is anticipated that the definition drilling program will be completed by early December.   Drilling will then refocus on exploration of the major magnetic targets in the Central-Porco target area as outlined above.

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “The magnetic data have proven invaluable in outlining the overall extent of the massive porphyry-epithermal system at Iska Iska. The higher-grade mineralized zones at Iska Iska tend to be magnetic hence the areas with high magnetic response are very prospective targets. Our geophysical team is also currently processing the downhole IP data from the Santa Barbara Resource Definition Target Zone which should help to better define the overall extent of mineralization especially zones with higher sulphide content which are generally higher grade.”

Dr. Osvaldo Arce, P.Geo., General Manager of Eloro`s Bolivian subsidiary, Minera Tupiza S.R.L. (“Minera Tupiza”), said: “The mineralization in the Porco adit is interpreted to be the lower part of the high sulphidation epithermal system which is likely connected to a major tin porphyry at depth as suggested by the extensive magnetic susceptibility anomaly. The intersections in Hole DPC-01 which are most abundant where this hole clipped the magnetic susceptibility anomaly are tin-rich supporting this conclusion. Our work continues to expand the remarkable mineralized system at Iska Iska which has now been shown to be at a district-scale.”

Dr. Quinton Hennigh, P.Geo., Eloro’s Senior Technical Advisor, commented: “The return of impressive polymetallic grades from the Porco adit confirm that the Iska Iska mineral system extends a remarkable 2.5 km from north to south. Metal endowments display notable zonation along this corridor from Ag-Zn-Pb-rich in the north to Ag-Sn-rich in the middle to Ag-Sn-Cu-Au-rich in the south. This is likely a reflection of proximity to the underlying source porphyry believed to be situated along the southern margin of the caldera complex as evidenced by recently collected magnetic data. The southern part of the Iska Iska system shows great potential for further discovery. It will be exciting to see drilling resume in this area.”

Table 1: Significant Diamond Drilling Results, Iska Iska, as at November 17, 2021: https://www.globenewswire.com/NewsRoom/AttachmentNg/09ba03c4-1872-4fcc-b36f-183db890eeb9

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. Percentage metal contents are shown for each element.

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:

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. Preliminary metallurgical tests are in progress 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: Channel Sampling Results, Porco Adit. Note that the samples are continuous channel samples across the vein structures as shown in Figure 2 below. The “From” and “To” distances are the area of influence for each sample used in the weighted average grade calculation: https://www.globenewswire.com/NewsRoom/AttachmentNg/ffa132a4-09de-4092-979e-00adafdc0f7c

Table 3: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from November 17, 2021 press release.

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 13, 2020, is 35,738 m in 68 holes including 3 holes in progress (23 underground holes and 45 surface holes).

Figure 1: Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed, in progress and planned. Drill holes for which assays are reported in this release and the location of the Porco adit are highlighted. Locations of Sections in Figure 3 (A-A’) and Figure 5 (B-B’) are also shown: https://www.globenewswire.com/NewsRoom/AttachmentNg/153d2784-8eef-45ad-abca-d05860e6cb2a

Figure 2. Plan Map of Channel Sampling, Porco Adit: https://www.globenewswire.com/NewsRoom/AttachmentNg/1f3d819b-bad5-45f4-a0bf-171621ea6632

Figure 3. Longitudinal Section Showing the Inverse Model of Magnetic Susceptibility. Susceptibility Highlights Major Targets and Geological Features. The location of this Section A-A’ is shown in Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/4eb5b907-2b81-4785-8f51-6dd3f8c676ac

Figure 4: 3D Magnetic Inversion Model Showing Location of Drill Hole DPC-01. Note how Hole DPC-01 just clips the 3D inversion model shown where the drill hole trace is red: https://www.globenewswire.com/NewsRoom/AttachmentNg/e7ed3ee0-17d6-479d-b080-6cecb3edca1a

Figure 5. Cross Section Looking North of Magnetic Inversion Model Showing Location of Drill Hole DPC-01. The Magnetic High to the Northwest of the Hole is a Priority Target for Drill Testing. The location of this section B-B’ is shown in Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/2aca4daf-333a-44b4-b158-d285dd976b82

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza, 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 overall technical program working closely with Dr. Arce. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.

Drill samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis. As announced in the February 26, 2021 press release, Eloro has changed the assay protocol to utilize X-ray fluorescence (XRF) to more accurately analyze higher tin. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques.   In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. 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.

Recently, AHK Laboratories, who manage a global network of laboratories have setup operations in Bolivia with the establishment of a preparation laboratory in Oruro. AHK has a strong base of accredited laboratories in South America including Peru, Chile, Brazil and Argentina. Eloro has contracted AHK to provide additional analytical services in order to help reduce the sample backlog. A series of check samples are currently being analyzed by AHK as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. The use of both accredited laboratories is reducing the backlog of samples to be analysed and improving turnaround.

The magnetic survey was carried out by MES Geophysics using a GEM Systems GSM-19W Overhauser magnetometer. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided the survey design, preparation of the maps and interpretation from data processed and quality reviewed by Rob McKeown, P. Geo. of MES Geophysics. Messrs. Hale, Gilliatt and McKeown are Qualified Persons as defined under NI 43-101.   The 3D magnetic inversion model was prepared by Mr. Joe Mihelcic, P.Eng., P.Geo. of Clearview Geophysics in consultation with Messrs. Hale and Gilliatt. Mr. Mihelcic is a QP under NI 43-101.

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. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (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 discovery hole on the SBBP, Eloro has released a number of significant drill results on this target, including:

• 122.66 grams g Ag eq/t (35.05 g Ag/t, 0.72% Zn, 0.61% Pb, 0.11% Sn and 0.06 g Au/t) over 123.61m including 205.74 g Ag eq/t (92.30 g Ag/t, 0.57% Zn, 0.85% Pb, 0.18% Sn and 0.07 g Au/t) over 32.32m (DSB-07),
• 105.41 g Ag eq/t (8.55 g Ag/t, 1.01% Zn, 0.48% Pb, 0.06% Sn and 0.38 g Au/t) over 173.58m including 199.77 g Ag eq/t (21.90 g Ag/t, 1.18% Zn, 0.93% Pb 0.12% Sn and 0.94 g Au/t) over 39.08m (DSB-07)
• 69.89 g Ag eq/t over 252.89m from 355.12 to 608.02m including several higher-grade sections of 196.60 g Ag eq/t including 131.13 g Ag/t over 14.52m, 134.62 g Ag eq/t including 93.25 g Ag/t over 21.08m and 145.35 g Ag eq/t including 2.38% Zn over 10.11m (DSB-08).
• 114.96 Ag eq/t including 0.325% Sn over 56.2m including a higher-grade section of 187.98 g Ag eq/t including 0.535% Sn over 28.86m; 80.71 g Ag eq/t including 0.213% Sn over 74.39m and 118.69 g Ag eq/t over 10.77m (DSB-10).
• 129.65 g Ag eq/t (18.38 g Ag/t, 2.14% Zn, 0.67%Pb, and 0.047% Sn) over 300.75m from 65.14m to 365.91m, including higher grade intervals of 215.54 g Ag eq/t over 72.76m, 163.35 g Ag eq/t over 31.83m and 224.48 g Ag eq/t over 19.39m. 82% of this 446.5m long hole contained reportable intervals (DHK-18).
• 234.19 g Ag eq/t (70.58 g Ag/t, 2.31% Zn, 2.74% Pb and 0.042% Sn) over 53.2m including a higher-grade portion of 931.73 g Ag eq/t (367.29 g Ag/t, 5.64% Zn, 13.67% Pb and 0.10% Sn) over 9.26m (DHK-20).
• 108.24 g Ag eq/t (3.14g Ag/t, 0.24 g Au/t, 2.03% Zn and 0.58% Pb) over 48.2m including a higher-grade interval grading 180.76 g Ag eq/t (4.46 g Ag/t, 0.35 g Au/t, 3.57% Zn and 1.05% Pb) over 15.02m (DHK-19). 160.22 g Ag eq/t (36.53 g Ag/t, 1.63% Zn, 1.20% Pb and 0.10% Sn) over 194.14m (DHK-21) including higher grade portions of:
  • 250.50 g Ag eq/t (51.31 g Ag/t, 3.35% Zn, 1.78% Pb and 0.10% Sn) over 18.24m.
  • 257.40 g Ag eq/t (75.83 g Ag/t, 2.29% Zn, 2.40% Pb and 0.12% Sn) over 16.33m.
  • 350.91 g Ag eq/t (112.57 g Ag/t, 1.41% Zn, 3.08% Pb and 0.33% Sn) over 30.06m.
  • 64% of this 512.9m long hole contains reportable intersections
• 94.68 g Ag eq/t (3.87 g Ag/t, 0.067 g Au/t, 1.63% Zn, 0.43% Pb and 0.05% Sn) over 169.93m including a higher-grade zone that graded 158.64 g Ag eq/t (9.35g Ag/t, 0.016 g Au/t, 3.43% Zn, 0.71% Pb and 0.03%Sn) over 29.84m (DHK-22).
• 100g Ag eq/t (including 38.71 g Ag/t, 0.88%Zn and 0.51%Pb) over 188.5 m from 58.67m to 247.13m including a higher-grade portion of 154 g Ag eq/t (including 75.51 g Ag/t, 0.96% Zn, 0.65% Pb and 0.16%Cu) over 65.8m (DHK-23)

On May 4, 2021, Eloro released results from the first drill hole on the CBP. Hole DCN-01 intersected multiple mineralized intercepts including 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m and containing 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53m.

Hole DCN-04 drilled at -80 degrees to the north from the northern radial platform of the CBP, intersected seventeen (17) mineralized intersections, principally Sn-Ag-bearing, over its 851.4m length. Best results include: 71.54 g Ag eq/t (32.58 g Ag/t and 0.10% Sn) over 97.10m from 134.40 to 231.5m; 101.52 g Ag eq/t (28.74 g Ag/t and 0.19% Sn) over 62.01m; 70.42 g Ag eq/t (28.74 g Ag/t and 0.16% Sn) over 22.59m; and 236.96 g Ag eq/t (92.21 g Ag/t and 0.25% Sn) over 17.45m. Hole DCS-02 was drilled southeast at -60 degrees from the south radial platform of the CBP. This hole, which was drilled to 800.5m, intersected nine (9) reportable Ag-Zn-Pb-Sn mineralized intervals. Best results include 79.53 g Ag eq/t (including 0.21% Sn) over 19.42m, 101.01 g Ag eq/t (32.76 g Ag/t, 0.76% Zn, 0.75% Pb) over 10.47 and 130.95g Ag eq/t (34.14 g Ag/t, 0.10 g Au/t, 1.35% Zn and 0.56 % Pb over 7.40m.

A detailed ground magnetic survey of the Iska Iska property, reported on June 6, 2021, confirmed the extent of the Iska Iska Caldera as determined from geological mapping and satellite interpretation, including Aster data. The SBBP and CBP, both of which have been confirmed by drill-testing, are marked by prominent low anomalies reflecting strong alteration. The magnetic data suggests that the Central and Porco Breccia Pipes likely merge at depth. In addition, there is a prominent area of low intensity magnetics northwest of the SBBP which was reported on in this press release.

Geological mapping and satellite interpretation identified a third major breccia pipe target, Porco (South), that is approximately 600m in diameter (South) located southeast of the CBP in the southern part of the Iska Iska caldera complex. The Porco (South) Breccia Pipe target has a similar magnetic signature to the Santa Barbara and Central Breccia Pipes, further confirming the likelihood of it being a major breccia pipe. Six (6) drill holes have been completed on Porco; assay results are pending. Previous channel sampling in the Porco adit located adjacent the target area 200m to the southeast returned 50m grading 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn over an average sample width of 2.49m.

Currently three diamond drill rigs are active at Iska Iska, two surface rigs and one underground drill. Planned drilling for 2021 is 51,000m with the aim of outlining an initial inferred NI 43-101 compliant mineral resource by Q1 2022. The target zone at the SBBP and the surrounding mineralized envelope is 1400m along strike, 500m wide and extends to a depth of 600m. This zone is open along strike to the northwest and southeast. A downhole induced polarization/resistivity (IP/Res) survey is in progress to further define drill targets and aid resource definition drilling. Preliminary metallurgical tests are also in progress. An updated NI 43-101 Technical Report is being prepared by independent consultant Micon International Ltd.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company 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 classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the 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. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, 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 Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward 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 results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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