Eloro Resources Launches 40,000 Metre Drill Program at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Rhea-AI Summary

Eloro Resources (OTCQX: ELRRF) has contracted Major Drilling for an initial 40,000 metre drill program at the Iska Iska silver‑tin polymetallic project in Potosi, Bolivia, announced February 20, 2026.

Two drill rigs are being mobilized now and a third rig is expected in the coming weeks to complete infill and zone‑expansion drilling.

Positive

• 40,000m drill program contracted with Major Drilling
• Two rigs mobilized with a third expected in weeks
• Infill spacing planned at 50 m and 25 m in Santa Barbara corridor

Negative

• None.

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Toronto, Ontario--(Newsfile Corp. - February 20, 2026) - Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF) (FSE: P2QM) ("Eloro", or the "Company") is pleased to announce that it has signed a contract with Major Drilling Group International Inc. ("Major Drilling"), the world's leading provider of specialized drilling services in the metals and mining industry, to complete an initial 40,000m drill program at its Iska Iska silver-tin polymetallic project in Potosi, Bolivia ("Iska Iska"). As per the agreement, two drill rigs are currently being mobilized to the project, while a third is expected to be added in the coming weeks.

Dr. Osvaldo Arce, P.Geo., Eloro's Executive Vice President Operations, Latin America, commented: "With Major Drilling now engaged, the Company will be able to complete a sufficient amount of 50 m and 25 m infill drill hole spacings in the Santa Barbara corridor and to drill the other five mineralized zones at Iska Iska to enhance the resource footprint for our economic studies and also drill other prospective targets within the perimeter of the Iska Iska Caldera."

Eloro's Chief Executive Officer, Thomas Larsen, added: "We welcome Major Drilling resuming operations in Bolivia to service our drilling requirements, with Iska Iska as their first project. Since the general elections that were held in Bolivia last fall, there are demonstrations of renewed optimism, encouraged by policy changes underway in the country, which are attractive to the mining sector."

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro, through its Bolivian subsidiary, Minera Tupiza SRL, has a 99% joint venture interest and a 100% economic participation 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 NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, 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% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman 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 TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284640

FAQ

What is the scope of Eloro Resources' 40,000m drill program at Iska Iska (ELRRF)?

The program is an initial 40,000 metre drilling campaign to expand and infill known mineralization. According to the company, two rigs are mobilized now and a third rig is expected soon to test six mineralized zones and other targets.

How many drill rigs will Eloro use for the Iska Iska program and when are they arriving?

Eloro is deploying two drill rigs immediately and anticipates a third rig within weeks. According to the company, Major Drilling is mobilizing the rigs to begin infill and step‑out drilling across Iska Iska.

What drilling density will Eloro target in the Santa Barbara corridor at Iska Iska (ELRRF)?

Eloro plans 50 m and 25 m infill drill hole spacings in the Santa Barbara corridor to enhance the resource footprint. According to the company, this density aims to support forthcoming economic studies and resource conversion.

What is the objective of Eloro's Iska Iska drilling campaign announced February 20, 2026?

The objective is to expand and better define mineral resources across multiple zones for economic studies. According to the company, drilling targets include infill, expansion of five additional mineralized zones, and other prospective targets within the caldera.

Who is Eloro Resources contracting for drilling at Iska Iska and why does it matter for shareholders?

Eloro engaged Major Drilling, a global specialized drilling provider, to execute the program. According to the company, using a leading contractor accelerates drilling progress and supports resource definition work that underpins future economic assessments.