Eloro Resources to Acquire Additional Properties to Significantly Expand Holdings at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia - Seite 2

The Company’s Bolivian subsidiary, Minera Tupiza S.R.L., entered into the Agreement with the current title holder, subject to finalizing the granting of the mining rights process (the “Title Holder”), for the Mina Casiterita and Mina Hoyada properties. Under the Agreement, the Capital Quotas of the Title Holder will be transferred to Eloro in exchange for a total consideration of 200,000 common shares of Eloro. The transaction is subject to the completion of the terms outlined in the Agreement, together with the receipt of all required regulatory approvals in connection with the issuance of the Eloro common shares.

Eloro recently completed a detailed ground magnetic survey on the Mina Casiterita property, as shown in Figure 2, a map of the Analytic Signal (“ASIG”) of the Total Magnetic Intensity. This survey outlined an extensive, near surface, magnetic intrusive body immediately southwest of Iska Iska. This intrusive hosts the high-grade tin veins previously mined reported to be dacite 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. (see Eloro’s October 21, 2021 press release). Casiterita provides the opportunity to test this major target by relatively shallow drilling in close proximity to Iska Iska.

The Porco adit from which previously reported channel sampling returned 103m strike length 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 (see Eloro’s November 17, 2021 press release and Figure 2) 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.

Tom Larsen, CEO of Eloro, said: “These properties will add significantly to our land position at Iska Iska and provide an excellent opportunity to test the potential for a major tin deposit with much shallower diamond drilling than on the main Iska Iska discovery. Geological mapping and sampling is in progress on these new properties as well as magnetic surveys. Immediately following the completion of its acquisition, we plan to drill test major targets on the Mina Casiterita property.”

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We are on the last drill hole of the previously announced (see Eloro’s October 18, 2022 press release) definition drill program on Santa Barbara. Work is continuing with Micon International Limited (“Micon”) to complete a detailed domain model for Iska Iska that will form the basis for the inaugural mineral resource estimate targeted for Q1 2023. Gemin, an engineering group based in Lima, Peru is developing parameters for potential open pit and underground mining scenarios for resource definition. Metallurgical testing is continuing with Blue Coast Research. Extensive work has been done with GeologicalAI to develop mineral maps for the scanned core. The calibration of the AI using detailed mineralogical data developed by Nicholas McKay of Blue Coast Research and Dr. Lisa Van Loon of LisaCan Analytical Solutions, along with on-site checking of drill core by Eloro geological personnel under the supervision of Dr. Osvaldo Arce, P.Geo. is near completion. The AI domain analysis will be used in conjunction with geophysical models developed by Eloro’s Chief Geophysicist Dr. Chris Hale, P.Geo. and geological models prepared by the Eloro geological team, to develop the final domain model for mineral resource estimation. Mr. Charley Murahwi, P.Geo. of Micon completed his site visit to Iska Iska in October 2022. Assay results are pending on 16,642m of drilling in 20 holes.”