Eloro Resources Ltd. has progressed 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 payment represents a critical step in the US$10 million option agreement that includes a US$1.8 million credit for exploration work on the nearby Mina Casiterita property. The company faces one final cash payment of US$1.15 million by January 6, 2026, to complete the acquisition process and secure control over this significant mining asset.
Under the amended terms of the agreement, Eloro must also pay US$1.8 million within 12 months of obtaining mining rights to secure full ownership of both Mina Casiterita and Mina Hoyada properties. The acquisition structure includes the pending issuance of 200,000 common shares upon property transfer, subject to regulatory approvals. The Iska Iska project represents a substantial polymetallic epithermal-porphyry complex located in the Potosi Department, featuring road accessibility and freedom from royalty obligations, making it an attractive long-term investment.
The strategic importance of this acquisition extends beyond the immediate financial commitment, as it underscores Eloro Resources' dedication to expanding its portfolio of gold and base-metal properties across Bolivia, Peru, and Quebec. The project's technical potential is thoroughly documented in a recent NI 43-101 technical report prepared by Micon International Limited, available through Eloro’s corporate website at https://www.elororesources.com and under the company's filings on SEDAR at https://www.sedar.com. This comprehensive documentation provides investors and stakeholders with detailed geological assessments and development projections for the property.
This acquisition positions Eloro Resources as an emerging leader in the mining sector, particularly in the development of polymetallic resources in South America. The company's systematic approach to property acquisition and development, combined with the technical validation provided by independent reports, creates a foundation for sustainable growth and potential resource expansion. The Iska Iska project's strategic location and mineral potential contribute significantly to Eloro's overall asset base, enhancing the company's competitive position in global mining markets and providing long-term value creation opportunities for shareholders.
