Eloro Resources Provides Update on its La Victoria Silver/Gold Project, Peru
Eloro Resources Provides Update on its La Victoria Silver/Gold Project, Peru
Toronto, Canada, August 26, 2021 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF
FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that in connection with required
permitting for continued exploration at La Victoria, it’s 82%-owned Peruvian subsidiary,
Compañia Minera Eloro Peru S.A.C. (“Eloro Peru”), entered into a surface rights agreement (the
“Agreement”) with the Pallasca Community in the Pallasca Province, Ancash Department, Peru.
The Agreement allows exploration activities, incl uding drilling, to proceed at the San Markito
epithermal silver drill target.
The San Markito target is located within the Victoria-APB Concession in the Pallasca District and
Province, 430 km NNE of Lima, Peru. Surface mapping and sampling to date has confirmed high
silver grades within a silicified breccia structure located at an altitude of 4050m above sea level.
Significant silver values from San Markito include 994 g/t Ag with 0.35 g/t Au in a continuous
diamond saw channel sample over 4.00m and 390 g/t Ag with 0.53 g/t Au over 1.53m (see
December 14, 2016 Eloro Press Release). Induced polarization survey results indicate a steeply
dipping low resistivity and higher chargeability anomaly at depth, spatially correlated with the
surface mineralization. A 3000m drill program to test the continuity of the breccia mineralization
along strike and down-dip is planned.
Since 2016, Eloro Peru has been actively engaged with local stakeholders from the Pallasca
community and nearby hamlets in order to provide the necessary information to all concerned
members. On July 24 2021, an extraordinary community assembly took place, where a majority
of community members voted in favour of Eloro Peru’s land use proposal. Apart from the land
rental payment, Eloro has also agreed to help the community avail itself to government
infrastructure funds to enhance the community’s agricultural practices and access to water.
With the Agreement in place, Eloro Peru can now proceed with the drill permitting process with
the Peruvian Ministry of Energy and Mines and the Water Authority. Geades Consulting S.A.C
has been retained for this purpose.
Geological operations will recommence in September, 2021, under the supervision of Chief
Geologist (Peru), Marcelo Alvarez, who led Eloro Peru’s 2017-2018 exploration activities. Mr.
Alvarez brings 30 years of exploration experience in South American epithermal, mesothermal
and porphyry deposit types. He also has extensive knowledge in the modeling and evaluation
of mineral resources.
Eloro’s La Victoria joint venture partner, Burgundy Diamond Mines Limited, holds an 18% interest
in Eloro Peru and pursuant to an option agreement, can increase their interest from 18% to 25%
by expending a further $1,400,000, subject to the receipt of all required permitting.
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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Qualified Person
Luc Pigeon, B.Sc., M.Sc., P. Geo., General Manager of Compañia Minera Eloro Peru S.A.C. and
a Qualified Person in the context of National Instrument 43-101 (“NI 43-101”), has reviewed and
approved the technical content of this news release.
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
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.