copper

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from eight (8) additional diamond drill holes from its definition drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Hole DHK-27 was drilled from Huayra Kasa due west at -45 degrees to a length of 860m to fill-in gaps in previous drilling of the High-Grade Zone. Five (5) additional holes (DHK-26. DHK-28, DHK-29, DHK-30 and DSB-42) were drilled to the southwest from the Huayra Kasa area to test the eastern margin of the Santa Barbara deposit. Hole DSB-43 was drilled on southwest side of Santa Barbara and hole DSB-46 tested the potential south-southeastern extension.

As previously reported in a press release dated November 27, 2022, the Company completed 84,495m of drilling in 122 holes to complete the definition drill program in the Santa Barbara target area, as shown in Figure 1. Tables 1 and 2 list significant assay results for the reported drill holes. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s July 21, 2022 press release. Table 3 summarizes drill holes completed but with assays pending. The remaining eight (8) holes outstanding are in the south-southeastern extension area of the southern part of the Iska Iska caldera.

In addition to the new drill results, the Company is pleased to report on channel sampling results from the Mina 1 and Mina 2 underground workings located approximately 2km south-southeast of the Santa Barbara adit and approximately 800m east of the Porco adit where previously reported channel sampling returned a 103m strike length grading 521 g Ag eq/t (g 117g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66% Sn) in altered basement sediments (see Eloro’s November 17, 2021 press release). The location of Mina 1 and Mina 2 is shown in Figure 1. Complete channel sampling results are listed in Tables 4 and 5.

Tom Larsen, CEO of Eloro, said: “Hole DHK-27 when determining grade times intercept of 65,887 g Ag eq/t-m is the 2nd most valuable drill hole recorded to date and only just behind the 441-meter 66,389 g Ag eq/t-m intersection in hole DSB-30 reported last fall (see press release September 20, 2022). These are remarkable intercepts and grades. The significance of DHK-27 is the consistent high silver grades averaging 69.80 g Ag/t over a length of 325.48 meters which is close to true thickness. The higher grade 182.02 g Ag/t over 109.60 m portion of Hole DHK-27 attests to the potential of outlining much higher-grade areas in the Santa Barbara deposit with further drilling. It is also important to note that calculations for equivalent Ag grade in this release are based on July 2022 metal prices which for the major metals at Iska Iska are 13% to 33% lower than current prices hence the quoted values for silver equivalent are conservative.”

“The technical team under the supervision of Dr. Bill Pearson, P.Geo. and Dr. Osvaldo Arce, P.Geo. are setting up for resumption of diamond drilling in early February that will target the major tin porphyry that they believe is below the Iska Iska porphyry and extends into the newly acquired Mina Casiterita property,” continued Mr. Larsen. “Eloro has a remarkable opportunity to outline a second, potential world class tin deposit at Iska Iska in addition to the already extensive Santa Barbara silver-tin polymetallic deposit which is the focus of our inaugural mineral resource estimate expected by the end of Q1 2023. Expect to see a lot of activity in and around Iska Iska in 2023!”

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We are working closely with Micon International to ensure that they have all the data necessary to complete the inaugural mineral resource estimate on the Santa Barbara deposit targeted for the end of Q1 2023. Blue Coast Research in Parksville, B.C. is completing their metallurgical studies and Gemin Associates in Lima, Peru is preparing preliminary economic parameters for the mineral resource estimation. On the ground, the Company has commenced induced polarization surveys on the Mina Casiterita property and is preparing for the restart of drilling in early February. The next phase of exploration drilling will target the potential tin porphyry in the Porco and Mina Casiterita areas. In addition, we have also initiated a program of geological mapping, sampling, and prospecting to evaluate the newly staked properties in the Iska Iska area which are detailed in our November 22, 2022 press release.”

Updated Geological Model for Iska Iska and its Santa Barbara Deposit

Drilling across the valley of the Iska Iska Caldera indicates that this area is underlain by a coarse-grained porphyritic dacitic intrusion that is well mineralized with Ag, Zn and Pb and is the likely source of the extensive epithermal mineralization in the Santa Barbara and Central Breccia areas. The porphyry, now named the Iska Iska Porphyry, is approximately 800m by 600m (Figure 1) and is notable for the absence of tin mineralization despite the abundance of tin in the nearby area. The tin at Iska Iska has been long recognized by Dr. Osvaldo Arce, P.Geo., an expert on Bolivian geology, as likely being the product of an earlier higher temperature and deeper tin porphyry, which has been overprinted by the later higher-level porphyry-epithermal Ag-Zn-Pb mineralization related to the Iska Iska porphyry.

Detailed analysis and modeling of the geological, geophysical, and geochemical data at Iska Iska indicates that the hydrothermal signature for the Iska Iska porphyry-epithermal system is approximately 2.8km along strike, up to 1.2km across strike and extending to a depth of at least 1.4km (Figure 1).

The High-Grade Zone that occurs within this extensive hydrothermal system defined by the >90 g Ag eq/t grade shell model is approximately 1,000m along strike, 800m wide and extends to a depth of 1,100m (Figure 2). This zone is open to the south, west and northwest as well as at depth. Magnetic inverse modelling and limited deep drilling suggest that the major tin porphyry is likely below the Iska Iska Porphyry and to the south and southwest in the Porco and Mina Casiterita areas.

The definition drilling program has more than doubled the potential volume of high grade mineralized material to be assessed for the mineral resource. Figure 2 shows the >90 g Ag eq/t grade shell model released September 20, 2022, compared to the date of this release. The success of the definition drilling in expanding the >90 g Ag eq/t zone is readily evident in Table 6, below and in Figure 2.

Table 6: Comparison of September 2022, >90 g Ag eq/t Grade Shell Model versus January 2023 Model for Santa Barbara Deposit

The overall mineralized zone as defined by the >30 g Ag eq/t grade shell has a strike length of 2,200m, a width of 1,200m and extends to a depth of at least 1,400m. Note that much of the drilling at Santa Barbara is at 100m spacing hence further drilling will likely provide better definition of higher-grade zones within the extensive mineralized envelope.

Santa Barbara Definition Drilling Huayra Kasa Area

Hole DHK-27 was drilled from Huayra Kasa due west at -45 degrees to a length of 860m. 50% of this hole returned reportable intersections averaging 172.09 g Ag eq/t. The silver grades in this hole are the highest and most extensive yet intersected in the Santa Barbara deposit.

Highlights from Hole DHK-27

• 202.43g Ag eq/t (69.80g Ag/t, 1.21% Zn, 0.49% Pb, and 0.12%Sn) over 325.48m from 93.30m to 418.78m, including a higher-grade portion of:
  • 395.98 g Ag eq/t (182.02g Ag/t, 1.73% Zn, 0.97% Pb, 0.18% Cu and 0.19%Sn) over 109.60m from 198.41m to 308.01m.

Five (5) additional holes (DHK-26. DHK-28, DHK-29, DHK-30 and DSB-42) were collared in the Huayra Kasa area to test the eastern margin of the Santa Barbara deposit. All these holes were drilled at an azimuth of 225⁰ with a dip of -60⁰. Collectively, these holes intersected many significant intersections within altered and mineralized dacite and dacitic breccia including:

Highlights from Hole DHK-26

• 221.51g Ag eq/t (28.44 Ag/t, 3.11% Zn and 0.26% Pb) over 53.90m from 729.40m to 783.30m including:
  • 486.82g Ag eq/t (89.75g Ag/t, 0.21 g Au/t, 6.23% Zn and 0.83% Pb) over 7.42m from 751.84m to 759.26m.
  • 517.28g Ag eq/t (50.66g Ag/t, 0.13 g Au/t, 7.95% Zn, 0.38% Pb and 0.10 % Sn) over 12.08m from 769.72m to 781.80m.
• 99.76g Ag eq/t (32.59g Ag/t, 0.11 g Au/t, 0.54% Zn and 0.18% Pb) over 82.38m from 819.50m to 901.88m including:
  • 238.64g Ag eq/t (115.01g Ag/t, 0.09 g Au/t, 0.76% Zn, 0.38% Pb and 0.12% Sn) over 7.59m from 838.63m to 846.22m.
  • 273.63g Ag eq/t (149.42g Ag/t, 0.26 g Au/t, 1.54% Zn and 0.41% Pb) over 7.52m from 853.72m to 861.24m.
  • 187.82g Ag eq/t (33.08g Ag/t, 0.26 g Au/t 1.54% Zn and 0.49% Pb) over 7.53m from 877.72m to 885.25m.

Highlights from Hole DHK-28

• 140.99g Ag eq/t (25.01g Ag/t, 1.85% Zn and 0.64% Pb) over 7.52m from 174.18m to 181.70m.
• 125.48g Ag eq/t (5.01g Ag/t and 2.10% Zn) over 6.04m from 413.20m to 419.24m.
• 79.22g Ag eq/t (26.26g Ag/t, 0.35% Zn and 0.33% Pb) over 141.56m from 728.88m to 870.44m including:
  • 162.77g Ag eq/t (67.00g Ag/t, 0.55% Zn and 1.30% Pb) over 23.85m from 734.70m to 758.55m.

Highlights from Hole DHK-29

• 176.28g Ag eq/t (19.10g Ag/t, 2.29% Zn and 0.27% Pb) over 21.30m from 206.30m to 227.60m.
• 156.90g Ag eq/t (30.88g Ag/t, 0.19 g Au/t, 1.67% Zn and 0.10% Pb) over 10.78m from 608.85m to 619.63m.
• 82.48g Ag eq/t (5.07g Ag/t, 0.21 g Au/t, 0.78% Zn and 0.18% Pb) over 69.18m from 727.12m to 796.30m.

Highlights from Hole DHK-30

• 113.69g Ag eq/t (17.63g Ag/t, 0.19 g Au/t, 1.13% Zn and 0.34% Pb) over 7.54m from 136.52m to 144.06m.
• 116.22g Ag eq/t (14.31g Ag/t, 0.43 g Au/t, 0.86% Zn and 0.10% Pb) over 6.08m from 382.93m to 389.01m.
• 430.17g Ag eq/t (63.65g Ag/t, 0.23 g Au/t, 0.29% Zn, 1.02% Pb, 0.70% Sn and 0.13% Bi) over 2.94m from 559.68m to 562.62m.

Highlights from Hole DSB-42

• 494.23g Ag eq/t (3.03g Ag/t, 4.59 g Au/t, 0.63% Zn and 0.15% Pb) over 2.99m from 51.71m to 54.70m.
• 63.86g Ag eq/t (2.66g Ag/t, 1.01% Zn and 0.21% Pb) over 31.72m from 374.64m to 406.36m, including a higher-grade section of:
  • 161.05g Ag eq/t (5.33g Ag/t, 2.74% Zn and 0.32% Pb) over 4.53m from 385.25m to 389.78m.
• 260.46g Ag eq/t (67.81g Ag/t, 0.11 g Au/t, 2.58% Zn and 1.42% Pb) over 18.21m from 442.58m to 460.79m, including a higher-grade section of:
  • 678.61g Ag eq/t (189.03 g Ag/t, 0.30 g Au/t, 6.40% Zn and 3.76% Pb) over 6.08m from 445.60m to 551.68m.
• 138.95g Ag eq/t (22.69g Ag/t, 1.65% Zn and 0.75% Pb) over 10.52m from 477.38m to 487.90m.
• 130.69g Ag eq/t (7.19g Ag/t, 1.83% Zn and 0.48% Pb) over 42.17m from 519.62m to 561.79m, including a higher-grade section of:
  • 283.75g Ag eq/t (17.53g Ag/t, 0.13 g Au/t, 3.97% Zn and 1.31% Pb) over 13.49m from 519.62m to 533.11m.
• 129.98g Ag eq/t (19.71g Ag/t, 1.50% Zn and 0.57% Pb) over 72.31m from 596.33m to 668.64m, including a higher-grade section of:
  • 208.42g Ag eq/t (33.10g Ag/t, 2.37% Zn and 1.00% Pb) over 34.64m from 634.00m to 668.64m.
• 57.11g Ag eq/t (1.75g Ag/t, 0.67% Zn and 0.13% Pb) over 78.10m from 685.15m to 763.25m, including a higher-grade section of:
  • 120.06g Ag eq/t (2.95g Ag/t, 1.61% Zn and 0.30% Pb) over 13.21m from 742.49m to 755.70m.

Hole DSB-43 tested the southwest side of Santa Barbara while hole DSB-46 tested the south-southeast extension. Highlights in these two holes are as follows:

Highlights from Hole DSB-43

128.40g Ag eq/t (58.77g Ag/t, 0.12% Zn, 0.08% Pb, 0.10% Cu and 0.11% Sn) over 28.75m from 434.28m to 463.03m, with higher-grade portions of:

• 190.20g Ag eq/t (94.23g Ag/t, 0.11% Zn, 0.11% Pb, 0.15% Cu and 0.14% Sn) over 16.60m from 438.90m to 455.50m.

• 103.50g Ag eq/t (16.83g Ag/t, 0.14 g Au/t, 0.30% Zn, 0.26% Pb and 0.12% Sn) over 15.02m from 650.28m to 665.30m.

Highlights from Hole DSB-46

• 107.44g Ag eq/t (5.83g Ag/t, 1.75% Zn, 0.12% Pb) over 33.50m from 504.15m to 537.65m, with a higher-grade portion of:
  • 137.05g Ag eq/t (6.58g Ag/t, 2.20% Zn and 0.14% Pb) over 10.77m from 510.18m to 520.95m.
  • 257.17g Ag eq/t (15.28g Ag/t, 4.39% Zn and 0.26% Pb) over 6.07m from 531.58m to 537.65m.

Channel Sampling Mina 1 and Mina 2

Channel sampling of the Mina1 and Mina2 underground workings in the southern part of the property, approximately 2km south-southeast of the Santa Barbara adit, returned significant values from vein breccias as follows:

• 153.94g Ag eq/t (55.03g Ag/t, 0.11 g Au/t, 0.70% Zn, 0.16% Pb and 0.08% Sn) over 145.95m of the northwest trending drift, including a higher-grade portion of 285.16g Ag eq/t (120.18g Ag/t, 0.25 g Au/t 1.23% Zn, 0.30% Pb and 0.13% Sn) over 56.34m in Mina 1.
• 382.79g Ag eq/t (15.67g Ag/t, 1.70 g Au/t, 2.20% Zn and 0.75% Pb) over 68.53m in an east-west trending crosscut in Mina 2. A second shorter crosscut on a secondary subparallel structure approximately 20m to the south returned 475.78g Ag eq/t (69.31g Ag/t, 0.26 g Au/t, 5.62% Zn and 1.92% Pb) over 26.67m in Mina 2.

Figure 3 is a plan map showing sampling results at Mina 1 and Mina 2. Table 6 gives details of the sampling results.

These results, along with the previously reported channel sample results from Porco noted above, clearly indicate that the Iska Iska mineralizing system extends much further south outside of the principal Iska Iska Caldera. Based on field work by the Eloro geological team, it appears that there may be a second, larger ringer structure with a diameter of approximately 4.6km outside the main Iska Iska caldera that could be another major focus of mineralization. This possibility is currently being explored by geological mapping and geophysical surveys to outline targets for drill-testing in conjunction with work in the Porco area and the nearby Mina Casiterita property.

Figure 1 – Geological Plan Map showing Drilling in Santa Barbara Area with Holes referred to in this release highlighted.

Figure 2: >90 g Ag eq/t Grade Shell Model and Magnetic Inverse Model, Santa Barbara Deposit; Comparison between the September 2022 Model and the Current Model

Figure 3: Plan Map Showing Channel Sample Results at Mina 1 and Mina 2, southern part of Iska Iska Property

Table 1: Significant Results, Definition Surface Diamond Drilling Huayra Kasa Area, Santa Barbara Deposit as at January 31, 2023.

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 July 21, 2022, to more accurately reflect current metal prices):

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, Definition Surface Diamond Drilling Southwestern and South-Southeastern Extensions Santa Barbara Deposit as at January 31, 2023.

See Note Table 1.

Table 3: Summary of Diamond Drill Holes Completed with Assays Pending at Iska Iska from January 31, 2023, press release.

S = Surface UG = Underground; collar coordinates in meters; azimuth and dip in degrees. Total drilling completed since the start of the program on September 20, 2020 to the completion of the Santa Barbara definition drill program on November 27, 2022 is 84,495m in 122 drill holes (32 underground drill holes and 90 surface drill holes).

Table 4: Channel Sampling Results, Mina 1.

Note: See Table 1 for metal prices used to calculate g Ag eq/t.

Table 5: Channel Sampling Results, Mina 2.

Note: See Table 1 for metal prices used to calculate g Ag eq/t.

Qualified Person

Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P.Geo., FAusIMM of Micon are regularly consulted on technical aspects of the project.

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

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

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 100% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi 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, 0.078 g 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 an extensive target zone. In its September 20, 2022 press release, the Company reported that new downhole geophysical data has significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from existing drilling. The 3D inverse magnetic model which correlates very strongly with the conductive zone suggested that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. As reported, the definition drill program was modified to sectionally drill this potential extension with the intention of defining a major open pittable deposit in the valley of the caldera. As a result, the estimated completion date for the maiden National Instrument 43-101 mineral resource was pushed back to the end of Q1 2023.

The Company completed 84,495m of drilling in 122 holes from the definition drill program in the Santa Barbara target area, as previously announced on November 27, 2022.

On November 22, 2022, Eloro announced the acquisition of the Mina Casiterita and Mina Hoyada properties covering 14.75 km² southwest and west of Iska Iska. These properties connect with the TUP-3 and TUP-6 claims previously staked by Eloro. Eloro has also staked additional land in the area. Following the acquisition, the total land package in the Iska Iska area to be controlled by Eloro will total 1,935 quadrants covering 483.75 km².

Artisanal mining in the 1960’s identified high grade tin (Sn) veins on the Mina Casiterita property that are hosted in an intrusive dacite. Production from 1962 to 1964 is reported by the Departamento Nacional de Geología in Bolivia to be 69.85 tonnes grading 50.60% Sn.

Recently completed magnetic surveys by Eloro has outlined an extensive, near surface, magnetic intrusive body on the Mina Casiterita property immediately southwest of Iska Iska. This intrusive hosts the previously mined high-grade tin veins and is very likely the continuation of the porphyry tin intrusion projected to be below the epithermal Ag-Sn-Zn-Pb mineralization at Iska Iska.

The Porco adit from which previously reported channel sampling returned 103m grading 521 g Ag eq/t (including g 117g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66% Sn) in altered basement sediments, is located near the northeast part of the magnetic anomaly, attesting to the potential strength and high-grade nature of the mineralized system in the area.

Drilling is planned in the Porco area and on Mina Casiterita commencing in early February 2023 with geological mapping, sampling and geophysical surveys now in progress on the full land package across the Iska Iska region.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the 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.

Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9ce30823-fe4c-4f72-a3d8-929e6570e0b3

https://www.globenewswire.com/NewsRoom/AttachmentNg/455df381-6439-40b5-bf6a-b9af4235468c

https://www.globenewswire.com/NewsRoom/AttachmentNg/3c1d7522-6763-472d-b75a-54cd9233254d

One of the challenges in the junior resource exploration/development sector is attaching a credible net asset value to potential assets in the ground. A 43-101 resource estimate is helpful, so is a preliminary economic assessment; but neither really attaches a hard cash value to a company’s project.

Which is why Abraham Drost, CEO of Clean Air Metals (AIR.V) was delighted with the sale of a 2.5% net smelter returns mining royalty for all mineral products produced on the Thunder Bay North Critical Minerals (Platinum, Palladium, Copper, Nickel) Project in Northern Ontario, Canada.

“Triple Flag Precious Metals Corp. is paying us what will be 15 million dollars for a 2.5% net smelter return royalty on our Thunder Bay Critical Minerals Project,” said Drost. “These were orphaned assets which we paid 15 million dollars for 100% of title two years ago. We jumped in with both feet and we’ve put a further $30 million into the ground since then.”

“The value of the Current Deposit and Escape Deposit assets and the work done is not yet reflected in Clean Air’s share price,” said Drost. “However, the Triple Flag investment was into the asset not the equity. If we had gone the equity route to finance 15 million dollars we would have had to issue 60% of our float.”

Drost has lots to say about the flow through share, tax-driven, nature of junior resource financing in Canada. But his takeaway was, “Triple Flag are royalty investors that believe in the potential production value of the assets.”

“Now we are funded to delivery of a pre-feasibility study technical report and additional drilling. Our exploration work will be looking at six, ultra low resistivity, electromagnetic targets outside the known magma conduits. The lower the resistivity the higher the conductivity and that indicates metal.”

With what they have seen so far, Clean Air envisions two mines feeding a single mill. “But there maybe a third deposit, time will tell” said Drost.

Clean Air has attracted a good deal of industry attention. “We had seven parties in the data room,” said Drost. “The CEO of Triple Flag is an ex-colleague of our Chairman, Jim Gallagher and COO Mike Garbutt at Falconbridge and XStrata. Triple Flag has made its bet on the assets and the jockeys.”

In the news release, Gallagher states: “This sizeable, early-stage investment by Triple Flag made after a significant due diligence review demonstrates the inherent potential value of the Thunder Bay North Critical Minerals Project. We appreciate Triple Flag’s confidence in the Clean Air Metals team’s ability to engineer, permit and construct a mine at Thunder Bay North.”

The jockeys in Clean Air’s case bring a wealth of mining engineering and exploration experience to their orphaned deposits. Jim Gallagher has been a mining engineer and mine operator for 35 years. Most recently he “turned around” and sold North American Palladium. Abraham Drost is a professional geologist with a 35 year career leading junior exploration and development companies.

From the investor perspective, Clean Air trading at $0.12 is very much worth a look now that it is funded to the pre-feasibility stage. Triple Flag is not investing to lose money so, rather obviously, their due diligence suggested a highly economic potential producer. Critically, selling the royalty instrument means that Clean Air will not be returning to the capital markets to raise money any time soon.

The great enemy of the retail investor is the share dilution companies have to undertake to raise capital to advance their projects. Clean Air’s management is committed to avoiding that dilution which means there will not be more shares issued at knock down prices. As the Thunder Bay North project advances the markets will have the opportunity to re-rate Clean Air’s share price as it moves from exploration to development.

The overall junior resource market is battered. Market caps are in no way reflective of the underlying value of the assets a company controls or the work it has undertaken.

“Up until now we’ve been price takers,” said Drost. “Now we aren’t.”

It is a very good place to be.

Clean Air Metals Inc. (“Clean Air Metals” or the “Company”) (TSXV: AIR) (OTCQB: CLRMF) (FRA: CKU) is pleased to announce that Sudbury and Montreal-based BBA E&C Inc. (“BBA”) has been selected as the prime engineering consultant to lead the execution of the remaining Pre-Feasibility Study (PFS) work packages on the Thunder Bay North Critical Minerals Project.

The work package will include the overall underground mine design, optimized life-of-mine planning, dilution estimation, mining selectivity and cut-off policy optimization, mining value chain optimization (“mine-to-mill”), estimation of proven and probable (2P) mineral reserves and reporting according to NI 43-101 requirements. In keeping with Clean Air Metals’ objective in seeking net-zero carbon neutrality at Thunder Bay North, BBA will conduct trade-off studies around conventional mine fleet, trolley-electric and battery-electric vehicles (BEV) as well as site infrastructure design, tailings management solutions and provide overall cost estimation.

DRA Americas continues with the metallurgical optimization work that was started in May 2022 (see press release dated May 26, 2022).  It is expected that the metallurgical test program will be completed in Q1 2023 with the mill flowsheet and plant design phase commencing immediately and continuing into Q2 2023. Completion of the entire Prefeasibility Study is expected in Q3 2023.

Clean Air Metals has engaged SLR Consulting to complete a validation of in-house resource estimates that were generated for the Current and Escape deposits within the Thunder Bay North Project (see press release dated August 2, 2022). The Corporation intends to use the validated mineral resource estimate will be used for the basis of a standalone technical report authored by SLR with a target release in Q1 2023. It is expected that the updated mineral resource estimate will be the foundation for the mine planning in the PFS technical report.

Carbon capture and carbon sequestration are becoming more relevant to all industries as society strives to a net zero impact to the environment. Carbon capture is the trapping of carbon emissions after they have been emitted but before they enter the atmosphere. Carbon sequestration is the storage of removed or captured carbon in various environmental reservoirs.

The carbon sequestration potential of ultramafic mine tailings has been recognized previously at multiple operations. Mining operations that produce ultramafic rock tailings have the potential advantage of sequestering CO₂ into the waste material. Carbon sequestration into exposed tailings has a two-fold benefit; 1) reducing carbon foot print associated with the mining process through CO₂ sequestration and 2) potential stabilization of tailings by the formation of secondary magnesium carbonate minerals that can act as a cement within the tailings after they are deposited.

Clean Air Metals has initiated a number of studies, including specialty testing at world-class research facilities, to better understand the carbon sequestration potential of the waste rock and mill processing tails at Thunder Bay North. A Master of Science research project at Lakehead University is looking at the effects of hydrothermal alteration on the mineralized ultramafic rocks and characterizing the magnesium alteration products to identify potential reactive mineral species. Results to date show that the ultramafic and mafic rock units and minerals at Thunder Bay North successfully capture and sequester CO₂ gas from the atmosphere.

Abraham Drost, Chief Executive Officer of Clean Air Metals, commented: “planned 2023 project milestones include a mineral resource update in Q2 2023 and delivery of a prefeasibility study and 2P mineable reserves in Q3 2023. The Company has a long-term commitment to development of an environmentally sustainable mining operation at Thunder Bay North. It is well financed for the next chapter of that journey having recently closed the first tranche of a C$15 million mining royalty investment into the Thunder Bay North Platinum-Palladium-Copper-Nickel project by Triple Flag Precious Metals Corp.” (See press release dated December 19, 2022).

Clean Air Metals Inc. and its wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Thunder Bay North Critical Minerals Project is on the traditional territories of the Fort William First Nation, Red Rock Indian Band and Biinjitiwabik Zaaging Anishinabek. The parties together are the Cooperating Participants in a Memorandum of Agreement dated January 9, 2021 (press release January 11, 2021) and Exploration Agreement signed April 13, 2022 (press release April 14, 2022).

The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, traveled, and gathered on the lands since time immemorial. Clean Air Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering and encouraging a respectful relationship with First Nations and Métis peoples based upon principles of mutual trust, respect, reciprocity and collaboration in the spirit of reconciliation.

Clean Air Metals’ flagship asset is the 100% owned, high grade Thunder Bay North Project, a platinum, palladium, copper, nickel project located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum. The Thunder Bay North Project hosts the twin magma conduit bodies which host the Current and Escape deposits forming the basis for a robust preliminary economic assessment (PEA) filed January 12, 2022. The PEA of a ramp access underground mine and on-site 3600 tpd milling complex and the 2-year trailing average price deck delivers an NPV₅ NAV of $425m in fully discounted cash flows, a pre-tax IRR of 31% and a post-tax IRR of 25% on initial capital of $367 million.

Executive Chair Jim Gallagher, P.Eng. and COO Mike Garbutt, P.Eng. lead an experienced technical team who are using the Norilsk magma conduit stratigraphic and mineral deposit model to guide ongoing exploration and development prefeasibility studies for a low-carbon, all-electric sustainable mining operation at Thunder Bay North. As the former CEO of North American Palladium Ltd. which owned the Lac des Iles Mine prior to the sale to Impala Platinum in December 2019, Jim Gallagher and team are credited with the mine turnaround and creation of significant value for shareholders.

Website: www.cleanairmetals.ca

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

The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements in this press release include statements related to timing and results of the technical studies including the delivery of a prefeasibility study and 2P mineable reserves in Q3 2023 which are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company’s expectations or projections.

SOURCE Clean Air Metals Inc.

For further information: Abraham Drost, M.Sc. P.Geo., Chief Executive Officer, Clean Air Metals Inc., Phone: 807-252-7800, Email: adrost@cleanairmetals.ca

Clean Air Metals Inc. (“Clean Air Metals” or the “Company“) (TSXV: AIR) (FRA: CKU) (OTCQB: CLRMF) announces that it has filed its unaudited consolidated interim financial statements and management’s discussion and analysis for the nine-month period ended October 31, 2022, available for viewing on www.sedar.com.

• Total assets as at October 31, 2022 of $42,279,897
• Total cash as at October 31, 2022 of $903,741
• Working capital deficiency as at October 31, 2022 of $472,891
• Shareholder’s equity as at October 31, 2022 of $40,281,883

During the three-month period ended October 31, 2022 as previously reported, the Company:

• Completed a total of 11 holes on the Current Deposit for a cumulative total of 2,564m of drilling.
• Continued prefeasibility studies and environmental baseline studies for the Thunder Bay North Critical Minerals Project under the supervision of Mr. Mike Garbutt, P.Eng. MBA, Chief Operating Officer and Mr. Kris Tuuttila, Director of Permitting, Sustainability and Community Relations.
• Appointed SLR Consulting Limited (“SLR”) to provide external validation of an internal mineral resource update of the Escape Deposit, including the addition of 55,651m of previously reported 2021/22 drilling results.

Financial Summary

Full details of the financial reports and operating results for the nine-month period ended October 31, 2022 are described in the Company’s unaudited consolidated interim financial statements with accompanying notes and related Management’s Discussion and Analysis, available on SEDAR at www.sedar.com.

Qualified Person

Dr. Geoff Heggie, Ph.D., P.Geo., a Qualified Person under National Instrument 43-101 and Vice President – Exploration for the Company, has reviewed and approved all technical information in this press release.

Social Engagement

Clean Air Metals Inc. and its wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Thunder Bay North Critical Minerals Project is on the traditional territories of the Fort William First Nation, Red Rock Indian Band and Biinjitiwabik Zaaging Anishinabek. The parties together are the Cooperating Participants in a Memorandum of Agreement dated January 9, 2021 (press release January 11, 2021) and Exploration Agreement signed April 13, 2022 (press release April 14, 2022).

The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, traveled, and gathered on the lands since time immemorial. Clean Air Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering and encouraging a respectful relationship with First Nations and Métis peoples based upon principles of mutual trust, respect, reciprocity and collaboration in the spirit of reconciliation.

Clean Air Metals’ flagship asset is the 100% owned, high grade Thunder Bay North Project, a platinum, palladium, copper, nickel project located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum. The Thunder Bay North Project hosts the twin magma conduit bodies which host the Current and Escape deposits forming the basis for a robust preliminary economic assessment PEA) filed January 12, 2022.  The PEA of a ramp access underground mine and on-site 3600tpd milling complex and the 2-year trailing average price deck, features a pretax NPV5 of C$425m and an IRR of 31% on initial capital of $378m over a 10-year mine life.

Executive Chair Jim Gallagher and CEO Abraham Drost lead an experienced technical team who are using the Norilsk magma conduit stratigraphic and mineral deposit model to guide ongoing exploration and development and prefeasibility technical studies for a low-carbon, all-electric sustainable mining operation at Thunder Bay North. As the former CEO of North American Palladium Ltd. which owned the Lac des Iles Mine prior to the sale to Impala Platinum in December 2019, Jim Gallagher and team are credited with the mine turnaround and creation of significant value for shareholders.

ON BEHALF OF THE BOARD OF DIRECTORS

“Abraham Drost”

Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.

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

The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company’s expectations or projections.

SOURCE Clean Air Metals Inc.

For further information: Abraham Drost, Chief Executive Officer of Clean Air Metals Inc., Phone: 807-252-7800, Email: adrost@cleanairmetals.ca, Website: www.cleanairmetals.ca

 Clean Air Metals Inc. (“Clean Air Metals”) (the “Company”) (TSXV: AIR) (OTCQB: CLRMF) (CKU: DB) has closed the first tranche in the amount of C$10 million of a C$15-million mineral royalty financing agreement (the “TF Royalty Agreement”) effective December 16, 2022 (the “Effective Date”) with Triple Flag Precious Metals Corp. (“Triple Flag”).  The TF Royalty Agreement features a 2.5% net smelter returns (“NSR”) mining royalty for all mineral product produced on the Thunder Bay North Critical Minerals (Platinum, Palladium, Copper, Nickel) Project in Northern Ontario, Canada, temporarily excepting the Escape claims.

The second tranche, consisting of C$5 million, will be paid on or before 110 days from the Effective Date of the TF Royalty Agreement, allowing time for due diligence and a decision by Rio Tinto Exploration Canada Inc. (“RTEC”) on whether or not to sell its 1% NSR royalty on the Escape claims to Clean Air Metals for C$2 million, subject to certain conditions (“Put Option No. 1”). RTEC also has an alternative option to sell its 1% NSR to Clean Air Metals for C$3.5 million at a future date (“Put Option No. 2”) or may elect not to sell its 1% NSR at all. Put Option No. 2 is valid for the period from June 30, 2024 until 60 days after filing of a “Feasibility Study” (as such term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects) on SEDAR. The Tranche 1 and Tranche 2 payment areas are shown in the accompanying map link Figure 1 Triple Flag Royalty Map.

Benton Resources Inc. has also provided its consent for the application of the TF Royalty Agreement to the former Thunder Bay North claims previously held by Panoramic Resources Inc. and ultimately to the Escape claims formerly held by Benton Resources under option with RTEC. At either the expiry or closing of Put Option No. 1 or the election of RTEC to move to Put Option No. 2 or not to sell its 1% NSR at all, Clean Air Metals and Triple Flag will close the second tranche and the TF Royalty Agreement shall also apply to the Escape claims and be posted on title of the Escape claims.

Proceeds of the royalty financing will be used: (i) to finance the last instalment payment of C$1.5 million cash to Panoramic Resources Inc. as the final vesting condition of the option agreement with Benton Resources Inc. (reported May 15, 2020). On payment, Clean Air Metals will have fully earned a 100% interest in the Thunder Bay North Project and the Escape Project, now collectively called the Thunder Bay North Critical Minerals Project; (ii) to complete the Prefeasibility Study for the Project pursuant to National Instrument 43-101 under supervision of Chief Operating Officer Mike Garbutt, P.Eng.; (iii) to advance environmental and regulatory permitting activities; (iv) to advance further exploration activities, and (v) for general corporate and working capital purposes.

The TF Royalty Agreement entitles Triple Flag, through its subsidiary TF R&S Canada Ltd., a 2.5% NSR royalty paid using the net smelter returns, as defined in the TF Royalty Agreement, received by Clean Air Metals from the sale of all mineral products for the life of the collective Thunder Bay North Project and within an agreed area of interest (the “Area of Interest”). Clean Air Metals has also been granted the right by Triple Flag to buy down up to 40% of the NSR royalty and to reduce the NSR percentage to 1.5% on at any time on or before three years following the Effective Date of the TF Royalty Agreement, for C$10.5-million, assuming the closing of both Tranche 1 and Tranche 2 payments.

Jim Gallagher, P.Eng., Executive Chair of Clean Air Metals, commented: “This sizeable, early-stage investment by Triple Flag made after a significant due diligence review demonstrates the inherent potential value of the Thunder Bay North Critical Minerals Project. We appreciate Triple Flag’s confidence in the Clean Air Metals team’s ability to engineer, permit and construct a mine at Thunder Bay North.”

Abraham Drost, Chief Executive Officer of Clean Air Metals, commented: “The exploration upside at this Mid-Continent Rift related mineral system being developed at Thunder Bay North is considerable. We look forward to continuing the search for the source of high value massive sulphide deposits in feeder zone structures, for the benefit of our Indigenous partners and other stakeholders, Clean Air Metals shareholders and our new finance partner Triple Flag Precious Metals Corp.”

Clean Air Metals has also granted Triple Flag a right of first refusal to match any bona fide written offer that it is willing to accept from any person dealing at arm’s length with Clean Air Metals or any of its affiliates to enter into a stream, royalty or similar financing arrangement in or with reference to mineral products extracted from ore which originates within the Thunder Bay North Project and the Area of Interest.

Clean Air Metals’ flagship asset is the 100% owned, high grade Thunder Bay North Project, a platinum, palladium, copper, nickel project located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum. The Thunder Bay North Project hosts the twin magma conduit bodies which host the Current and Escape deposits forming the basis for a robust preliminary economic assessment (PEA) filed January 12, 2022. The PEA of a ramp access underground mine and on-site 3600tpd milling complex and the 2-year trailing average price deck, features a pre-tax NPV5 of C$425m and an IRR of 31% on initial capital of $367m over a 10-year mine life.

Executive Chair Jim Gallagher, P.Eng. and COO Mike Garbutt, P.Eng. lead an experienced technical team who are using the Norilsk magma conduit stratigraphic and mineral deposit model to guide ongoing exploration and development prefeasibility studies for a low-carbon, all-electric sustainable mining operation at Thunder Bay North. As the former CEO of North American Palladium Ltd. which owned the Lac des Iles Mine prior to the sale to Impala Platinum in December 2019, Jim Gallagher and team are credited with the mine turnaround and creation of significant value for shareholders.

Triple Flag is a pure play, gold-focused, emerging senior streaming and royalty company. Triple Flag offers bespoke financing solutions to the metals and mining industry with exposure primarily to gold and silver in the Americas and Australia, with a total of 80 assets, including 9 streams and 71 royalties. These investments are tied to mining assets at various stages of the mine life cycle, including 15 producing mines and 65 development and exploration stage projects. Triple Flag is listed on the TSX and the NYSE under the ticker “TFPM”.

Website: www.cleanairmetals.ca

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

The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements in this press release include statements related to the closing of the second tranche of the royalty financing and the use of proceeds of the royalty financing are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company’s expectations or projections.

SOURCE Clean Air Metals Inc.

For further information: Please contact: Abraham Drost, M.Sc. P.Geo., Chief Executive Officer, Clean Air Metals Inc., Phone: 807-252-7800, Email: adrost@cleanairmetals.ca

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from two (2) additional diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. One drill hole, DSB-36, collared 400m southeast of the Santa Barbara adit, tested the extension of the core of the high-grade feeder zone at Santa Barbara while hole DSB-34, tested the potential southwest limits of the high-grade feeder zone as shown in Figure 1.

To-date, the Company has completed 79,258m in 118 drill holes to-date at Iska Iska, including four holes in progress, as shown in Figure 1. Table 1 lists significant assay results for the drill holes reported. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s July 21, 2022 press release. Table 2 summarizes drill holes completed with assays pending and holes in progress.

Tom Larsen, CEO of Eloro, said: “Results from hole DSB-36 continue to confirm that the high-grade feeder zone extends much further south-southeast across the valley of the Iska Iska caldera as interpreted from our geophysical surveys. This new hole has extended the strike length a further 400m to the south-southeast where it remains open along strike. We are continuing to aggressively drill this important target which has the potential to outline a significant open pittable resource.”

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We are continuing to carry out our 100m-spaced sectional drilling across the Iska Iska caldera valley. As shown in Figure 2, we have four holes in progress with four additional holes planned that collectively total 6,000m to complete our first-pass definition drill program. We expect that this drilling will be completed by the mid- to latter part of November. Currently, assays are outstanding for approximately 14,213m of drill core as shown in Table 2. Turnaround from our assay laboratories has however improved in recent weeks so we expect most of this backlog to be cleared up by the end of November. We are working closely with Micon International to build a robust model for the mineral resource estimation. GeologicAI is also completing development of comprehensive mineral maps calibrated by our new mineralogical data which will greatly aid the modelling process.”

Santa Barbara High Grade Feeder Zone Extension Definition Drilling

Hole DSB-36 was drilled to test the potential south-southeastern extension of the Santa Barbara High Grade Feeder Zone shown in Figure 1. This hole was collared approximately 400m south-southeast of the underground drill bay in the Santa Barbara adit and was drilled at an azimuth of 225° with a dip of -60°. This hole intersected many significant intersections including:

• 108.16 g Ag eq/t (11.63 g Ag/t, 1.53% Zn and 0.36% Pb) over 111.26m from 326.22 to 437.48m with higher-grade portions of:
  • 180.29 g Ag eq/t (24.27 g Ag/t, 2.49% Zn and 0.73% Pb) over 24.13m.
  • 197.54 g Ag eq/t (17.04 g Ag/t, 2.96% Zn and 0.58% Pb) over 11.82m.
  • 211.34 g Ag eq/t (30.50 g Ag/t, 2.87% Zn and 0.76% Pb) over 6.02m.
• 101.31 g Ag eq/t (28.14 g Ag/t, 0.19% Zn, 0.55% Pb and 0.26% Cu) over 77.82m from 3.70m to 81.52m.
• 101.47 g Ag eq/t (23.88 g Ag/t, 1.08% Zn and 0.56% Pb) over 55.54m from 207.34 to 262.88m.
• 205.75 g Ag eq/t (20.69 g Ag/t, 0.15 g Au/t, 0.68% Zn and 0.75% Pb) over 22.75m from 619.88m to 642.63m.
• 136.82 g Ag eq/t (3.33 g Ag/t, 0.09 gAu/t, 1.72% Zn, 0.31% Pb and 0.07% Sn) over 78.39m from 776.87m to 855.26m including:
  • 478.26 g Ag eq/t (12.60 g Ag/t, 0.27 gAu/t, 5.61% Zn, 0.91% Pb and 0.28% Sn over 10.53m from 805.52m to 816.05m.
• 203.26 g Ag eq/t (1.73 g Ag/t, 0.75% Zn and 0.42% Sn) over 12.22m from 897.58m to 909.80m.
• The last sample in this 935.4m long hole returned 549.91g Ag eq/t (46.00 g Ag/t, 3.33% Zn, 2.27% Pb and 0.68% Sn) over 1.51m from 933.89m to 935.40m.
• 52% of this hole contained reportable intersections which collectively averaged 112.48 g Ag eq/t

Hole DSB-34 was drilled at an azimuth of 225° with a dip of -60° and was collared approximately 200m due south of the Santa Barbara adit to test the potential southwest limit of the high-grade feeder zone (Figure 1). This hole intersected several wide lower grade intersections in the upper part of the hole which are notable for their silver content in the absence of appreciable base metals. In the lower part of the hole, base metals are again present including tin and copper. Significant results are as follows:

• 51.52 g Ag eq/t (21.00 g Ag/t and 0.07% Sn) over 37.14m from 14.40m to 51.54m.
• 52.95 g Ag eq/t (19.14 g Ag/t and 0.2% Zn) over 55.41m from 242.84 to 298.25m including a higher-grade section grading:
  • 109.29 g Ag eq/t (61.42 g Ag/t, 0.18% Zn and 0.11% Cu) over 5.98m from 258.37m to 264.35m
• 65.49 g Ag eq/t (9.93 g Ag/t, 0.53% Zn and 0.14% Pb) over 24.17m from 372.95 to 397.12m including a higher-grade section grading:
  • 153.09 g Ag eq/t (20.27 g Ag/t, 1.53% Zn, 0.34% Pb and 0.11% Sn) over 4.58m from 392.54m to 397.12m
• 197.66 g Ag eq/t (71.64 g Ag/t, 0.25 g Au/t, 0.09% Zn, 0.11% Pb, 0.14% Cu and 0.20% Sn) over 13.35m from 506.87 to 520.22m.

Figure 1 – Geological Plan Map showing Drilling in Santa Barbara Area with Holes referred to in this release highlighted.
https://www.globenewswire.com/NewsRoom/AttachmentNg/b0a8faf8-2143-4455-b357-21e0a30ca404

Figure 2 – Plan map showing Completed and Planned Drill Holes to test the South-southeastern Extension of the High-Grade Feeder Zone at Santa Barbara. The surface projection of the High Conductivity Zone (from 200m below surface) and the 3D Magnetic Susceptibility Anomaly (from 500m below surface) are also shown for reference. For further discussion on our geophysical surveys, please refer to our press release of September 20, 2022.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f051fbfe-3deb-485f-b3fd-148637469b95

Table 1: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition High Grade Feeder Zone Extension as at October 18, 2022.

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

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams 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 July 21, 2022, to more accurately reflect current metal prices):

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 October 18, 2022 press release.

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 20, 2020 is 79,473.6m in 118 drill holes (32 underground drill holes and 86 surface drill holes) including 4 holes in progress.

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon are regularly consulted on technical aspects of the project.

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

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

About Iska Iska

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

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

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

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. 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 an extensive target zone. In its September 20, 2022 press release, the Company reported that new downhole geophysical data has significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from existing drilling. The 3D inverse magnetic model which correlates very strongly with the conductive zone suggests that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. As reported, the definition drill program has been modified to sectionally drill this potential extension with the intention of defining a major open pittable deposit in the valley of the caldera. As a result, the estimated completion date for the maiden National Instrument 43-101 mineral resource has been pushed back to the end of Q1 2023.

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. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that, by mutual agreement with Empresa Minera Villegas S.R.L. (“Minera Villegas”), the title holder of the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia (“Iska Iska”), the payment schedule in connection with the US$10 million payment required for Eloro to earn a 99% interest in Iska Iska has been amended.

Pursuant to the private option agreement to acquire Iska Iska (see Eloro’s press release dated January 9, 2020), Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L. (“Minera Tupiza”) has made advance payments of US$3.4 million to date towards the US$10 million option payment. As per mutual agreement the schedule for the remaining option payments has been amended whereby Eloro, through Minera Tupiza, has agreed to pay Minera Villegas US$1 million on or before October 31, 2022, with the remaining US$5.6 million due on or before July 6, 2024.

Tom Larsen, CEO of Eloro, commented: “As a result of our continuing exploration success which has extended the potential high-grade zone at Iska Iska to as much as 2km along strike (see Eloro’s press release dated September 20, 2022) and the deferral of our inaugural Mineral Resource Estimate to Q1 2023, to allow time for further exploration drilling, both parties felt it prudent to extend the contract date an extra six months.  This extension also provides additional time to receive drilling assay results which have been delayed over the past two years due to Covid-related circumstances.”

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. As outlined in this press release as a result of continuing discoveries from recent drilling that have substantially extended the high-grade feeder zone at Santa Barbara, the Company has pushed back the inaugural mineral resource to the end of Q1 2023.

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon are regularly consulted on technical aspects of the project.

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

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

About 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. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of 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.