Moves To Take Up 99% Of Bolivian Project
Eloro Resources Ltd. (TSXV: ELO; OTCQX: ELRRF) has advanced US$3 million as property option payments, pursuant to the Private Option Agreement to acquire a 99% interest in the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia.
The Agreement grants Eloro the option to acquire a 99% interest in Iska Iska for consideration consisting of 500,000 Eloro common shares, of which 250,000 have been issued, with the remaining 250,000 to be issued on or before January 6, 2022, and the payment of US$10 million, of which US$3 million has been paid to date, with the remaining US$7 million due on or before January 6, 2024.
To date, the company has completed 31,500m in 61 drill holes including three in progress to test major target areas at Iska Iska.
Currently three diamond drill rigs are active at Iska Iska, two surface rigs and one underground drill. Planned drilling for 2021 is 51,000m with the aim of outlining an initial inferred National Instrument (“NI”) 43-101 compliant mineral resource by Q1 2022.
Additionally, a downhole induced polarization/resistivity (IP/Res) survey is in progress to further define drill targets and aid resource definition drilling. Preliminary metallurgical tests are also in progress. An updated NI 43-101 Technical Report is being prepared by independent consultant Micon International Ltd.
“We are extremely pleased with the progress and exploration effort at Iska Iska and are most grateful for the partnership and contributions to date by the title holder, Empresa Minera Villegas S.R.L.,” CEO, Thomas Larsen, said.
“Due to the positive results to date from our drill campaign, initial engineering studies to establish potential economic parameters for mineral resource definition will commence shortly, with a site visit having already been completed by a top Peruvian Engineering firm. More detailed metallurgical studies are also planned.”
For further information please visit: https://www.elororesources.com/