Eloro Resources Advances Iska Iska Acquisition with $1.5 Million Option Payment
TL;DR
Eloro Resources advances its acquisition of the Iska Iska project with a US$1.5 million payment, positioning itself for potential gains in the silver-tin polymetallic market.
Eloro Resources' amended US$10 million option agreement includes a US$1.8 million credit for exploration, with final payments and share issuances detailed for full property ownership.
Eloro Resources' exploration and development in Bolivia and Peru could contribute to local economies and the global supply of precious and base metals.
Discover how Eloro Resources is unlocking the potential of the Iska Iska silver-tin polymetallic project in Bolivia with strategic investments and exploration credits.
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Eloro Resources Ltd. (TSX.V: ELO) (OTCQX: ELRRF) (FSE: P2QM) has taken a decisive step forward in its acquisition of the Iska Iska silver-tin polymetallic project in southern Bolivia by making a US$1.5 million option payment to Empresa Minera Villegas S.R.L. This payment is part of a revised US$10 million option agreement that includes a US$1.8 million credit for exploration work on the adjacent Mina Casiterita property. The agreement stipulates one final cash payment of US$1.15 million, due by January 6, 2026, to complete the acquisition.
The Iska Iska project, accessible by road and free of royalties, represents a significant opportunity in the Potosi Department, known for its rich mineral deposits. Eloro's commitment to this project underscores the potential for substantial discoveries and development in the region. The company's strategic move to secure full ownership of Mina Casiterita and Mina Hoyada involves an additional US$1.8 million payment within 12 months of obtaining mining rights and the issuance of 200,000 common shares upon property transfer, pending regulatory approvals.
This development is a testament to Eloro Resources' dedication to expanding its portfolio of gold and base-metal properties across Bolivia, Peru, and Quebec. The Iska Iska property, classified as a polymetallic epithermal-porphyry complex, is a key asset in Eloro's exploration and mine-development strategy. A recent NI 43-101 technical report by Micon International Limited further validates the project's potential, available on Eloro's website and SEDAR filings.
The implications of this acquisition extend beyond Eloro Resources, signaling growth and investment opportunities in the mining sector, particularly in Bolivia's mineral-rich landscapes. The project's advancement could contribute to local economies and the global supply of silver and tin, metals critical to various industries. For investors and industry observers, Eloro's progress with the Iska Iska project is a development worth watching, as it may herald new discoveries and economic benefits in the region.
Curated from InvestorBrandNetwork (IBN)
