Eloro drills 182.34 g/t AgEq over 351 metres at Iska Iska, Bolivia; shares up

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Eloro Resources Ltd. [ELO-TSXV; ELRRF-OTCQX; P2Q-FSE] reported assay results from an additional two diamond drill holes from its continuing drilling program at the Iska Iska silver-tin polymetallic project in the Potosi department, southern Bolivia.

Hole METSBUG-01 is an underground hole drilled for metallurgical sampling purposes from the Santa Barbara adit, while step-out hole DSB-25 was drilled approximately 400 metres northwest of hole METSBUG-01. Both holes intersected major new extensions of the already large Santa Barbara mineralized zone. The company has completed 53,445 metres in 83 drill holes, including three holes in progress.

Hole METSBUG-01, an underground hole drilled for metallurgical sampling purposes from the Santa Barbara adit, was drilled at azimuth 10˚ at a dip of -35˚ to intersect the midpoint of an intercept of 184.97 g/t AgEq [silver equivalent] (29.53 g/t silver, 0.08 g/t gold, 1.45% zinc, 0.59% lead, 0.08% copper, 0.056% tin) over 257.5 metres in discovery hole DHK-15 (see Eloro’s January 26, 2021 press release; 164.87 g/t AgEq recalculated, up from 129.60 g/t AgEq, using current metal pricing) to provide a representative sample in the higher-grade mineralized area of the Santa Barbara breccia pipe.

This hole intersected 182.34 g/t AgEq (29.85 g/t silver, 1.01% zinc, 0.64% lead, 0.11% copper and 0.11% tin) over its full length of 351.0 metres including higher-grade sections of 261.14 g/t AgEq (24.65 g/t silver, 0.15% zinc, 0.14% lead, 0.81% copper and 0.19% tin) over 22.56 metres from 2.94 to 25.50 metres; 599.26 g/t AgEq (208.14 g/t silver, 0.28% zinc, 0.51% lead, 0.56% copper and 0.41% tin) over 17.60 metres from 46.66 to 64.26 metres.

This section included a remarkable sample over 1.42 from 55.43 metres to 56.85 metres which assayed 5,106 gt AgEq (1,730 g/t silver, 0.42 g/t gold, 2.15% bismuth, 6.33% copper and 3.55% tin); 324.72 g/t AgEq (12.49 g/t silver, 1.88% zinc, 1.26% lead, 0.02% copper and 0.31% tin) over 30.01 metres from 92.89 to 122.90 metres; 292.78 g/t AgEq (55.64 g/t silver, 2.70% zinc, 1.31% lead, 0.02% copper and 0.12% tin) over 31.72 metres from 241.28 to 273.00 metres.

Hole METSBUG-01, along with previously released drill holes METSBUG-02 and DSBU-03 define a major high grade mineralized area that extends across a width of approximately 600 metres to a depth of a least 600 metres and is open along strike to the northwest and at depth. It is significant to note that hole METSBUG-01 was mineralized from top to bottom and terminated in mineralization.

Importantly, mineralization, especially areas with higher tin grades, appears coincident with elevated magnetic susceptibility. Areas of elevated magnetic susceptibility appear much more expansive than current volumes of rock that have been drill tested, a good indication that more mineralization is yet to be discovered.

Step-out hole DSB-25, drilled approximately 400 metres northwest of hole METSBUG-01, intersected 25 reportable intersections with a best result of 205.13 g/t AgEq (25.01 g/t silver, 0.1 g/t gold, 0.13% copper and 0.25% tin) over 81.11 metres from 356.93 to 439.04 metres, including a higher-grade section of 428.83 g/t AgEq (55.88 g/t silver, 0.19 g/t gold, 0.28% copper and 0.53% tin) over 17.93 metres from 379.18 to 397.11 metres. This hole continues to confirm the extent of significant mineralization in the northwest extension area of Santa Barbara”

Tom Larsen, CEO, commented: “We are continuing to intersect wide areas of higher-grade mineralization which will enhance our planned inaugural National Instrument 43-101 mineral resource estimate. Longer holes are planned in this very prospective area of the Santa Barbara target to better define the full extent of the higher-grade areas which remain open both along strike and downdip.”

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 in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

In morning trading of Eloro Resources, shares gained $0.13 to $5.05.

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