Eloro Resources Ltd. (TSX.V: ELO) (OTCQX: ELRRF) (FSE: P2QM) has taken a decisive step forward 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 move underscores the company's commitment to expanding its portfolio in the mining sector, with one final cash payment of US$1.15 million due by January 6, 2026, to complete the acquisition.
The amended terms of Eloro’s US$10 million option agreement include a US$1.8 million credit for exploration work conducted on the nearby Mina Casiterita property, showcasing the strategic value Eloro places on this acquisition. To secure full ownership of both Mina Casiterita and Mina Hoyada, Eloro is required to pay US$1.8 million within 12 months of obtaining mining rights and, subject to regulatory approvals, issue 200,000 common shares upon the transfer of the property.
The Iska Iska project is classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, offering substantial potential for silver and tin production. This acquisition is pivotal for Eloro Resources as it seeks to strengthen its position in the global mining industry, with implications for the supply of critical minerals used in various technologies and industries worldwide.
For more details on this development, visit https://ibn.fm/uhxYR.
