Eloro Resources (ELO.V): Adds Second Rig to Accelerate the Diamond Drill Program at its Iska Iska Property, Potosi Department, Southern Bolivia

TORONTO, Feb. 16, 2021 (GLOBE NEWSWIRE) – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that it is adding an additional drill rig to accelerate its diamond drilling program at its Iska Iska Silver-Polymetallic Project in Potosi Department, southern Bolivia. To date, Eloro has completed 22 holes totalling 6,721m metres from both underground (12) and surface drill holes (10). Results from the first five underground holes were reported on November 18, 2020 and an additional 10 holes were reported on January 26, 2021. Results are pending for an additional 7 holes (Table 1). Figure 1 is a plan map showing locations of the drill holes completed and in progress; Figures 2 and 3 are updated North-South and West-East geological cross sections, respectively.

Since the January 26, 2021 release, an additional two -60 degree holes to the north (DSB-04) and west (DSB-05), respectively have been completed at the Santa Barbara Breccia Pipe (“SBBP”) (Figure 1). These holes have not only confirmed the overall diameter of the pipe of approximately 400m, based on surface geological mapping, but also indicate that the pipe bulges out at depth as shown in Figures 2 and 3, respectively. Hole DSB-05 drilled at -60 degrees due west intersected 611m of variably mineralized breccia including a 240m section of strongly silicified, well mineralized breccia from 360m to 600m, which suggests that there is a major bulge in the SBBP to the west. Typical examples of drill core from this zone are shown in Figure 4.

Currently, a deep hole DSB-06 is being drilled at SBBP at -80 degrees at azimuth 210 degrees to test the breccia pipe at depth where it is believed that there is potential to intersect a major porphyry tin-silver-gold deposit.

The new drill rig will be used to carry out first pass drilling of the Central Breccia Pipe (“CBP”) in the northern part of the target area, using a similar radial drill pattern currently being utilized at the SBBP. Once the drill rig at SBBP completes the deep hole, it will be moved to the southern radial drill base at CBP. Each drill will do a series of -60 degree holes on 90 degree quadrants followed by a deep hole at -80 to -85 degrees to complete a first past drill test of the CBP in both the north and south areas to cover its approximately 400m by 700m extent.

Tom Larsen, Eloro’s CEO commented: “We continue to make excellent progress at Iska Iska, although we have only just started to evaluate the enormous potential of this extensive mineralized system. The additional rig will help considerably in accelerating the drill program. I am also pleased to announce that Dr. Bill Pearson, P.Geo. has been appointed Executive Vice-President Exploration and will manage all technical aspects of the exploration program on a full-time basis going forward.”

Dr. Bill Pearson, P.Geo., Executive VP Exploration said: “I am delighted to join the Eloro team to move the exciting Iska Iska silver polymetallic project forward with our outstanding team in Bolivia. Our deeper drilling continues to intersect wide zones of well mineralized and silicified breccia. These types of breccias are typical hosts of sulphidic matrices with widespread massive sulphides, sulphide veinlets and disseminations. It is clear that the SBBP bulges deeper which is particularly evident in Hole DSB-05. The full extent of this pipe remains completely open to the west. The breccia pipe system is most certainly driven by a large tin porphyry at depth. There is almost one kilometre vertically from the valley to the peak of Iska Iska hence there is a good possibility that we can intersect this porphyry in our deep hole DSB-06 currently being drilled.

Table 1: Summary of Diamond Drill Holes at Iska from press release of January 26, 2021 to February 26, 2021 with assays pending.