Eloro Resources Ltd. — Regulatory Filings 2021

Jan 26, 2021

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20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868-9168 Fax: (416) 361-1333 TSX.V Symbol: ELO www.elororesources.com

Eloro Resources Intersects 129.6 Grams Silver Equivalent per Tonne over 257.5m in Extensive Silver-Polymetallic Mineralization in Santa Barbara Breccia Pipe, at its Iska Iska Property, Potosi Department, Southern Bolivia

Toronto, Canada, January 26, 2021 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce additional results from its diamond drilling program at its optioned Iska Iska Silver-Polymetallic Project (“Iska Iska”) in the Potosi Department, southern Bolivia. To date, through its Bolivian subsidiary, Minera Tupiza S.R.L. (“Minera Tupiza”), Eloro has completed 20 holes totalling 5,573m metres from both underground (12) and surface drill holes (8). Results from the first five underground holes were reported on November 18, 2020. This release reports results for 10 additional holes. Due to the polymetallic nature of the deposit, silver equivalent (“Ag eq”) values have been included for comparative purposes. Tables 1 and 2 list significant assay results. Figure 1 is a plan map detailing the locations of the drill holes, Figure 2 is a geological cross section of the Santa Barbara Breccia Pipe and Table 3 provides drill hole collar coordinates for all holes completed to date.

Santa Barbara Breccia Pipe

On November 24, 2020 Eloro announced the discovery of the Santa Barbara Breccia Pipe (“SBBP”). Drill Hole DHK-14, drilled at -10 degrees to the southwest of Huayra Kasa workings from Drill Bay #3, intersected almost 180m of silicified and mineralized breccia in this pipe, but due to drill limitations only penetrated approximately 50% of its full width. To date, six (6) additional holes have since been completed to test the SBBP, three (3) more from underground and three (3) from surface drilled radially from the centre of the pipe. As of this news release, results have been received for the first three (3) underground holes, including the original discovery hole, which are presented in Table 1. The relative % of total metal equivalency is also given for each element.

Highlights are as follows:

• 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, 0.0064%Bi and 0.0083%Cd[1] ) from 0.0m to 257.5m in hole DHK15, the deepest of the three holes reported within the SBBP;

• 79.00 g Ag eq/t over 121.33m (21.77g Ag/t, 0.034g Au/t, 0.35%Zn, 0.23%Pb, 0.18%Cu, 0.056%Sn, 0.0011%In, 0.004%Bi and 0.0055%Cd) from 0.0m to 121.33m in Hole DHK14 within the SBBP;

• 74.16 g Ag eq/t over 40.88m (33.43g Ag/t, 0.032g Au/t, 0.04%Zn, 0.33%Pb, 0.13%Cu, 0.045%Sn, 0.0010%In and 0.0012%Bi) from 30.40m to 71.28m in Hole DHK-13 which is

1 Ag=Silver, Au=Gold, Zn=Zinc, Pb=Lead, Cu=Copper, Sn=Tin, In=Indium, Bi=Bismuth and Cd=Cadmium

within the approximately 100m wide mineralized envelope that surrounds the breccia pipe (Figure 1).

While assay results are pending, the first three (3) inclined radial surface holes testing deeper parts of SBBP intersected significant mineralized breccia as follows (Figures 1 and 2):

• Hole DSB-01 drilled at -45 degrees to the south intersected 195m of mineralized breccia in the oxide zone, followed by 63m of sandstone and dacite before intersecting 83m of mineralized breccia in the Central Breccia Pipe (“CBP”);

• Hole DSB-02 drilled at -60[o ] south intersected 216m of mineralized breccia in SBBP followed by a sequence of mineralized sandstone and dacite before intersecting the CBP at 300m which also proved to be mineralized. In the CBP, this hole intersected a continuous sequence of mineralized breccia with porphyritic fragments for 332m to the end of the hole at 632m where it was stopped due to drilling issues. The last 10 metres in this hole contained a 5m long intersection of massive sulphides, therefore the system is considered open at depth;

• Drill Hole DSB-03 drilled at -60[o ] East from the same setup intersected 430m of mineralized breccia in SSBP including 50m of massive sulphide from 302m to 352m. This hole intersected a further 85m of dacite to 515m in the mineralized envelope around SBBP.

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro commented: “The scale of the new breccia pipes discovered and the wide range of metals at Iska Iska is phenomenal. Drilling has confirmed a 400m wide diameter of the Santa Barbara Breccia Pipe with a further 100m mineralized envelope around the pipe for a total effective mineralized diameter of 600m as shown in Figure 2. The adjacent Central Breccia Pipe to the south is even bigger with a surface dimension of 400m by 700m; hole DHK-02 intersected mineralized breccia in the CBP to a depth of 475m below surface where it is completely open. It appears likely that the Santa Barbara and Central Breccia Pipes may merge at depth. The widespread tin mineralization suggests that we are getting closer to the magnetic source. Deeper holes are planned in both the SBBP and CBP to further confirm the full extent of the pipes and to test for mineralization at depth.”

Dr. Quinton Hennigh, P.Geo, Senior Technical Advisor for Eloro said: “Hole DHK-15, the deepest hole in SBBP with assays back, gives us our first picture of the true potential of the Iska Iska system. A whole suit of metals including Ag, Zn, Pb, Cu, Sn, In, Bi and Cd are present, exactly the sort of assemblage one would like to see in a prolific ‘Potosi-type’ deposit. In fact, the way this picture is unfolding, it appears we have an entirely preserved mineralizing system of this type with lots of room to host a major deposit. An early indication of large size comes from hole DSB02 which tells us that both the large SBBP and even larger CBP appear to be strongly mineralized. In short, we have been able to confirm in a few short months of drilling that Iska Iska has the right metal-assemblage, strong Ag-polymetallic grades and very large size.”

Dr. Osvaldo Arce, P.Geo., General Manager of Minera Tupiza and an expert on the geology of Bolivia commented: “The mineralization at Iska Iska defines a massive epithermal-porphyrysystem hosted mainly in large magmatic-hydrothermal breccia pipes, along with Tertiary dacitic domes and Ordovician quartz sandstone sequences, being a new geological environment for polymetallic deposition in the southern Bolivian Andes. Regionally, in terms of metal contents Iska Iska is comparable with neighboring world-class polymetallic systems including Cerro Rico de Potosi, San Vicente, Chorolque and Tatasi, all of which have similar geological environments, with the notable exception of the large and remarkable mineralized breccia pipes at Iska Iska.”

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Table 1: Significant Drill Results, Santa Barbara Breccia Pipe

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Hole ID From (m) To (m) Length (m) Ag (gpt) Au (gpt) Zn (%) Pb (%) Cu (%) Sn (%) In (%) Bi (%) Cd (%) Ag eq (gpt)
33.43 0.032 0.042 0.328 0.133 0.045 0.0010 0.0012 0.0000 74.16
DHK-13 30.40 71.28 40.88
45.1% 3.1% 1.8% 10.8% 17.4% 16.7% 4.8% 0.2% 0.0% 100.0%
40.98 0.029 0.003 0.294 0.019 0.034 0.0013 0.0036 0.0000 67.14
86.44 94.26 7.82
61.0% 3.1% 0.1% 10.7% 2.7% 14.0% 7.4% 0.8% 0.0% 100.0%
15.35 0.016 0.005 0.192 0.064 0.028 0.0011 0.0035 0.0000 40.17
107.90 162.47 54.57
38.2% 3.0% 0.4% 11.7% 15.6% 19.3% 10.5% 1.4% 0.0% 100.0%
21.77 0.034 0.349 0.231 0.178 0.056 0.0011 0.0040 0.0055 79.00
DHK-14 0.00 121.33 121.33
27.6% 3.2% 14.4% 7.2% 21.9% 19.5% 5.0% 0.8% 0.5% 100.0%
28.58 0.061 1.683 0.653 0.063 0.043 0.0013 0.0183 0.0238 131.20
incl. 7.68 19.75 12.07
21.8% 3.4% 41.9% 12.2% 4.7% 9.0% 3.7% 2.2% 1.2% 100.0%
25.66 0.023 0.382 0.039 0.025 0.032 0.0022 0.0010 0.0041 60.56
134.91 145.59 10.68
42.4% 2.7% 20.6% 1.6% 4.1% 14.6% 13.4% 0.2% 0.5% 100.0%
37.57 0.069 0.189 0.088 0.483 0.048 0.0008 0.0041 0.0023 114.65
incl. 81.19 107.38 26.19
32.8% 4.4% 5.4% 1.9% 40.9% 11.4% 2.5% 0.6% 0.1% 100.0%
19.77 0.029 0.140 0.068 0.045 0.037 0.0007 0.0148 0.0009 47.45
166.89 323.35 156.46
41.7% 4.4% 9.6% 3.5% 9.1% 21.5% 5.1% 4.9% 0.1% 100.0%
53.54 0.042 0.075 0.190 0.067 0.074 0.0009 0.0198 0.0005 97.07
incl. 207.68 238.47 30.79
55.2% 3.1% 2.5% 4.8% 6.7% 21.1% 3.4% 3.2% 0.0% 100.0%
29.53 0.078 1.448 0.585 0.080 0.056 0.0022 0.0064 0.0083 129.60
DHK-15 0.00 257.50 257.50
22.8% 4.4% 36.5% 11.1% 6.0% 11.8% 6.2% 0.8% 0.4% 100.0%
204.12 0.043 0.406 0.258 1.120 0.087 0.0036 0.0006 0.0023 373.38
incl. 59.10 69.40 10.30
54.7% 0.8% 3.5% 1.7% 29.1% 6.4% 3.6% 0.0% 0.0% 100.0%
30.03 0.023 3.671 0.721 0.032 0.294 0.0033 0.0045 0.0199 267.58
incl. 78.68 91.97 13.29
11.2% 0.6% 44.8% 6.6% 1.1% 30.3% 4.6% 0.3% 0.5% 100.0%
29.83 0.017 5.048 1.754 0.018 0.047 0.0043 0.0027 0.0238 271.55
incl. 125.20 129.40 4.20
11.0% 0.5% 60.7% 15.8% 0.6% 4.8% 5.8% 0.2% 0.6% 100.0%
47.31 0.023 2.793 1.598 0.013 0.047 0.0051 0.0021 0.0158 213.97
incl. 158.45 204.07 45.62
22.1% 0.8% 42.6% 18.3% 0.6% 6.1% 8.9% 0.2% 0.5% 100.0%
26.95 0.329 0.707 0.086 0.121 0.112 0.0009 0.0311 0.0022 127.16
incl. 223.72 253.30 29.58
21.2% 18.8% 18.2% 1.6% 9.2% 24.3% 2.7% 3.8% 0.1% 100.0%
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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, is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling.

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams other metal) are as follows:

Ag $25.48/oz 1.00000000 Au $1855.2/oz 72.8100471 Cu $3.61/lb 0.009713933 Zn $1.213/lb 0.003263989 Pb $0.911/lb 0.002451355 Bi $5.80/lb 0.015606874 Sn $10.25/lb 0.027581113 Cd $2.50/lb 0.006727101 In $305/kg 0.37227237

Huayra Kasa Breccia Pipe and Mine Area

An additional two underground holes DHK-06 and DHK-07 drilled due west at -10 and -45 degrees, respectively, were completed from Drill Bay #1 to test under the Huayra Kasa workings. Hole DHK-06 intersected 78.51 g Ag eq/t over 41.40m from 160.0 to the end of the hole at 201.40m; this intersection is the outer edge of the mineralized envelope around the SBBP. Hole DHK-07 intersected 127.64 g Ag eq/t over 8.15m from 30.87m to 39.02m. This intersection which contained 1.42 g Au/t is likely the downdip extension of the Au-Bi zone identified in the eastern workings (see press release November 18, 2020).

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A surface drill rig was brought in to facilitate further testing of the Huayra Kasa Breccia Pipe (“HKBP”) just east of the Huayra Kasa mine workings (Figure 1), the discovery of which was reported in the press release of November 18, 2020. A total of five (5) surface drill holes were completed to further test the HKBP and surrounding area including at depth.

Highlights are as follows:

• 50.87 g Ag eq/t over 47.50m from 57.89m to 103.59m in Hole DHK-08. This intersection is on the west side contact zone of the HKBP;

• 44.99 g Ag eq/t over 63.75m from 239.25m to 303.00m in Hole DHK-09 drilled due east from the HKBP. This intersection is within a dacitic dome approximately 170m east of the HKBP;

• Several high intersections were obtained in Hole DHK-11 drilled from the centre of HKBP to the south. Results included 476.68 g Ag/t over 1.81m including 5.60 g Au/t from 60.85m to 62.66m and 572.55 g Ag eq/t over 5.57m including 6.90 g Au/t from 83.60m to 89.17m. These intersections likely represent the southern extension of the high-grade gold zone in the eastern part of the underground workings;

• Hole DHK-12 drilled down the centre of the pipe to a depth of 385m returned a number of intersections from 2.97m to 17.57m with grades ranging from 32 g Ag eq/t to 88 g Ag eq/t.

Dr. Osvaldo Arce, P.Geo. commented: “The HKBP is located immediately east of the underground workings developed by Empresa Minera Villegas. It occurs along the contact between a Miocene dacitic dome which has intruded Ordovician sandstones. It was discovered in the initial drilling on the property (see press release dated November 18, 2020). The pipe has been outlined by eight (8) diamond drill holes confirming that it is oval-shaped with a west-east dimension of 150m, north-south dimension of 200m and a southeasterly plunge. HKBP is considered to be phreatic in origin and was formed at shallow levels in the volcanic environment, therefore occurring in the upper levels of the hydrothermal system, where the physical conditions lead to hydraulic fracturing and hydrothermal brecciation. Mineralization is predominantly Zn-PbAg and rock clasts and matrices are sericitized in the central part of the breccia and argillized on the periphery.”

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Table 2: Significant drill results Huayra Kasa Breccia Pipe and Mine area

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Hole ID From (m) To (m) Length (m) Ag (gpt) Au (gpt) Zn (%) Pb (%) Cu (%) Sn (%) In (%) Bi (%) Cd (%) Ag eq (gpt)
10.93 0.015 1.403 0.229 0.008 0.004 NA 0.0010 0.0091 65.95
DHK-6 12.03 20.30 8.27
16.6% 1.6% 69.4% 8.5% 1.2% 1.5% NA 0.2% 0.9% 100.0%
27.30 0.070 4.840 0.645 0.028 0.008 0.0166 0.0008 0.0374 275.55
32.87 33.47 0.60
9.9% 1.8% 57.3% 5.7% 1.0% 0.8% 22.4% 0.0% 0.9% 100.0%
5.11 1.028 0.940 0.140 0.022 0.004 NA 0.0567 0.0052 126.51
41.97 45.17 3.20
4.0% 59.2% 24.3% 2.7% 1.7% 0.9% NA 7.0% 0.3% 100.0%
5.11 0.006 3.182 0.369 0.008 0.007 NA 0.0005 0.0106 121.96
72.35 79.99 7.64
4.2% 0.4% 85.2% 7.4% 0.6% 1.6% NA 0.1% 0.6% 100.0%
2.31 0.100 0.681 0.076 0.005 0.005 NA 0.0013 0.0272 37.58
109.13 116.06 6.93
6.1% 19.4% 59.1% 5.0% 1.3% 3.7% NA 0.5% 4.9% 100.0%
10.45 0.008 1.463 0.342 0.059 0.017 NA 0.0005 0.0128 78.51
160.00 201.40 41.40
13.3% 0.7% 60.8% 10.7% 7.3% 6.0% NA 0.1% 1.1% 100.0%
2.60 1.421 0.456 0.065 0.018 0.003 NA 0.0148 0.0031 127.64
DHK-7 30.87 39.02 8.15
2.0% 81.1% 11.6% 1.2% 1.3% 0.7% NA 1.8% 0.2% 100.0%
3.01 15.750 0.095 0.021 0.054 0.002 0.0001 0.1580 0.0001 1184.47
incl. 36.60 37.31 0.71
0.3% 96.8% 0.3% 0.0% 0.4% 0.1% 0.0% 2.1% 0.0% 100.0%
26.88 0.221 1.743 0.356 0.020 0.005 NA 0.0006 0.0072 112.59
57.45 59.10 1.65
23.9% 14.3% 50.5% 7.7% 1.7% 1.3% NA 0.1% 0.4% 100.0%
4.41 0.131 0.599 0.097 0.015 0.004 NA 0.0011 0.0009 38.72
80.72 84.18 3.46
11.4% 24.6% 50.5% 6.1% 3.9% 3.0% NA 0.4% 0.2% 100.0%
13.04 0.035 0.682 0.430 0.010 0.005 NA 0.0002 0.0033 50.87
DHK-8 57.89 103.59 45.70
25.6% 4.9% 43.7% 20.7% 2.0% 2.5% NA 0.1% 0.4% 100.0%
30.39 0.124 1.259 0.868 0.011 0.005 0.0019 0.0014 0.0076 112.06
121.48 127.04 5.56
27.1% 8.1% 36.7% 19.0% 1.0% 1.2% 6.3% 0.2% 0.5% 100.0%
4.52 0.006 0.672 0.147 0.005 0.005 NA 0.0002 0.0002 32.21
163.30 167.33 4.03
14.0% 1.3% 68.1% 11.2% 1.4% 3.9% NA 0.1% 0.0% 100.0%
31.20 0.010 4.900 0.954 0.010 0.004 NA 0.0001 0.0103 218.03
182.68 183.71 1.03
14.3% 0.3% 73.4% 10.7% 0.4% 0.5% NA 0.0% 0.3% 100.0%
22.40 0.010 2.370 1.280 0.030 0.019 NA 0.0003 0.0133 140.95
195.88 197.45 1.57
15.9% 0.5% 54.9% 22.3% 2.1% 3.7% NA 0.0% 0.6% 100.0%
3.20 0.670 0.003 0.010 0.619 0.004 NA 0.0856 0.0001 126.92
DHK-9 30.82 32.67 1.85
2.5% 38.4% 0.1% 0.2% 47.4% 0.9% NA 10.5% 0.0% 100.0%
6.89 0.065 0.868 0.190 0.003 0.003 NA 0.0018 0.0011 46.07
138.06 151.48 13.42
15.0% 10.3% 61.5% 10.1% 0.6% 1.8% NA 0.6% 0.2% 100.0%
5.86 0.017 0.904 0.245 0.005 0.004 NA 0.0023 0.0061 44.99
239.25 303.00 63.75
13.0% 2.7% 65.6% 13.3% 1.1% 2.5% NA 0.8% 0.9% 100.0%
8.74 0.016 0.377 0.187 0.020 0.005 NA 0.0006 0.0033 30.35
DHK-10 51.88 98.00 46.12
28.8% 3.9% 40.5% 15.1% 6.3% 4.4% NA 0.3% 0.7% 100.0%
5.25 0.005 0.027 0.076 0.648 0.003 NA 0.0003 0.0002 72.04
DHK-11 32.15 41.00 8.85
7.3% 0.5% 1.2% 2.6% 87.4% 1.0% NA 0.1% 0.0% 100.0%
7.01 5.598 1.124 0.153 0.034 0.004 NA 0.1028 0.0184 476.68
60.85 62.66 1.81
1.5% 85.5% 7.7% 0.8% 0.7% 0.2% NA 3.4% 0.3% 100.0%
0.43 0.011 0.938 0.006 0.024 0.004 NA 0.0001 0.0000 35.36
69.17 76.10 6.93
1.2% 2.3% 86.6% 0.4% 6.5% 2.9% NA 0.0% 0.0% 100.0%
25.66 6.898 0.481 0.675 0.038 0.004 NA 0.0489 0.0019 572.55
83.60 89.17 5.57
4.5% 87.7% 2.7% 2.9% 0.6% 0.2% NA 1.3% 0.0% 100.0%
5.83 35.700 0.226 0.020 0.033 0.002 NA 0.2510 0.0001 2655.80
incl. 85.10 86.00 0.90
0.2% 97.9% 0.3% 0.0% 0.1% 0.0% NA 1.5% 0.0% 100.0%
199.00 8.490 2.060 5.520 0.068 0.008 NA 0.0645 0.0144 1039.67
incl. 88.50 89.17 0.67
19.1% 59.5% 6.5% 13.0% 0.6% 0.2% NA 1.0% 0.1% 100.0%
7.74 0.269 0.494 0.569 0.008 0.005 NA 0.0067 0.0010 60.46
228.80 242.90 14.10
12.8% 32.4% 26.7% 23.1% 1.2% 2.1% NA 1.7% 0.1% 100.0%
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Table 2 (con’t)

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Hole ID From (m) To (m) Length (m) Ag (gpt) Au (gpt) Zn (%) Pb (%) Cu (%) Sn (%) In (%) Bi (%) Cd (%) Ag eq (gpt)
15.55 0.037 2.009 0.528 0.009 0.005 0.0010 0.0003 0.0069 103.21
DHK-12 38.95 45.54 6.59
15.1% 2.6% 63.5% 12.5% 0.8% 1.3% 3.6% 0.1% 0.4% 100.0%
7.13 0.011 0.955 0.178 0.025 0.008 0.0015 0.0003 0.0017 53.64
63.65 72.43 8.78
13.3% 1.5% 58.1% 8.1% 4.6% 3.9% 10.3% 0.1% 0.2% 100.0%
5.53 0.019 0.374 0.182 0.013 0.011 0.0011 0.0001 0.0014 32.09
98.20 111.24 13.04
17.2% 4.4% 38.0% 13.9% 3.9% 9.2% 13.0% 0.1% 0.3% 100.0%
10.18 0.013 0.921 0.362 0.013 0.004 0.0031 0.0005 0.0042 64.24
136.97 139.94 2.97
15.8% 1.5% 46.8% 13.8% 2.0% 1.8% 17.7% 0.1% 0.4% 100.0%
19.88 0.096 0.888 0.647 0.015 0.009 0.0024 0.0034 0.0045 85.41
172.04 178.93 6.89
23.3% 8.2% 33.9% 18.6% 1.7% 2.9% 10.5% 0.6% 0.4% 100.0%
6.79 0.113 1.420 0.215 0.015 0.007 0.0047 0.0012 0.0063 87.94
291.14 297.10 5.96
7.7% 9.3% 52.7% 6.0% 1.6% 2.2% 19.8% 0.2% 0.5% 100.0%
2.09 0.105 1.123 0.122 0.008 0.002 0.0001 0.0004 0.0016 51.55
312.90 318.04 5.14
4.0% 14.9% 71.1% 5.8% 1.5% 1.3% 1.0% 0.1% 0.2% 100.0%
3.16 0.007 1.247 0.224 0.013 0.005 0.0001 0.0009 0.0032 53.48
367.66 385.23 17.57
5.9% 0.9% 76.1% 10.3% 2.4% 2.8% 0.9% 0.3% 0.4% 100.0%
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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 underground workings and the breccia pipe as well as host rocks such as sandstones and dacites, is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling.

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams other metal) are as follows:

Ag $25.48/oz 1.00000000 Au $1855.2/oz 72.8100471 Cu $3.61/lb 0.009713933 Zn $1.213/lb 0.003263989 Pb $0.911/lb 0.002451355 Bi $5.80/lb 0.015606874 Sn $10.25/lb 0.027581113 Cd $2.50/lb 0.006727101 In $305/kg 0.37227237

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Table 3: Summary of Diamond Drilling at Iska from press release of November 18, 2020 to January 25, 2021

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Hole No. Type Collar Collar Azimuth Angle Hole Length m
Easting Northing
Huayra Kasa Mine Area UG and Huayra Kasa Breccia Pipe
DHK-06 UG 205546.6 7656405.6 270 0° 201.40
DHK-07 UG 205546.7 7656405.6 270 -45° 129.45
DHK-08 S 205561.5 7656403.1 90 -70° 305.50
DHK-09 S 205662.8 7656403.6 90 -45 303.30
DHK-10 S 205635.7 7656402.8 0 -45 152.00
DHK-11 S 205636.0 7656401.7 180 -45 344.00
DHK-12 S 205637.3 7656468.7 180 -55 401.20
Subtotal 1836.85
Santa Barbara Breccia Pipe from Huayra Kasa UG
DHK-13 UG 205417.2 7656363.2 270 0 165.00
DHK-14 UG 205418.5 7656360.0 235 -10 330.40
DHK-15 UG 205418.5 7656360.0 235 -50 300.40
DHK-16 UG 205468.9 7656367.2 235 -10 234.00
DHK-17 UG 205468.9 7656367.2 235 -50 321.40
Subtotal 1351.20
-
Santa Barbara Breccia Pipe Surface Radial Drilling from Centre
DSB-01 S 205118.9 7656205.7 180 -45 341.00
DSB-02 S 205118.9 7656205.7 180 -60 632.50
DSB-03 S 205118.9 7656205.7 90 -60 515.30
DSB-04 S 205118.9 7656205.7 0 -60 in progress
DSB-05 S 205118.9 7656205.7 270 -60 planned
DSB-06 S 205118.9 7656205.7 202 -85 planned
Subtotal 1488.80
TOTAL 4,676.85
----- End of picture text -----

UG = Underground S = Surface

Total drilling completed since the start of the program on September 13, 2020 is 5,573.23m.

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza, and a Qualified Person in the context of National Instrument 43-101 (“NI 43-101”), has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, provides technical oversight to the program in consultation with Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited. Drill samples are prepared in SGS BOLIVIA SA’s preparation facility in Oruro, Bolivia with pulps sent to the main SGS laboratory in Lima, Peru for analysis by fire assay for gold and silver as well as 31 element ICP. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed.

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About Iska Iska

Iska Iska silver 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. The property can be classified as a silver polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) and porphyry-epithermal complex. This is an important mineral deposit type in the prolific South Mineral Belt of Bolivia.

Silver polymetallic mineralization at Iska Iska occurs within a Miocene possibly collapsed/resurgent caldera that consists of granodioritic stocks and five (5) dacitic domes which are each about 500m in diameter. These rocks intrude/extrude an intensely deformed sequence of Ordovician shales, siltstones, and sandstones, which are partially covered by Miocene pyroclastic rocks. The silver polymetallic mineralization occurs mainly as veins, vein swarms, veinlets, stockworks, disseminations and in breccias associated with intense hydrothermal alteration. The Iska Iska dome complex has several major phases of igneous breccias, quartz porphyries, dikes and dacitic syn-kinematic flows.

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. Diamond drilling intersected a number of extensive mineralized intersections within the major breccia pipe including 54.48 g Ag/t, 1.45% Zinc (Zn) and 1.60% Lead (Pb) over 16.39m (140.91 g Ag eq/t) within a broader interval of 122.74m grading 14.29 g Ag/t, 0.81% Zn and 0.41% Pb (53.67 g Ag/t eq) in Hole DHK04 (see press release November 18, 2020).

The high-grade gold-bismuth zone outlined in channel samples in the underground working averaged 7.1 g Au/t and 0.2% Bi (8.29 g Au eq/t) over 3.04m width for strike length of 47m. Hole DHK-05 on the strike extension of the high-grade Au-Bi zone intersected 6.51g Au/t, 0.07% Bi and 31.96 g Ag/t (7.68 g Au eq/t) over 11.85m grading including 29.56 g Au/t,0.26% Bi/t and 63.69 g Ag/t (31.94 g Au eq/t) over 2.31m in this high-grade zone.

Silver-polymetallic mineralization within the Iska Iska system occurs over a potential strike length of more than 2.5km along major ring structures in the caldera complex. A synchrotron study of the underground channel samples (see press release dated June 25, 2020) concluded that the mineral cluster analysis identified four mineralogical domains that cover the entire sampling area suggesting they are related and represent a single, large mineralizing system. Furthermore, the mineralogy of the domains is consistent with minerals identified in hand specimen and are likely related to a telescoped porphyry/epithermal style of mineralization.

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. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and 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.

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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.

Figure 1: Geological Plan Map of Santa Barbara and Huayra Kasa areas, Iska Iska

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Figure 2: Preliminary Geological Cross Section Santa Barbara and Central Breccia Pipes, Iska Iska

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