Mr. Tom Larsen reports

ELORO RESOURCES INTERSECTS SIGNIFICANT TIN MINERALIZATION (0.17% SN OVER 52.75M) IN MINA CASITERITA PROPERTY AND ALSO RECEIVES STRONG RESULTS FROM INFILL HOLES AT SANTA BARBARA DEPOSIT, POTOSI DEPARTMENT, BOLIVIA

Eloro Resources Ltd. has released assay results from reconnaissance drilling on the Mina Casiterita property (eight holes totalling 5,726.8 metres), additional definition drilling on the eastern margin and southern extension of the Santa Barbara deposit (five holes totalling 4,223.7 m), and reconnaissance drilling in the Porco-Mina 2 area (three holes totalling 2,544.9 m). In total, 16 holes totalling 12,495.4 m have been completed.

Tom Larsen, chief executive officer of Eloro, said: "We are encouraged by the initial drilling results from Mina Casiterita, especially considering the reconnaissance nature of the drill program. The grade and width intersected in hole DCT-03, considering the recently reported positive ore sorting results (see Eloro press release dated July 26, 2023), is attractive particularly with the higher-grade sections. Continued diamond drilling is being delayed pending the finalization of the granting of the mining rights process for the Mina Casiterita and Mina Hoyada properties, through the signing of administrative mining contracts between the regional Jurisdictional Administrative Mining Authority in Bolivia and the additional properties title holder, from whom the properties are being acquired."

Mr. Larsen further noted: "Upon completion of this internal process within the Bolivian mining regulator AJAM [Autoridad Jurisdiccional Administrativa Minera], Eloro's Bolivian subsidiary, Minera Tupiza SRL, will consolidate its 100-per-cent participation in the additional properties, pursuant to its option agreement with the vendor. In connection with this transaction, 200,000 common shares of Eloro will be issued to acquire the capital quotas of the additional properties title holder (see Eloro press release dated Nov. 22, 2022)."

Dr. Bill Pearson, PGeo, Eloro's executive vice-president, exploration, commented: "The inaugural mineral resource is near completion and is expected to be released by the end of August. Following completion of the recent $6.9-million bought deal financing (see Eloro press release dated Aug. 3, 2023), the planned next phase of work at Iska Iska has begun. The work plan consists of an initial 5,600 m of definition drilling at Santa Barbara to better define higher-grade areas in the shallower parts of the potential pit to enhance earlier payback; drilling of four PQ metallurgical holes totalling 1,250 m for further metallurgical tests, including ore sorting; and preparation of a PEA [preliminary economic assessment], including required site work, on the Santa Barbara deposit. The project budget includes allowances for important ESG [environmental, social, governance] and community support programs, a gravity survey over Iska Iska to test for the deeper tin porphyry, and for exploration, including geophysical surveys on the outside properties."

Reconnaissance diamond drilling Mina Casiterita

The Mina Casiterita property, which ties on to the southwestern part of the Iska Iska (Porvenir) property, is underlain by Ordovician sedimentary rocks which have been intruded by a large dacitic dome which is in the central part of the property. Geophysical surveys outlined an extensive strong conductivity anomaly at least one kilometre long in the centre of the property (see Eloro press release dated Feb. 14, 2023). There are numerous artisanal tin workings on the property with production from 1962 to 1964 reported by the Departamento Nacional de Geologia (National Department of Geology) in Bolivia to be 69.85 tonnes grading 50.60 per cent Sn, which is a typical grade of Sn concentrate achieved by conventional gravity separation.

Eight holes totalling 5,726.8 m were drilled on the Casiterita property. Holes DCT-01 and DCT-02 were drilled in the eastern side of the property. Hole DCT-03, drilled in the northwestern corner of the property, tested an area with numerous artisanal tin workings while holes DCT-04 to DCT-08, inclusive, tested a section across the centre of the property. These latter five holes intersected the large dacitic dome that underlies the centre of the property.

Widespread lower-grade sulphide mineralization was intersected in all holes in vein breccias, veins, veinlets and replacement zones. Typical minerals were pyrite, sphalerite, hematite, jarosite, cassiterite with local arsenopyrite and chalcopyrite. Oxidation typically extends to a depth of 50 m followed by a 10 to 15 m thick transitional zone. The widespread sulphides explain the strong conductivity anomaly over the area.

The best results were obtained from hole DCT-03, collared in vicinity of the artisanal mine workings in the northwestern part of the property, which returned 0.17 per cent Sn, 5.48 grams per tonne silver and 0.15 g/t gold over 52.75 m from 70.20 m to 122.95 m which included higher-grade intersections of 0.35 per cent Sn and 0.35 g/t Au over 6.11 m from 89.59 m to 95.70 m and 1.02 per cent Sn and 0.14 g/t Au over 4.54 m from 116.96 m to 121.50 m. The higher-grade tin occurs as cassiterite in quartz veins/vein breccias cutting the Ordovician sediments on the margin of the dacitic intrusion.

Sn mineralization at Casiterita is located two km southwest of the Santa Barbara deposit, indicating that the overall Iska Iska mineralizing system is much more extensive as predicted from geophysical data (see Eloro press release Feb. 14, 2023). Further drilling outside the dacitic dome in the Ordovician sediments and deeper for the source of the tin mineralization is required to fully evaluate this prospective target area.

Santa Barbara drilling eastern/southern extension

Initial modelling of the Santa Barbara mineralization indicated that there were gaps in drilling in the eastern part of the deposit that needed to be filled in.

Hole DHK-31, drilled in the northeastern part of the Santa Barbara deposit, returned well-mineralized intersections as follows:

• 125.99 g/t silver equivalent (12.99 g/t Ag, 1.76 per cent zinc and 0.45 per cent lead) over 125.79 m from 174.32 m to 300.11 m, including:
  • 255.65 g/t AgEq (11.41 g/t Ag, 0.30 g/t Au, 1.76 per cent Zn and 10.45 per cent Pb) over 8.07 m from 174.32 m to 182.39 m;
  • 257.66 g/t AgEq (44.82 g/t Ag, 3.34 per cent Zn and 1.17 per cent Pb) over six m from 256.55 m to 265.49 m;
  • 259.18 g/t AgEq (36.64 g/t Ag, 3.43 per cent Zn and 1.10 per cent Pb) over 8.94 m from 277.53 m to 283.53 m.
• 177.41 g/t AgEq (28.89 g/t Ag, 1.02 per cent Zn, 0.43 per cent Pb and 0.19 per cent Sn) over 60.14 m, including:
  • 244.92 g/t AgEq (13.69 g/t Ag, 0.21 g/t Au, 2.81 per cent Zn, 2.74 per cent Pb and 1.64 per cent Sn) over 13.69 m;
  • 1,228 g/t AgEq (305.21 g/t Ag, 0.21 g/t Au, 2.81 per cent Zn, 2.74 per cent Pb and 1.64 per cent Sn) over 4.49 m.

Holes DSB-53 and DSB-54, drilled to fill in a drilling gap, returned well-mineralized intersections as follows:

• 128.23 g/t AgEq (7.86g/t Ag, 2.06 per cent Zn and 0.37 per cent Pb) over 85.52 m from 280.88 m to 366.40 m, including 165.82 g/t AgEq (7.99 g/t Ag, 2.69 per cent Zn and 0.44 per cent Pb) over 29.95 m from 294.33 m to 324.28 m (DSB-54);
• 185.07 g/t AgEq (12.38 g/t Ag, 0.11 g/t Au, 2.95 per cent Zn and 0.38 per cent Pb) over 24.04 m from 459.88 m to 483.92 m, including 483.12 g/t AgEq (31.24 g/t Ag, 0.24 g/t Au, 7.94 per cent Zn and 0.89 per cent Pb) over 7.62 m from 473.34 m to 480.96 m (DSB-54);
• 83.98 g/t AgEq (5.88g/t Ag, 1.27 per cent Zn and 0.21 per cent Pb) over 34.56 m from 373.35 m to 407.91 m and 67.14 g/t AgEq (10.25 g/t Ag, 0.79 per cent Zn and 0.32 per cent Pb) over 34.33 m 529.40 m to 563.73 m (DSB-53).

The results from these two holes have been incorporated into the drill database for estimation of the inaugural mineral resource estimate expected in the latter part of August. Results from DHK-31 as well as DSB-55 and DSB-56 outlined below were received after the cut-off date for the assay database of the inaugural MRE.

Holes DSB-55 and DSB-56 were drilled to further test the southern extension of the Santa Barbara deposit. Hole DSB-55 was collared 100 m south of previous drilling while hole DSB-56 was collared a further 100 m south. Significant results are as follows:

• 145.69 g/t AgEq (6.37 g/t Ag, 0.17 g/t Au, 1.94 per cent Zn and 0.29 per cent Pb) over 70.79 m from 417.80 m to 488.59 m (DSB-55), including:
  • 341.78 g/t AgEq (12.75 g/t Ag, 0.66 g/t Au, 4.31 per cent Zn, 0.54 per cent Pb and 0.03 per cent Sn) over 10.55 m from 417.80 m to 428.35 m (DSB-55).
• 159.55 g/t AgEq (13.97 g/t Ag, 0.36 g/t Au, 1.16 per cent Zn, 0.20 per cent Pb and 0.29 per cent copper) over 54.10 m from 303.05 m to 357.15 m, including:
  • 329.05 g/t AgEq (36.32 g/t Ag, 0.85 g/t Au, 1.89 per cent Zn, 0.36 per cent Pb and 0.68 per cent Cu) over 12.01 m from 307.52 m to 319.53 m (DSB-56).
• 241.06 g/t AgEq (12.77 g/t Ag, 0.33 g/t Au, 2.70 per cent Zn, 0.34 per cent Pb and 0.44 per cent Cu) over 22.59 m from 307.52 m to 319.53 m, including:
  • 411.52 g/t AgEq (22.71 g/t Ag, 0.43 g/t Au, 4.70 per cent Zn, 0.58 per cent Pb and 0.82 per cent Cu) over 10.54 m from 420.42 m to 430.96 m (DSB-56).

These two holes collectively extend the strike length of the Santa Barbara deposit to over 1,400 m; it is still open in all directions.

Reconnaissance drilling Porco-Mina 2 area

Three reconnaissance drill holes, two at Porco (DPC-14 and DPC-15) and one at Mina 2, were completed to test across the valley between the Iska Iska caldera and Mina Casiterita. All of these holes intersected Ordovician sediments that form the basement rocks of the caldera.

Hole DPC-15 intersected 81.99 g/t AgEq (12.52 g/t Ag, 0.16 g/t Au and 0.11 per cent Sn) over 15.14 m from 225.31 m to 240.45 m as well as a number of shorter, lower-grade sections. The Ordovician sediments are typically the least favourable host rocks at Iska Iska but the high intensity of the Iska Iska mineralizing system has mineralized even these sediments. Assays for DPC-13 and DPC-14 are pending.

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 per cent and 90 per cent of the down-hole interval length, but this will be confirmed by further drilling and geological modelling.

In calculating the intersections reported in this press release a sample cut-off of 30 g/t AgEq was used with generally a maximum dilution of three continuous samples below cut-off 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, PGeo.

Qualified person

Dr. Arce, PGeo, general manager of Eloro's Bolivian subsidiary, Minera Tupiza, and a qualified person in the context of National Instrument 43-101, has reviewed and approved the technical content of this news release. Dr. Pearson, PGeo, 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, working closely with Dr. Arce, PGeo. Dr. Quinton Hennigh, PGeo, senior technical adviser to Eloro, and independent technical adviser Charley Murahwi, PGeo, FAusIMM, of Micon, are regularly consulted on technical aspects of the project.

Eloro is utilizing both ALS and AHK for drill core analysis, both of which are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda.'s preparation facility in Oruro, Bolivia, and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently, Eloro has had ALS send pulps to its laboratory at Galway in Ireland. Eloro employs an industry-standard quality assurance/quality control program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols.

About Iska Iska

The Iska Iska silver-tin polymetallic project is a road-accessible, royalty-free property, wholly controlled by the title holder, Empresa Minera Villegas SRL, and is located 48 km north of Tupiza city, in the Sud Chichas province of the department of Potosi in southern Bolivia. Eloro has an option to earn a 100-per-cent interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician-age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6 km by 1.8 km in dimension with a vertical extent of at least one km. Mineralization age is similar to Cerro Rico de Potosi and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi, located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on Sept. 13, 2020. On Nov. 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. On Nov. 24, 2020, Eloro announced the discovery of the SBBP approximately 150 m southwest of the Huayra Kasa underground workings.

Subsequently, on Jan. 26, 2021, Eloro announced significant results from the first drilling at the SBBP, including the discovery hole DHK-15, which returned 129.60 g/t AgEq over 257.5 m (29.53 g/t Ag, 0.078 g/t Au, 1.45 per cent Zn, 0.59 per cent Pb, 0.080 per cent Cu, 0.056 per cent Sn, 0.0022 per cent indium and 0.0064 per cent bismuth from zero m to 257.5 m). Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara adit located to the east of SBBP returned 442 g/t AgEq (164.96 g/t Ag, 0.46 per cent Sn, 3.46 per cent Pb and 0.14 per cent Cu) over 166 m, including 1,092 g/t AgEq (446 g/t Ag, 9.03 per cent Pb and 1.16 per cent Sn) over 56.19 m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which, along with geophysical data, have defined an extensive target zone. In its Sept. 20, 2022, press release, the company reported that new down-hole geophysical data have significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250 m along strike to the south-southeast from existing drilling. The 3-D inverse magnetic model which correlates very strongly with the conductive zone suggested that the high-grade feeder zone may extend across the entire caldera for as much as a further one km along strike for a total potential strike length of at least two km. As reported, the definition drill program was modified to sectionally drill this potential extension with the intention of defining a major open-pittable deposit in the valley of the caldera. As a result, the estimated completion date for the maiden National Instrument 43-101 mineral resource was pushed back to the end of Q1 2023.

The company completed 84,495 m of drilling in 122 holes from the definition drill program in the Santa Barbara target area, as previously announced on Nov. 27, 2022.

On Nov. 22, 2022, Eloro announced the pending acquisition of the Mina Casiterita and Mina Hoyada properties covering 14.75 square km southwest and west of Iska Iska. These properties connect with the TUP-3 and TUP-6 claims previously staked by Eloro. Eloro has also staked additional land in the area. Subject to the finalization of the granting of the mining rights process and the completion of the acquisition transaction for the Mina Casiterita and Mina Hoyada properties, the total land package in the Iska Iska area to be controlled by Eloro will total 1,935 quadrants covering 483.75 square km.

Artisanal mining in the 1960s identified high-grade tin (Sn) veins on the Mina Casiterita property that are hosted in an intrusive dacite. Production from 1962 to 1964 is reported by the Departamento Nacional de Geologia in Bolivia to be 69.85 tonnes grading 50.60 per cent Sn.

Recently completed magnetic surveys by Eloro has outlined an extensive, near-surface, magnetic intrusive body on the Mina Casiterita property immediately southwest of Iska Iska. This intrusive hosts the previously mined high-grade tin veins and is very likely the continuation of the porphyry tin intrusion projected to be below the epithermal Ag-Sn-Zn-Pb mineralization at Iska Iska.

The Porco adit, from which previously reported channel sampling returned 103 m grading 521 g/t AgEq (including 117 g/t Ag, 1.44 g/t Au, 0.54 per cent Cu and 0.66 per cent Sn) in altered basement sediments, is located near the northeastern part of the magnetic anomaly, attesting to the potential strength and high-grade nature of the mineralized system in the area.

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 100-per-cent 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. A recent NI 43-101 technical report on Iska Iska, which was completed by Micon International Ltd., 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-per-cent interest in the La Victoria gold/silver project, located in the north-central mineral belt of Peru approximately 50 km south of Barrick's Lagunas Norte gold mine and Pan American Silver's La Arena gold mine.

We seek Safe Harbor.