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Eloro Resources Ltd. (ELRRF)

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    • Eloro Resources reports 442 grams silver equivalent/tonne (Ag eq/t) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03%Pb and 1.16%Sn) over 56.2m in Continuous Channel Sampling of Santa Barbara Adit, Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Southern Bolivia
      GlobeNewswire

      Eloro Resources reports 442 grams silver equivalent/tonne (Ag eq/t) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03%Pb and 1.16%Sn) over 56.2m in Continuous Channel Sampling of Santa Barbara Adit, Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Southern Bolivia

      Table 1 Significant Diamond Drilling Results, Iska Iska as at April 13, 2021 Table 2 Continuous Channel Sampling Results, Santa Barbara Adit Figure 1 Geological Plan Map of the Santa Barbara Breccia Pipe area Figure 2 Geological Cross Section on the Longitudinal Axis of the Santa Barbara Breccia Pipe, Iska Iska Project Figure 3 North-South Geological Cross Section, Santa Barbara Breccia Pipe and Northern Central Breccia Pipe, Iska Iska Project Figure 4 Plan Map of Channel Sampling at Santa Barbara Adit, Iska Iska Project TORONTO, April 13, 2021 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in Potosi Department, southern Bolivia. To date, the Company has completed 28 diamond drill holes totalling 10,677 metres to test the Huayra Kasa Mine area, Santa Barbara Breccia Pipe (“SBBP”) and Central Breccia Pipe (“CBP”) targets. This press release reports further drilling results from five additional holes (DSB-02 to DSB-06) on SBBP and detailed continuous channel sampling in the Santa Barbara adit. Two new holes (DCN-01 and DCN-02) have been completed on the CBP with results pending. Figure 1 is a geological plan map showing locations of the drill holes and updated geological interpretation. Figure 2 is a geological cross section along the axis of the SBBP showing location of the main mineralized zone. Figure 3 is a N-S cross section through the SBBP. Figure 4 is map of the continuous channel sampling at the Santa Barbara adit. Tables 1 gives significant drilling results, Table 2 gives complete continuous channel sampling results for the Santa Barbara Adit and Table 3 lists holes completed with assays pending. Highlights are as follows: Highlights 442 g Ag eq/t (165 g Ag/t, 3.46% Pb and 0.46% Sn) over 166m including 1,092 g Ag eq/t (including 446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m in continuous channel sampling of the Santa Barbara adit. This high-grade interval includes two exceptional sections with 2,445.88 g Ag eq/t (1,024 g Ag/t, 25.0% Pb and 1.16% Sn) over 8.11m and 1.941 g Ag eq/t (870 g Ag/t, 7.58% Pb and 2.43% Sn) over 12.3m.155.15 g Ag eq/t including notably high Sn, 0.43 %Sn over 73.29m in drill hole DSB-06115.76 g Ag eq/t over 84.0m and 66.44 g Ag eq/t over 217.9m in Hole DSB-0396.71 g Ag eq/t over 29.4m and 120.03 g Ag eq/t over 13.57m in Hole DSB-0565.72 g Ag eq/t over 83.3m including 120.91 g Ag eq/t over 25.0m in Hole DSB-02 Major Mineralized Zone Delineated at Santa Barbara Breccia Pipe As shown in the geological cross section along the longitudinal axis of the SBBP (Figure 2) and the updated N-S geological cross section (Figure 3), first pass drilling has outlined a major mineralized zone which extends for at least 800m across the full long axis of the SBBP and is at least 400m wide with thickness ranging from approximately 200m to 400m. Recent drilling has doubled the extent of the breccia pipe from 400m to at least 800m in a northwest direction. The grade and intensity of mineralization appears to be increasing to the east, with the Santa Barbara adit returning the highest grades yet discovered at Iska Iska. The mineralized zone appears to be controlled by a major structure that dips shallowly westward and that cuts across both the breccia pipe and the surrounding fractured and altered dacitic dome. The higher-grade mineralization, which is more prevalent in the eastern half of the SBBP including discovery hole DHK-15 which returned 129.6 g Ag eq/t over 257.5m (see press release January 26, 2021), appears to be related to structural overprinting of an earlier epithermal stage of mineralization. Additional drilling under the adit and to the east is planned to further test this highly prospective area. Drilling Central Breccia PipeDrill hole DSB-02 drilled at -60 degrees south from the radial setup at SBBP, intersected 332m of mineralized breccia in the northeast corner of the CBP as previously reported (see press release dated February 23, 2021) This hole returned a number of significant intersections including 65.72 g Ag eq/t over 83.3m including 120.03 g Ag eq/t over 25.0m. The host rocks at CBP are primarily granodioritic intrusion breccias, in contrast to the SBBP, which is dominated by dacitic fragments. Notably, the chemistry of the CBP is different with mineralization dominantly Sn and Ag with low values of Pb and Zn in contrast to the adjacent SBBP. This indicates that the CBP was probably originally formed at a deeper level. Two additional holes (DCN-01 and DCN-02) from the northern radial setup have been completed as shown in Figure 1 with a third hole (DCN-03) in progress. Results for these holes are pending. Tom Larsen, Chairman & CEO commented: “These new drilling and continuous channel sampling results are demonstrating some very high metal values; especially silver and tin, within this immense mineralized system at Iska Iska. We continue to encounter mineralization in every drill hole to date, showing potential for a world-class bulk mineable deposit, blending higher grade metal values within the lower grade wide-spread mineralization at Iska Iska. We are well financed to continue pursuing an aggressive exploration program.” Mr. Larsen, continued: “The technical team will shortly be commencing geophysical surveys, utilizing magnetic surveys to outline potential structures/breccia pipes and down hole Induced Polarization (IP) that will assist in pinpointing higher grade metal sections of the Iska Iska polymetallic-epithermal mineralized complex. The Santa Barbara Breccia Pipe has almost doubled in potential size from our radial drilling program demonstrating large tonnage potential. The Company believes along with the Santa Barbara and Central Breccia Pipes so far outlined, that the Porco (South) target has similar size potential and that there could be other comparable-size breccia pipes obscured by cover within the Iska Iska Caldera Complex.” Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “We continue to intersect widespread silver-tin polymetallic mineralization in all our holes and have now doubled the extent of the SBBP. Our understanding of this remarkable mineralizing system continues to advance; however, we are still at a very early stage in the exploration. Following completion of our first pass drilling on SBBP, we will move the drill to test below the Santa Barbara adit and complete a section of holes to test east of the breccia pipe into the centre of the caldera complex. We will be working with Micon International to design further follow-up drilling on SBBP in order to define a National Instrument 43-101 mineral resource. Drilling will continue to test the CBP from both the north and south setups. As previously announced, we will be bringing in a third drill in early May to begin testing the very prospective Porco (South) target (see press release February 29, 2021).” Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza SRL, and an expert on Bolivian geology, stated: “The polymetallic mineralization at Iska Iska likely formed in three stages: an early high temperature tin mineralization-stage that is overprinted by a second-stage lower temperature epithermal silver, zinc, lead and gold mineralizing event; and finally, a third stage of redeposition and remobilization/upgrading during Andean tectonism.” Dr. Arce further commented: “The first stage of mineralization comprising principally tin appears to be related to intrusion breccias such as those seen in the CBP. This style of mineralization is comparable to other known tin deposits such as Chorolque 25km to the northwest which is hosted in an intrusion breccia. The second stage epithermal mineralization is hosted in phreatomagmatic and phreatic breccia pipes in volcanic and sedimentary rocks. The brecciation of all rocks during this phase generated veins, veinlets, disseminations and multidirectional stockworks, generally enriched in several metals. All the rocks were also commonly pervasively silicified, sericitized, argillized and propylitized during this time. The remarkable tin and/or silver-polymetallic enriched zones such as in the Santa Barbara adit likely formed in the third phase due to faulting and fracturing during major Andean deformation, which led to development of favourable sites for redeposition and remobilization/upgrading of the pre-existing tin and silver-polymetallic mineralization. This last stage was likely a prolonged multi-stage event with considerable telescoping of mineralization." Table 1: Significant Diamond Drilling Results, Iska Iska as at April 13, 2021https://www.globenewswire.com/NewsRoom/AttachmentNg/c9d6580a-b689-4b71-bfa0-8712cbc9a5c5 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 x metal) are as follows: ElementPrice (per kg)Ratio to AgAg$875.001.00000Sn$28.000.03200Zn$2.800.00320Pb$2.100.00240Au$57,400.0065.60000Cu$8.800.01006Bi$12.760.01458In$305.000.34857Cd$5.500.00629 In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically. Table 2: Continuous Channel Sampling Results, Santa Barbara Adithttps://www.globenewswire.com/NewsRoom/AttachmentNg/8a274f6b-50e7-4268-b230-5ce0af5d97e8 Table 3: Summary of Diamond Drill Holes at Iska Iska from press release of April 13, 2021 with assays pending. Hole No.TypeCollar EastingCollar NorthingElevAzimuthAngleHole Length mSanta Barbara Breccia Pipe - Surface Radial Drilling from CentreDSB-07S205118.97656205.74356.0135-60683.4DSB-08S205118.97656205.74356.045-60614.4DSB-09S205118.97656205.74356.0315-60692.4 Subtotal1990.2DSB-10S205118.97656205.74356.0225-60In progressCentral Breccia Pipe – Surface Radial Drill Program – North SetupDCN-01S204902.07655860.04420.045-60590.5DCN-02S204902.07655860.04420.0225-60623.5 Subtotal1,214.0DCN-03S204902.07655860.04420.0225-60In progress TOTAL3,204.2 S = Surface; collar coordinates in metres; azimuth and dip in degreesTotal drilling completed since the start of the program on September 13, 2020 is 10,677m m in 12 underground holes and 16 surface holes with two surface holes in progress. Qualified Person Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza S.R.L., 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., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical 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 and channel samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis, As announced in the press release of February 26, 2021, Eloro has changed the assay protocol to utilizing X-ray fluorescence (XRF) to more accurately analyze higher Sn. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. 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. Unfortunately, the ALS Global laboratory in Lima where the Iska Iska samples are being analyzed has had major delays in turnaround time due the impact of the COVID-19 lockdown of Lima by the Peruvian government. This has restricted availability of critical supplies necessary to carry out analytical work. As a result, there will be delays in reporting of assay results. 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. The property can be classified as a silver-tin 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-tin 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 DHK-04 (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. On January 26, 2021, Eloro announced significant results from drilling at the Santa Barbara Breccia Pipe. 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) from 0.0m to 257.5m in hole DHK-15, 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 DHK-14 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 within the approximately 100m wide mineralized envelope that surrounds the breccia pipe. Silver-tin 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. 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 the Santa Barbara Breccia Pipe areahttps://www.globenewswire.com/NewsRoom/AttachmentNg/15a644ea-dbcb-4674-bf0d-d01a10abe1fb Figure 2: Geological Cross Section on the Longitudinal Axis of the Santa Barbara Breccia Pipe, Iska Iska Projecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/0a48d35f-2ae6-4a3d-912a-8578eaeb20c8 Figure 3: North-South Geological Cross Section, Santa Barbara Breccia Pipe and Northern Central Breccia Pipe, Iska Iska Projecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/553642e2-26be-4a68-951f-5db7c947417f Figure 4: Plan Map of Channel Sampling at Santa Barbara Adit, Iska Iska Projecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/c5eb94cf-fda9-48bd-8794-4e27c93d6feb

    • Eloro Resources Provides Update on Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Southern Bolivia
      GlobeNewswire

      Eloro Resources Provides Update on Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Southern Bolivia

      Figure 1 Geological Plan Map of the Santa Barbara Breccia Pipe area Figure 2 Geological Plan Map of the Iska Iska Caldera Complex Showing Planned Drilling on the Central Breccia Pipe and Potential Porco (South) Breccia Pipe Targets Figure 3 Plan Map of Channel Sampling at Porco Adit, Iska Iska Project TORONTO, March 29, 2021 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in Potosi Department, southern Bolivia. To date, the Company has completed 26 diamond drill holes totalling 9,427 metres to test the Huayra Kasa Mine area, Santa Barbara Breccia Pipe (SBBP) and Central Breccia Pipe (CBP) targets. Results have been released for 18 of these holes (see press releases November 18, 2020 (DHK-01 to DHK-05), January 26, 2021 (DHK-06 to DHK-15) and February 23, 2021 (DHK-16, DHK-17 and DSB-01) with results pending for holes completed on SBBP (DSB-2 to DSB-08) and CBP (DCN-01). Santa Barbara Breccia Pipe (SBBP) On the SBBP, eight (8) surface drill holes (DSB-01 to DSB-08) totalling 4,753 metres have been completed in a radial pattern from the centre of the pipe; the ninth hole DSB-09, is in progress (Figure 1 and Table 1). Drilling has confirmed the surface diameter of the SBBP to be approximately 400m with the pipe bulging deeper to a diameter of approximately 500m. Substantial widths of mineralized breccia have been intersected in all drill holes in the SBBP; deep hole DSB-06 drilled at -80 degrees to the south intersected approximately 400 metres of silicified and mineralized breccia to a depth of 725 metres. Central Breccia Pipe (CBP) At CBP, one hole, DCN-01, 590 metres long, drilled at -60 degrees to the northeast has been completed in the northern radial setup (Figure 1 and Table 1). This hole intersected 380 metres of silicified and mineralized breccia; assays are pending. A second hole, DCN-02, drilled at -60 degrees southwest is in progress to complete an initial northeast-southwest section across the CBP (Figure 2). This will be followed by a deep hole DCN-03 at -80 degrees to the south to test for a potential tin porphyry at depth. Additional first pass planned holes on 90-degree quadrants in CBP are shown in Figure 2. Porco (South) Breccia Pipe Target The Porco (South) target is a potential breccia pipe target approximately 600m in diameter located in the southern part of the Iska Iska caldera structure as shown in Figure 2. Channel sampling by Dr. Osvaldo Arce, P.Geo. in the 2019 due diligence program returned significant values in the Porco adit about 200m south of the potential pipe as shown in Figure 3. The average grade of this channel sampling over a strike length of 50m along the vein structure for an average sample width of 2.49m was 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn. Mineralization in the Porco adit occurs within an east-west striking vein structure cutting Ordovician quartz sandstones. Within this structure, there is a massive sulphide vein that ranges from 30cm to 1m wide surrounded by veinlets and disseminations of sulphide in the sandstone. It is likely that this mineralization is related to the potential Porco (South) breccia pipe in the same way that the high-grade veins in the Huayra Kasa underground workings occur within the mineralized envelope around the Santa Barbara and Huayra Kasa breccia pipes. All of the mineralization at Iska Iska is related to a major silver-tin polymetallic porphyry-epithermal complex that is associated with the 1.8km diameter Iska Iska caldera structure which extends for at least 1km vertically. Geophysical, Metallurgical and Mineralogical Studies Other work in progress at Iska Iska includes a detailed ground magnetic survey over the entire property, preliminary metallurgical tests, mineralogical and petrographic studies and synchrotron mineralogical studies. Induced polarization/resistivity (IP/Res) surveys, both downhole and along traverses at surface, are planned to commence in early May. Physical property measurements completed on core samples indicate that the mineralization at Iska Iska will respond very well to the IP/Res surveys. Tom Larsen, Chairman and CEO of Eloro, commented: "I am extremely pleased on behalf of the shareholders and the Eloro team that the Company completed the bought deal financing for aggregate gross proceeds of Cdn $25,012,500 on March 26, 2021. Eloro recognizes and appreciates the confidence and support shown by the underwriting team of Haywood Securities Inc. and Cantor Fitzgerald Canada Corp. as co-underwriters and joint bookrunners; and Cormark Securities Inc as co-lead underwriter. Eloro is now well positioned financially to move forward with the 50,000 metre diamond drilling program that is currently underway. This is an exciting time for Eloro as it moves towards unlocking the full value of the extensive potential world-class silver-tin polymetallic porphyry-epithermal complex at Iska Iska." Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “We are continuing to aggressively explore the major targets at Iska Iska with drilling progressing well on both the SBBP and CBP. A third drill will be brought to site in early May to begin testing the Porco (South) target which has excellent potential. We have also expanded our geological team and are in the process of upgrading our facilities and infrastructure to handle the expanded drilling program.”Table 1: Summary of Diamond Drill Holes at Iska Iska from the February 23, 2021 press release, with assays pending. Hole No.TypeCollarEastingCollarNorthingElevAzimuthAngleHole LengthmSanta Barbara Breccia Pipe - Surface Radial Drilling from CentreDSB-02S205118.97656205.74356.0180-60632.5DSB-03S205118.97656205.74356.090-60515.3DSB-04S205118.97656205.74356.00-60536.4DSB-05S205118.97656205.74356.0270-60611.2DSB-06S205118.97656205.74356.0210-80818.5DSB-07S205118.97656205.74356.0135-60683.4DSB-08S205118.97656205.74356.045-60614.4 Subtotal4,752.7DSB-09S205118.97656205.74356.0315-60In progressCentral Breccia Pipe – Surface Radial Drill Program – North SetupDCN-01S204902.07655860.04420.045-60590.5 Subtotal590.5DCN-02S204902.07655860.04420.0225-60In progress TOTAL5,343.2 S = Surface; collar coordinates in metres; azimuth and dip in degreesTotal drilling completed since the start of the program on September 13, 2020 is 9,147 m in 12 underground holes and 14 surface holes with two surface holes in progress. Qualified Person Dr. Osvaldo Arce, P. Geo., Manager of Minera Tupiza S.R.L., 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., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical 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 and channel samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis. As announced in the press release of February 23, 2021, Eloro has changed the assay protocol to utilizing X-ray fluorescence (XRF) to more accurately analyze higher Sn. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. 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. Unfortunately, the ALS Global laboratory in Lima where the Iska Iska samples are being analyzed has had major delays in turnaround time due the impact of the COVID-19 lockdown of Lima by the Peruvian government. This has restricted availability of critical supplies necessary to carry out analytical work. As a result, there will be delays in reporting of assay results. 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. The property can be classified as a silver-tin 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-tin 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 DHK-04 (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. On January 26, 2021, Eloro announced significant results from drilling at the Santa Barbara Breccia Pipe. 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) from 0.0m to 257.5m in hole DHK-15, 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 DHK-14 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 within the approximately 100m wide mineralized envelope that surrounds the breccia pipe. Silver-tin 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. 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 the Santa Barbara Breccia Pipe areahttps://www.globenewswire.com/NewsRoom/AttachmentNg/dcddc6ef-b70b-43a3-8510-c93197a8ea8a Figure 2: Geological Plan Map of the Iska Iska Caldera Complex Showing Planned Drilling on the Central Breccia Pipe and Potential Porco (South) Breccia Pipe Targetshttps://www.globenewswire.com/NewsRoom/AttachmentNg/30210d49-559f-4586-a4bf-287d79c73f64 Figure 3: Plan Map of Channel Sampling at Porco Adit, Iska Iska Projecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/0265e8a0-c466-424e-bba3-636255e814e7

    • Eloro Resources Closes C$25 Million Bought Deal Financing
      GlobeNewswire

      Eloro Resources Closes C$25 Million Bought Deal Financing

      NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATESTORONTO, March 26, 2021 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that it has closed its previously announced bought deal financing, including the exercise in full of the over-allotment option, of 6,670,000 units of the Company (“Units”) at a price of C$3.75 per Unit (the “Issue Price”) for aggregate gross proceeds to the Company of C$25,012,500 (the “Offering”). Each Unit consists of one common share (a “Common Share”) in the capital of the Company and one-half (1/2) of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”) of the Company. Each Warrant is exercisable to acquire one Common Share (a “Warrant Share”) at a price per Warrant Share of C$5.25 for a period of 24 months from the closing date of the Offering, provided that, the expiry date of the Warrants may be accelerated by the Company at any time following the six-month anniversary of the closing date of the Offering and prior to the expiry date of the Warrants if the volume-weighted average trading price of the Company’s Common Shares is greater than C$7.00 for any 20 consecutive trading days, at which time the Company may accelerate the expiry date by issuing a press release to announce the reduced warrant term, whereupon the Warrants will expire on the 20th calendar day after the date of such press release. The Offering was underwritten on a bought deal basis by Haywood Securities Inc. and Cantor Fitzgerald Canada Corporation as co-lead underwriters and joint bookrunners, and Cormark Securities Inc. as co-lead underwriter (collectively, the “Underwriters”). The Company intends to use the net proceeds from the Offering mainly for continued exploration and development of the Company’s Iska Iska project in Bolivia. On February 16, 2021, Eloro announced the addition of a second drill rig to commence drilling on the Central Breccia Pipe target. Planned diamond drilling for the balance of 2021 and Q1 2022 is 51,000 metres, comprising 6,000 metres already budgeted and an additional 45,000 metres planned to be funded from the Offering. Additional drills will be added in stages so that by July 2021, 4 surface drill rigs are expected to be operating with an expected production of 6,000 metres per month. This drilling will be done to explore and define a mineral resource in the Santa Barbara Breccia Pipe, Central Breccia Pipe, Porco (South) Breccia Pipe target and the Huayra Kasa Breccia Pipe and underground workings. Included as part of the 45,000 metres are 6,000 metres of drilling in outside targets at Iska Iska and the Pache property located 20 kilometres southwest of Iska Iska. Eloro also intends to pay from the proceeds of the Offering US$2,500,000 toward the US$10,000,000 option price under an option agreement to acquire a 99% interest in the Iska Iska Project. In connection with the Offering, the Underwriters received a cash commission equal to 6% of the gross proceeds of the Offering (for a total cash commission of C$1,500,750) and that number of non-transferable compensation options (the “Compensation Options”) equal to 6% of the aggregate number of Units sold under the Offering (for a total of 400,200 Compensation Options). Each Compensation Option is exercisable into one Common Share at the Issue Price for a period of 24 months from the closing date of the Offering. 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 press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Qualified Person Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration and a Qualified Person as such term is defined in National Instrument 43-101, has reviewed and approved the technical content of this news release. About Eloro 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. 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 use of proceeds from the Offering and the Company’s exploration plans at the Iska Iska property). 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 Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.