Eloro Resources

I think it is fair to say that Eloro (V.ELO) CEO Tom Larsen is excited by what the company is finding at its Iska Iska Property in Southern Bolivia. The announcement of a second major mineralized breccia pipe approximately 400m in diameter confirmed Larsen’s belief that Iska Iska may have significant tonnages of commercially viable material.

In the release, Larsen states, “The discovery of a new breccia pipe and outlining of a number of potential targets for breccia pipes is highlighting the potential for Iska Iska to host a significant bulk mineable polymetallic deposit. We are currently preparing access roads to enable additional surface drilling to further evaluate the new pipe as well as drill-test other potential breccia pipe targets.”

Iska Iska was taken on by Eloro as a second project when the company’s La Victoria project in Peru ran into regulatory headwinds. “We have the financing and the drill plan for La Victoria,” said Larsen on the phone. “What we have to get is a land rental agreement from the community. We are making progress on that but it is slow going.”

All of which has meant that Iska Iska has become Eloro’s flagship property. From the start, the property had the advantage of being privately owned and having been operated as a mine previously. The Huayra Kasa underground workings from the previous mine gave Eloro the great advantage of being able to drill from underground drill bays. While those workings are not deep, about 20 meters from surface, they illustrate a potential open pit operation.

“We’re drilling from three underground bays,” said Larsen. “This is on the northern part of the property. We drill holes from each bay in all four directions. Everything we have drilled, so far, has been mineralized. Whether there is commercial mineralization is yet to be determined. We have assay results for five holes with ten holes pending.”

What the drills are finding is a very strong set of indications that Eloro has found a second breccia pipe. “We drilled into the breccia and then we brought in another drill,” said Larsen. “Our hole # 14 drilled from the third underground bay going west intersected almost 180m of silicified and mineralized breccia in the Santa Barbara Breccia Pipe. Hole 14 ended in well-mineralized breccia once the drill reached its depth capacity and only penetrated approximately 50% of the breccia pipe.”

“This Santa Barbara Breccia Pipe is different,” said Larsen. “It’s more circular and about 400 meters in diameter. In the outlying areas of the pipe we’re seeing more lead and zinc. In the center we see tin, copper and bismuth which are less transportable and closer to the heat source. However, the field XRF analyser picking up on these metals is not set up to detect either gold or silver.”

This is the second breccia pipe Eloro has found at Iska Iska. The first was reported November 18, 2020. In that report Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro, stated, “Breccia pipes such as the one we have discovered are important hosts of bulk tonnage ore bodies in many producing mines in epithermal and porphyry deposits especially in the Andean Cordillera of Central and South America.  These pipes tend to occur in clusters, and recent geologic work by our Bolivian geologic team led by Dr. Osvaldo Arce indicates the setting at Iska Iska is conducive for discovery of such a cluster.”

As Eloro awaits assay results from its current drill holes it is completing an access road for a surface drill pad for surface definition drilling of the Santa Barbara breccia pipe.

“We have also located a Central Pipe which is to the south,” said Larsen. “It appears to be elongated and about 400 meters by 700 meters.”

“We have potential breccia pipe targets along the ring structure of the collapsed caldera,” said Larsen. “We are very enthused with the results to date. Our team is working very well. Remember, we really only started drilling in September. We’re able to drill 50 to 90 meters a day at a direct cost of about $110 US a meter.”

The breccia pipes may or may not contain commercially viable material but they are strong indicators that there is a magmatic-hydrothermal source underlying the breccias. Dr. Bill Pearson, P.Geo., Chief Technical Advisor commented, “given the strong association of gold with bismuth in the high-grade zones at Huayra Kasa, gold is likely to be present. It is also very likely that there is a major tin-copper-bismuth porphyry system beneath these breccia pipes; this possibility will be tested in the next round of surface diamond drilling.”

“All the rock is mineralized,” said Larsen. “It really suggests a porphyry intrusive running deeper.”

Larsen describes Iska Iska as a “typical Andean Cordilleran system”. What he does not say is that these sorts of systems produce copper, tin, silver and, perhaps, gold in huge tonnages. It is very early days at Iska Iska, but for investors, the very real possibility of a large mining opportunity becomes more realistic with each hole drilled.

Tom Larsen, CEO of Eloro Resources (V.ELO), is waiting, somewhat patiently, for the results of drilling at the company’s Iska Iska project in Southern Bolivia. Eloro signed the Iska Iska deal in January and the drills are turning.

The Iska Iska project has the potential to be big. Very big. Which means that the drilling is designed to define structure. “It will be a couple of weeks before we have the initial results,” said Larsen. “Structurally we are very pleased. But we need to release multiple holes and we need the assays.”

“We want to be able to explain what we are doing,” said Larsen. “These are big systems. There are actually two systems. A deeper porphyry with an epithermal system above.”

“It is a 3500 meter drill program. We’re drilling from three underground drill bays with two drills,” said Larsen. “We’re expecting news flow in a few weeks and we have to educate the market. We’re there for big tonnage.”

Iska Iska has the great advantage of having the land owned by a private family which speeds up permitting and has allowed Eloro to move quickly with its drill program. The property itself was brought to Eloro by Bolivian geologist Osvaldo Arce who had worked on the property prior to Eloro’s involvement. From the outset Eloro was confident that there was considerable silver at Iska Iska but the project also has polymetallic potential.

Because of its involvement with Iska Iska, Eloro has taken a good look at Bolivia as a mining jurisdiction. Until a few years ago Bolivia was generally seen as relatively hostile to mining, but this has changed with the government of Bolivia becoming much more mining-friendly. Larsen expects the new government, elected Monday, to continue with “business as usual.” The project is located in Bolivia’s prolific South Mineral Belt which includes world-class deposits as Chorolque, Tasna, Choroma, Siete Suvyos and San Vicente.

Because of the negative mining environment a few years ago, the region is somewhat under-explored, which Larsen saw as an opportunity for Eloro.

“We wanted to get a regional picture,” said Larsen. “We wanted to look for similar hydrothermal alterations.”

To get that picture, Eloro used ASTER (Advanced Spaceborne Thermal Emission and Reflection Radiometer) technology to find anomalies which were similar to the anomalies which characterize Iska Iska. ASTER is a high resolution, satellite borne, imaging instrument which can provide detailed information about geological features.

Eloro used the ASTER imaging to look at the Potosí area and to search for anomalies which suggested the possibility of mineralization.

“You can’t really see these anomalies on the ground,” said Larsen. “But the ASTER survey did not cost much and gave us nine new target areas.”

Eloro staked these “mining areas” and detailed each of them in a press release dated October 14, 2020. In that release, Larsen stated, “Iska Iska has excellent potential to host a significant silver polymetallic mineral deposit. We are currently carrying out an underground drill program (see press release September 14, 2020) with results pending. Acquisition of these additional properties which appear to have similar hydrothermal alteration signatures to Iska Iska further expands our very prospective land position in the area.”

ASTER imaging is remarkably powerful in that it not only can indicate surface features suggestive of mineralization, it can also provide information as to the composition of the rocks it is imaging.

What this has meant for Eloro is that along with being able to determine where unexplored calderas are located, ASTER has indicated what the hydrothermal alterations are within those calderas. This is important as in most cases there are no outcrops. The ASTER results have given Eloro a road map of where to look for more high-value targets like Iska Iska.

The key element to Iska Iska is size. The initial drill results will give Eloro a sense of the potential grade of the project but they will also begin to define the size of the potential deposit, knowing it will take multiple drill holes to confirm that size.

Finding and staking more prospective land in the region makes sense. If Iska Iska turns out to be worth developing it will be because it is a very large deposit. Having other, similar, ground to explore will give Eloro regional reach in a target-rich, but underexplored, environment.

Interesting press release today from Eloro (V.ELO). They have staked 9 additional properties in the Potosí Department, southern Bolivia where Iska Iska, their flagship Bolivian property is located.

Eloro CEO, Tom Larsen, is quoted in the release saying, “Iska Iska has excellent potential to host a significant silver polymetallic mineral deposit. We are currently carrying out an underground drill program (see press release September 14, 2020) with results pending. Acquisition of these additional properties which appear to have similar hydrothermal alteration signatures to Iska Iska further expands our very prospective land position in the area.”

The new properties are interesting in themselves but they also suggest very strongly that Eloro is encouraged with what it is finding at Iska Iska.

Eloro (V.ELO) CEO Tom Larsen would have every right to be frustrated with South America. The company’s extremely promising La Victoria Gold/Silver Project in north central Peru has had to deal with 100 year rains and then community politics 3000 meters up in the Andes. Even with widespread community support, until a new President was elected in the community and a community vote to approve the surface rights was held, Eloro could not proceed with exploration. After being sidetracked for more than a year a new President was finally elected in early December.

“We hope to start work in late February,” said Larsen. “The thing was that we had to get the town to approve surface rights and that approval was controlled by the old President. Even with 90% of the community behind the project, and even with our award winning social responsibility programs, we still had to wait for a new President to be elected and a community vote. The new President was elected and we’re looking forward to the community vote happening and then we hope to commence the maiden drill program at San Markito.”

The frustrating thing about the community politics is that without activity on the property to report, the market had nothing to pay attention to. “No activity and the stock drifts,” said Larsen.

“We have a lot of technical depth,” said Larsen. “While we waited out the Peruvian situation, we were looking for a hedge. One place we looked was Bolivia. We saw New Pacific Metals with its Silver Sands project and Pan American and we asked ourselves, “Why are they in Bolivia?”

Larsen was alluding to the less than stellar reputation Bolivia has acquired over the years as a mining jurisdiction and as a politically volatile country. “Actual ownership of property is hard,” said Larsen. “The big companies mostly lease their land. But there is the San Cristobal open-pit silver, lead and zinc mine controlled by the Sumitomo Group, the San Vicente silver mine 95% controlled by Pan American Silver and the San Bartolome silver mine controlled by Argentum Investments, AB. So, you can certainly mine in Bolivia. Bolivia has become much more mining friendly.”

Eloro had one huge advantage in Bolivia, they were working with Dr. Osvaldo Arce, a Bolivian geologist who was familiar with and had worked on many of the country’s most prospective properties. He was looking for the opportunity to work with Eloro and made a list of potential projects. At the top of that list was the Iska Iska polymetallic epithermal project, in the Potosí Department, in southern Bolivia.

Dr. Arce had worked on Iska Iska in 2016 and knew the family who controlled the property. Eloro and Dr. Arce began working on the due diligence for the property in August 2019 and the company entered into a Letter of Intent to gain an option on the property which it announced October 8, 2019.

In that press release Eloro reported the results of its channel sampling work on the Iska Iska property. In that release Larsen states, “The results of our initial due diligence, supervised by Dr. Osvaldo Arce, P. Geo., are very positive and suggest the potential for a large polymetallic mineralized system in a similar geological setting to other major deposits in the belt.”

Along with surface channel samples, Eloro took samples from underground workings. The samples disclosed silver, gold, zinc, lead, copper and rare earths. “These were 3 meter channel samples,” said Larsen. “As well as very good silver and gold grades we saw 16% zinc and 16% lead. There was high quality mineralization in 40-50% of the samples taken.”

Based on the sampling and the geological mapping undertaken at Iska Iska, Eloro decided to go forward with the project and on January 9, 2020 announced the signing of the Definitive Option Agreement on the Iska Iska polymetallic epithermal project.

“The agreement gives us four years to do our due diligence but we should know what we have in two years,” said Larsen. “It is not going to be hard to outline the system.”

“We’re there for the size,” said Larsen. “There is mining on the property right now and we are allowing artisanal activity.”

“The samples we’ve taken to date cover less than 15% of the system,” said Larsen. “We’re looking to find 100 million plus tons.”

The terms of the option reflect the size issue: if Eloro can find the size it is looking for it can effectively control the property for a one time payment of $10 million. However, there is no royalty and Eloro pays no cash up front. The only up-front payment is 250,000 Eloro shares.

All of which is in line with Larsen’s commitment to keep the share structure of Eloro tight – there are only 38 million shares out – and add value with the drill.

“Between La Victoria in Peru and Iska Iska in Bolivia we’ll have a steady stream of news through 2020,” said Larsen. For junior explorers, news from two significant projects is exactly what the market is looking for.

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“ELO” or the “Corporation”) is pleased to announce results of detailed mineral determination studies from representative rock samples collected from three mineralized sectors at the La Victoria Gold/Silver Project. The studies confirm free gold, free silver, sulphide gold and silver, and alloy gold and silver occur in a complex suite of sulphide mineralization at La Victoria, as suggested from drill data (see Press Release March 10, 2019).

A total of eighteen samples from Rufina, San Markito and Victoria sectors were studied using a variety of methods including; Polarizing and Scanning Electron Microscopy, Electron Microprobe analysis, X-ray Diffraction, Synchrotron X-ray Fluorescence (SXRF) and SXR Absorption Near Edge Structure.The samples were sent to the Department of Earth Sciences at Western University, London, Ontario, Canada. Studies were overseen by Department Director Dr. Neil Banerjee, and included in a Master’s Thesis by Ms. Kelsey Rozon.

As Ms. Rozon notes (2018, p83), “La Victoria also has some common minerals with nearby high-sulphidation epithermal deposits found at La Arena, Lagunas Norte, and Shahuindo including: arsenopyrite, chalcopyrite, covellite, enargite, pyrite and silica with alunite-dickite. Additional minerals that La Victoria has in common with nearby gold-bearing deposits include galena, jarosite, pyrophyllite, scorodite, sericite, sphalerite, and tetrahedrite.”

Rozon (2018, pp78-81) notes the positions of the samples used in these studies relative to an overprinting of a porphyry copper intrusion marked by the intensity and style of mineralization and alteration. Most of the data comes from the Rufina sector, for which a porphyry copper intrusive is evidenced in the core logs with pyrite and chalcopyrite and sporadic covellite. Rozon notes four separate positions to which the samples belong, including “marginal to a copper porphyry but below the lithocap [at both shallow and deep crustal levels]”; “upper portion of a porphyry copper core zone at a shallow crustal level”; and “upper portion of a porphyry copper deposit.”

Based on these insights, Eloro  is going to return to the core storage unit to study the diamond drill core for the types of alteration noted in Rozon (2018) in the context of the mapping works completed by Dr. Osvaldo Arce in 2016 (see News Release October 19, 2016).

Study Results

The Rufina sector samples showed sulphide veins to overprint at least two episodes of quartz veining in a source rock of quartz monzonite. Microscopic gold occurred with the sulphide veins near arsenopyrite and chalcopyrite (Rozon, 2019, p39). Electron microprobe testing revealed a variety of minerals, including electrum (a mix of gold and silver) found in scorodite (a hydrous iron arsenate from the oxidation of arsenopyrite). X-Ray Fluorescence (SXRF) analysis showed the presence of gold with common base metals and common crustal metals. The gold is dispersed in both arsenopyrite and scorodite.

The San Markito samples were selected and analysed to compare different intrusive phases. Granites and related intrusives were seen with phyllic alteration and advanced argillic alteration in quartz veins with small sulphide veins appearing as a cross-cutting stage. The electron microprobe revealed roughly the same suite of minerals as the Rufina samples, but that silver was in the mineral argentite, which was present as individual grains and within the nearby minerals scorodite and arsenopyrite.  Enargite, a classic indicator mineral for epithermal gold mineralization, was also noted in the samples.

The Victoria sector samples included four with quartz veins, two with sulphide veins, and two granite/monzogranite samples. Veins were seen with phyllic and advanced argillic alteration, indicating potential copper porphyry synergies. Gold was found in the sulphide veins, granular in character, and associated with arsenopyrite and chalcopyrite. The electron microprobe revealed a wide suite of gold and silver bearing minerals including; native gold, argentite, acanthite, argentojarosite, titanite, and tetrahedrite. Free gold is present within arsenopyrite and associated in proximity to other minor minerals. Rozon notes (2018, p52) that “the free gold is granular and microscopic, while the electrum is granular, fibrous, and microscopic”. An analysis of the gold/silver rations in electrum gave values of between 2 gold: 1 silver to 16 gold: 1 silver. The analysis notes the presence of maldonite, an alloy of gold and bismuth analogous to electrum, the alloy of gold and silver. The SXRF data confirmed that gold is associated with arsenopyrite and scorodite as in other samples.

The Synchrotron X-Ray Near-Edge Absorption study was completed on several samples where free gold had been identified in other tests in order to show the valence state of gold. If the gold has zero valence, it is native gold. Samples showed this to be conclusively the case at the Rufina and Victoria South Sectors; San Markito was not tested.

These studies demonstrate the occurrence of free gold and free silver in addition to sulphide hosted gold and silver as well as lesser amounts of alloyed gold and silver in mineralization at La Victoria.

Eloro CEO Mr. Tom Larsen noted, “These studies clearly reveal the variety of gold and silver at La Victoria and where it is located, including evidence for a copper porphyry. It is especially exciting to see free gold and free silver at La Victoria as well as the alloys with very high gold to silver contents. We are now going to take several specific high-gold and high-silver samples and complete grind size and liberation testing. Now that we know how the gold and silver occur in these samples, we can look at optimizing a recovery process.”

Eloro SVP Mining Mr. Jim Steel MBA P.Geo., said, “Other than minor occurrences of electrum and maldonite gold and silver do not occur in solid solution. We are cautiously optimistic that the pitted and fractured nature of the arsenopyrite and scorodite will allow the gold to be liberated at a coarse grind.”

Also, Dr. Bill Pearson, P.Geo. has stepped down from the position of President of Eloro Resources Ltd. The Corporation thanks Dr. Pearson and wishes him well.

Qualified Person

Jim Steel MBA P.Geo., a Qualified Person in the context of National Instrument 43-101, has read and approved the technical content of this News Release.

Cited Reference

Rozon, K. 2018. Geochemical Analysis of a Low-Sulphidation Epithermal Deposit on the La Victoria Property in the Ancash Department of the Republic of Peru. Unpublished Master’s Thesis, The Department of Earth Sciences, University of Western Ontario, London, Ontario, pp39-83.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns an 82% interest (EHR Resources Ltd 18%) 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, with largely the same mineralogy in similar stratigraphy. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Jorge Estepa, Vice-President of Eloro Resources Ltd. 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 Corporation’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 Corporation. 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 TSXV, nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Company”) is pleased to announce drill results from the La Victoria Project diamond drill program that arise from a detailed in-house scientific analysis of the La Victoria Gold/Silver Project (“La Victoria”), upon which a two-phase diamond drilling project was recently completed.  The reanalysis was done as part of an internal QA/QC audit from 4,216m in 12 diamond drill holes. The audit is being done by Jim Steel, MBA, P.Geo., who is assuming the role of Eloro Senior VP Mining and Qualified Person (“QP”) for continued works on the La Victoria project and Mr. Alex Horvath, P.Eng., a QP in resource modelling and development who will assume the role of Chief Technical Advisor while continuing to serve as a Director for Eloro.

The Company believes that the results herein described are sufficiently compelling so as to consider additional exploration on the La Victoria project. To that end, the Company is proceeding with an internal resource modelling exercise of the reinterpreted data.

Results of Data Reanalysis

The highest grade sample taken from the La Victoria project assayed 63.8 g/t gold, 57.7 g/t silver, and 0.77% copper, with >1% arsenic (see News Release August 12, 2015). Hand samples showed a preponderance of arsenopyrite, which could be the source of the gold. A complete statistical analysis was done on the drill results and a stronger correlation was found between gold and arsenic than was found between gold and silver. No correlation was found between gold and iron or sulphur, which suggests pyrite is not mineralized with gold.

Plotting anomalous arsenopyrite ranges in the drill hole assay data shows that there are at least three principal mineralized bands at the Rufina West target that correlate between drill holes, having been confirmed by holes in both east and west directions. Data suggests a subvertical orientation to the zones, similar to the structural orientation of mineralized fractures seen in surface mapping and sampling on the Rufina West sector (see News Release April 4, 2018). Mineralization is dominantly found in hydrothermal breccias at La Victoria, as in the nearby Shahuindo Gold Deposit, owned by Pan American Silver Corp., where a similar arsenic/gold relationship defines part of the suite of mineralization.

Strongly anomalous arsenopyrite values correlate with enhanced gold values over a 109m vertical range, from approximately 3136m to approximately 3245m in the drill results. This is the same elevation range as the surface samples collected in 2015 and 2016 from the Rufina West mapping and sampling programs. Integration of these data suggest that this range is the primary mineralized zone (“boiling zone”), characteristic of epithermal gold deposits and targeted in the drill program.

The following tables of intersections are based on defined ranges of arsenopyrite content and show the elevations of each intersection, in bold if found within the target zone of 3136m to 3245m. The lower grade intersections further demonstrate the strong arsenopyrite-gold association and provide important data for vectoring into high grade zones. Data concerning drill holes are found in the original news releases, referenced in the tables.

The 59.9m intersection in hole ERU-02 contains two adjacent high-arsenopyrite intervals.

ERU-03 was drilled to the east into an area with no knowledge of surface mineralization. It tested a geophysical anomaly which was explained by the same arsenopyrite/gold relationship within the same elevation range as seen in the western drill holes.

Note 1: ERU-05 was a short exploration hole drilled to test the same geophysical conductor as were ERU-01 and ERU-02. The only intersection was 0.25 g/t over 2.0m from 141.0m to 143.0m downhole.

ERU-06 was drilled across the main body of Rufina surface mineralization and collared within the target stratigraphy. The interval noted corresponds vertically to a surface sample of 46.4 g/t gold over 0.3m taken in 2011 and a surface value of 20.4 g/t gold over 0.4m taken in 2010. Other than this interval there were several point values of elevated arsenopyrite with gold above 0.5 g/t.

ERU-07 and ERU-08 were reconnaissance exploration holes, drilled significantly stratigraphically higher than the other holes and directed into interbedded sediments and intrusives. The arsenopyrite/gold relationship was seen in several intersections in ERU-07 and with ERU-08 showing point values of gold above 0.2 g/t with higher calculated arsenopyrite values.

Eloro CEO Mr. Tom Larsen said, “It is very encouraging to see that the drill results show a continuous block of mineralization with gold values that may stand up to a block modelling exercise. Our reconnaissance drilling showed conclusively that there is a lot of potential at the La Victoria Gold/Silver Project. We are now going to step back and evaluate next steps while preparing for the San Markito target drill program.”

Eloro’s SVP Mining, Mr. Jim Steel, added, “We now know that one of the styles of gold mineralization is with arsenopyrite in discrete veins and that the greatest concentrations of gold are in three separate areas at Rufina. We will now go back through the sample database and select several representative gold-bearing units for initial metallurgical assessment, not just at Rufina but at all mineralized sectors that show high gold values.”

Qualified Person

Jim Steel, MBA, P.Geo., a Qualified Person in the context of National Instrument 43-101, has read and approved the technical content of this News Release.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro 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 Corp.’s La Arena Gold Mine and Shahuindo Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Thomas Larsen, Chairman and CEO of Eloro Resources Ltd. or Jorge Estepa, Vice-President of Eloro Resources Ltd. 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 Corporation’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 Corporation. 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 TSXV, nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Corporation”) is pleased to announce that the Corporation has won the ‘Business of the Year’ award from the Peruvian-Canadian Chamber of Commerce (”PCCC”).

The Business of the Year award is given to ”‘the Canadian or Peruvian organization that has shown great commitment to the development of Peruvian/Canadian relationships and a high degree of success in the areas of Management and Social Responsibility.”

Eloro was chosen to receive the award with unanimous agreement of the PCCC selection committee, recognizing “Eloro Resources Ltd. as the “Business of the Year” for their commitment to Peru’s economic development through a long-term presence with mining exploration and engaging in social responsible activities.

As winner of the Business of the Year award, Eloro Resources Ltd. joins the Consulate of Peru in Toronto, winner of the Government Institution of the Year award, and Mrs. Patricia Fortier, winner of the Special Recognition award.

Eloro CEO Tom Larsen said, “We are delighted to accept the Business of the Year award from the Peruvian-Canadian Chamber of Commerce on behalf of our shareholders; our employees and colleagues in Lima and especially the communities of Huandoval, Puno, Huacaschuque, and Pallasca, where our Peruvian subsidiary Cia Minera Eloro Peru SAC has been working since 2016. The Peruvian-Canadian Chamber of Commerce is the pre-eminent organization that works in the development of better and stronger commercial, social, and cultural ties between Canada and Peru, and Eloro is delighted to support them in their valuable works.”

Eloro President Bill Pearson, PhD, P.Geo. noted, “Working with our neighbours in the Pallasca District is the right thing to do, and we will continue with these efforts. We look forward to being a part of the 2020 Presupuesto Participativo regional budgeting process in the Cabana-Pallasca region in June, 2019 so that our goals are completely aligned with that of the communities in which we are living and working.”

The Business of the Year award will be presented to Dr. Bill Pearson, P.Geo., President of Eloro Resources Ltd., at the Peruvian-Canadian Chamber of Commerce Awards Ceremony, to be held on February 28, 2019, in Toronto, Canada.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns a 90% 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 Tahoe’s La Arena Gold Mine. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Jorge Estepa, Vice-President of Eloro Resources Ltd. 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 Corporation’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 Corporation. 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 TSXV, nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Eloro Resources Ltd. (TSX-V:ELO) (FSE:P2Q) (“Eloro” or the “Corporation”) is pleased to announce that the Corporation has appointed Philip Garratt, GAICD, as a member of Eloro’s Board of Directors, William (Bill) Pearson, Ph.D., P. Geo. as Eloro’s President and Charles L. Fyfe A. as General Manager of Compañia Minera Eloro Peru S.A.C., the Corporation’s wholly-owned Peruvian subsidiary.

Mr. Garratt brings more than thirty years of senior management experience in a range of industries, including oil exploration, development and distribution, mineral resource exploration and telecommunications. Mr. Garratt has built, owned and operated a telecom business in Venezuela during the 1990’s and from 2006 until 2012 he was Chief Executive of a mining exploration and production company in the United States. Additionally, from 2003 until 2016 Mr. Garratt was a non-executive director of several oil and gas production and distribution companies in Australia. He has been actively involved in business as an investor or advisor in North and South America, Australia, Canada and Sweden and he offers skills with a particular focus on business development and corporate governance. Mr. Garratt is a graduate member of the Australian Institute of Company Directors and is a Canadian citizen.

“We are delighted to welcome Philip to our Board,” said Eloro Chairman and C.E.O. Mr. Tom Larsen, “Philip brings valued knowledge and experience relevant to all aspects of Eloro’s operations and the capital markets, which will prove to be greatly beneficial as we work toward advancing the La Victoria Gold Project in Peru.”

Newly appointed as President of Eloro, Dr. Pearson is a Professional geologist with over 44 years of experience in the national and international mining industry in all phases from grassroots exploration through to advanced projects and mine development. He has carried out exploration and development programs in 18 countries in North and South America, Europe, East Asia and Australia and has been on the Board of several public junior mining companies. From 2010 to 2015 he was the President and CEO of Coastal Gold Corp. and negotiated the sale of the company to First Mining Finance. Previously, from 2002 to 2006, he was the Vice President, Exploration for Desert Sun Mining Corp.(“Desert Sun”), which was acquired by Yamana Gold Inc. in a share transaction valued at approximately C$735 million. While at Desert Sun in Jacobina in Brazil his team discovered a major extension south of the Canavieras Mine that is now a core part of the mine operations there.  From 2008 to 2010 he was Executive Vice President, Exploration for Central Sun Mining Inc. (now part of B2Gold Corp.) in Nicaragua working on the Libertad and Limon Mines where he recognized the potential of the extensive epithermal gold systems there.  Since 2016 he has been Chief Technical Advisor for Eloro in Peru and to Cartier Iron Corporation in Newfoundland.  He is the founding President of the Association of Professional Geoscientists of Ontario (APGO) and in 2015 he received the PDAC Distinguished Service Award for his service to Canada’s Mineral and Exploration Industry.

Changes to Eloro’s in-country operations in Peru include the appointment of Charles L. Fyfe A. as General Manager of Compañia Minera Eloro Peru S.A.C. (“Eloro Peru”), the Corporation’s wholly-owned Peruvian subsidiary and the retaining of GEMIN Associates (a member of Grupo Kkoya), a Peruvian-based resource consultancy which will provide comprehensive and multidisciplinary support services to Eloro Peru. Mr. Fyfe was appointed as Eloro’s Senior Business Advisor and member of the Advisory Board in September 2017 (see press release dated September 5, 2017). Mr. Fyfe’s extensive business and resource management experience combined with the support of Grupo Kkoya will ensure that Eloro Peru’s growth will proceed in a most efficient and professional manner.

Commenting on the appointments, Thomas Larsen stated, “We have appreciated the valuable contributions Dr. Pearson has made in his capacity as Chief Technical Advisor and we greatly welcome his appointment as President of Eloro. Bill’s outstanding track record in developing and advancing exploration projects is clearly a benefit for Eloro and its shareholders. Combined with the additions to the management and administration of Eloro Peru, Bill’s guidance of the ongoing exploration program at Eloro’s La Victoria Gold Property is something we look forward to benefitting from, with drilling recently recommencing at the Rufina target.”

In connection with the appointments, the Corporation also announces the grant of stock options to a director, an officer, a consultant and an employee to purchase 350,000 common shares of Eloro, exercisable at $0.70 per share at any time on or before June 12, 2023. The grant is subject to TSX Venture Exchange acceptance and was made in accordance with and subject to the terms of Eloro’s stock option plan. In accordance with securities regulatory requirements, any shares issued pursuant to the exercise of such options will be subject to a resale restriction for a period of four months from the date of the grant.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns a 90% 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 Tahoe’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Thomas G. Larsen, Chairman and C.E.O. of Eloro Resources Ltd., or Jorge Estepa, Vice-President of Eloro Resources Ltd. 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 Corporation’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 Corporation. 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 TSXV, nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Eloro Resources Ltd. (TSX-V:ELO) (FSE:P2Q) (“Eloro” or the “Corporation”) is pleased to announce the initiation of the next stage of exploration, including exploratory drilling at the La Victoria Gold Property (“La Victoria”) in the North-Central Mineral Belt of Peru.  EHR Resources Limited (“EHR”), which currently holds a 10% interest through its Peruvian subsidiary and is earning up to a 25% interest in La Victoria, has notified Eloro that it is proceeding with the Stage 2 Earn-in period described further below. Eloro’s Peruvian subsidiary currently owns a 90% interest in La Victoria.

In order to better align the required budgeting and near to mid-term exploratory drilling campaigns with the status of various permitting requirements, by mutual agreement Eloro and EHR have agreed to divide the Stage 2 of the Earn- in phase into two components, namely Stage 2A and Stage 2B. Subject to a potential adjustment described in the next paragraph, with the completion of Stage 2B EHR will have increased its interest in La Victoria by another 15% by expending an additional $3 million in exploration at the project.

As per the terms of the agreement, EHR has agreed to purchase an additional 8% interest in Stage 2A by incurring exploration expenses of $1.6 million on or before June 30, 2018, subject to extension if modification permits are delayed. Following the completion of Stage 2A, EHR would have ten business days to notify Eloro that it intends to exercise the option set forth in the Stage 2B Earn-in phase, whereby EHR would earn a further 7% interest by expending an additional $1.4 million on or before December 31, 2018, subject to extension if modification permits are delayed.

At the end of either the Stage 2A Purchase Period or the Stage 2B Earn-in Period, a joint venture would be formed between Eloro and EHR on the basis of their respective interests in La Victoria on the typical terms for a joint venture, with Eloro being the operator.

Eloro is hosting the public between March 4 to 7, 2018 at Booth No. 2326 of the PDAC International Convention, Trade Show & Investors Exchange, located in Exhibit Halls F & G of the South Building, Metro Toronto Convention Centre, Toronto, Canada.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns a 90% 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 Tahoe’s La Arena Gold Mine. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Jorge Estepa, Vice-President of Eloro Resources Ltd. 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 Corporation’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 Corporation. 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 TSXV, nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Eloro Resources Ltd. (TSX-V:ELO) (FSE:P2Q) (“Eloro” or the “Corporation”) is pleased to announce that Compania Minera Eloro Peru S.A.C., Eloro’s wholly-owned Peruvian subsidiary, has received its ‘Permiso para Inicio de las Actividades de Exploracion’ (“Drilling Permit”) that authorizes the drilling of up to 10 sites within the Rufina zone of the La Victoria Gold/Silver Project, Pallasca Province, Ancash Department, Peru (the “Property”).

The Drilling Permit is the final requirement to obtain the water permit. The ANA (Peru Water Authority) has already carried out its Property inspection and is now reviewing Eloro’s application. In the meantime, field crews are now proceeding with preparation of the approved drill sites and carrying out improvements to the existing public trail system.

“We are delighted to be on the verge of drilling the La Victoria Gold/Silver Project’s Rufina zone”, said CEO Thomas G. Larsen, “This zone has never been drill-tested even though significant gold mineralization outcrops at surface.  Our fall 2016 IP/Res survey identified a large spatially-correlated chargeability and resistivity area beneath the Rufina zone which also will be tested.”

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro commented: “Recent geological work indicates that the mineralized target zone in Victoria-Victoria South which is up to 200 metres wide extends south for at least 2 kilometres along strike and likely connects with the Rufina zone.  This is part of an extensive multi-phase epithermal gold-silver mineralizing system on the La Victoria property centred around the Puca Fault and environs (see press release August 8, 2017).  We plan to carry out an aggressive drill program at Rufina while at the same time proceeding with drill permit applications for the other major target areas.”

The Rufina zone is located within the district of Huandoval where Eloro has good social support. District authorities are also favourable to economic development in partnership with the mineral exploration industry.  Eloro currently has 14 Huandoval employees working for the IP/Res survey operating within the new Victoria-Victoria South discovery area.

With the award of an option to earn 25% of the Property to EHR Resources Ltd (ASX:EHX) through its Peruvian subsidiary EHR del Peru S.A.C., Eloro is fully financed to carry out the drilling at Rufina.  A contract has been signed with Energold Drilling Peru S.A.C., for up to 5000 metres of NTW diamond drilling. The portable drill rig employed by Energold can be readily moved by existing public trails and requires only minimal drill pad preparation.”

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns a 100% 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 Tahoe’s La Arena Gold Mine. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Jorge Estepa, Vice-President of Eloro Resources Ltd. 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 Corporation’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 Corporation. 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 TSXV, CSE nor its Regulation Services Provider (as that term is defined in the policies of the TSXV or CSE) accepts responsibility for the adequacy or accuracy of this release.

Dr. Bill Pearson, P.Geo., a Qualified Person in the context of NI 43-101 has reviewed and approved the technical content of this news release.