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Eloro Resources Intersects 160.00 g Ag eq/t (27.37g Ag/t, 0.62% Zn, 0.52% Pb and 0.11% Sn) over 251.87m and 133.45 g Ag eq/t (19.10g Ag/t, 0.20 g Au/t, 0.42% Zn, 0.64% Pb and 0.08% Sn) over 289.45m in the Santa Barbara Target area at the 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 announce assay results from an additional four (4) diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Holes DSBU-08, DSBU-07 and DSBU-04 are underground holes drilled from the Santa Barbara adit to test the southwestern and southern extension of the higher-grade mineralized zone. Surface drill hole DSB-26 tested the northwest extension of the Santa Barbara mineralized zone approximately 800m northwest of the Santa Barbara adit underground drill bay. Drilling is currently focussed primarily on the Santa Barbara Resource Definition Drilling Area with two surface drills and one underground drill. One surface drill is completing holes in the Porco area to test for a potential tin porphyry as suggested by the 3D inverse magnetic model (see Eloro press release dated March 1, 2022).

Overall, the Company has completed 56,863m in 92 drill holes to-date, including four holes in progress, as shown in Figures 1 and 2. Tables 1 and 2 list significant assay results for the drill holes in the major target areas. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 3 summarizes drill holes with assays pending. Highlights are as follows:

Santa Barbara Mineral Resource Definition Target Area – Underground Drilling

Hole DSBS-07 was drilled underground at an azimuth of 2350 and dip of -500 to test the southwestern extension of the potential higher-grade area in the Santa Barbara Adit area. Hole DSBS-08 was drilled at the same inclination at an azimuth of 2000 while DSBU-04 was drilled due south at an angle of -200. All three holes intersected very long higher-grade intersections:

  • Hole DSBU-07 intersected 160.00 g Ag eq/t (27.37 g Ag/t, 0.62% Zn, 0.52% Pb and 0.11% Sn) over 251.87m from 0.00m to 251.87m, including a higher-grade section of:
    • 178.37 g Ag eq/t (28.84 g Ag/t, 0.69% Zn, 0.62% Pb, and 0.13% Sn) over 208.47m from 0.00m to 208.47m.
  • This hole had a second major intersection of 83.72 g Ag eq/t (6.67 g Ag/t and 0.11%Sn) over 208.93m from 272.87m to 481.8m. This included higher grade sections of:
    • 115.37g Ag eq/t (5.34 g Ag/t and 0.16%Sn) over 40.98m from 328.54 to 369.52m and
    • 224.01g Ag eq/t (1.50 g Ag/t and 0.35% Sn) over 21.58m from 438.11m to 459.69m.
  • Hole DSBU-08 intersected 133.45 g Ag eq/t (19.10 g Ag/t, 0.20 g Au/t, 0.42% Zn, 0.64% Pb, 0.06% Cu and 0.08% Sn) over 289.45m from 0.00m to 289.45m which included higher grade sections of:
    • 152.70 g Ag eq/t (44.65 g Ag/t, 0.08 g Au/t, 0.01% Zn, 0.58 %Pb, 0.20 %Cu and 0.09% Sn) over 22.56m from 0.00m to 22.56m,
    • 150.23 g Ag eq/t (47.17 g Ag/t, 0.03g Au/t, 0.01% Zn, 0.58 %Pb, 0.20% Cu and 0.09% Sn) over 10.82m from 57.10m to 67.92m,
    • 182.92 g Ag eq/t (40.31 g Ag/t, 0.13 g Au/t, 0.30% Zn, 0.88% Pb, 0.05% Cu and 0.14% Sn) over 27.09 m from 90.71m to 117.80m.
    • 222.51 g Ag eq/t (20.38 g Ag/t, 0.12 g Au/t, 1.09% Zn, 1.45% Pb, 0.05% Cu and 0.15% Sn) over 51.24 m from 163.14m to 214.38m, and
    • 254.55 g Ag eq/t (31.50 g Ag/t, 1.17 g Au/t, 0.73% Zn, 0.27% Pb, 0.08% Cu and 0.13% Sn) over 16.42 m from 244.48m to 260.90.
    • Overall, 65% of this 641.9m long hole had reportable intersections which collectively average 107.73 g Ag eq/t.
  • Hole DSBU-04 intersected 97.09 g Ag eq/t (30.11 g Ag/t, 0.41% Pb, 0.06% Cu and 0.07% Sn) over 154.62m from 0.00m to 154.62m which included higher grade sections of:
    • 126.66 g Ag eq/t (7.00 g Ag/t, 0.63 %Pb and 0.15% Sn) over 16.78m from 0.00m to 16.78m,
    • 174.32 g Ag eq/t (70.30 g Ag/t, 0.45 %Pb and 0.12% Sn) over 15.02m from 61.79m to 76.81m

Dr. Bill Pearson, P.Geo. Executive Vice President, Exploration commented: “As shown in Figure 3, a N-S cross section looking east, holes DSBU-07, DSBU-08 and DSBU-4 define a significant extension to the southwest and south of the major high grade mineralized area in the southern part of Santa Barbara. These results combined with previously released drill results for the underground drilling are defining a potential major feeder structure for the Ag-Sn polymetallic mineralization in the Santa Barbara area. Data from on-going borehole induced polarization surveys (BHIP) further reinforce the potential extent of this feeder zone.”

Dr. Chris Hale, P.Geo., Chief Geophysicist for Eloro commented: “Field personnel from MES Geophysics have advanced the borehole induced polarization (BHIP) survey technique to achieve excellent IP/Res data over 1000 m downhole, by reading while the drill is still on the hole. Preliminary analysis of Pole-dipole data at 25m intervals shows that the conductivity within about 10m of the axis of hole DHK-25 increases with depth between 500m and the end of the hole. Chargeability is highest near 525m but remains high (> 10 mV/V) over the entire interval to 975m. Cross hole chargeability and resistivity data have also been collected to a depth of 1000 m, between this hole and both DHK-24 and DSB-06. Data were also collected to 900m in DHK-24. Cross hole data from both DHK-24 and DHK-25 will be used for inverse modelling of the chargeable mineralization. Future BHIP surveys will use the “through-the-drill” technique to collect data, resolving fine detail in the geophysical models even at depths over a kilometer.”

Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary Minera Tupiza S.R.L. (“Minera Tupiza”), further commented: “Recent drill assay results from the Santa Barbara zone continue to expand a large and robust tin-silver polymetallic likely feeder zone located to the southeast of the Santa Barbara breccia pipe that is wide open at depth. Holes DSBU-4, DSBU-07 and DSBU-08 encountered numerous intervals of polymetallic oxide and sulphide mineralization that confirm multiple mineralizing events that occurred during the Miocene, which is an important feature of other large polymetallic deposits in the Eastern Andes of southern Bolivia.”

Northwest Extension, Santa Barbara Mineral Resource Definition Target Area

Hole DSBS-26 was collared 800m northwest of the Santa Barbara adit drill bay at an azimuth of 225 and dip of -400. This hole intersected 23 reportable mineralized intersections of which the most significant were as follows:

  • 76.10 g Ag eq/t (2.78 g Ag/t and 0.50% Cu) over 22.19m from 50.22 to 72.41m including a higher-grade section of:
    • 214.83 g Ag eq/t (10.90 g Ag/t and 1.48% Cu) over 4.44m from 50.22 to 54.66m
  • 735.49 g Ag eq/t (615.71 g Ag/t, 0.40 g Au/t, 0.20% Zn, 0.40% Pb and 0.17% Cu) over 10.46m from 134.74 to 145.20m
  • 93.02 g Ag eq/t (41.08 g Ag/t and 0.36% Zn) over 26.75m from 335.85 to 362.60m.
  • 264.05 g Ag eq/t (14.04 g Ag/t, 0.20% Zn, 0.38% Cu, and 0.31% Sn) over 20.06m from 407.51m to 427.57m
  • 70.56 g Ag eq/t (6.31 g Ag/t, 0.08 % Cu and 0.08 % Sn) over 67.50m from 591.71m to 659.21m including higher-grade sections of:
    • 93.46 g Ag eq/t (5.07 g Ag/t, 0.09% Cu and 0.11% Sn) over 18.06m from 594.72 to 612.78m and
    • 105.19 g Ag eq/t (13.00 g Ag/t, 0.11% Cu and 0.12% Sn) over 13.45m from 636.69 to 650.14m

Table 1: Significant Results, Underground Diamond Drilling, Santa Barbara Resource Definition Target Area as at May 25, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DRILL HOLES – SANTA BARBARA ADIT
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSBU-080.00289.45289.4519.100.200.420.640.060.080.0070.003133.45
Incl.0.0022.5622.5644.650.080.010.580.200.090.0160.001152.70
Incl.57.1067.9210.8247.170.030.010.890.150.090.0020.001150.23
Incl.90.71117.8027.0940.310.130.300.880.050.140.0050.004182.92
Incl.163.14214.3851.2420.380.121.091.450.050.150.0070.006222.51
Incl.244.48260.9016.4231.501.170.730.270.080.130.0180.003254.55
305.90308.882.9823.590.170.020.120.030.070.0120.00187.58
322.42325.392.9732.450.380.030.070.030.040.0160.00199.55
353.90410.3356.4348.530.080.100.030.050.050.0100.00196.73
Incl.353.90373.3019.40105.690.100.110.050.090.080.0150.001184.92
417.77420.773.007.500.230.180.100.050.040.0050.00170.29
428.29429.801.516.000.201.300.020.160.040.0040.001126.85
434.15438.584.4312.140.140.330.010.060.040.0050.00171.88
458.16472.9814.825.920.250.110.060.020.150.0050.001122.90
488.01503.0315.024.900.800.050.010.030.090.0080.001129.61
524.08527.093.014.010.200.060.010.310.510.0110.001363.98
534.58552.6318.0510.270.390.030.010.050.070.0160.00197.09
563.17578.2815.116.380.190.190.120.030.120.0080.001110.23
585.79587.321.537.000.390.110.010.020.060.0410.00187.49
596.56619.1022.546.940.300.050.050.000.090.0140.00188.81
628.10632.634.537.560.480.310.020.020.050.0240.00196.64
641.70643.211.511.000.010.350.010.010.060.0010.00154.10
656.54659.442.905.970.050.600.010.020.020.0040.00152.15
664.40669.054.657.330.060.570.030.020.010.0090.00150.98
681.10682.651.554.000.070.040.030.010.220.0020.001146.14
811.56813.061.504.000.030.510.040.040.040.0090.00160.25
835.90842.006.1012.970.060.470.120.040.050.0030.00178.19
DSBU-070.00251.87251.8727.370.100.620.520.080.110.0080.007160.00
Incl.0.00208.47208.4728.840.080.690.620.090.130.0080.008178.37
272.87481.80208.936.670.030.080.030.020.110.0120.00183.72
Incl.328.54369.5240.985.340.020.110.040.020.160.0180.002115.37
Incl.438.11459.6921.581.500.060.070.030.040.350.0280.001224.01
535.76540.344.582.670.160.070.020.010.110.0700.00198.79
556.84558.381.543.000.320.030.010.030.070.0160.00176.69
565.93585.4819.552.580.140.100.080.030.070.0240.00170.81
Incl.565.93570.434.507.010.370.250.310.100.160.0710.001179.75
589.98591.401.426.000.100.050.010.000.070.0010.00159.90
594.40595.871.473.000.320.050.010.010.050.0040.00161.97
609.38613.954.571.660.060.120.010.000.080.0040.00162.70
636.47660.2723.801.560.140.030.010.050.050.0130.00152.97
669.34670.921.586.000.850.020.040.070.080.1310.001157.15
685.90690.534.6313.000.050.410.160.010.060.0010.00175.96
693.73695.241.514.000.031.050.010.000.010.0010.00661.12
740.65742.181.5313.000.210.010.010.120.110.0570.001121.41
DSBU-040.00154.62154.6230.110.030.010.410.040.070.0040.00597.09
Incl.0.0016.7816.787.000.080.010.630.020.150.0040.005126.66
Incl.61.7976.8115.0270.300.020.020.450.090.120.0050.005174.32
256.93272.0215.0914.060.030.970.410.010.040.0010.007100.31
276.62278.101.487.000.010.020.490.010.070.0010.00566.06
288.64290.141.5040.000.046.152.720.020.260.0080.020572.30
360.98368.437.451.000.010.910.130.020.040.0010.00471.39
377.41385.047.632.000.010.930.210.010.030.0020.00274.41
414.12415.631.511.000.010.850.590.000.000.0010.04464.52
427.17445.1517.9816.830.022.790.470.010.040.0020.019186.76
496.44499.262.822.040.011.440.110.000.020.0010.00683.24
504.88506.431.551.000.011.190.030.010.010.0010.00263.57
513.00514.481.488.000.010.751.810.000.040.0010.002123.93
524.85532.247.396.930.011.440.340.000.070.0020.004127.29
551.78553.301.521.000.071.190.070.000.070.0030.003106.03

Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling and geological modelling.

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams 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 (Prices updated as of February 1, 2022, to more accurately reflect current metal prices):

ElementPrice $US
(per kg)
Ratio to Ag
Ag$722.561.0000
Sn$42.560.0589
Zn$3.300.0046
Pb$2.330.0032
Au$57,604.0079.7221
Cu$9.680.0134
Bi$12.760.0177
Cd$5.500.0076

In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.

The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Metallurgical tests are in progress by Blue Coast Ltd. to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.

Table 2: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition Target Area – Northwest Extension as at May 25, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
SURFACE DIAMOND DRILLING – NORTHWEST EXTENSION
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-2650.2272.4122.192.780.010.010.030.500.010.0010.00176.10
Incl.50.2254.664.4410.900.020.000.051.480.000.0010.001214.83
104.71121.2716.5611.320.120.350.080.010.020.0090.00155.20
Incl.104.71106.221.5184.001.250.100.140.010.040.0950.001231.91
134.74145.2010.46615.710.400.200.410.170.070.0090.001735.49
194.50195.991.4943.000.210.080.150.070.080.0130.002126.20
203.69205.191.507.000.400.370.140.010.080.0130.035113.80
241.27262.3221.050.920.010.770.270.010.010.0010.00356.00
295.20298.203.0014.000.160.400.010.050.030.0040.00171.28
304.22313.208.9831.520.100.110.010.090.080.0070.001102.83
335.85362.6026.7541.080.080.360.020.060.030.0150.00293.02
357.97362.604.63195.650.050.330.010.080.040.0220.001255.05
407.51427.5720.0614.040.050.200.020.380.310.0180.001264.05
446.96449.922.965.410.060.140.010.150.120.0130.001108.61
476.98478.451.476.000.130.140.000.090.060.0120.00171.41
487.42488.931.516.000.070.010.010.100.090.0250.00184.30
530.79532.351.563.000.030.010.000.100.070.0060.00163.06
538.29572.3734.082.210.120.250.000.090.020.0030.00149.76
591.71659.2167.506.310.060.040.000.080.080.0130.00170.56
Incl.594.72612.7818.065.070.070.080.000.090.110.0210.00193.46
Incl.636.69650.1413.4513.000.030.020.000.110.120.0110.001105.19
665.21666.721.519.000.120.040.010.210.180.1070.001170.93
693.35696.403.0528.950.270.050.010.630.550.0670.001474.73
725.89727.531.640.501.200.460.000.010.000.0030.001120.48
766.09770.694.608.080.130.570.010.240.090.1720.001160.65
789.80791.301.507.000.320.720.040.410.010.7220.001256.32
806.33807.801.476.000.140.390.050.270.000.3850.001142.79

See Note Table 1.

Figure 1 – Geological Plan Map showing Major Drilling areas. Santa Barbara drilling is shown in more detail in Figure 2.
https://www.globenewswire.com/NewsRoom/AttachmentNg/d72bf44c-804d-43c5-8a0d-6d488775ab10 

Figure 2: Geological Plan Map of the Santa Barbara Mineral Resource Target Area with Diamond Drill Holes
https://www.globenewswire.com/NewsRoom/AttachmentNg/1d597c7a-be89-4fef-b7dc-ae0c15c8c1eb

Figure 3: Northeast-Southwest Geological Section looking Northwest Showing Potential Higher Grade Feed Zone in the Santa Barbara Adit Area
https://www.globenewswire.com/NewsRoom/AttachmentNg/310b1001-0864-4f3c-a249-7b31cb081f2e

Table 3: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from May 25, 2022 press release.

SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No.TypeCollar
Easting
Collar
Northing
ElevAzimuthAngleHole length
(m)
Surface Drilling Santa Barbara Breccia
DHK-24S205529.47656222.54153.4225°-60°812.5
DHK-25S205526.97656384.74178.1225°-55°803.2
Subtotal1615.7
Surface Drilling Northwest Extension Santa Barbara
DSB-16S204973.97657053.14147.1225°-65°862.0
DSB-17S205136.37656770.84168.1225°-40°841.0
DSB-18S205209.37656683.34172.5225°-40°890.4
DSB-19S205209.97656684.04172.5225°-65°803.3
DSB-23S205343.37656534.44176.1225°-40°863.2
DSB-27S205044.57656982.64150.0225°-65°800.4
Subtotal5060.3
DSB-28S205512.07656112.04162.0225°-60°In progress
DSB-29S205511.07655966.94134.0225°-60°In progress
Underground Drilling Santa Barbara Adit
DSBU-09UG205284.57656080.04167.190°-60°904.0
Subtotal904.0
DSBU-10UG205284.57656080.04167.140°-60°In Progress
Surface Drilling South Extension Santa Barbara
DSBS-02S205300.07655563.04195.0-45°1023.4
Subtotal1,724.2
Porco Target Area – Surface Drill Program Testing Magnetic Inverse Model
DPC-07S205090.17655340.94310.0235°-60°791.4
DPC-08S205585.07655423.64089.0235°-65°800.4
DPC-09S205456.77655516.64125.0180°-75°1124.4
DPC-10S205396.57655701.24148.0225°-60°1088.4
DPC-11S205456.77655516.64125.0235°-70°1065.0
DPC-12S205650.07655200.04100.0235°-70°941.4
Subtotal5,811.0
DM2-01S2059447654211367430°-60°In Progress
Total15,115.2

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 to December 17, 2021 is 40,468 m in 73 holes (26 underground holes and 47 surface holes). From re-start of drilling on January 17, 2022, an additional 16,395m has been completed bringing the overall total to 56,863m in 92 drill holes (30 underground drill holes and 62 surface drill holes) including 4 holes in progress.


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. Osvaldo Arce, P.Geo., Manager of Minera Tupiza. 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.

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. Mr. Joe Mihelcic, P.Eng., P.Geo., of Clearview Geophysics, a QP under NI 43-101, completed the 3D magnetic inversion model in consultation with Dr. Hale and Mr. Gilliatt. The Borehole IP surveys are being carried out by MES Geophysics under the supervision of Dr. Hale and Mr. Gilliatt.

Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve, as laboratories return to more normal staffing levels.

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. 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 initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. This work is advancing well with the mineral resource targeted to be completed in Q3 2022. Exploration drilling is also planned on other major targets in the Iska Iska Caldera Complex, including the Porco and Mina 2 areas.

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.

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.

Figure 1Figure 2Figure 3
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Eloro Resources Intersects 169.11 g Ag eq/t (64.30 g Ag/t, 0.96% Zn, 0.37% Pb and 0.07% Sn) over 235.55m to further Expand Higher Grade area to the North in the Eastern Part of the Santa Barbara Target at the 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 announce assay results from an additional six (6) diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Holes DSBU-05 and DSBU-06 are underground holes drilled from the Santa Barbara adit to test the northern extension of the higher-grade mineralized zone. Hole DSBS-01 was collared in the southern part of the Santa Barbara target zone and drilled at an azimuth of 300 and dip of -300 to test the same target. Holes DSB-24, DSB-14 and DSB-22 were drilled at azimuths of 2250 to test the northwest extension of the Santa Barbara mineralized zone approximately 100m, 200m, and 1,000m, respectively, northwest of the Santa Barbara adit underground drill bay. Drilling is continuing in the Porco area to test for a potential Sn porphyry as suggested by the 3D inverse magnetic model (see Eloro press release March 1, 2022). Thus far, 4,870 m in five (5) holes have been completed in the Porco target area with assays pending.

Overall, the Company has completed 52,384m in 89 drill holes to-date, including four holes in progress, as shown in Figures 1 and 2. Currently there are three (3) surface drills and one (1) underground drill operating at Iska Iska. Tables 1, 2 and 3 list significant assay results for the drill holes in the major target areas. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 4 summarizes drill holes with assays pending. Highlights are as follows:

Santa Barbara Mineral Resource Definition Target Area – Underground Drilling

Underground holes DSBU-06 and DSBU-05 were both drilled on azimuth 00 and dips of -65and -400, respectively, from the Santa Barbara adit to test the northern extent of higher-grade mineralization in the eastern part of the Santa Barbara target area.

  • Hole DSBU-06 intersected 169.11 g Ag eq/t (64.30 g Ag/t, 0.96% Zn, 0.37% Pb and 0.07% Sn) over 235.55m from 0.00m to 235.55m, including a higher-grade section of 314.52 g Ag eq/t (192.18 g Ag/t, 0.22 g Au/t, 0.07% Zn, 0.41% Pb, and 0.11% Sn) over 50.68m from 24.40m to 75.08m.
    • This hole had a second major intersection of 110.57 g Ag eq/t (17.38 g Ag/t, 0.09 g Au/t, 0.30% Zn, 0.21% Pb and 0.11%Sn) over 128.44m from 264.14m to 392.58m.
    • Overall, 86% of this 599.8m long hole had reportable intersections which collectively average 129.70 g Ag eq/t.
  • Hole DSBU-05 intersected 141.05 g Ag eq/t (22.99 g Ag/t, 0.07 g Au/t, 0.18% Zn, 0.16% Pb, 0.21% Cu and 0.12% Sn) over 153.25m from 0.00m to 153.25m which included high grade sections of:
    • 201.23 g Ag eq/t (21.77 g Ag/t, 0.06 g Au/t, 0.36% Zn, 0.30 %Pb, 0.63 %Cu and 0.12% Sn) over 34.97m from 0.00m to 34.97m,
    • 206.03 g Ag eq/t (24.52 g Ag/t, 0.18 g Au/t, 0.14% Zn, 0.16 %Pb, 0.11% Cu and 0.23% Sn) over 9.05m from 76.94m to 85.99m, and
    • 242.83 g Ag eq/t (31.67 g Ag/t, 0.04 g Au/t, 0.23% Zn, 0.19% Pb, 0.17% Cu and 0.28% Sn) over 25.60m from 109.93m to 135.53m.
    • Hole DSBU-05 has a second major intersection lower in the hole from 348.08m to 526.17m of 92.47 g Ag eq/t (23.86 g Ag/t, 0.96% Zn, 0.21% Pb) over 178.09m.
    • Overall, 65% of this 641.9m long hole had reportable intersections which collectively average 107.73 g Ag eq/t.

Dr. Bill Pearson, P.Geo. Executive Vice President, Exploration commented: “As shown in Figure 3, a N-S cross section looking east, holes DSBU-06 and DSBU-05 define a significant extension to the north of the major high grade mineralized area in the southern part of Santa Barbara. Further drilling, especially deeper, is in progress to define the full extent of this important high-grade zone. Analysis of borehole IP data and the 3D inverse magnetic model by Eloro’s geophysicists Dr. Chris Hale, P.Geo. and John Gilliatt, P.Geo. shows that the Mx Chargeability indicates stronger mineralization at greater depth as shown in Figure 4. The spatial agreement between the interpolated chargeability and the mineralization intersected in these holes also suggests that the mineralized zone may dip steeply to the south. Further deeper drilling will be carried out to test this highly prospective target. Drilling will also be carried out from the southwest to test the Northwest Extension target as the best mineralization intersected thus far is in the southern part of this target zone.”

Dr. Pearson continued, “The addition of a fourth drill and the more rapid turnaround from both our assay laboratories at ALS and AHK has allowed us to increase the pace of the exploration drill program considerably. In the next 2-3 weeks we expect to have the GeologicAI core scanner on site. We have worked closely with GeologicAI to build the database for the scanner from all our available geological and geochemical information. The scanner will allow us to better outline and track the mineral and metal zonation at Iska Iska, which is critical to efficiently explore this remarkable mineralizing system which remains open in all directions.”

Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary Minera Tupiza S.R.L. (“Minera Tupiza”), further commented: “The dacitic volcanic domes and breccia pipes at Iska Iska, which are the primary hosts of the epithermal polymetallic Ag-Zn-Pb-Sn mineralization, appear to extend to a depth of at least 1km. These intrude altered granodiorite and intrusion breccias that are the primary hosts of xenothermal tin and other higher temperature metals such as bismuth and tungsten. The mineralization is quite complex in detail with extensive breccias, veins, veinlets, stockworks and disseminations. The likely primary distribution of both epithermal and xenothermal mineralization is indicated by the metal zonation, alteration zonation and geophysical responses. This data indicates that the mineralized system strengthens with depth and may be much more extensive than indicated in shallower drill holes.”

Santa Barbara Mineral Resource Definition Target Area – Surface Drilling

Hole DSBS-01 was collared in the southern part of the Santa Barbara target zone as shown in Figure 2. This hole was drilled at an azimuth of 300 with a dip of 300 to a length of 700.8m.

  • 163.23 g Ag eq/t (2.07 g Ag/t and 0.27% Sn) over 33.23m from 58.66m to 90.94m including 560.74 g Ag eq/t (2.07 g Ag/t and 0.94% Sn) over 7.61m from 63.15m to 70.76m,
  • 54.95 g Ag eq/t (2.94 g Ag/t, 0.14% Pb, and 0.30% Cu) over 22.58m from 225.36m to 247.94m including 129.69 g Ag eq/t (3.00 g Ag/t and 0.88% Cu) over 3.04m from 225.36m to 228.40m.
  • 90.79 g Ag eq/t (5.36 g Ag/t, 0.85% Zn and 0.44% Pb) over 43.60m from 285.56m to 329.16m including 146.04 g Ag eq/t (2.01 g Ag/t, 1.36% Zn, 0.49% Pb and 0.09% Sn) over 4.59m from 294.43m to 299.02m and 200.55 g Ag eq/t (12.68 g Ag/t, 1.95% Zn, 0.93% Pb and 0.11% Sn) over 8.97m from 320.19m to 329.16m
  • 110.40 g Ag eq/t (6.66 g Ag/t, 1.80% Zn and 0.40% Pb) over 55.63m from 414.88m to 470.51m including 351.80 g Ag eq/t (28.05 g Ag/t, 0.19 g Au/t, 4.99% Zn, 1.26% Pb and 0.22% Cu) over 4.45m from 416.39m to 40.84m and 153.44 g Ag eq/t (4.34 g Ag/t, 2.95% Zn and 0.32% Pb) over 9.04m from 437.41m to 446.45m.
  • 108.55 g Ag eq/t (12.96 g Ag/t, 0.11 g Au/t, 1.43 % Zn and 0.43% Pb) over 31.71m from 491.56 to 523.27m including 192.64 g Ag eq/t (27.91 g Ag/t, 0.25 g Au/t, 2.29% Zn and 0.89% Pb) over 10.63m from 509.62m to 520.25m.
  • 68.66 g Ag eq/t (8.94 g Ag/t, 1.02% Zn and 0.20% Pb) over 25.49m from 611.34m to 636.83m including 114.99 g Ag eq/t (19.98 g Ag/t, 1.65% Zn and 0.35% Pb) over 8.93m from 627.90 to 636.83m
  • with further intervals of reportable mineralization continuing to near the terminus of the hole representing the furthest east and some of the deepest mineralization yet encountered at Santa Barbara.

Further drilling is planned south-southeast of this area to continue to trace the full extent of the Ag-Au-Zn-Pb-Cu-Sn polymetallic epithermal system.

Northwest Extension, Santa Barbara Mineral Resource Definition Target Area

Results for three (3) additional drillholes all drilled at an azimuth of 2250 in the Northwest Extension Target Area of Santa Barbara (see Figure 2) have been received. Holes DSB-24 (-650), DSB-14 (-650) and DSB-22 (650) were collared 100m, 200m and 1000m, respectively northwest of the Santa Barbara adit drill bay.

Hole DSB-24 intersected 22 reportable intersections as shown in Table 2 of which the best results were deeper in the hole as follows:

  • 120.18 g Ag eq/t (41.22 g Ag/t, 0.34% Zn, 0.23% Pb, and 0.09% Sn) over 33.23m from 371.50m to 386.58m,
  • 132.43 g Ag eq/t (16.72 g Ag/t, 0.30% Zn, 0.10% Pb, and 0.16% Sn) over 25.36m from 398.61m to 423.97m, and,
  • 197.26 g Ag eq/t (5.25 g Ag/t, 0.73% Zn, 0.08% Pb, and 0.26% Sn) over 23.63m from 483.64m to 507.27m.

Hole DHK-14, which was collared 100m northwest of Hole DSB-24, intersected 29 reportable intersections of which the best results were as follows:

  • 87.26 g Ag eq/t (17.05 g Ag/t, 0.06 g Au/t, 0.51% Pb and 0.28% Cu) over 37.57m from 120.36m to 157.93m
  • 58.63 g Ag eq/t (5.26 g Ag/t, 0.31%Zn and 0.21% Pb) over 33.11m from 314.33m to 347.44m, including a higher-grade section with 96.83 g Ag eq/t (7.83 g Ag/t, 0.57%Zn, 0.25% Pb and 0.09% Sn) over 10.54m from 314.33m to 324.87m
  • 87.26 g Ag eq/t (17.05 g Ag/t, 0.06 g Au/t, 0.51% Pb and 0.28% Cu) over 37.57m from 120.36m to 157.93m
  • 185.94 g Ag eq/t (10.38 g Ag/t, 0.09 g Au/t, 1.43% Zn, 0.20% Pb, 0.09% Cu and 0.14% Sn) over 16.86m from 597.64m to 614.50m

Hole DHK-22 is the most northwesterly drill hole completed thus far, approximately 1,000m (1km) northwest of the Santa Barbara Drill Bay (see Figure 2). There were 10 reportable intersections returned from this hole with the best results as follows:

  • 70.09 g Ag eq/t (2.99 g Ag/t and 0.42% Cu over 28.73m from 38.77m to 67.50m including 110.81 g Ag eq/t (2.75 g Ag/t and 0.75% Cu) over 12.15m from 52.33m to 64.48m
  • 107.19 g Ag eq/t (11.81 g Ag/t, 0.12 g Au/t, 0.23% Zn, 0.13% Cu and 0.10 %Sn) over 46.38m from 479.32m to 525.70m including 398.55 g Ag eq/t (39.32 g Ag/t, 0.18% Zn. 0.50% Cu and 0.46% Sn) over 7.50m from 479.32m to 486.82m

Table 1: Significant Results, Underground Diamond Drilling, Santa Barbara Resource Definition Target Area as at April 27, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DRILL HOLES – SANTA BARBARA ADIT
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSBU-060.00235.55235.5564.300.090.690.370.060.070.0160.007169.11
Incl.24.4075.0850.68192.180.220.070.410.090.110.0590.005314.52
264.14392.58128.4417.380.090.300.210.010.110.0020.001110.57
Incl.274.69292.8618.1711.620.010.450.320.010.250.0010.002190.81
Incl.319.04331.0311.9914.870.010.280.250.020.260.0010.001193.82
401.61415.1313.5247.180.090.580.090.010.030.0030.002101.67
421.19434.6713.4812.230.010.400.110.010.020.0020.00250.62
445.18482.8037.6219.380.040.840.160.010.060.0020.002104.11
497.86520.4822.6222.320.040.510.110.010.030.0130.00171.31
528.92592.3063.389.910.210.540.140.010.040.0020.00280.81
DSBU-050.00153.25153.2522.990.070.180.160.210.120.0100.003141.05
Incl.0.0034.9734.9721.770.060.360.300.630.110.0070.003201.23
Incl.76.9485.999.0524.520.180.140.160.110.230.0130.004206.03
Incl.109.93135.5325.6031.670.040.230.190.170.280.0140.001242.83
190.40212.9422.546.060.040.420.410.020.040.0130.01273.74
229.48235.546.066.190.020.430.100.050.050.0040.00367.75
249.08261.1012.0218.110.270.070.230.020.010.0050.01162.92
285.03306.0020.9757.040.060.060.140.040.030.0080.00794.58
249.08261.1012.0218.110.270.070.230.020.010.0050.01162.92
348.08526.17178.0923.860.030.960.210.010.020.0130.00492.47
535.29541.406.116.680.090.840.120.000.050.0040.00285.49
551.91553.441.5326.000.092.560.080.010.050.0380.007189.67
583.55585.041.492.000.031.440.010.010.020.0010.00484.03
605.90610.324.424.610.052.000.040.010.010.0010.007111.87

 

Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling and geological modelling.

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams 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 (Prices updated as of February 1, 2022, to more accurately reflect current metal prices):

ElementPrice $US (per kg)Ratio to Ag
Ag$722.561.0000
Sn$42.560.0589
Zn$3.300.0046
Pb$2.330.0032
Au$57,604.0079.7221
Cu$9.680.0134
Bi$12.760.0177
Cd$5.500.0076

In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.

The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Metallurgical tests are in progress by Blue Coast Ltd. to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.

Table 2: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition Target Area as at April 27, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
SURFACE DIAMOND DRILLING – SOUTH SANTA BARBARA AREA
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSBS-0113.4230.2916.870.910.010.000.010.000.090.0010.00152.59
58.6690.9432.282.070.010.000.030.000.270.0010.001163.23
Incl.63.1570.767.613.730.020.000.040.010.940.0010.001560.74
98.94100.451.514.000.010.000.030.010.090.0010.00161.61
225.36247.9422.582.940.010.030.140.300.010.0010.00154.95
Incl.225.36228.403.043.000.010.070.070.880.000.0010.001129.69
270.52271.951.435.000.020.041.410.020.020.0010.00164.90
285.56329.1643.605.360.030.850.440.020.050.0020.01090.79
Incl.294.43299.024.592.010.071.360.490.050.090.0040.012146.04
Incl.320.19329.168.9712.680.031.950.930.010.110.0010.012200.55
344.23345.571.341.000.011.100.260.000.010.0010.00667.32
357.63359.191.563.000.011.310.270.000.010.0010.00275.16
374.14375.691.552.000.021.350.280.010.000.0010.00476.69
414.88470.5155.636.660.031.800.400.030.000.0030.005110.40
Incl.416.39420.844.4528.050.194.991.260.220.010.0320.019351.80
Incl.437.41446.459.044.340.012.950.320.010.000.0010.008153.44
484.02485.541.523.000.011.270.140.010.000.0010.00368.15
491.56523.2731.7112.960.111.430.430.020.010.0040.005108.55
Incl.509.62520.2510.6327.910.252.290.890.030.010.0080.009192.64
541.79549.587.792.690.011.380.100.000.000.0010.00572.22
591.69594.703.013.510.021.240.130.010.000.0010.00368.82
599.26600.791.5313.000.134.030.320.010.010.0030.018224.85
611.34636.8325.498.940.031.020.200.010.000.0010.00368.66
Incl.627.90636.838.9319.980.041.650.350.010.000.0030.006114.99
668.88670.411.53111.000.010.273.640.000.000.0010.001242.99
683.93689.865.939.730.112.690.350.020.000.0030.013157.74

See Note Table 1.

Table 3: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition Target Area – Northwest Extension as at April 27, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
SURFACE DIAMOND DRILLING – NORTHWEST EXTENSION
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-1460.1761.691.529.002.080.000.030.040.000.0010.001182.35
82.8084.441.6427.000.390.000.020.040.000.0010.00165.49
97.86100.832.9768.630.010.000.130.160.000.0010.00197.15
120.36157.9337.5717.150.060.010.510.280.020.0040.00187.26
180.45196.9116.467.950.040.010.190.260.010.0010.00158.44
202.91213.5510.648.750.010.010.210.150.040.0010.00162.48
231.57236.384.812.010.010.040.170.290.010.0010.00554.82
267.76293.3625.601.570.010.710.190.010.020.0010.00354.95
314.33347.4433.115.260.010.310.210.010.050.0010.00458.63
Incl.314.33324.8710.547.830.020.570.250.010.090.0010.00396.83
367.01368.541.538.000.010.260.580.010.090.0040.00591.01
382.18389.597.4123.890.010.320.120.010.070.0030.00187.18
398.65410.6812.0326.580.060.140.050.010.040.0030.00165.02
430.28431.781.506.000.600.150.190.020.030.0080.00185.91
448.25454.205.953.980.030.680.200.020.020.0010.00258.96
464.72467.783.0618.830.011.240.990.020.040.0010.006137.60
475.27478.202.935.470.010.581.120.000.010.0010.04176.07
481.22482.721.509.000.020.010.190.000.020.0010.01077.26
518.20521.072.8729.090.100.401.190.010.450.0030.008360.91
528.61530.101.498.000.030.160.250.020.100.0010.01189.86
549.27555.125.856.620.010.270.210.020.060.0010.00167.81
567.11570.113.007.820.020.640.160.020.070.0010.00386.20
597.64614.5016.8610.380.091.430.200.090.140.0070.005185.94
632.50633.921.427.000.051.270.080.070.060.0020.001118.00
650.26654.834.574.900.051.410.090.110.030.0020.001112.37
841.10842.601.504.000.020.180.040.450.020.0020.00185.19
884.56886.051.491.000.050.490.030.140.020.0230.00264.76
889.06890.561.504.000.020.760.140.150.030.0070.00281.53
893.59895.061.475.000.020.730.190.230.020.0050.00389.45
955.14959.624.482.330.060.090.020.170.000.1530.00163.84
SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
SURFACE DIAMOND DRILLING – NORTHWEST EXTENSION
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-240.008.798.794.480.210.010.120.010.060.0050.00160.86
75.19106.4831.2914.700.030.020.150.100.010.0010.00144.47
137.98142.434.450.830.450.200.160.010.010.0010.01661.21
162.03163.571.543.000.020.940.410.080.090.0020.026126.97
171.08198.0827.006.750.030.340.230.030.030.0010.03256.40
213.00225.0612.0617.980.090.640.370.040.020.0050.00286.19
231.20232.611.4110.000.040.160.080.060.050.0020.00161.51
240.13244.644.517.000.130.400.170.030.030.0060.00463.72
255.14258.143.0015.450.120.400.140.010.020.0140.00362.14
262.59264.081.4924.000.010.180.110.000.030.0560.00162.66
280.53295.4614.939.510.030.480.080.020.020.0090.00249.93
340.05344.534.488.760.010.480.430.010.020.0040.01559.13
371.50386.5833.2341.220.030.340.230.010.090.0010.002120.18
Incl.353.35368.5215.1734.920.020.480.310.010.100.0010.003130.97
398.61423.9725.3616.720.020.300.100.010.160.0010.001132.43
450.91461.5010.5922.910.020.030.010.020.040.0010.00152.03
483.64507.2723.635.250.030.730.080.000.260.0010.005197.26
529.03533.644.618.010.070.110.060.000.090.0010.00174.66
562.00563.501.509.000.070.430.220.020.070.0010.00184.64
593.43594.961.539.000.020.090.020.080.080.0010.00171.81
656.43663.917.482.220.260.590.090.010.030.0020.00273.60
680.29684.934.644.950.110.300.030.040.030.0090.00151.68
701.50702.971.473.000.040.410.010.060.050.0010.00164.81
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-2238.7767.5028.732.990.010.000.080.420.010.0010.00170.09
Incl.52.3364.4812.152.750.010.000.080.750.010.0010.001110.81
117.90119.411.512.000.990.020.060.010.010.0180.01392.81
140.44142.061.623.000.100.790.110.010.010.0010.07263.27
209.50211.021.522.000.010.100.000.010.120.0010.00178.13
268.23269.691.4642.000.040.030.160.030.090.0010.001108.86
280.22281.751.53133.000.130.310.030.020.020.0500.001180.55
280.22296.718.935.470.021.160.070.010.010.0010.00170.72
455.21456.731.5225.002.020.400.010.090.070.0690.001267.16
479.32525.7046.3811.810.120.230.000.130.100.0120.001107.19
Incl.479.32486.827.5039.320.090.180.010.500.460.0300.001398.55
593.08609.6416.567.420.180.760.030.130.020.0020.00184.87

See Note Table 1.

Figure 1 – Geological Plan Map showing Major Drilling areas. Santa Barbara is shown in more detail in Figure 2.
https://www.globenewswire.com/NewsRoom/AttachmentNg/984e7eb9-89cc-4d12-af54-aeab0ffceac2

Figure 1
Figure 2: Geological Plan Map of the Santa Barbara Mineral Resource Target Area with Diamond Drill Holes
https://www.globenewswire.com/NewsRoom/AttachmentNg/c780052e-57da-4d04-9158-3c2958d0e26d

Figure 2

Figure 3: North-South Geological Section looking East across High Grade Target Area in Santa Barbara
https://www.globenewswire.com/NewsRoom/AttachmentNg/d07121ff-91b3-4145-9982-35fe7147ad31

Figure 3

Figure 4: Borehole Induced Polarization (IP) Mx Chargeability Section with Holes DSBU-05 and DSBU-06 looking east.
https://www.globenewswire.com/NewsRoom/AttachmentNg/76c9de76-9191-4af4-90de-8be1b4d8d5b5

Figure 4

Table 4: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from April 27, 2022 press release.

SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No.TypeCollar EastingCollar NorthingElevAzimuthAngleHole length (m)
Surface Drilling Santa Barbara Breccia
DHK-24S205529.47656222.54153.4225°-60°In Progress
DHK-25S205526.97656384.74178.1225°-55°In Progress
Surface Drilling Northwest Extension Santa Barbara
DSB-16S204973.97657053.14147.1225°-65°862.0
DSB-17S205136.37656770.84168.1225°-40°841.0
DSB-18S205209.37656683.34172.5225°-40°890.4
DSB-19S205209.97656684.04172.5225°-65°803.3
DSB-23S205343.37656534.44176.1225°-40°863.2
DSB-26S205044.57656982.64150.0225°-40°815.4
DSB-27S205044.57656982.64150.0225°-65°800.4
Subtotal5,875.7
Underground Drilling Santa Barbara Adit
DSBU-04UG205283.77656071.64168.2180°-20°570.0
DSBU-07UG205284.57656080.04167.1235°-50°800.9
DSBU-08UG205284.57656080.04167.1200°-50°866.8
DSBU-09UG205284.57656080.04167.190°-60°904.0
Subtotal3,141.7
DSBU-10UG205284.57656080.04167.140°-60°In Progress
Surface Drilling South Extension Santa Barbara
DSBS-01S205300.07655563.04195.030°-30°700.8
DSBS-02S205300.07655563.04195.0-45°1023.4
Subtotal1,724.2
Porco Target Area – Surface Drill Program Testing Magnetic Inverse Model
DPC-07S205090.17655340.94310.0235°-60°791.4
DPC-08S205585.07655423.64089.0235°-65°800.4
DPC-09S205456.77655516.64125.0180°-75°1124.4
DPC-10S205396.57655701.24148.0225°-60°1088.4
DPC-11S205456.77655516.64125.0235°-70°1065.0
Subtotal4,869.6
DPC-12S205650.07655200.04100.0235°-70°In Progress
Subtotal15,611.2

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 to December 17, 2021 is 40,468 m in 73 holes (26 underground holes and 47 surface holes). From re-start of drilling on January 17, 2022, an additional 11,196m has been completed bringing the overall total to 52,384m in 89 drill holes (30 underground drill holes and 59 surface drill holes) including 4 holes in progress.

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. Osvaldo Arce, P.Geo., Manager of Minera Tupiza. 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.

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. Mr. Joe Mihelcic, P.Eng., P.Geo., of Clearview Geophysics, a QP under NI 43-101, completed the 3D magnetic inversion model in consultation with Dr. Hale and Mr. Gilliatt. The Borehole IP surveys are being carried out by MES Geophysics under the supervision of Dr. Hale and Mr. Gilliatt.

Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve, as laboratories return to more normal staffing levels.

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. 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 initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. This work is advancing well with the mineral resource targeted to be completed in Q3 2022. Exploration drilling is also planned on other major targets in the Iska Iska Caldera Complex, including the Porco and Mina 2 areas.

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.

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.

https://www.elororesources.com/

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Grid Metals Completes 14 Drill Holes at Makwa Nickel Deposit, Manitoba Canada

Grid Metals Corp. (the “Company“) (TSXV:GRDM)(OTCQB:MSMGF) today provided a drill update on its Makwa Nickel Property. Makwa which is part of the Makwa Mayville Ni-Cu-PGM Project located in southeastern Manitoba – where the Company has just completed 14 exploration drill holes. The current Makwa drill program focused on four geophysical targets (MK02-MK05) all located close to the 2014 pit-constrained Makwa Ni-Cu-PGM resource. Results from the first drill hole at the MK02 target intersected two separate intervals of <1 metre of massive sulfide mineralization with nickel grades greater than 1.5% within a broader mineralized package including 15 metres of 0.64% and 3.5 metres of 1.14% nickel equivalent grade. Drilling at Makwa is ongoing. Drilling is also continuing at the Company’s Donner Lake Lithium Project located 35 km north.

Drill hole MK22-02 was drilled underneath the former producing Dumbarton Mine horizon at the Makwa Property. Assays successfully confirm that there is nickel copper cobalt sulfide mineralization remaining below the former mine workings. The geophysical anomaly (MK02) that was targeted has a minimum strike length of 400 meters and extends at least 300 metres below the mined out part of the Dumbarton deposit. Six additional drill holes have been completed on the MK02 target with results pending. Initial results from MK22-02 are tabulated below.

Hole IDFrom (m)To (m)Length (m)Ni (%)Cu (%)Co (%)Pd (g/t)Pt (g/t)Au (g/t)NiEq* (%)
MAK22-02174.76190.0215.260.390.290.040.010.010.020.64
inc.181.00189.008.000.500.360.040.010.010.020.81
and inc.183.00186.553.550.790.280.070.020.010.011.14
and inc.184.53186.552.020.970.240.080.020.020.011.34
with184.53185.110.581.630.120.120.020.010.012.07
and with186.19186.550.361.530.120.120.030.030.011.97

Above: Highlights for MAK22-02, Dumbarton Zone, Makwa nickel property. NiEq (%) = the nickel equivalent grade that was calculated using the equation: NiEq (%) = Ni (%) + 0.469 * Cu (%) + 3.125 Co (%) + 0.319 Pd (g/t) + 0.21 * Pt (g/t) + 0.319 Au (g/t). The metal price assumptions in $US used to determine the equivalency factors are: Ni – $8.00/lb; Cu – $3.75/lb; Co – $25.00/lb; Pd – $1,750/oz; Pt – $1,150/oz; Au – $1,750/oz. na = not analyzed. The true thickness of the Dumbarton Zone intercepts reported here is estimated to be 60-70% of the reported interval lengths.

DiagramDescription automatically generated

Above: Plan view map of MK02 EM conductor plates and Grid Metal’s 2022 drilling locations. The modeled plates have a near vertical orientation. The Dumbarton Zone was underground mined between 1970 and 1973 to a depth of ~ 150m ( source Manitoba Mineral Inventory File No.999 ) The Grid 2022 drill holes intersected the Dumbarton Zone below the historical mine workings. Historical drill hole MM09-139 (far left) intersected 3m @ 0.85% nickel and 0.23% copper from 141m depth. The B series holes (1953) shown on this map were drilled by Falconbridge Ltd. in the area that was mined out or just below the historical underground mine workings. They include historical intersections of the Dumbarton Zone as reported by Falconbridge Ltd. (internal company drill report) of 18.3m of 1.05% Ni including 11.0m of 1.52% Ni in hole B50 and 7.6m of 1.16% Ni in hole B46.

Makwa Nickel Project – Overview and Current Drill Program

  • The Makwa Nickel Deposit was the subject of a standalone positive feasibility study completed in 2007 (Micon International) for the mining and production of nickel concentrate for sale to a smelter. National Instrument 43-101 resources at Makwa included in the 2014 PEA ( RPA Inc) are 7.2Mt grading 0.61% nickel; 0.13% copper 0.36 g/t Pd and 0.10 g/t Pt in the Indicated category – all open pit constrained. The Makwa resource does not include any material from the Dumbarton Zone.
  • The Makwa Deposit was incorporated into a 2014 PEA (RPA Inc.) combining the Makwa Deposit and the Mayville Cu-Ni-PGM Deposit located ~35 km to the north of Makwa. The Mayville NI 43-101 resource is a pit constrained 26.6 Mt grading 0.44% Cu; 0.18%Ni; 0.14 Pd – Indicated.
  • The last drilling at Makwa was in 2010.
  • The current exploration drilling program is partially guided by an extensive 2018 ground EM survey at Makwa which defined many new exploration targets
  • The 14 drill holes completed this winter have tested four of the identified geophysical targets in close proximity to the Makwa open pit resource.
  • The main targets are 1) MK04 – the deeper extension of the main mineralized zone underneath the resource pit shell; 2 and 3MK02 and MK03, both of which are associated with the along strike extension of the Dumbarton Zone ; and 4) the MK05 target, which may represent a southern offset of the main Makwa Ni-Cu-PGM deposit. MK-05 is currently being drill tested from the south.
DiagramDescription automatically generated

Above: Location of the 14 diamond drill holes completed at the Makwa nickel property in January and February. Also shown are the EM conductor plate targets discussed above and relevant historical drill hole ( red line traces ) that intersected the edges of these plates. Drilling is continuing at the MK05 Plate target.

EM plate targets were generated from the Company’s 2018 ground EM survey. Most of these EM conductors have been partially drill tested by limited historical drilling that, combined with the 2022 drilling results, will give a sense of their resource potential. Hole specifications for each of the 14 holes completed this winter are provided in the Appendix.

Makwa Mayville Ni-Cu-PGM-Co Project

The project has many key attributes including defined NI 43-101 resources, the project location in southeastern Manitoba serviced with renewable power and all season roads, extensive metallurgical work and previous economic studies, e.g., the 2007 PFS authored by Micon International and the 2014 PEA on the combined Makwa and Mayville deposits in 2014 authored by RPA Inc. Importantly the Company has an exploration agreement in place with the Sagkeeng First Nation on whose traditional lands the projects are situated. Additional information about exploration results and a project development schedule will be released in the coming weeks

Dr. Dave Peck, the Company’s Vice President of Exploration and Business Development stated: “The resumption of activity at our Makwa nickel project is ideally timed to rising nickel prices and heightened investor and end user interest in nickel sulfide projects with strong ESG credentials located in Tier 1 mining jurisdictions. The new drilling at Makwa was designed to test prominent geophysical targets associated with known trends of nickel-copper sulfide +/- PGM mineralization that sit outside the current pit constrained mineral resources.”

Donner Lake Lithium Project – Drilling Continuing

Drilling is also ongoing at the Company’s 75% owned Donner Lake lithium project, located directly south of the Mayville Cu-Ni-PGM deposit in the northern part of the Bird River greenstone belt – see location map, below. The new drilling is targeting spodumene-bearing granitic pegmatite dykes that are part of the world class Winnipeg River pegmatite field, which hosts Canada’s only current spodumene producer – the Tanco Mine, which has been producing cesium and/or tantalum +/- lithium from the Bernic Lake pegmatite deposit since 1968. The first two drill results from Donner Lake were announced on April 5, 2022 by the Company. Additional drilling results will be released over the coming weeks.

DiagramDescription automatically generated

Above: Location of Grid Metals’ Makwa and Mayville Ni-Cu-PGM properties and Donner Lake lithium property in the Bird River greenstone belt, southeastern Manitoba.

Quality Assurance and Quality Control

Grid Metals applies best practice quality assurance and quality control (“QAQC”) protocols on all of its exploration programs. For the Makwa drilling program, core was logged and sampled at the Company’s core facility located on the Makwa Property. Standard 1.0 metre sample lengths were used. Samples were bagged and tagged and then transported by secure carrier to the Actlabs (Thunder Bay) laboratory for sample preparation and analysis for nickel, copper, cobalt and selected major and trace element abundances using a multi-acid digestion method followed by ICP-OES analysis. Samples were also analyzed for Pd, Pt and Au using a lead collection 30 g fire assay method followed by ICP-OES analysis. The Company is using two certified reference materials (“CRMs”) and one analytical blank for the Makwa program to monitor analytical accuracy and check for cross contamination between samples. The analytical results for the two CRMs and the blank for MAK22-02 results reported here did not show any significant bias compared to the certified values and the fell within the acceptable limits of variability.

Dave Peck, P.Geo., has reviewed the contents of this press release and is the qualified person for purposes of National Instrument 43-101.

About Grid Metals Corp.

Grid Metals Corp. has a portfolio of exploration and development stage properties focused on battery metals (nickel, copper, platinum group metals, cobalt, palladium and lithium) which are located in the Provinces of Manitoba and Ontario, Canada. In Manitoba the Company is currently drilling at both its Makwa Nickel Property and its Donner Lake Lithium Property.

To find out more about Grid Metals Corp., please visit www.gridmetalscorp.com.

On Behalf of the Board of Grid Metals Corp.
Robin Dunbar – President, CEO & Director
Telephone: 647 201 6844 Email: rd@gridmetalscorp.com
David Black – Investor Relations Email: info@gridmetalscorp.com 416 955-4773

Appendix: Specifications for drill holes MAK22-01 to 14, Makwa nickel property. Collar coordinates are based on a NAD83 UTM Zone 15N projection.

Hole NumberTarget PlateEasting (m)Northing (m)Elevation (m)Azimuth (degrees)Dip (degrees)Length (m)
MAK22-01MK053259275593239298180-45432
MAK22-02MK023266995593745310180-45446
MAK22-03MK053259275593239298160-45356
MAK22-04MK023266995593745310180-60371
MAK22-05Met Test3253915592980287360-60224
MAK22-06MK023266995593745310205-55404
MAK22-07MK043254705592913287295-62329
MAK22-08MK023266995593745310155-55398
MAK22-09MK043254705592913287275-52302
MAK22-10MK04325470559291328716-61338
MAK22-11MK023254705592913287135-52302
MAK22-12MK033259275593239298322-45299
MAK22-13MK023265795593652309160-45130
MAK22-14MK023265795593652309210-60260

SOURCE: Grid Metals Corp.

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Eloro Resources Intersects 182.34g Ag eq/t (29.85g Ag/t, 1.01% Zn, 0.64% Pb, 0.11% Cu and 0.11% Sn) over 351.0m in Southern Part of Santa Barbara Target 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 announce assay results from an additional two (2) diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Hole METSBUG-01 is an underground hole drilled for metallurgical sampling purposes from the Santa Barbara adit, while step-out hole DSB-25 was drilled approximately 400m northwest of hole METSBUG-01. Both holes intersected major new extensions of the already large Santa Barbara mineralized zone.

The Company has completed 53,445m in 83 drill holes, including three holes in progress, as shown in Figure 1. Table 1 lists significant assay results from holes METSBUG-01 and DSB-25. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 2 summarizes drill holes with assays pending. Highlights are as follows:

Santa Barbara Mineral Resource Target Area

Hole METSBUG-01, an underground hole drilled for metallurgical sampling purposes from the Santa Barbara adit, was drilled at azimuth 10 degrees at a dip of -35 degrees to intersect the midpoint of an intercept of 184.97g Ag eq/t (29.53g Ag/t, 0.08g Au/t, 1.45% Zn, 0.59% Pb, 0.08% Cu, 0.056% Sn) over 257.5m in discovery hole DHK-15 (see Eloro’s January 26, 2021 press release; 164.87g Ag eq/t recalculated, up from 129.60 g Ag eq/t, using current metal pricing) to provide a representative sample in the higher-grade mineralized area of the Santa Barbara breccia pipe (Figures 1 and 2 and Table 1).

This hole intersected 182.34g Ag eq/t (29.85g Ag/t, 1.01% Zn, 0.64% Pb, 0.11% Cu and 0.11% Sn) over its full length of 351.0m including higher-grade sections of:

  • 261.14g Ag eq/t (24.65g Ag/t, 0.15% Zn, 0.14% Pb, 0.81% Cu and 0.19% Sn) over 22.56m from 2.94m to 25.50m,
  • 599.26g Ag eq/t (208.14g Ag/t, 0.28% Zn, 0.51% Pb, 0.56% Cu and 0.41% Sn) over 17.60m from 46.66m to 64.26m. This section included a remarkable sample over 1.42m from 55.43m to 56.85m which assayed 5,106g Ag eq/t (1,730g Ag/t, 0.42g Au/t, 2.15% Bi, 6.33% Cu and 3.55% Sn),
  • 324.72g Ag eq/t (12.49g Ag/t, 1.88% Zn, 1.26% Pb, 0.02% Cu and 0.31% Sn) over 30.01m from 92.89m to 122.90m,
  • 292.78g Ag eq/t (55.64g Ag/t, 2.70% Zn, 1.31% Pb, 0.02% Cu and 0.12% Sn) over 31.72m from 241.28m to 273.00m

As shown in Figure 2, a SW-NE cross section looking northwest, hole METSBUG-01, along with previously released drill holes METSBUG-02 (see Eloro’s February 23, 2022 press release) and DSBU-03 (see Eloro’s March 1, 2022 press release) define a major high grade mineralized area that extends across a width of approximately 600m to a depth of a least 600m and is open along strike to the northwest and at depth. It is significant to note that hole METSBUG-01 was mineralized from top to bottom and terminated in mineralization.

Importantly, mineralization, especially areas with higher tin grades, appears coincident with elevated magnetic susceptibility (Figure 2). Areas of elevated magnetic susceptibility appear much more expansive than current volumes of rock that have been drill tested, a good indication that more mineralization is yet to be discovered.

Step-out hole DSB-25, drilled approximately 400m northwest of hole METSBUG-01, intersected 25 reportable intersections with a best result of 205.13g Ag eq/t (25.01g Ag/t, 0.1 g Au/t, 0.13% Cu and 0.25% Sn) over 81.11m from 356.93m to 439.04m including a higher-grade section of 428.83g Ag eq/t (55.88 g Ag/t, 0.19 g Au/t, 0.28% Cu and 0.53 %Sn) over 17.93m from 379.18m to 397.11m. This hole continues to confirm the extent of significant mineralization in the northwest extension area of Santa Barbara.

Tom Larsen, CEO of Eloro, commented: “We are continuing to intersect wide areas of higher-grade mineralization which will enhance our planned inaugural National Instrument 43-101 mineral resource estimate. Longer holes are planned in this very prospective area of the Santa Barbara target to better define the full extent of the higher-grade areas which remain open both along strike and downdip.”

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “We are continuing to expand the extent of the remarkable silver-tin polymetallic mineralized system at Iska Iska. Additional holes are in progress to test the downdip and along strike extent of the high-grade zone in the southeastern part of the Santa Barbara target area. Drilling is also in progress, as outlined in the Eloro press release of March 1, 2022, to test the major targets in the Porco area indicated by the 3D inverse magnetic susceptibility model.”

Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary Minera Tupiza S.R.L. (“Minera Tupiza”), further commented: “Recent assays from drillholes METSBUG 1 and 2 and DSBU-03 have intersected highly enriched zones of Sn, Ag, Pb and Cu with local Au and Bi in stockworks, disseminations and a variety of breccia types including both volcanic explosive and later structurally controlled breccias. The strength and intensity of mineralization in these holes along with the elevated magnetic susceptibility which extends much further along strike and downdip suggests the possibility of a major feeder in this area.”

Table 1: Significant Results, Diamond Drilling, Santa Barbara Resource Definition Target Area as at March 16, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND METALLURGICAL DRILL HOLE
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
METSBUG-010.00351.00351.0029.850.031.010.640.110.110.020.01182.34
Incl2.9425.5022.5624.650.050.150.140.810.190.010.00261.14
Incl46.6664.2617.60208.140.070.280.510.560.410.210.01599.26
Incl92.89122.9030.0112.490.031.881.260.020.310.000.01324.72
Incl241.28273.0031.7255.640.022.701.210.020.120.000.01292.78
NORTHWEST EXTENSION DRILL HOLE
DSB-2528.4629.801.3413.000.250.011.970.050.000.0420.001112.56
74.10114.6040.507.340.040.000.170.010.080.0020.00164.16
147.02148.401.3830.000.070.010.270.010.080.0140.00197.17
188.92191.963.0453.790.040.000.980.010.020.0010.001101.78
205.45232.4627.0139.470.050.010.370.060.040.0030.00189.29
253.43260.907.471.100.030.090.750.030.030.0010.01053.58
268.39284.9616.5716.470.030.180.840.020.040.0020.00480.33
308.96347.9739.016.710.050.180.080.090.040.0020.00355.16
356.93439.0482.1125.010.110.010.030.130.250.0310.001205.13
Incl.379.18397.1117.9355.880.190.010.040.220.530.0860.001428.83
463.20511.8648.661.090.020.030.470.010.120.0010.02994.26
539.20542.203.004.500.080.870.200.010.010.0060.03067.28
564.70570.695.992.610.040.020.010.050.090.0060.00365.41
591.03593.992.964.480.070.010.000.150.140.0350.001120.46
612.04615.032.996.990.120.000.010.080.080.0050.00173.20
630.04643.5213.483.990.170.010.000.090.040.0050.00157.42
663.01664.511.507.000.060.040.020.570.020.3630.001168.61
682.50685.533.0310.530.020.050.000.260.140.0040.001133.31
691.50697.506.004.370.160.100.010.050.040.0780.00167.41
703.50713.8710.379.460.530.390.010.080.060.1830.001145.81
719.90725.825.924.290.030.390.150.060.050.0140.00167.07
739.43742.412.983.000.070.300.070.060.040.0610.00169.46
755.97760.524.554.890.170.180.030.080.070.0430.00186.36
766.54768.031.497.000.040.190.030.190.090.0320.001101.64
772.54778.596.056.230.100.750.050.200.060.0420.003121.20
796.54798.031.493.000.090.110.090.060.030.3470.001107.40

Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling and geological modelling.

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams 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 (Prices updated as of February 1, 2022, to more accurately reflect current metal prices):

ElementPrice $US (per kg)Ratio to Ag
Ag$722.561.0000
Sn$42.560.0589
Zn$3.300.0046
Pb$2.330.0032
Au$57,604.0079.7221
Cu$9.680.0134
Bi$12.760.0177
Cd$5.500.0076

In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.

The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Metallurgical tests are in progress by Blue Coast Ltd. to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.

Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from March 16, 2022 press release.

Hole No.TypeCollar EastingCollar NorthingElevAzimuthAngleHole Length m
Surface Drilling Northwest Extension Santa Barbara
DSB-14S205283.07656587.24175.0225-65968.5
DSB-16S204973.17657053.84165.0225-65862.0
DSB-17S7656765.4205131.34173.0225-40841.0
DSB-18S7656676.3205207.14175.0225-40890.4
DSB-19S7656676.3205207.14175.0225-65803.3
DSB-22S7657208.4204799.44145.0225-40258.4
DSB-23S205341.07656535.04177.0225-40661.3
DSB-24S205341.07656535.04177.0225-65343.4
DSB-26S205044.57656982.64150.0225-40815.4
DSB-27S205044.57656982.64150.0225-65800.4
Subtotal7244.1
Underground Drilling Santa Barbara Adit
DSBU-4UG205285.27656074.84165.0180-20570.0
DSBU-5UG205285.27656074.84165.00-40491.7
DSBU-6UG205285.27656074.84165.00-65253.5
DSBU-7UG205284.57656080.04167.1235-50800.9
Subtotal2116.1
DSBU-8UG205284.57656080.04167.1200-50In progress
Surface Drilling South Extension Santa Barbara
DSBS-01S205300.07655563.04204.030°-30700.8
Subtotal700.8
DSBS-02S205300.07655563.04204.0-45In progress
Porco Target Area – Surface Drill Program
DPC-04S205457.27655110.94175.00-60371.4
DPC-05S205457.27655110.94175.090-60407.5
DPC-06S205457.27655110.94175.0243-60716.4
DPC-07S205090.07655343.74310.0235-65791.4
DPC-08S205456.27655113.44175.9243-60800.4
Subtotal2295.7
DPC-09S205090.07655343.74310.0235-65In progress
TOTAL12,356.7

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 to December 17, 2021 is 40,468 m in 73 holes (26 underground holes and 47 surface holes). From re-start of drilling on January 17, 2022, an additional 12,977m has been completed bringing the overall total to 53,445m in 83 drill holes (28 underground drill holes and 55 surface drill holes) including 3 holes in progress.

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 and planned.
https://www.globenewswire.com/NewsRoom/AttachmentNg/ddad13c1-182e-4aef-a844-9d1ecde42769

Figure 2: Preliminary W-E Geological Cross Section with Drill Holes METSBUG-01, METSBUG-02 and DSBU-03 (looking northwest)
https://www.globenewswire.com/NewsRoom/AttachmentNg/0f84cd4c-4e09-41a7-b3de-9ae3b13d66dc

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. Osvaldo Arce, P.Geo., Manager of Minera Tupiza. 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.

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. Mr. Joe Mihelcic, P.Eng., P.Geo., a QP under NI 43-101, of Clearview Geophysics completed the 3D magnetic inversion model in consultation with Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration.

Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve and it is hoped that most of the sample backlog will be cleared in the next 4-6 weeks.

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 initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. This work is advancing well with the mineral resource targeted to be completed in Q2 2022. Exploration drilling is also planned on other major targets in the Iska Iska Caldera Complex including the Porco and Mina 2 areas.

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.

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.

Figure 1Figure 2
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Eloro Resources Intersects 172.43 g Ag eq/t (40.16 g Ag/t, 0.51% Zn, 0.41% Pb and 0.13% Sn) over 303.05m in Southern Part of Santa Barbara Target 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 announce assay results from six (6) additional diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Hole METSBUG-02 is an underground hole drilled northeast from the Santa Barbara adit for metallurgical purposes and to complete fill-in drilling. The remaining five (5) holes tested the NW extension in the Santa Barbara Mineral Resource Target Area (DSB-12, -13, -15, -20 and -21) on a series of NE-SW sections as shown in Figure 1.

As previously announced (see Eloro’s press release dated January 18, 2022) drilling recommenced on January 17, 2022, with two surface drill rigs and one underground rig. Since the restart, the Company has completed an additional 4,649m of drilling, for an overall total of 45,117m in 80 drill holes, including three holes in progress as shown in Figure 1. Table 1 lists significant assay results. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 2 summarizes drill holes with assays pending. Highlights are as follows:

Underground Metallurgical Hole, Santa Barbara Mineral Resource Target Area

Underground hole METSBUG-02, collared in the Santa Barbara adit and drilled at an azimuth of 40 degrees at -10 degrees dip, intersected significant mineralization (Figure 1 and Table 1) over the full length of the hole:

  • 172.43 g Ag eq/t (40.16 g Ag/t, 0.51% Zn, 0.41% Pb and 0.13% Sn) over 303.05m from 0.00 to 303.05 m including higher-grade sections of 507.64 g Ag eq/t (119.36 g Ag/t, 0.14 g Au/t, 0.57 %Pb and 0.52 %Sn) over 49.55m from 0.0 to 49.55m and 196.67 g Ag eq/t (66.93 g Ag/t, 1.03% Zn, 0.67% Pb and 0.08% Sn) over 77.77m from 180.95m to 258.72m.
  • This hole was designed to intersect midway across the intersection in Hole DHK-18 which returned 129.65 g Ag eq/t over 300.75m (see press release July 28, 2021; grade is 172.18 g Ag eq/t with updated metal prices) in the mineralized envelope to the east of the Santa Barbara Breccia Pipe.

Sectional Drill Holes NW Extension Santa Barbara Mineral Resource Target Area

Significant results have been returned from the five (5) initial sectional drill holes testing the NW Extension of the Santa Barbara mineralized trend. This area is marked by a prominent magnetic anomaly and is underlain by several dacitic domes, possibly related to a secondary caldera. An additional 11 holes totaling 7,859m have been completed to provide coverage on 100m spaced sections over much of the NW Extension target area as shown in Figure 1. Assay results on these holes are pending. Figure 2 is a section along hole DSB-20. Highlights are as follows:

  • Hole DSB-20, which is in approximately the centre of the NW Extension target area, intersected 22 reportable intersections with a best result of 129.42 g Ag eq/t (21.79 g Ag/t, 0.27% Zn, 0.36% Pb and 0.12% Sn) over 73.65m from 247.56m to 321.21m including a higher-grade section of 204.03 g Ag eq/t (27.54 g Ag/t, 0.40% Zn, 0.55% Pb and 0.21% Sn) over 28.57m from 267.08m to 295.65m.
  • Hole DSB-21, on the northwesternmost section, intersected 14 reportable intersections including a high-grade Cu zone grading 152.04 g Ag eq/t (9.48 g Ag/t and 1.02% Cu) over 25.27m from 58.85m to 84.12m and 114.77 g Ag eq/t (40.85 g Ag/t, 0.09 g Au/t, 0.69% Zn and 0.18% Pb) over 16.28m from 163.98m to 180.28m.
  • Hole DSB-15, 100m southeast of Hole DSB-21, intersected 12 reportable intersections including 112.43 g Ag eq/t (9.98 g Ag/t, 0.10 g Au/t, 0.21% Zn, 0.34% Pb, 0.09% Sn and 0.12% Cd) over 10.53m from 293.70m to 304.23m and 186.75 g Ag eq/t (14.67 g Ag/t, 0.13 g Au/t, 0.27% Zn, 0.17% Cu and 0.19% Sn) over 19.65m from 710.97m to 730.62m.
  • Hole DSB-12, collared 200m southeast of hole DSB-15 and 100m northwest of hole DSB-20, intersected 20 reportable mineralized intersections of which nine ranged from 10.41m to 24.07m long. Best results were 130.28 g Ag eq/t (92.32 g Ag/t, 0.06% Cu) over 10.41m from 332.64 to 311.90, 129.54 g Ag eq/t (10.19 g Ag/t, 0.22 % Zn, 0.15% Cu, 0.13% Sn) over 18.04m from 487.76m to 505.80m, 116.73 g Ag eq/t (10.18 g Ag/t, 0.12% Cu, 0.10 % Sn and 0.13% Bi) over 24.07m from 594.44m to 618.51m and 164.01 g Ag eq/t (7.80 g Ag/t, 0.11 g Au/t, 0.39% Zn, 0.21% Cu, 0.11% Bi) over 21.05m from 753.50m to 771.49m.
  • Hole DSB-13, drilled on the same section but shallower than hole DSB-12, intersected 15 reportable mineralized intersections of which the best results were 48.53 g Ag eq/t (5.66 g Ag/t and 0.29% Zn) over 37.58m from 161.71m to 199.29m, 171.55 g Ag eq/t over 9.01m (21.45 g Ag/t, 0.54 g Au/t, 0.38% Zn, 0.14% Sn) from 221.66m to 230.67m, 51.89 g Ag eq/t (3.48 g Ag/t and 0.24% Zn) over 39.13m from 320.57m to 361.18m and 71.71 g Ag eq/t over 8.93m (7.07 g Ag/t, 0.11% Cu and 0.06% Sn) from 601.95m to 610.88m.

Tom Larsen, CEO of Eloro, commented: “This new underground hole is the longest and highest-grade intersection obtained thus far in our diamond drill program. Results from the step-out holes on the NW extension are also very encouraging. Turnaround at both the ALS and AHK laboratories continues to improve so we anticipate being able to have a more regular release of results going forward. Drilling productivity continues to be very high with more than 4,600m completed by the three drills since our restart last month. We will shortly complete our underground drilling and will exchange this drill for a high capacity surface rig which will further increase our production.”

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “The 100m-spaced sectional drilling has been completed on the NW Extension, however it is evident that much further drilling will be required to fully evaluate this exciting target area. Underground drilling is continuing from the Santa Barbara adit to test the major magnetic anomaly to the southwest. The first of a series of surface holes testing the southern Santa Barbara target area is in progress, with the aim of further expanding the high-grade mineralization already identified in this area. Hole DPC-07 in the Porco area is testing a major magnetic anomaly, while additional drill holes are planned to further test the Porco Breccia Pipe deeper. Hole DM2-01, to be drilled in the Mina 2 area in the southeast part of the property, will test for a potential tin porphyry at depth. Channel sampling and geological mapping are in progress in the Mina 2 workings.”

Table 1: Significant Results, Diamond Drilling, Santa Barbara Resource Definition Target Area as at February 23, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DRILL HOLE – METALLURGICAL HOLE
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
METSBUG-020.00303.05303.0540.160.060.510.410.090.130.0060.004172.43
Incl.0.0049.5549.55119.360.140.060.570.380.520.0100.001507.64
Incl.180.95258.7277.7766.930.041.030.670.060.080.0130.011196.67
SANTA BARBARA NW EXTENSION SECTIONAL DRILLING
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-2121.1522.611.468.000.230.000.070.020.060.0220.00168.81
58.8584.1225.279.480.020.010.051.020.000.0010.001152.04
163.98180.2616.2840.850.090.690.180.040.030.0190.012114.77
228.21243.2715.0624.110.060.500.100.040.040.0020.00287.05
255.28261.265.9827.070.060.610.140.020.030.0010.00183.85
268.78270.281.5032.000.080.300.030.150.150.0180.001165.47
309.61315.616.0015.700.020.680.440.010.010.0010.00267.35
453.86455.381.5225.000.050.020.030.060.050.0250.00174.03
513.92515.421.5068.000.030.030.000.030.010.0020.00183.83
521.39525.884.4924.090.060.060.010.050.040.0050.00164.40
578.55581.402.851.510.012.610.000.010.000.0010.001125.26
638.51640.001.4959.000.030.150.010.310.280.0130.001277.24
649.04656.557.5120.090.020.640.010.120.110.0080.001135.84
665.75667.251.5044.000.140.030.020.290.280.5470.001354.97
DSB-2046.6651.204.549.690.010.010.191.210.000.0010.001180.58
82.6185.562.955.540.020.370.460.010.010.0040.07351.71
118.70123.224.528.760.032.140.420.010.060.0020.060166.00
150.28162.2611.9817.680.030.620.490.010.050.0020.02694.64
188.89221.8832.995.290.020.350.140.010.100.0020.00885.30
233.97235.501.5317.000.020.590.320.010.060.0020.00292.39
247.56321.2173.6521.790.070.270.360.010.120.0280.001129.42
Incl.267.08295.6528.5727.540.080.400.550.020.210.0370.001204.03
352.73357.244.514.690.010.540.250.010.020.0010.00151.73
360.23361.731.504.000.011.380.010.010.010.0010.00176.68
399.15402.092.943.020.030.340.170.010.050.0010.00159.64
408.26409.831.574.000.010.630.020.010.050.0010.00164.50
426.27427.721.454.000.020.010.010.010.120.0030.00180.50
499.10500.531.432.000.010.020.010.030.080.0010.00155.86
518.38536.1817.8012.010.060.370.080.030.040.0450.00171.11
552.63568.4015.7716.710.150.080.030.100.100.0590.001116.90
591.30598.707.409.410.210.050.020.050.060.0140.00173.18
697.09698.501.416.000.020.000.000.100.100.0070.00182.51
719.40723.904.509.340.060.030.010.110.100.0150.00194.70
743.47749.506.0321.420.180.110.030.590.300.0070.001297.99
770.56791.4320.875.240.080.050.010.270.050.0750.00193.75
814.25820.155.902.580.020.060.010.230.030.3640.001118.69
866.21868.001.793.000.030.000.000.430.040.0340.00190.39
SANTA BARBARA NW EXTENSION SECTIONAL DRILLING (CON’T)
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-1523.7629.836.0722.140.060.000.080.010.100.0030.00193.29
55.3358.302.972.000.050.010.021.340.020.0010.001196.03
173.61178.124.5221.350.140.620.200.020.030.0020.00186.78
293.70304.2310.539.980.100.210.340.080.090.0220.121112.43
314.20322.748.544.130.040.590.330.050.060.0080.00989.94
435.66437.191.530.500.010.110.000.000.140.0010.00188.97
461.30462.801.502.000.010.130.010.010.140.0040.00190.73
474.55476.051.5024.000.060.030.030.200.150.0310.001153.19
480.55486.535.987.520.020.120.010.110.100.0110.00190.20
532.48533.971.4934.000.040.010.010.130.110.0340.001126.43
582.19583.741.551.000.012.030.000.010.030.0010.001113.31
710.97730.6219.6514.670.130.270.000.170.190.0700.001186.75
DSB-1350.5066.674.4818.110.010.010.080.200.020.0010.00557.64
111.90124.0212.124.670.010.710.080.010.020.0010.00454.94
161.71199.2937.585.660.070.290.090.020.030.0010.00448.53
208.19211.203.0116.020.270.480.030.090.030.0010.00590.12
221.66230.679.0121.450.540.380.070.020.140.0090.005171.55
272.71274.221.5127.000.300.060.060.040.070.0190.005105.33
287.75292.254.505.670.031.180.310.020.060.0020.003108.69
308.70311.64