Eloro Resources Ltd. (TSXV: ELO), in mutual agreement with Empresa Minera Villegas S.R.L. the title holder of the Iska Iska silver-tin polymetallic project in Bolivia, has updated the payment schedule in connection with the US$10 million payment required for Eloro to earn a 99% interest in the project.
Pursuant to the private option agreement to acquire Iska Iska, Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L. has made advance payments of US$3.4 million to date towards the US$10 million option payment. As per mutual agreement the schedule for the remaining option payments has been amended whereby Eloro, through Minera Tupiza, has agreed to pay Minera Villegas US$1 million on or before October 31, 2022, with the remaining US$5.6 million due on or before July 6, 2024.
“As a result of our continuing exploration success which has extended the potential high-grade zone at Iska Iska to as much as two km along strike and the deferral of our inaugural Mineral Resource Estimate to Q1 2023, to allow time for further exploration drilling, both parties felt it prudent to extend the contract date an extra six months,” Eloro CEO, Tom Larsen, said.
“This extension also provides additional time to receive drilling assay results which have been delayed over the past two years due to Covid-related circumstances.”
About Iska Iska
The Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km.
For further information please visit: https://elororesources.com/
