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 3

The inaugural MRE for Iska Iska is outlined in the NI 43-101 Technical Report (see Eloro press release dated October 17, 2023) prepared by Micon International Limited. Independent QPs for the Technical Report are Charley Murahwi, P.Geo., FAusIMM, Richard Gowans, P.Eng., Ing. Alan J. San Martin, MAusIMM (CP) and Abdul Aziz, Drame, P.Eng., all of whom are independent QP’s as defined by NI 43-101. Mr. Murahwi completed site visits in January 2020 and November 2022.

Silver equivalent (Ag eq) grades are calculated using 3-year average metal prices of Ag = US$22.52/oz, Zn = US$1.33/lb and Pb = 0.95/lb and preliminary metallurgical recoveries of Ag = 88%, Zn = 87% and Pb= 80%.

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration and a QP as defined by NI 43-101 has reviewed and approved the technical content of this news release. Dr. Pearson who has more than 49 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. 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.

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.