Eloro Resources Intersects 198.00 g Ag eq/t (67.79 g Ag/t, 1.44% Zn and 1.04% Pb) over 134.47m in Silver-Rich Area of High-Grade Feeder Zone in Santa Barbara Target Area at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

this 825.82m hole contained reportable intersections which collectively averaged 123.39 g Ag eq/t.

Tom Larsen, CEO of Eloro said: “Hole DSB-31 and Hole DSB-33 continue to confirm high grade values of metals, especially silver to the south-southeast and tin to the southwest of the ever-expanding Santa Barbara feeder system. The geophysical surveys have been remarkable as a tool in determining where these highly conductive areas of potential commercial mineralization are located.

On behalf of the Eloro shareholders, I congratulate Dr. Bill Pearson, P.Geo., Dr. Chris Hale, P.Geo. and Dr. Osvaldo Arce, P.Geo., in systematically defining the Santa Barbara feeder system through geophysics and follow up drilling. The added strike length along the collapsed caldera valley floor will further extend the likely open pit dimensions resulting in potentially stronger economics. These recently released holes at Iska Iska further demonstrate both high grade metal zonation and substantial tonnage potential.”

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We are continuing our 100m-spaced sectional definition diamond drill program focusing on testing the south-southeastern extension of the high-grade feeder zone across the valley of the Iska Iska Caldera. Figure 1 shows holes in progress and planned. Our aim is to complete this program by November so that assay results can be received by early Q1 2023 to facilitate completion of the inaugural NI 43-101 mineral resource by the end of Q1 2023. We are also continuing to work closely with GeologicAI and our mineralogists in Blue Coast Research and Lisa Can Analytical Solutions to calibrate the AI in the scanning system to track the mineral and metal zoning more accurately. The drilling results reported herein, as well as previous results, along with on-site work by Dr. Osvaldo Arce, P.Geo. and his geological team, support the potential for outlining significant zones of high-grade silver and high-grade tin. The high-grade silver is typically shallower whereas the high-grade tin is generally deeper. The remarkable feeder zone at Iska Iska continues to be open along strike and down-dip especially to the south-southeast and it likely extends across a width of least 500m for potentially as much as 2km along strike.”

Figure 1 – Geological Plan Map showing Drilling in Santa Barbara Area with Holes referred to in this release highlighted: https://www.globenewswire.com/NewsRoom/AttachmentNg/3c88f4da-0f6f-4d43-8335-35382ad973fb

Table 1: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition High Grade Feeder Zone Extension as at October 5, 2022.

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, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling and geological modelling.

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows: (Prices updated as of July 21, 2022, to more accurately reflect current metal prices):

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.

The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Metallurgical tests are in progress by Blue Coast Ltd. to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.

Table 2: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition High Grade Feeder Zone Extension as at October 5, 2022.