Eloro Resources Opens Up Major Tin Zone Intersecting 33m grading 1.39% Sn within 87m grading 0.74% Sn in its Definition Drilling Program at its Iska Iska Deposit, Potosi Department, Bolivia

 Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce further assay results from its definition diamond drilling program in the potential Santa Barbara starter pit area in the Iska Iska silver-tin polymetallic project in the Potosi Department of southwestern Bolivia. To date 5145.8m of diamond drilling have been completed in ten (10) holes. PQ core size has been used for all holes in this program to obtain larger, more representative core samples.

Hole DSB-72 is the first hole completed into the tin domain. Table 1 below lists significant results for this hole and Figure 1 shows locations of all the definition drill holes completed to date and in progress. Silver equivalent values (g Ag eq/t) have been calculated using 3-year average metal prices and preliminary metallurgical recoveries (see note below Table 1 for more information). Table 2 lists the coordinates of the drill holes completed and in progress.

Hole DSB-72, collared 160m southwest of previously reported drill hole DSB-69 (see Eloro press release of January 6, 2025) returned a long high grade tin intersection grading 1.39% Sn over 33m from 339.80m to 372.80m within 0.74% Sn over 87m from 291.8m to 378.8m. The higher grade zone displays cassiterite veins within well mineralized breccia; individual 1.5m long samples encompassing veins returned values of 6.65%Sn, 4.97%Sn, 3.50% Sn and 2.75%Sn.

Notably, in the upper part of this hole, higher grade silver mineralization of 24.48 g Ag/t over 45.0m was intersected from 117.80m to 162.80m.

During the early stages of the reconnaissance exploration drilling program at Iska Iska, significant wide spaced tin intersections were reported as summarized in Table 2; the most notable being 0.43% Sn over 73.29m in hole DSB-06, 1.18% Sn over 11.52m in hole DSB-17, 0.25% Sn over 82.11m in hole DSB-25 and 1.41% over 21.25m including 3.08% Sn over 9.04m in hole DSB-33 (see Eloro press releases – April 12, 2021, September 20, 2022 and October 5, 2022). All of these intersections are now recognized to be in the intrusion breccia (TIB) unit. Locations of these drill holes pierce points are shown in Figure 2, a longitudinal section showing distribution of chargeability. 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.

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 least 700m. Previous wide space reconnaissance drilling has intersected a number of significant Sn intersections (see Table 3 below) in this breccia unit which is very under-drilled. High grade tin mineralization in Hole DSB-72 occurs as visible coarse-grained high temperature cassiterite which is likely to be amenable to gravity separation. Core from this hole will be used for additional metallurgical testing.

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 likely pyrite-pyrrhotite halo around this porphyry. Similar pyritic halos have been reported from other major tin deposits in the Bolivian Tin Belt.

Dr. Osvaldo Arce, P.Geo., Eloro’s Executive Vice President, Latin America and General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., said: “Our understanding of the immense mineralizing system at Iska Iska continues to advance leading to the very targeted definition drill program which is producing very good results and continuing to expand resource potential. Areas with significant tin mineralization occur where mineralizing fluids were deposited through intrusion breccias and injection tourmaline breccias in favorable lithologies and structures forming enriched bodies with significant resource potential.”

Dr. Arce continued: “Bolivia, since the early 1900s, has been a global tin producer, presently ranked as the world’s fourth largest tin producer, together with other metals including silver, zinc, antimony, and lithium. Tin has been produced for over 100 years. The tin deposits are mainly located in the Bolivian Tin Belt that extends over 1,000 km in length making it one of the largest tin metallogenic belts worldwide. In 2019, this belt accounted for approximately 6% of global tin production, 5% of silver and 1.5% of tungsten (USGS 2020).”

He further commented: “Some of the most outstanding deposits are named as “Bolivian-type” polymetallic veins and classified as “giant ”, such as Cerro Rico de Potosí (Ag, Sn), Llallagua (Sn), Chorolque (Sn), and the Peruvian San Rafael (Cu-Sn) mine. These deposits are large, mineralized masses as combinations of veins, veinlets, stockworks, and disseminations. Llallagua is the largest vein-type tin deposit in Bolivia and one of the largest in the world, where total production has been estimated at more than one million tonnes of tin. Chorolque, located 30km north of Iska Iska contains extensive tin mineralization grading 0.3-0.5% Sn, hosted mostly in intrusion and intrusive breccias in rhyodacite intrusion. The San Rafael underground tin mine in Peru, located in the northern extension of the Bolivian tin belt, where approximately 12% of the world’s tin is produced, is one of the world’s richest hydrothermal tin Iodes. In these deposits, large-scale, structurally complex, cassiterite-bearing hydrothermal veins (“tin Iodes)” are commonly characterized by high grade tin (1-5 % Sn), and most of these deposits have been reported to contain in excess of 1,000 tonnes Sn, with some hosting greater than 50,000 tonnes Sn.”

Dr. Bill Pearson, P.Geo., Executive Vice President, Exploration noted: “The specific mineralized domains at Iska Iska, i.e. an earlier Sn-Ag porphyry system followed by a later Ag-Zn-Pb high sulphidation epithermal event, are readily evident in the chargeability section shown in Figure 2 below. The recognition of the extensive intrusion breccia unit (TIB) which was only marginally drilled previously is a major step forward in focussing further exploration drilling, especially for tin. Our goal continues to be to upgrade and expand the mineral resource at Iska Iska to form the basis for the planned PEA. The more we drill, however, the more we expand this remarkable mineralized system which has yet to be completely defined in any dimension.”

Table 1: Definition Diamond Drill Results as of January 23, 2025, Santa Barbara, Iska, Iska

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.

Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara, Iska Iska. The yellow circle highlights the location of the hole in this release.

Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Reported, Completed and in Progress at Iska Iska as of January 23, 2025

Table 3: Summary of Significant Sn Assay Results in Early Reconnaissance Diamond Drilling, Santa Barbara area.

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.

For complete results on the holes listed above, please refer to Eloro press releases dated April 13, 2021 (DSB-06), February 23, 2022 (DSB-12), September 20, 2022 (DSB-17, DSB-18, DSB-23, DSB-25 and DSB-27), October 5, 2022 (DSB-33) and April12, 2023 (DSB-45).

Figure 2: Longitudinal Section Showing Major High Chargeability Domain (Epithermal Ag-Zn-Pb) and Low Chargeability Domain (Intrusion Breccia -TIB- Sn-Ag). Location of Section Line is shown on the plan map in Figure 2.

Qualified Person (“QP”)

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President, Exploration, 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. Pearson who has more than 50 years of worldwide mining exploration, development and production experience, including extensive work in South America, manages the overall technical program, working closely with 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 QP in the context of NI 43-101, who has supervised all field work carried out at Iska Iska.

IP/Res surveys were carried out by MES Geophysics using Eloro’s ELREC-Pro 10 channel IP receiver and GDD 3600 watt IP transmitter. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided the survey design, preparation of the maps and interpretation of data processed, and quality reviewed by Mr. Rob McKeown, P. Geo. of MES Geophysics. Messrs. Hale, Gilliatt and McKeown are Qualified Persons (“QP”) as defined under National Instrument 43-101 (“NI 43-101”).

Eloro utilized both ALS and AHK for drill core analyses, 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. 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 were prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is followed the same analytical protocols used as with ALS and with the same QA/QC protocols.

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 Potosi 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 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 mineralization 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 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 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 a 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.

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”).

An initial program of 5,700m of diamond drilling in 13 holes in the Santa Barbara starter pit area is now in progress to better define the vertical and lateral extent of high-grade Ag mineralization; fill-in gaps that are presently categorized as low-grade or waste in the resource model but are very likely mineralized; expand the higher-grade Sn mineralization to the west; and complete an additional 1,400m in two large size PQ holes for further metallurgical testing.

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.

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 100% 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. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, 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 the Lagunas Norte Gold Mine and the La Arena Gold Mine.

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.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

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