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. has progressed 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 represents a crucial step in the US$10 million option agreement that includes a US$1.8 million credit for exploration work on the nearby Mina Casiterita property. The company faces one final cash payment of US$1.15 million by January 6, 2026, to complete the acquisition process and secure control over this significant mining asset.
Under the amended terms of the agreement, Eloro must also pay US$1.8 million within 12 months of obtaining mining rights to secure full ownership of both Mina Casiterita and Mina Hoyada properties. Additionally, pending regulatory approvals, the company will issue 200,000 common shares upon the transfer of the property. The Iska Iska project is recognized as a significant polymetallic epithermal-porphyry complex in the Potosi Department, accessible by road and free of royalties, making it an attractive long-term investment for the company.
The acquisition underscores Eloro Resources' commitment to expanding its portfolio of gold and base-metal properties, which includes projects in Bolivia, Peru, and Quebec. The strategic importance of this move is detailed in a recent NI 43-101 technical report by Micon International Limited, available on Eloro's website at https://www.elororesources.com and under its filings on SEDAR at https://www.sedar.com. This comprehensive technical assessment provides critical validation of the project's potential and supports the company's investment decision.
This strategic acquisition not only enhances Eloro's asset base but also positions the company as a key player in the mining industry's future developments in South America. The Iska Iska project represents a substantial opportunity for the company to establish a significant presence in Bolivia's mineral-rich regions, leveraging the country's established mining infrastructure and favorable geological conditions for polymetallic deposits.
Curated from InvestorBrandNetwork (IBN)
