Eloro Resources Ltd. said Oct. 8 that it was granted an option to acquire up to 100% interest in the Iska Iska polymetallic property, which consists of one mineral concession totaling 900 hectares, by a private Bolivia-based corporation.
The property is in the Potosi department in the southern half of the Bolivian tin belt, which hosts the Cerro Rico de Potosi, the largest silver deposit in the world.
Under the agreement, Eloro will conduct an exploration and development program on the property during the four-year period following the signing of a definitive agreement, due on or before Dec. 31.
Eloro will pay a respective amount based on the number of mineral resource tonnes at the Iska Iska property in the inferred and indicated categories, particularly US$10 million for more than 300 million tonnes, US$5 million for more than 100 million tonnes but less than 300 million tonnes, US$3 million for more than 20 million tonnes but less than 100 million tonnes, and US$1 million for less than 20 million tonnes.
Eloro has also agreed to issue 250,000 common shares within the signing of a definitive agreement and a further 250,000 common shares on or before two years from the signing, should it choose to continue with the exploration program at that time.
The property has silver, zinc, lead, gold, copper, bismuth and indium.
