- Eloro Resources (TSX:ELO) made its last option payment to acquire a 99 per cent joint venture interest, 100 per cent economic participation and full operational control of the Iska Iska silver-tin polymetallic project in Potosí, Bolivia
- The mineral exploration and mine development company is advancing a project portfolio spanning Bolivia, Peru and Quebec
- Eloro stock has added 203.92 per cent year-over-year but remains down by 30.65 per cent since 2021
Eloro Resources (TSX:ELO) made its last option payment to acquire a 99 per cent joint venture interest, 100 per cent economic participation and full operational control of the Iska Iska silver-tin polymetallic project in Bolivia, one of the top 10 silver producing countries in the world.
The US$1.15 million payment, made by subsidiary Minera Tupiza to Empresa Minera Villegas, optimizes Eloro’s exposure to one of the most attractive silver projects in Bolivia, which shows the potential to host two large deposits in the prolific Eastern Cordillera, only a few hundred kilometres away from Cerro Rico de Potosí, the world’s largest silver deposit, which has yielded more than 2.1 billion ounces and has remained in production since 1545.
Iska Iska’s current resources are estimated at 1.15 billion ounces of silver equivalent inferred – including 298 million ounces of silver, 4.09 million tons of zinc, 1.74 million tons of lead and 130,000 tons of tin – representing billions in potential revenue in the ground backed by five years of extensive, high-grade intercepts, including a record interval reported in December.
Continued drilling, an updated resource estimate and a preliminary economic assessment are expected to better define project value in 2026.
Management commentary
“Completion of the option payments represents a major corporate and strategic milestone for Eloro,” Tom Larsen, chief executive officer of Eloro Resources, said in Thursday’s news release. “The streamlined ownership and control structure aligns regulatory compliance with operational efficiency, eliminates economic uncertainty and positions the company to advance Iska Iska with maximum flexibility and clarity as development activities continue.”
About Eloro Resources
Eloro Resources is a mineral exploration and mine development company advancing a project portfolio spanning Bolivia, Peru and Quebec.
Eloro stock (TSX:ELO) last traded at C$3.10. The stock has added 203.92 per cent year-over-year but remains down by 30.65 per cent since 2021.
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