ELORO RESOURCES LTD

Eloro reported the first assay results for 3 diamond drill holes totaling 1,459m in its planned 40,000m program first announced on July 7, 2026.  The program is designed to expand and upgrade the existing MRE with 50m step-out drilling in the higher grade core area of the potential starter pit area. The initial phase is planned to consist of 35 holes totaling 18,250m, followed by a second phase of approximately 40 holes totaling 21,750m.

DSB-96 a step-out hole drilled 70m south of hole DSB-61, intersected 87.10 m @ 73.26 g/t Ag & 0.18% Sn from 40.40m within a broader interval of 126.10m @ 54.92 g/t Ag from 40.40m. This hole also returned 17.9m @ 190.50 g/t Ag & 0.45% Sn within  48.00m @ 83.28 g/t Ag & 0.30% Sn from surface. Deeper down, hole DSB-96 (in progress) also intersected 30.00m @ 36.45 g/t Ag from 385.50m plus several additional mineralized intervals.

DSB-94, a step-out hole collared 78m northwest of discovery hole DSB-87, intersected 42.00m @ 38.98 g/t Ag from 247.90m within 79.50m @ 30.83 g/t Ag beginning at 210.40m. This hole also intersected a tin section of 43.50m @ 0.16% Sn from 343.90m and 7.50m @ 71.96 g/t Ag from 330.40m.

DSB-95 a step-out hole drilled 91m northwest of discovery hole DHK-31 intersected gold (Au)-Polymetallic intervals of 6.00m @ 1.15 g/t Au, 42.50 g/t Ag, 8.07% Zn & 1.23% Pb from 115.50m and 7.50m @ 0.48 g/t Au, 1.52% Zn & 0.46% Pb from 31.50m.

DSB-94 was drilled within the Ag-Sn Domain on the western portion of the potential starter pit, which is approximately 1,300m long, 500m wide and 500m deep. DSB-95 tested the newly defined Au-Ag-Zn-Pb Epithermal Domain in the eastern portion of the potential starter pit, while DSB-96 was drilled within the central Polymetallic Domain. DSB-96 remains in progress and will resume following an approximately 45-day suspension due to technical and logistic issues.

The start of the drilling program was delayed due to recent road blockades however following the successful resolution of these blockades through agreements reached between the Bolivian government and labour unions, transportation routes have reopened, allowing the uninterrupted delivery of essential supplies, including diesel fuel, enabling Eloro to proceed with their planned exploration activities.  The Company states that they are on track to complete an initial 10,000m of drilling by the end of this year.

Comments

This is a good start to the drill program, particularly hole DSB-96 which intersected near surface high grade silver mineralization grading 73.26 g/t Ag over 87.10m.  However, while Iska Iska is an enormous deposit, the challenge will be to identify sufficient higher-grade metallurgically recoverable material near surface to improve early mine economics.  Results from holes such as DSB-96 are certainly very important in addressing this challenge.

The tin component also shouldn’t be overlooked – the intersection of 0.45% Sn & 190.5 g/t Ag over 17.9m also in DSB-96 is very significant.  However, as noted in the NI 43-101 Technical Report supporting the MRE, the main issue to date is that most of the tin mineralization tested thus far metallurgically would require fuming which would substantially increase initial capital cost.  Deeper drilling will likely be required to locate the core of the tin system where coarser-grained magmatic cassiterite is most likely to occur.  This type of cassiterite is much more readily amenable to low cost gravity separation methods.  For this reason, it is likely that the PEA will focus on developing the higher grade and shallower Ag-rich polymetallic mineralization.

The gold mineralization intersected in the eastern part of the potential starter pit area is quite interesting.  If a significant cohesive gold zone can be outlined near surface that could add significantly to potential economics.

Eloro will clearly have to reset their timing for completion of their planned 40,000m drill program unless they are able to obtain more drills to increase the pace of the program.

Figure 3-11
Source: Eloro Resources