- Eloro (ELO) is reporting a six-month extension to its option payments for the Iska Iska Project in Bolivia
- The company must pay US$10 million to title holder Empresa Minera Villegas to earn a 99-per-cent interest in Iska Iska
- Eloro’s Bolivian subsidiary, Minera Tupiza, will now 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
- Eloro Resources is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec
- Eloro Resources (ELO) is down by 1.62 per cent, trading at $3.03 per share
Eloro (ELO) is reporting a six-month extension to its option payments for the Iska Iska Project in Bolivia.
The company must pay US$10 million to title holder Empresa Minera Villegas to earn a 99-per-cent interest in Iska Iska.
Eloro’s Bolivian subsidiary, Minera Tupiza, will now 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.
Minera Tupiza has made advance payments of US$3.4 million to date.
Recent high-grade polymetallic results at Iska Iska suggest the potential for a Mineral Resource Estimate beyond the company’s initial expectations.
“As a result of our continuing exploration success, which has extended the potential high-grade zone at Iska Iska to as much as 2 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,” stated Tom Larsen, CEO of Eloro.
“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,” he added.
Eloro Resources is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec.
Eloro Resources (ELO) is down by 1.62 per cent, trading at $3.03 per share as of 11:36 am EST.