Eloro, the Canada-based exploration company has signed an agreement that will allow it to carry out an exploration program in the mineral rich Iska Iska polymetallic project in Bolivia through its subsidiary Minera Tupiza.

 

The project—a royalty-free accessible road, owned by Empresa Minera Villages close to Tupizia city—is rich in deposits of silver, zinc, lead, copper, gold, bismuth, and indium. In October 2019, Eloro had carried out preliminary evaluation work at Iska Iska that included geological mapping, channel sampling of the underground, and on surface workings all of which returned positive results for these minerals.

 

Minera is now planning to undertake a multifaceted exploration program to evaluate known mineralized areas, define high priority drill targets, and outline potentially new mineralized area in this project. 

 

Under the agreement, Eloro will issue 250,000 common shares within 30 days of the date of agreement and can elect to issue 250,000 further shares within two years thereafter. Eloro can also opt to pay $10mn to the villages within four full years of the date of agreement. During this four-year period Minera will undertake an exploration and development program to help the company validate a new geological model to plan future exploration programs and identify new mineralized zones.

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