Expanded IP Surveys Outline an Additional 600m Strike Length to the Major Mineralized Corridor at Eloro Resources’ Iska Iska Project, Potosi Department, Southwestern Bolivia - Seite 2

Figure 1 shows the same section that was reported in the Eloro press release dated January 11, 2024. Green solids indicate high grade mineralized zones where the silver equivalent grade is greater than 50 g Ag eq/t. These high-grade areas coincide very closely with high chargeability (> 20 mV/V), confirming the correlation of grade with borehole IP between drill holes inside the MRE pit.

The chargeability anomaly is open along strike and at depth as exploration work has still not defined the full limits of this remarkable mineralized system.

Figure 1. Cross Section along Line 56100N of the Chargeability Anomaly with areas with greater than 50 g Ag eq/t superimposed to show the very strong correlation. The strong anomaly to the southeast is largely outside the open pit defining the MRE and this area has not been drilled. Figures 2 and 3 show the location of the section line.

Figure 2 is a plan view of the model chargeability at an elevation of 3700 m where the highest chargeability outlined in red extends southeastward, well beyond the MRE open pit shown in black. Drill hole pierce points at 3700 m (grey circles) demonstrate that much of the high chargeability anomaly has not yet been drill tested. Figure 3 is the same plan showing the strong correlation of high-grade areas with the chargeability anomaly.

Figure 2: Plan map of Chargeability Model at 3700m elevation showing the extent of the chargeability anomaly southeast of the open pit defining the MRE. Pierce points of drill holes on the 3700 m elevation clearly show that this major anomaly is essentially untested by drilling.

Figure 3 is a Plan Map of the same Chargeability Model at 3700m elevation shown in Figure 2 with the contoured 50 g Ag eq superimposed showing the strong correlation of high-grade areas with the chargeability anomaly.

Qualified Person (“QP”)
IP/Res surveys were carried out by MES Geophysics using Eloro’s ELREC-Pro 10 channel IP receiver and GDD 3600 watt IP transmitter. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided the survey design, preparation of the maps and interpretation of data processed, and quality reviewed by Mr. Rob McKeown, P. Geo. of MES Geophysics. Messrs. Hale, Gilliatt and McKeown are Qualified Persons (“QP”) as defined under National Instrument 43-101 (“NI 43-101”).