MiningNewsBreaks – Eloro Resources Ltd. (TSX.V: ELO) (OTCQX: ELRRF) (FSE: P2QM) Notes Update on Payment Schedule for Iska Iska Silver-Tin Polymetallic Project

Company: Eloro Resources Ltd. (ELRRF)
Category: News

Eloro Resources (TSX.V: ELO) (OTCQX: ELRRF) (FSE: P2QM), an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec, is reporting that the payment schedule for the company to purchase 99% interest in the Iska Iska Silver-Tin Polymetallic project has been amended. Eloro has an agreement with Empresa Minera Villegas S.R.L., which holds the title to the silver-tine polymetallic project that is located in southern Bolivia, to pay $10 million for the 99% interest. According to the announcement, Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., has paid $3.4 million thus far; the amended agreement now calls for Eloro, through Minera Tupiza, to pay $1 million to Minera Villegas by Oct. 31, 2022, with the remaining amount being paid on or before July 6, 2024. The Iska Iska silver-tin polymetallic project is a road-accessible, royalty-free property located north of Tupiza city in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro commenced underground diamond drilling at Iska Iska in September 2020 with the discovery of a significant breccia pipe with extensive silver polymetallic mineralization being announced in November 2020. “As a result of our continuing exploration success, which has extended the potential high-grade zone at Iska Iska to as much as two kilometers 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,” said Eloro Resources CEO Tom Larsen in the press release. “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.”

To view the full press release, visit https://ibn.fm/GY7Sf

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department in southern Bolivia. A recent NI 43-101 technical report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the north-central mineral belt of Peru, some 50 kilometers south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometers. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 to 4,400 meters above sea level. For more information about the company, visit www.EloroResources.com.

NOTE TO INVESTORS: The latest news and updates relating to ELRRF are available in the company’s newsroom at https://ibn.fm/ELRRF

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