Eloro Resources Ltd. (TSX.V: ELO) (OTCQX: ELRRF) (FSE: P2QM) Releases Positive Results From Silver-Tin Polymetallic Project in Bolivia

• Eloro Resources is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru, and Quebec
• Company released positive results from 21 diamond drill holes at Iska Iska Bolivia project revealing silver, tin, zinc, lead
• New borehole geophysical data expanding Santa Barbara high-grade feeder zone with potential strike length of at least 2 kilometers
• Eloro has option to acquire 99 percent interest in the Iska Iska property, owns 82 percent interest in La Victoria Gold/Silver project in Peru

Eloro Resources (TSX.V: ELO) (OTCQX: ELRRF) (FSE: P2QM), a publicly traded exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru, and Quebec, recently released positive results from its fully financed drill program at its Iska Iska project in Bolivia (https://ibn.fm/Uo65i).

Results from the company’s diamond drilling program – a process that uses diamond drills to extract solid cores deep within the site – revealed significant proportions of precious metals from 21 diamond drill holes, including five surface holes and two underground holes. In addition, the new data extends the zone a further 250 meters to the south-southeast, with a potential overall strike length of at least 2 kilometers according to a 3D inverse magnetic model.

“We put out another blockbuster release today (with an) absolutely remarkable drill hole of 440 meters long – almost four and a half football fields,” said Bill Pearson, Eloro’s Executive Vice President of Exploration, in a recent interview (https://ibn.fm/ZPpUj). “Excellent grade 150 grams silver colloid with a lot of zinc, lead, silver, and some tin. We had another higher-grade hole that was 185 grams silver per tonne, with a lot more silver (at) almost 45 grams per tonne, with lead, copper, and tin.”

Eloro’s fully financed drill program in Bolivia is located in the southwest part of the Eastern Cordillera near other world-class deposits, including Pulacayo, San Cristobal, San Vicente, Silver Sand, San Bartolomé, Siete Suyos, Chorolque, Tasna, and Choroma. The company believes Iska Iska has excellent potential for world-class bulk mineable deposits with mineralization found in every drill hole conducted so far, including 113 completed drill holes covering 74,782 meters to date and five holes in progress.

“The results presented in this press release, combined with the enhanced geological and geophysical interpretation, show the continuing expansion of the already extensive Iska Iska high-grade mineralized system, which has a potential strike length of at least two kilometers,” said Thomas G. Larsen, CEO of Eloro. “The new data demonstrate excellent potential to outline a major open pittable deposit in the valley of the Iska Iska caldera. As a result, the estimated completion date for the maiden NI 43-101 mineral resource has been pushed back to the end of Q1 2023 to provide additional time to drill-test this important target.”

Eloro is an exploration and mine development company based in Toronto, Canada with a portfolio of gold and base-metal properties in Bolivia, Peru, and Quebec. The company owns an 82 percent interest in the La Victoria Gold/Silver Project located in Peru, and has an option to acquire a 99 percent interest in the Iska Iska Property.

For more information, visit the company’s website at www.EloroResources.com.

NOTE TO INVESTORS: The latest news and updates relating to ELRRF are available in the company’s newsroom at https://ibn.fm/ELRRF

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