Eloro Resources Makes Iska Iska Polymetallic Property Option Payment
Eloro Resources Makes Iska Iska Polymetallic Property Option Payment
Toronto, Canada, October 5, 2021 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF;
FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that it has advanced US$3
million as property option payments, pursuant to the Private Option Agreement (the “Agreement”)
to acquire a 99% interest in the Iska Iska silver-tin polymetallic project (“Iska Iska”) in the Potosi
Department, southern Bolivia. The Agreement grants Eloro the option to acquire a 99% interest
in Iska Iska for consideration consisting of 500,000 Eloro common shares, of which 250,000 have
been issued, with the remaining 250,000 to be issued on or before January 6, 2022, and the
payment of US$10 million, of which US$3 million has been paid to date, with the remaining US$7
million due on or before January 6, 2024.
To date, the Company has completed 31,500 metres (m) in 61 drill holes including three (3) in
progress to test major target areas at Iska Iska. Currently three diamond drill rigs are active at
Iska Iska, two surface rigs and one underground drill. Planned drilling for 2021 is 51,000m with
the aim of outlining an initial inferred National Instrument (“NI”) 43-101 compliant mineral
resource by Q1 2022. Additionally, a downhole induced polarization/resistivity (IP/Res) survey
is in progress to further define drill targets and aid resource definition drilling. Preliminary
metallurgical tests are also in progress. An updated NI 43-101 Technical Report is being
prepared by independent consultant Micon International Ltd.
“We are extremely pleased with the progress and exploration effort at Iska Iska and are most
grateful for the partnership and contributions to date by the title holder, Empresa Minera Villegas
S.R.L.”, commented Thomas Larsen, CEO of Eloro. “Due to the positive results to date from our
drill campaign, initial engineering studies to establish potential economic parameters for mineral
resource definition will commence shortly, with a site visit having already been completed by a
top Peruvian Engineering firm. More detailed metallurgical studies are also planned."
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 cl assified as a polymetallic epithermal-porphyry
complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro
commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon
International Limited and 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
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 kilometres. La Victoria has good infrastructure with access to road, water and electricity
20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868-9168 Fax: (416) 361-1333
TSX.V Symbol: ELO www.elororesources.com
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and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
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 TSXV nor its Regulation Servic es Provider (as that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release.