Eloro Resources Further Amends Payment Schedule for Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia
Eloro Resources Further Amends Payment Schedule for Iska Iska Silver-Tin
Polymetallic Project, Potosi Department, Bolivia
Toronto, Canada, March 13, 2024 – Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE:
P2QM) (“Eloro”, or the “Company”) is pleased to announce that, by mutual agreement with Empresa
Minera Villegas S.R.L. (“Minera Villegas”), the title holder of the Iska Iska silver-tin polymetallic project
in the Potosi Department, southern Bolivia (“Iska Iska”), the payment schedule in connection with the
remaining portion of US$5.1 million of the aggregate US$10 million payment required for Eloro to earn
a 100% interest in Iska Iska has been further amended.
Pursuant to the private option agreement to acquire Iska Iska, as amended, Eloro’s Bolivian
subsidiary, Minera Tupiza S.R.L. (“Minera Tupiza”) has made advance payments of US$4.9 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$500,000 on or before April 30, 2024, US$1,000,000 on or before May 30,
2025, with the remaining US$3.6 million due on or before July 6, 2025.
About Iska Iska
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
100% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic por phyry-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. Mineralization age is similar to Cerro Rico de Potosí and other major deposits
such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.
Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska
on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant
breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa
underground workings and a high-grade gold-bismuth zone in the underground workings. On
November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of
the Huayra Kasa underground workings.
Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the
SBBP including the discovery hole from 0.0m to 257.5m. Subsequent drilling has confirmed
significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A
substantive mineralized envelope which is open along strike and down-dip extends around both
major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of
20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868-9168
TSX Symbol: ELO www.elororesources.com
SBBP returned 164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 446 g Ag/t,
9.03% Pb and 1.16% Sn over 56.19m. The west end of the adit intersects the end of the SBBP.
Since the initial discovery hole DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb,
0.080%Cu and 0.056%Sn over 257.5m, Eloro has released a number of significant drill results in the
SBBP and the surrounding mineralized envelope which along with geophysical data has defined an
extensive target zone. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the
initial inferred MRE for Iska Iska, prepared by Micon International Limited. The MRE was reported in
two domains, the Polymetallic (Ag-Zn-Pb) Domain which is primarily in the east and south of the
Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the west and north. The
Polymetallic Domain is estimated to contain 560Mt at 13.8 g Ag/t, 0.73% Zn & 0.28% Pb at an NSR
cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40 for potential underground.
The majority of the mineral resource is contained in the constraining pit which has a stripping ratio of
1:1.
The Polymetallic Domain contains a higher-grade mineral resource at a NSR cutoff of $US25/t of 132
million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a net NSR value of US$34.40/t
which is 3.75 the estimated operating cost of US$9.20/t. The Tin Domain which is adjacent the
Polymetallic Domain and does not overlap, is estimated to contain a mineral resource of 110Mt at
0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.
The Company has completed a 5,267.7m definition drill program to upgrade and expand the higher-
grade mineral resource in the Polymetallic Domain and has commenced a preliminary economic
evaluation (PEA) led by Lycopodium.
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, through 98% owned Minera Tupiza SRL, has an option
to acquire a 100% 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 km south of the Lagunas Norte
Gold Mine and the La Arena Gold Mine.
For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge
Estepa, Vice-President at (416) 868-9168.
Information in this news release may contain forward-look ing information. Statements containing forward-looking
information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently
available to the Company. There can be no assurance that forward- looking statements will prove to be accurate. Actual
results and future events could differ materially from those anticipated in such statements. Readers should not place undue
reliance on forward-looking information.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
2 | P a g e