News Release

TORONTO, Jan. 27, 2020 (GLOBE NEWSWIRE) – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”, or the “Company”) is pleased to announce that it has retained Micon International Limited (“Micon”) to complete a National Instrument (“NI”) 43-101 Technical Report on the Iska Iska polymetallic epithermal project (the “Property”), in the Potosí Department, southern Bolivia, which is under option by Minera Tupiza S.R.L., Eloro’s wholly-owned Bolivian subsidiary. Eloro recently announced the signing of the Definitive Option Agreement on the Property (see Eloro’s press release dated January 8, 2020).

“We are very pleased to have the well known firm Micon proceed with the preparation of the NI 43-101 Technical Report on Iska Iska,” stated Tom Larsen, Eloro’s President and CEO. “Mr. Charley Murahwi, P.Geo., Pr. Sci. Nat., FAusIMM, Senior Economic Geologist of Micon, will be travelling to the Property this week to carry out a site visit. Mr. Murahwi has over 35 years of experience in the mining industry, covering mineral exploration, mine development and mining operations. With Micon in Toronto, he is involved in mineral resource estimation and auditing, and in the assessment/evaluation of mineral properties. Since joining Micon in 2008, Charley has undertaken assignments for clients in Canada, USA, Spain, Portugal, Panama, Mexico, West Africa and Australia. Dr. Osvaldo Arce, P.Geo., Eloro’s Chief Geologist and Manager in Bolivia will coordinate the site visit.”

About Iska Iska
Iska Iska pollymetallic 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. The property can be classified as a polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) epithermal-porphyry complex. This is an important mineral deposit type in Bolivia.

Geological mapping on the property by Eloro has revealed the spatial and temporal zonation of alteration and vein minerals in an area of about 5 square kilometres. The polymetallic mineralization occurs mainly as veins, subsidiary vein swarms, veinlets, stockworks, and disseminations, forming a subvertical vein system in both the stock and the volcanic and sedimentary rocks. Preliminary evaluation work including 42 channel samples in underground and on surface workings at Iska Iska returned significant results as summarized below. All of the channel samples included altered wall rock with widths ranging between 1.20 to 5.55 m, averaging 2.90 m (see Eloro’s press release dated October 8, 2019 for further details).

  • Silver. Anomalous silver values range between 35.5-694 g/t Ag (46% of channel samples).
  • Gold. Anomalous gold values range between 0.31-28.6 g/t Au (42% of channel samples).
  • Zinc. Anomalous zinc values range between 1.05-16.95% Zn (37% of channel samples).
  • Lead. Anomalous lead values range between 0.41- 16.95% Pb (49% of channel samples).
  • Copper. Anomalous copper values range between 0.1->1% (22% of channel samples).
  • Bismuth. Anomalous bismuth values range between 967-7,380 g/t Bi (22% of channel samples).
  • Indium. Anomalous indium values range between 10.35 - >500 g/t In (34% of channel samples).

Qualified Person
Dr. Osvaldo Arce, P. Geo., an expert on Bolivian geology and a Qualified Person in the context of NationaI Instrument 43-101 has reviewed and approved the technical content of this news release.

About Micon
Micon is an independent employee-owned firm of senior geological, mining, metallurgical and environmental consultants headquartered in Toronto, Canada with offices in Vancouver and the United Kingdom. The professionals of Micon have extensive international experience in the mining industry with both mining companies and leading consultancy firms. Micon provides teams of geologists, mining engineers, metallurgists, environmental and social consultants who combine skills in economic geology, mine and process plant design, mineral economics, environmental and social management, minerals and metal production, and project management, the firm is well qualified to carry out consulting assignments throughout the world. Consulting services include valuation and evaluation of mineral properties, estimation of mineral resources and mineral reserves, preparation of Technical Reports under Canadian National Instrument 43-101 and Competent Person/JORC reports, feasibility studies, mineral market analysis, comparative benchmarking, technical due diligence, litigation support and services as Independent Engineer/Independent Technical Advisor.

About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, President and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.



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