silver

It is always a pleasure to speak with Tom Larsen, CEO of Eloro Resources (ELO.T). Even if it means reading a long and very technical press release. A release which, boiled down to essentials said that the company drilled five definition holes at its Iska Iska property in Bolivia and hit higher grade tin or silver or both mineralization in every one of them. And there are more holes to report.

Along with increasing tin grades, ELO also reported the best silver interval in the world for the week, 43.5 meters of 52.73 gpt. Nearly two ounces a ton of silver. Larsen was very pleased.

“I’d like to have a PEA out yesterday,” said Larsen. “But it doesn’t work that way.”

“We’re drilling to enhance the economics of Iska Iska. We want to have a solid Net Present Value for a minimum 12 to 15 years, but the mine will continue on for decades,” said Larsen. “Processing is key feature of the project so we are investing time and money on investigating what options we have to pre-concentrate the various ore types whilst establishing how to concentrate the various minerals with minimum operational complexity and capital cost. We are currently focused on the tin and silver associated with the Tin Intrusive Breccia (TIB).”

What is referred to as the “starter pit” will expand into the silver/tin transition area and then into the pure tin domain. The current processing strategy is evolving but likely to encompass a lead-zinc pre-concentrator employing the latest TOMRA XRT technology, followed by a conventional differential lead-zinc flotation circuit which will produce silver as by-products in both lead and zinc. The tin ore will require a separate plant which again is likely to involve a tin pre-concentrator, again utilizing the latest TOMRA XRT ore sorting technology followed by a multi gravity concentration plant and a fuming plant to process the tin concentrates. Metallurgical and mineralogical work is currently being carried out on the silver rich zones to establish which flowsheet of the two can be used to process this material most efficiently.

“What we are finding is that the tin grades improve as we go West into the tin intrusive breccia domain,” said Larsen.

Part of the deep dive into how to process the material at Iska Iska involved shipping samples to Tomra, an ore sorter manufacturing company whose test centre is located in Wedel, Germany a few miles from Hamburg.

“I went to Wedel,” said Larsen. “Amazing. The technology has improved significantly over the last 18 months with two software and one hardware upgrade which permits the sorting of finer particles down to 6 or 7mm, we are embracing this technology in what we do at Iska Iska.”

“A lot of people really do not understand ore sorting,” said Larsen. “The most tangible benefit of ore sorting is to reduce downstream costs by removing mine dilution from the more costly grinding and concentration plant. However, there are also lots of less tangible benefits such as reducing the Tailing Storage Facility (TSF) size, reducing water consumption, generating a potential source of TSF building material or source of aggregate as well as allowing the miners to use less expensive mining methods where appropriate to do so, generating greater dilution that the ore sorters subsequently remove. Because of the impact ore sorting normally has on operating costs, ore sorting reduces the cutoff grade which permits lower grade mining blocks to be processed that would not be economically viable without ore sorting”

Being able to include material from the tin domain in the upcoming PEA will give Larsen the solid NPV he needs. However, even with a great NPV and a generational mine life, ELO, until last Sunday, suffered from what can be described as a “country risk” discount. For the last twenty years Bolivia has been ruled by the left wing, “Movement towards Socialism” party. Last Sunday, Presidential elections were held and MAS, as it’s known, was reduced to a little over 3% of the vote. Three right wing candidates led the polls with a runoff election to be held in October. No matter which candidate wins that runoff, MAS was comprehensively defeated and this changes everything.

“When we have been talking to large companies, major balance sheet investors, the Bolivian country risk was often pointed out as a reason to wait,” said Larsen. “Which was difficult but it also gave us the opportunity to develop Iska Iska our way. Which may mean the eventual deal will actually turn out better for our shareholders.”

Iska Iska is so big and contains so much tin, zinc and lead as well as silver that it has attracted attention from large companies and even nations looking to secure strategic supplies. Larsen is tight lipped as to which companies or sovereign wealth funds he’s talking to but, it is a fair bet, that there will be more now that the MAS threat has receded. “Iska Iska is big enough that it might be bought as a strategic investment to ensure, for example, a steady tin or silver supply for an entire country for many years,” said Larsen.

Larsen is certain of one thing, Iska Iska will be sold. Whether as a whole project or as two, world class deposits, one tin/silver, the other silver/zinc/lead. “We’re explorers, not miners,” said Larsen. “We are bringing Iska Iska to the stage where the Mineral Resources are clear, and the processing options are optimized using metallurgical and financial modelling.  This provides shareholders with the optimum best initial processing set up to recover the different metals and potential buyers will have the information they need to make an informed evaluation and make, what we hope, will be a substantial offer.”

Larsen will not be strapped for cash as ELO extends and defines the mineral resource at Iska Iska. ELO recently announced it was doubling its 5 million dollar, bought deal private placement to 10 million dollars with the underwriter, Red Cloud Securities who have exercised their over allotment option to put an additional 2 million into the deal.

There should be a steady stream of news from ELO over the next few months. Which should please shareholders who took a bit of a hit as the shares dropped from $1.35 to the private placement price of $1.15 with the announcement of the bought deal private placement.  Eloro is not a company you really trade, rather you sit patiently and wait for the buyout. Larsen has worked hard to keep the share count under 100 million and, even with the financing, he is very close to achieving that goal.

Right now, ELO has a market cap of 109 million dollars. Is the sale price of Iska Iska a billion, 10x the current price? Without the country risk discount, I would think Iska Iska is worth at least that. Potentially far more.

Cartier Silver Corporation (CSE: CFE) (“Cartier Silver” or the “Company”) is pleased to report that through its Bolivian subsidiary, Minera Cartier Bolivia S.R.L. (“Cartier Bolivia”), it has acquired 50% of the capital quotas (the “Acquisition”) of Empresa Minera Gonalbert S.R.L. and Empresa Minera Segovia S.R.L. (the “Vendors”), who are the registered title holders of two separate properties, the Gonalbert Mining Area and Felicidad Mining Area, both part of the Company’s Chorrillos Project, located in Southern Bolivia.

The Acquisition was completed pursuant to the amended definitive acquisition agreement entered into between Cartier Bolivia and the Vendors (the “Agreement”) dated December 12, 2022, whereby Cartier Bolivia completed staged payments aggregating US$800,000 as consideration for 50% of the Vendors’ capital quotas. As per the Agreement, Cartier Bolivia can acquire 100% of the Vendors’ capital quotas for aggregate consideration of US$4.5 million, to be paid in staged payments on or before June 12, 2028.

In a separate transaction, the Company reports that pursuant to an agreement in principle reached on July 21, 2025, a Bolivian-based arm’s length party acquired a 15% equity interest in Cartier Bolivia for proceeds of US$500,000, which was paid in cash on that date.

About Cartier Silver Corporation

Cartier Silver is an exploration and development Company focused on discovering and developing its recently acquired silver property assets, including the Chorrillos Project and claims staked by the Company’s subsidiary, all of which are located in the Potosi Department of southern Bolivia. The Company also holds significant iron ore resources at its Gagnon Holdings in the southern Labrador Trough region of east-central Quebec, and the Big Easy gold property in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland & Labrador.

For further information please visit Cartier Silver’s website at www.cartiersilvercorp.com

For further information please contact:

The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release.

Statements in this release that are not historical facts are “forward-looking statements” & readers are cautioned that any such statements are not guarantees of future performance, & that actual developments or results, may vary materially from those in these “forward-looking statements”.

 Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that the next phase of definition drilling in the potential Santa Barbara starter pit area in the Iska Iska silver-tin polymetallic project in the Potosi Department of southwestern Bolivia will commence shortly. The program will consist of 4,300m of diamond drilling in 8 holes focussed on upgrading and expanding high grade tin mineralization hosted in intrusion and phreatomagmatic breccia (TIB and TPMB, respectively) and the shallow higher grade silver mineralized zone which is above the tin zone.

Holes will be drilled on a 50m by 50m spacing that has been found to be optimum for confirming continuity and grade of mineralization especially for high grade tin and silver.

Tom Larsen, Eloro’s CEO commented: “The late 2024 and early 2025 definition drilling program successfully extended high-grade tin and silver-polymetallic mineralization along strike and at depth and identified new, highly prospective targets that promise to significantly expand the known resource extents for the PEA. Over the past two years, we have substantially expanded the footprint of potentially economic mineralization and continue to aggressively test extensions of known mineralized trends. Additionally, ongoing metallurgical studies, especially on intersections with visibly coarse cassiterite, are yielding promising results as we advance the project toward a PEA.”

Tom Larsen continued “We are excited to commence our 2025 phase 1 drill campaign at Iska Iska. We are well-funded to undertake an aggressive drill program on and around Santa Barbara zone to further assess its true size potential with the objective of delivering an updated mineral resource to support the PEA in the coming months.”

Major Targets for Definition Drill Program, Santa Barbara Potential Starter Pit Area

The recently completed definition program intersected a number of significant tin and silver intersections in the potential starter area of Santa Barbara as outlined in Table 1 below. Figure 1 shows the location of definition drill holes recently completed along with the proposed next phase drilling program which is described in the following section below. The approximate boundary between the Ag-Zn Polymetallic Domain in the east and the Tin Domain in the west which is marked by a fault zone is also shown. The geophysical signature of these two major domains is strikingly different – the Ag-Zn Polymetallic Domain is very chargeable while the Tin Domain has low chargeability (see Eloro press release March 11, 2025 for further details).

Figures 1 and 2 are SW-NE cross sections which show the distribution of tin (Sn), silver (Ag) and zinc (Zn) in the two different domains. The Tin Domain in the west starts at approximately elevation 4,100m and there is a prominent high grade silver zone above this which is an important target. The Ag-Zn Polymetallic Domain has silver throughout it along with Zn. Zinc and tin only have a minor area of overlap in the domain contact area. Note that the section length is 1.2km, attesting to the remarkable extent of this mineralized system, which remains open along strike, across strike and at depth. The pit defining the August 23, 2023 mineral resource estimate (“MRE”) is shown for reference (see Eloro press release October 17, 2023). Section 2 is located 100m south of Section 1 and shows a similar pattern but there is a higher tin content in the upper high grade silver zone. Section 3 is a W-E section that shows a similar pattern to Section 2 with strong tin mineralization from surface to depth. This section is also 1.2km long.

Table 1. Highlights of Definition Drilling January 2024 – April 2025, Santa Barbara Starter Pit Area

. Note: True width is approximately 80% of core length. Silver equivalent (Ag eq) grades are calculated using 3-year average metal prices of Ag = US$24.14/oz, Zn = US$1.36/lb , Pb = 0.98/lb and Sn = US$13.74/lb, and preliminary metallurgical recoveries of Ag = 88%, Zn = 87%, Pb= 80% and Sn = 50%. In selecting intervals, a cutoff grade of 30 g Ag eq/t has been used. Lower grade material may be included in intersections where geological continuity is warranted

Figure 1: Location Map of Recently Completed Definition Diamond Drill Holes, Santa Barbara zone, Iska Iska. Holes planned in this current program are shown in blue and listed in Table 2 below.

Section 1: SW-NE Section, Santa Barbara Showing Metal Distribution in Major Domains with planned diamond drill holes (see Table 2 below)

 
Section 2: SW-NE Section, Santa Barbara Showing Metal Distribution in Major Domains with planned diamond drill holes (see Table 2 below)

Section 3: W-E Section, Santa Barbara Showing Metal Distribution in Major Domains showing planned drill hole (see Table 2 below)

Planned Definition Drill Program

The planned definition drill hole program will focus on the Tin Domain and the upper high grade silver zone above the tin mineralization as outlined in Table 2 below. The locations of these planned holes are shown in Figure 1 above.

Table 2. Planned Drill Holes in the Tin Domain

Qualified Person (“QP”)

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President, Exploration, and a Qualified Person (“QP”) as defined by National Instrument (“NI”) 43-101 has reviewed and approved the technical content of this news release.   Dr. Pearson who has more than 50 years of worldwide mining exploration, development and production experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Executive Vice President, Latin America for Eloro and General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a QP in the context of NI 43-101, who has supervised all field work carried out at Iska Iska.

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

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

About Iska Iska

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

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

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

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole from 0.0m to 257.5m. Subsequent drilling has confirmed the presence of significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Breccia Pipe (CBP). A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling along the walls of the Santa Barbara Adit located to the east of SBBP returned average grades of 164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 446 g Ag/t, 9.03% Pb and 1.16% Sn over 56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu and 0.056%Sn over 257.5m, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which, along with geophysical data, has defined an extensive target zone. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the initial inferred MRE for Iska Iska, prepared by independent consultants Micon International Limited. The MRE was reported in two domains, the Polymetallic (Ag-Zn-Pb) Domain which is primarily in the east and south of the Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the west and north.

The Polymetallic Domain is estimated to contain 560Mt at 13.8 g Ag/t, 0.73% Zn & 0.28% Pb at an NSR cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40 for potential underground. The majority of the mineral resource is contained in the constraining pit which has a stripping ratio of 1:1. The Polymetallic Domain contains a higher-grade mineral resource at a NSR cutoff of $US25/t of 132 million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a net NSR value of US$34.40/t which is 3.75 the estimated operating cost of US$9.20/t. The Tin Domain which is adjacent to the Polymetallic Domain and does not overlap, is estimated to contain a mineral resource of 110Mt at 0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.

Results of the definition drill program which totalled 5,267.7m in 11 holes were reported on December 18, 2023 and January 11, 2024, respectively. Significant results included 279.22 g Ag/t, 0.47% Pb and 0.43% Sn (339.82g Ag eq/t) over 62.84m and 33.83 g Ag/t, 1.53% Zn, 0.93% Pb and 0.14% Sn (130.88g Ag eq/t) over 178.99m including 120.37 g Ag/t, 2.13% Zn, 1.57% Pb and 0.19% Sn in hole DSB-61; 57.62g Ag/t, 1.26% Zn, 0.94% Pb and 0.12% Sn (139.94g Ag eq/t) over 136.11m in hole DSB-66 and 118.86g Ag/t, 0.35% Zn, 0.35% Pb and 0.15% Sn (152.29g Ag eq/t) over 81.28m in hole DSB-65. This latter intersection in hole DSB-65 included a very high-grade sample of 5,080g Ag/t, 0.12 g Au/t, 0.26% Zn, 1.34% Pb, 1.53% Cu and 1.27% Sn (4,746.46g Ag eq/t) over 1.46m.

Metallurgical tests reported on January 23, 2024 from a 6.3 tonne PQ drill core bulk sample representative of the higher grade Polymetallic (Ag-Zn-Pb) Domain returned a significantly higher average silver value of 91 g Ag/t compared to the weighted average grade of the original twinned holes at 31 g Ag/t strongly suggesting that the average silver grade is likely significantly underreported in the original twinned holes due to the much smaller sample size.

On January 29, 2024, the Company reported that the new chargeability high outlined southeast of the MRE open pit by the expanded induced polarization (IP) survey indicates that the major mineralized structural corridor that is up to 800m wide extends a further 600m along strike to the southeast for an overall strike length of at least 2km. This new area has not been drilled.

The Company reported on July 30, 2024, that updated modelling of the potential starter pit area at Santa Barbara zone highlights the importance of completing additional drilling to better define the grade and extent of the mineral resource in this area. Areas with higher-grade resource typically have much better drilling density but holes outside the core potential pit area are too widely spaced to give an accurate estimate of grade.

On September 4, 2024, the Company announced the restart of definition drilling in the potential starter pit area at Santa Barbara. Previous drilling has shown that areas with high-grade mineralization typically have much better drilling density, whereas holes outside the core area are too widely spaced to give an accurate grade estimate. This increased drilling density is particularly important for defining the extent of the high-grade Ag-bearing and Sn-bearing structures, and for categorizing the mineral resources from inferred to indicated, which have a major influence on overall grade and resources that will contribute to the preliminary economic assessment (“PEA”).

Results from the first definition drill hole DSB-68 were released on November 26, 2024. This hole intersected 66.90g Ag/t, 0.63% Zn, 0.42% Pb and 0.11% Sn (111.14g Ag eq/t) over 289.13m including higher grade intervals of:

• 126.10g Ag/t, 0.55% Zn, 0.60% Pb and 0.09% Sn (160.72g Ag eq/t) over 122.03m,
• 47.61g Ag/t, 0.22% Zn, 0.40% Pb and 0.45% Sn (146.06g Ag eq/t) over 16.51m, and
• 25.52g Ag/t, 2.19% Zn, 0.65% Pb and 0.10% Sn (129.60g Ag eq/t) over 7.46m

Further drill results were released on January 6, 2025:

• Hole DSB-69 intersected 127.49g Ag/t, 0.50% Zn, 0.16% Pb and 0.31% Sn (193.00g Ag eq/t) over 41.25m within a broader interval of 49.71g Ag/t, 0.78% Zn, 0.32% Pb and 0.15% Sn (106.97g Ag eq/t) over 142.50m.
• Hole DSB-70 intersected, 45.71g Ag/t, 3.11% Zn, 1.91% Pb and 0.23% Sn (232.35g Ag eq/t) over 81.00m within a broader interval of 30.08g Ag/t, 1.63% Zn 0.98% Pb and 0.13% Sn (127.89g Ag eq/t) over 255.75m
• Hole DSB-71 intersected 53.17 Ag/t, 0.72% Zn, 0.40% Pb and 0.19% Sn (116.62 g Ag eq/t) over 45.00m within a broader interval of 29.26 Ag/t, 0.58% Zn, 0.22% Pb and 0.11% Sn (71.46g Ag eq/t) over 127.50m.

On January 23, 2025, the Company reported discovery hole DSB-72 that opens up a major tin zone intersecting 33m grading 1.39% Sn within 87m grading 0.74% Sn. Tin mineralization is hosted in an extensive intrusion breccia unit (TIB) that is approximately 750m long by 450m wide and extends to a depth of at least 700m. Previous wide space reconnaissance drilling has intersected a number of significant Sn intersections in this breccia unit which is very under-drilled

High grade tin mineralization in Hole DSB-72 reported here occurs as visible coarse-grained high temperature cassiterite which is likely to be amenable to gravity separation. Core from this hole will be used for additional metallurgical testing. Geophysically, the intrusion breccia has low chargeability which contrasts considerably with the adjacent later epithermal Ag-Zn-Pb mineralization which is marked by a strong chargeability anomaly. The intrusive breccia is very likely an offshoot or apophysis from a large tin porphyry at depth. The likely top of this tin porphyry is marked by a highly conductive zone that is interpreted as a pyrite-pyrrhotite halo around this porphyry. Similar pyritic halos have been reported from other major tin deposits in the Bolivian Tin Belt.

With this discovery of a presumed shallow level apophysis of a tin porphyry at depth, Eloro is in a unique position of having two discernable different deposit styles juxtaposed against one another; a very large silver-zinc-lead dominant system next to a high-grade tin system. While these two systems are likely genetically related, this means that the Company may potentially have two giant deposits on the same property.

About Eloro Resources Ltd.

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

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

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

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

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/af4a4dca-3d4d-4bc1-a0f5-fdb9fec4748e

https://www.globenewswire.com/NewsRoom/AttachmentNg/fe28b75e-de78-4a0a-aa51-dfbc00aecbde

https://www.globenewswire.com/NewsRoom/AttachmentNg/395dc806-5b4f-4b6b-aecd-258b774516eb

https://www.globenewswire.com/NewsRoom/AttachmentNg/4e3a8bde-2b78-4542-a23f-017e6a19845b

Speaking with Tom Larsen, CEO of Eloro Resources, (ELO.T) is always a pleasure. Larsen is delighted with the tin holes ELO reported in press releases on January 23 and February 20, 2025, with more to come. These releases reported high grade tin mineralization in Eloro’s tin domain at its Iska Iska project in Bolivia.

The tin grades were good but Larsen is really excited about the way the tin is emplaced. “Previously the tin we encountered was lower grade sulfide material. We had around 50% recovery on that material,” said Larsen. “The tin we encountered in this breccia (TIB (Tertiary Intrusive Breccia) on Figure) is visible coarse-grained high temperature cassiterite. Very similar to the tin found at other mines in Bolivia’s tin belt. You get much better recoveries, 80% or better. And you can use gravity separation for recovery which is much less expensive.”

The holes were drilled as part of a program focussed entirely on the tin domain. The area had seen limited wide space reconnaissance drilling, which had indicated a tin deposit. From the February 20 release, “The intrusive breccia is very likely an offshoot or apophysis from a large tin porphyry at depth. The likely top of this tin porphyry is marked by a highly conductive zone that is interpreted as a pyrite-pyrrhotite halo around this porphyry.”  From that same release, “5,799.4m of diamond drilling have been completed in eleven (11) holes. PQ core size has been used in the majority of holes in this program to obtain larger, more representative core samples.”

“Tin is not well understood in the North American junior resource community,” said Larsen. “Gold, silver and copper are where we tend to focus because there is not a lot of tin history. In Europe it is very different. European investors have been following tin closely for years.”

“There are only about 300,000 tons of tin mined per year. 60% of that comes from Myanmar – what used to be called Burma – Myanmar, Indonesia and down stream operations from China . And a major Tin mining operation is watching closely the rising movements in the DRC of armed rebels (insurgents) that could imminently disrupt mining operations in the DRC because of real violence in the area,” said Larsen. “Supply is very constrained but demand is growing. We’re seeing a bit of a squeeze with tin prices running $15 a pound.”

“We have a truly unique deposit and the tin domain extends the pit,” said Larsen. “The tin domain is uplifted and can therefore be included in the PEA. The objective is to potentially outline 30 to 40 million tonnes of average .5 % tin per tonne first pass that could then be added to the initial PEA.. That’s about 11 pounds of tin per ton which would value the rock about USD 150-160 a ton. 80% recovery with a $15-20 per ton operating cost. That’s a big margin.”

The tin domain is not something new in Bolivia.

Larsen does not want to wait. “We can ramp in and build a pilot plant for a CAPEX of about 20 million. Money which would come from Bolivian investors,” said Larsen. Larsen talked about the ramp/pilot plant concept in the context of the silver zinc domain but it may make even more sense in the cassiterite tin domain where the pilot plant would be a well understood gravity separation circuit.

“We have good grades in the first two holes we have reported,” said Larsen. “ High grade. Including 1.5 metre veining up to 6 percent being reported along these wide intercepts of between .5 percent and 1.35 percent Tin in cassiterite in the tin breccia. We have more holes to report in the program but they are in the same sort of rock.”

Critically, the breccia is big. In the  February 20 release Larsen commented, “Hole DSB-74 located 100 meters southeast of high-grade tin hole DSB-72 demonstrates continuity of this evolving coarse grained cassiterite-rich tin zone within the large intrusion breccia system which is approximately 750m long by 450m wide and extends to a depth of at least 700m.”

Iska Iska has always been a huge silver/zinc deposit, rated as the third largest undeveloped silver deposit in the world. However, now that the tin is being defined and, more importantly found to be hosted in high recovery cassiterite, larger companies are showing an interest. “We are receiving more interest from potential strategics since the release of latest drill results in the newly discovered Tin domain and are in the NDA process stage with a couple of well recognized names,” said Larsen.

The fact is that Eloro can and will carry on along its path of definition drilling, expanding its resource, working towards a PEA which includes the tin domain and, likely ramping into the deposits and building a pilot plant. Realistically, however, Iska Iska and probably Eloro itself, will be sold to a major. It is a generational discovery and one which will take at least a generation to fully develop.

Larsen and his team have been very careful to keep the issued share count as low as possible while still advancing the project. Even with an expected raise, the overall share count will be no more than 100 million. A nice, round, number which divides easily into 1 or 3 billion. Very easily.

Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce further assay results in its definition diamond drilling program in the potential Santa Barbara starter pit area in the Iska Iska silver-tin polymetallic project in the Potosi Department of southwestern Bolivia. To date 4,902.8m of diamond drilling have been completed in ten (10) holes including one (1) hole in progress at the time of the Christmas break. PQ core size has been used for all holes in this program to obtain larger, more representative core samples.

Table 1 below lists significant results for the three holes reported, DSB-69, DSB-70 and DSB-71. Figure 1 shows locations of all the definition drill holes completed to date and in progress. Silver equivalent values (g Ag eq/t) have been calculated using 3-year average metal prices and preliminary metallurgical recoveries (see note below Table 1 for more information). Table 2 lists the coordinates of the drill holes completed and in progress.

Hole DSB-69, collared 160m southwest of previously reported drill hole DSB-68 (see Eloro press release of November 26, 2024) returned a long intersection grading 49.71g Ag/t, 0.78% Zn, 0.32% Pb and 0.15% Sn (106.97g Ag eq/t) over 142.50m from 258.00m to 400.50m. This intersection includes a higher grade interval of:

• 127.49g Ag/t, 0.50% Zn, 0.16% Pb and 0.31% Sn (193.00g Ag eq/t) over 41.25m from 258.00m to 299.25m
• The strong tin mineralization in this intersection is very notable and indicates that this hole is starting to intersect the major tin-silver domain to the west and northwest

This hole also intersected near-surface high-grade silver mineralization:

• 80.10g Ag/t, 0.17% Pb (84.25g Ag eq/t) over 30.00m from 1.50m to 31.50m

Hole DSB-70, collared 100m northeast of hole DSB-68, returned a very long intersection grading 30.08g Ag/t, 1.63% Zn, 0.98% Pb and 0.13% Sn (127.89g Ag eq/t) over 255.75m from near surface at 55.05m to 310.80m. This intersection includes higher grade intervals of:

• 45.71g Ag/t, 3.11% Zn, 1.91% Pb and 0.23% Sn (232.35g Ag eq/t) over 81.00m from 112.80m to 193.80m, and
• 30.68g Ag/t, 2.38% Zn, 1.73% Pb and 0.18% Sn (180.91g Ag eq/t) over 19.50m from 229.80m to 249.30m.
• Like Hole DSB-69, this hole intercepted strong tin mineralization grading 0.43% Sn over 34.5m from 423.32m to 457.8m within a broader mineralized zone grading 14.38g Ag/t, 0.34% Zn, 0.36% Pb and 0.25% Sn (80.16g Ag eq/t) over 70.50m from 387.30m to 457.80m.

Hole DSB-71, collared 100m south-southwest of hole DSB-69, returned two long mineralized intersections, the first grading 41.89g Ag/t, 0.15% Pb and 0.14% Sn (66.90g Ag eq/t) over 123.00m from 45.95m to 168.95m, and the second, 29.26g Ag/t, 0.58% Zn, 0.22% Pb and 0.11% Sn (71.46g Ag eq/t) over 127.50m from 233.45m to 360.95m This latter intersection includes a higher grade interval of:

• 53.17g Ag/t, 0.72% Zn, 0.40% Pb and 0.19% Sn (116.62g Ag eq/t) over 45.00m from 263.45m to 308.45m

This hole also intersected a near-surface high grade tin zone:

• 11.84g Ag/t and 0.44% Sn (96.81g Ag eq/t) over 21.95m from 1.50m to 23.45m

Similar to DSB-68, results from these three additional holes continue to demonstrate potential significant underestimation of the silver grade, similar to that of the previously reported metallurgical test results from a 6.3 tonne bulk sample which returned a much higher silver head grade of 91 g Ag/t compared to the grade of 31 g Ag/t obtained in the original twinned holes (see Eloro press release January 3, 2024).

Dr. Osvaldo Arce, P.Geo., Eloro’s Executive Vice President, Latin America and General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., said: “The success of our current definition drilling program is a confirmation of our understanding and experience on the property.  These holes’ locations were selected to specifically verify the continuation of the higher grade, large volume polymetallic areas in the extensive mineralized system at Iska Iska.  These areas occur where mineralizing fluids were deposited through intrusion breccias and injection tourmaline breccias in favorable lithologies and structures forming enriched bodies with significant resource potential.”

Tom Larsen, CEO of Eloro, commented: “The latest reported infill drilling intercepts further demonstrates the consistency of potential commercial value per tonne that will be incorporated in the PEA in later 2025. These results continue to dispel any previous misinterpretation that there are extensive areas of waste in the overall mineralized zone. The continual higher-grades that are being reported in the silver-tin polymetallic system from this latest drilling campaign are only adding to the overall economic potential of the deposit.”

Table 1: Definition Diamond Drill Results as of January 6, 2025, Santa Barbara Deposit, Iska, Iska

Note: True width is approximately 80% of core length. Silver equivalent (Ag eq) grades are calculated using 3-year average metal prices of Ag = US$24.14/oz, Zn = US$1.36/lb , Pb = 0.98/lb and Sn = US$13.74/lb, and preliminary metallurgical recoveries of Ag = 88%, Zn = 87%, Pb= 80% and Sn = 50%. In selecting intervals, a cutoff grade of 30 g Ag eq/t has been used. Lower grade material may be included in intersections where geological continuity is warranted.

Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Reported, Completed and in Progress at Iska Iska as of January 6, 2025

Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara, Iska Iska. Yellow circles highlight the location of holes in this release.

Qualified Person (“QP”)

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President, Exploration, and a Qualified Person (“QP”) as defined by National Instrument (“NI”) 43-101 has reviewed and approved the technical content of this news release.   Dr. Pearson who has more than 50 years of worldwide mining exploration, development and production experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Executive Vice President, Latin America for Eloro and General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a QP in the context of NI 43-101, who has supervised all field work carried out at Iska Iska.

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

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

About Iska Iska

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

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

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

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole from 0.0m to 257.5m. Subsequent drilling has confirmed the presence of significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Breccia Pipe (CBP). A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling along the walls of the of the Santa Barbara Adit located to the east of SBBP returned average grades of 164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 446 g Ag/t, 9.03% Pb and 1.16% Sn over 56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu and 0.056%Sn over 257.5m, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which, along with geophysical data, has defined an extensive target zone. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the initial inferred MRE for Iska Iska, prepared by independent consultantsMicon International Limited. The MRE was reported in two domains, the Polymetallic (Ag-Zn-Pb) Domain which is primarily in the east and south of the Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the west and north.

The Polymetallic Domain is estimated to contain 560Mt at 13.8 g Ag/t, 0.73% Zn & 0.28% Pb at an NSR cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40 for potential underground. The majority of the mineral resource is contained in the constraining pit which has a stripping ratio of 1:1. The Polymetallic Domain contains a higher-grade mineral resource at a NSR cutoff of $US25/t of 132 million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a net NSR value of US$34.40/t which is 3.75 the estimated operating cost of US$9.20/t. The Tin Domain which is adjacent to the Polymetallic Domain and does not overlap, is estimated to contain a mineral resource of 110Mt at 0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.

Results of the definition drill program which totalled 5,267.7m in 11 holes were reported on December 18, 2023 and January 11, 2024, respectively. Significant results included 279.22 g Ag/t, 0.47% Pb and 0.43% Sn (339.82g Ag eq/t) over 62.84m and 33.83 g Ag/t, 1.53% Zn, 0.93% Pb and 0.14% Sn (130.88g Ag eq/t) over 178.99m including 120.37 g Ag/t, 2.13% Zn, 1.57% Pb and 0.19% Sn in hole DSB-61; 57.62g Ag/t, 1.26% Zn, 0.94% Pb and 0.12% Sn (139.94g Ag eq/t) over 136.11min hole DSB-66 and 118.86g Ag/t, 0.35% Zn, 0.35% Pb and 0.15% Sn (152.29g Ag eq/t) over 81.28m in hole DSB-65. This latter intersection in hole DSB-65 included a very high-grade sample of 5,080g Ag/t, 0.12 g Au/t, 0.26% Zn, 1.34% Pb, 1.53% Cu and 1.27% Sn (4,746.46g Ag eq/t) over 1.46m.

Metallurgical tests reported on January 23, 2024 from a 6.3 tonne PQ drill core bulk sample representative of the higher grade Polymetallic (Ag-Zn-Pb) Domain returned a significantly higher average silver value of 91 g Ag/t compared to the weighted average grade of the original twinned holes at 31 g Ag/t strongly suggesting that the average silver grade is likely significantly underreported in the original twinned holes due to the much smaller sample size.

On January 29, 2024, the Company reported that the new chargeability high outlined southeast of the MRE open pit by the expanded induced polarization (IP) survey indicates that the major mineralized structural corridor that is up to 800m wide extends a further 600m along strike to the southeast for an overall strike length of at least 2km. This new area has not been drilled.

he Company reported on July 30, 2024, that updated modelling of the potential starter pit area at Santa Barbara zone highlights the importance of completing additional drilling to better define the grade and extent of the mineral resource in this area. Areas with higher-grade resource typically have much better drilling density but holes outside the core potential pit area are too widely spaced to give an accurate estimate of grade.

On September 4, 2024, the Company announced the restart of definition drilling in the potential starter pit area at Santa Barbara. Previous drilling has shown that areas with high-grade mineralization typically have much better drilling density, whereas holes outside the core area are too widely spaced to give an accurate grade estimate. This increased drilling density is particularly important for defining the extent of the high-grade Ag-bearing and Sn-bearing structures, and for categorizing the mineral resources from inferred to indicated, which have a major influence on overall grade and resources that will contribute to the preliminary economic assessment (“PEA”).

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

Results from the first definition drill hole DSB-68 were released on November 26, 2024. This hole intersected 66.90g Ag/t, 0.63% Zn, 0.42% Pb and 0.11% Sn (111.14g Ag eq/t) over 289.13m including higher grade intervals of includes higher grade intervals of:

• 126.10g Ag/t, 0.55% Zn, 0.60% Pb and 0.09% Sn (160.72g Ag eq/t) over 122.03m,
• 47.61g Ag/t, 0.22% Zn, 0.40% Pb and 0.45% Sn (146.06g Ag eq/t) over 16.51m, and
• 25.52g Ag/t, 2.19% Zn, 0.65% Pb and 0.10% Sn (129.60g Ag eq/t) over 7.46m

About Eloro Resources Ltd.

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

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

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

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e2e731be-c97d-467b-8901-fd39dfdc3349

Cartier Silver Corporation (CSE:CFE) (“Cartier Silver”) is pleased to announce that, by mutual agreement (“Amending Agreement”) with Empresa Minera Gonalbert S.R.L. and Empresa Minera Segovia S.R.L (collectively, the “Vendors”), the registered title holders of two separate properties comprising the Chorrillos Project in southern Bolivia, the payment schedule in connection with the remaining portion of the aggregate US$4.5 million payment required for Cartier Silver to acquire 100% of the Vendors’ capital quotas has been amended. The signing date of the original acquisition agreement was December 12, 2022. Cartier Silver’s Bolivian subsidiary, Minera Cartier Bolivia S.R.L. (“Cartier Bolivia”) has made two staged payments and currently owns 30% of the Vendors’ capital quotas.

Pursuant to the Amending Agreement, in order to acquire the remaining 70% of the Vendors’ capital quotas, staged payments aggregating US $4.2 million are required, as follows:

1. US $500,000 (Five Hundred Thousand United States Dollars) due June 12, 2025, whereby Cartier Bolivia would acquire an additional 20% of the Vendors’ capital quotas.
2. US $700,000 (Seven Hundred Thousand United States Dollars) due June 12, 2026, whereby Cartier Bolivia would acquire an additional 20% of the Vendors’ capital quotas.
3. US $1,000,000 (One Million United States Dollars) due June 12, 2027, whereby Cartier Bolivia would acquire an additional 20% of the Vendors’ capital quotas.
4. US $2,000,000 (Two Million United States Dollars) due June 12, 2028, whereby Cartier Bolivia would acquire the remaining 10% of the Vendors’ capital quotas.

About Cartier Silver Corporation

Cartier Silver is an exploration and development Company focused on discovering and developing its recently acquired silver property assets, including the Chorrillos Project and claims staked by the Company’s subsidiary, all of which are located in the Potosi Department of southern Bolivia. The Company also holds significant iron ore resources at its Gagnon Holdings in the southern Labrador Trough region of east-central Quebec, and the Big Easy gold property in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland & Labrador.

For further information please visit Cartier Silver’s website at www.cartiersilvercorp.com

For further information please contact:

The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release.

Statements in this release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”.

PDF available: http://ml.globenewswire.com/Resource/Download/694ab051-dcb8-4705-aa53-afe5514214fc

Iska Iska, Eloro’s (ELO.T) massive silver/lead/zinc/tin discovery in Bolivia is heading towards a PEA for its starter pit. 35,000 tons a day of high-grade silver with a significant zinc component. With a little more definition drilling there should be a tin component as well. Speaking with Tom Larsen, Eloro’s CEO, it’s very clear that the PEA is well in hand.

“We’re looking at Q2 2025 for a 35,000 ton per day PEA,” said Larsen. “Most of the PEA is complete now. But we’d like to do around like to do around 5000 to 10000 meters of additional drilling. That should give us a very commercial resource initially for a solid 12 year mine life for the PEA.”

“We want to drill enough so that we can confirm around 30 million tons of 0.3 tin to be included in Years 6, 7 and 8 in the PEA,” said Larsen. “As it stands we are looking at a 3.5 year payback on a 500 million CAPEX at current metal prices.”

“We’re focused on the PEA,” said Larsen. “However, in the short term we are looking at going in a different direction. We’d like to put a ramp in.”

“On a bulk mining basis we consistently get 40-50 grams of silver per ton,” said Larsen. “A ramp within about 50 meters of the Santa Barbara adit could produce 200 tons a day of high grade material.”

Basically, a ramp would be cut into the highest grade zone of what will, in time, become the starter pit for Iska Iska. The actual work would be done by Bolivian mining contractors.

“We’re working on the engineering and the economics now,” said Larsen. “This is a mini-project which could be up and running in a matter of months. Round numbers you need 1.5 million for mining equipment, 3 million for a primary and secondary crusher and another 1 million for an XRT ore sorter.”

The crushed rock would be sorted and then shipped to a mill a few kilometres away. Total CAPEX of the mining/crushing/sorting would come in at around 8 million, then 3 million to 5 million for a mill. Add the final payment for the company which owns Iska Iska and Eloro would need about 15 million US to kick off its ramp project.

Larsen and his team have been very careful to avoid dilution. As a former broker, Larsen is well aware of the negative effects of too many shares in the market. Given that ELO.T is trading around $1.00 doing a 15 million US raise would bump the share count over 100 million. Not good. So how to finance the ramp?

As the Eloro CEO, Larsen is not about to talk about Eloro’s financing options. But another Canadian company with Bolivian operations, Orvana Minerals, (ORV.T) has found Bolivian project financing…in Bolivia. The key feature is that the bonds are issued in Bolivia to Bolivian investors and while the bonds are sold in Bolivianos the interest is paid in US dollars. The US dollars make the bonds very attractive to Bolivian investors.

In order to issue a bond the issuer needs two things: assets to pledge as security and income from operations to pay the interest and principal on the bonds. On completion of the purchase of the company which owns Iska Iska, Eloro will have total ownership of a huge asset. And, of course, the crushers, sorter and mine equipment are also assets.

Income would come from the sale of the silver produced from the ramp. 200 tons per day at 50 gpt is 10 kilograms of silver per day at, say, $900/kg for $9000 gross revenue per day, $270,000 per month. Silver trades in US dollars. More than sufficient to cover the interest and principal repayments on a $15,000,000 bond. And that back of the envelope calculation entirely ignores the value of the zinc which is significant at that location at Iska Iska.

“The ramp would answer a lot of questions about the 35,000 ton per day starter pit,” said Larsen. Grade, metallurgy, rock mechanics, all the sorts of questions which need to be answered to move from the PEA to a bankable feasibility study. Things like optimal sorter settings could be worked out. And, of course, it may be possible to mine and process significantly more than 200 tons a day. Plus, the price of silver is set to rise significantly and ELO could catch the rocket.

Best of all, with this sort of bond financing, Eloro could have the ramp up and running in a matter of months without significant dilution.

Eloro will likely do a small private placement in the fairly near term to finance additional drilling at Iska Iska. In particular, Larsen’s team would like to drill more larger diameter holes which give a more accurate estimate of the grades likely to be encountered in a bulk mining scenario. But this would be under 5 million in all likelihood keeping the share count well under 95 million.

“Eloro has a hidden advantage,” said Larsen. “We are plugged in in Bolivia.”

Eloro has updated its corporate presentation with the inclusion of an amazing 3D Model. Well worth taking a few minutes to take a look:

https://vrify.com/embed/decks/03daa298-36dc-4832-9716-7b58a7e27847

Not quite a rocket, yet, but a year ago Bayhorse Silver (BHS.V) was very close to the end. While it had a silver mine, a mill and an ore sorter, it did not have a final permit which would allow it to actually operate its mine. In some jurisdictions, this would not have been a show stopper and the permit would arrive in short order. But the Bayhorse mine is in Oregon, a state where mining is politically unwelcome. The permit was going to take a while.

BHS CEO Graeme O’Neill scrambled to raise money, put a lot of his own money into a couple of small private placements and managed to arrange a lease for the ore sorter. It was enough to keep the company going, barely. BHS shares fell to $0.015

Then, in October 2023, Hercules Silver (BIG.V) announced that it had drilled into what it described as a “blind copper porphyry” at its property at Cuddy Mountain, 44 kilometres down the Snake River on the Idaho side. BIG went from less than $0.20 to a high of over $1.60 in a matter of weeks. It did a deal with Barrick and now has 23 million dollars to drill out its discovery.

Here is the interesting thing, the Hercules discovery is at what geos refer to as a “suture” between the Izee terrane and the Olds Ferry terrane. Its silver is found in a rhyolite structure. The blind copper porphyry looks to have been part of the geological events which created the silver in the rhyolite.

People began to talk about “closeology”. Bayhorse finds its silver in a rhyolite structure. The Bayhorse mine is at a suture of the Izee and Olds Ferry terranes. The argument from similarity can be and was made and O’Neill raised a little over 1 million dollars in a private placement.

The biggest problem Bayhorse has faced over the years is a lack of money. The million dollar private placement, powered by the Hercules discovery, solved that in the short term. For the first time in its existence, Bayhorse had the money to explore and a reason to spend that money.

The Bayhorse value proposition has always been the re-opening of a successful, past-producing, silver mine with high-grade silver, interesting copper and gold credits and a CEO who understood logistics. O’Neill would certainly look at, and sometimes option, greenfields exploration plays, that was never the company’s focus. O’Neill knew that if he could jump through the permitting hoops, the Bayhorse mine had years of unmined, high grade, silver to extract, concentrate and sell. It still does.

Hercules provided the hint. Was the geology at its Izee/Olds Ferry terrane similar to the geology surrounding Bayhorse? O’Neill had the money to start finding out.

VTEM is a helicopter flown magnetic and resistivity survey which can locate “anomalies” down several hundred meters. Bayhorse had never had the money or a reason to fly a VTEM, now it did and in early January of this year it flew both sides of the Snake River.

While BHS may have been inspired by BIG’s success downriver, its own geological team had scouted out what it believed was a substantial rhyolite structure on the Idaho side which the geos postulated was an extension of the Bayhorse mine rhyolite. That same geo team had long speculated that the Bayhorse mine itself was potentially “over” an epithermal gold/copper intrusion. A structure which would line up with the geological theory being tested at the Hercules property.

The results of the Bayhorse VTEM were outstanding. On the Oregon side, there was an area of low resistivity right under the western end of the Bayhorse mine workings. On the Idaho side, there were three areas of low resistivity and a magnetic high right where the Bayhorse geos expected the rhyolite extension to be. And that high was, in fact, higher than the high at the Bayhorse mine itself.

Here is the map of the magnetic signatures:

Here is the map of the resistivity signatures:

All of a sudden Bayhorse Silver went from a company with a plan to re-open a mine to a company which had four resistivity targets and a huge magnetic anomaly to explore.

Bayhorse has been lucky to have senior geologists advising O’Neill as he drove towards recommissioning the Bayhorse mine. That luck was extended when Spokane-based explorationist Mark Abrams was initially signed on as a consultant to finish off the final permitting process and then as a Director.

Abrams is very much the right man at the right time. He is a fully licensed geologist in both Oregon and Idaho and has conducted exploration programs for majors like Placer Dome and Agnico Eagle. He knows how to run a serious exploration program.

I was fortunate to speak to Abrams a few days ago. He was optimistic about Bayhorse’s prospects. He was also very much an explorationist. “You need boots on the ground,” he told me. “We need to be prospecting. Looking at the sediments in the catchment areas. Get into the drainages.”

“You’re putting dots on the map,” said Abrams.

Which is the great paradox O’Neill and his team are faced with. They can see the high magnetics and the low resistivity. They have targets in general. But in the real world of exploration, this is the earliest possible stage.

Right now, BHS can, and should, stick to its knitting and drill the Big Dog, the footwall and the low resistivity at the Bayhorse mine which is exactly what it is doing. It will take a while to get the surface drilling permits in Idaho. Time which can be spent profitably increasing the staked land, perhaps doing an IP survey on one of the blobs, collecting samples and surface “shows” and figuring out where best to begin drilling what may be a significant copper porphyry.

For Bayhorse shareholders the BIG news and the VTEM results have started an increase in value. From $0.015 to .08 in a couple of months. However, that is likely just the beginning. By drilling underground BHS is creating a hard news stream likely to continue well into Fall.  The Idaho targets are a largely unexpected bonus.

(Disclaimer: I own shares in Bayhorse and Graeme O’Neill is a friend. I also own shares in Hercules. At the moment, BHS is not a client of Motherlodetv.net Do your own due diligence. Call Graeme.)

TORONTO, March 13, 2024 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (“Eloro” or the “Company”) (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce a non-brokered prospectus exempt offering (the “Offering”) of up to 3,300,000 units of the Company at a price of C$1.20 per Unit for gross proceeds of up to C$3,960,000, pursuant to the listed issuer financing exemption available under Part 5A of National Instrument 45-106 – Prospectus Exemptions (the “Listed Issuer Exemption”). There is an offering document relating to the Offering that can be accessed under the Company’s profile at www.sedarplus.ca and at www.elororesources.com. Prospective investors should read this offering document before making an investment decision.

Each Unit will consist of one common share of the Company (a “Common Share”) and one common share purchase warrant of the Company (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of C$2.00, with the expiry date of each Warrant being the date which is the earlier of (a) two years following the date of the first closing under the Offering, or (b) two business days after completion of a Change of Control of the Company; provided that in the event that the volume weighted average trading price of the Common Shares on the Toronto Stock Exchange is at ‎‎least C$3.00 per share for a period of five consecutive trading days (the “Triggering ‎Event”), the expiry date of the Warrants may be ‎accelerated by the Company to a date that is not less than 30 days after the date of issuance by the Company of a press release disclosing the occurrence of the ‎Triggering Event.

The Company intends to use the net proceeds from the Offering for (a) a property option payment with respect to the Iska Iska project, (b) continued exploration and development of the Iska Iska project, and (c) general corporate purposes and working capital.

The Offering is expected to close on or about March 27, 2024, or such earlier or later date as Eloro may determine. Completion of the Offering is subject to certain conditions including, but not limited to, a minimum of 2,800,000 Units for gross proceeds of C$3,360,000 (or such greater amount as Eloro may determine) being sold under the Offering, and the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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, through 98% owned Minera Tupiza SRL, has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR+. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

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

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company (forward-looking statements in this news release include, without limitation, statements regarding the closing of the Offering, the minimum Offering amount, the proposed use of proceeds from the Offering, and Toronto Stock Exchange approval). 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. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.