Eloro Resources Advances in Acquisition of Iska Iska Project with US$1.5 Million 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. has taken a pivotal step in its strategic expansion by making a US$1.5 million option payment towards the acquisition of the Iska Iska silver-tin polymetallic project in southern Bolivia. This payment is part of a broader US$10 million option agreement with Empresa Minera Villegas S.R.L., which also includes a US$1.8 million credit for exploration work on the adjacent Mina Casiterita property. The company is on track to finalize the acquisition with a final cash payment of US$1.15 million due by January 6, 2026.
Further detailing the amended agreement, Eloro Resources is obligated to pay an additional US$1.8 million within 12 months of securing mining rights to gain full ownership of both Mina Casiterita and Mina Hoyada. The transaction, pending regulatory approvals, will also see the issuance of 200,000 common shares upon the property's transfer. The Iska Iska project, located in the Potosi Department, is accessible by road and is notably free of royalties, marking it as a significant polymetallic epithermal-porphyry complex.
This acquisition is a testament to Eloro Resources' dedication to broadening its portfolio of gold and base-metal properties across Bolivia, Peru, and Quebec. The potential of the Iska Iska project is underscored in a recent NI 43-101 technical report prepared by Micon International Limited, available for review on Eloro’s website and within its filings on SEDAR. This strategic move not only bolsters Eloro's asset base but also cements its position as a forward-thinking player in the mining industry's evolving landscape.
Curated from InvestorBrandNetwork (IBN)
