Eloro Resources Ltd. (TSX-V: ELO, OTCQX: ELRRF, Forum) announced this week that it had entered into an agreement with Haywood Securities Inc., on behalf of a syndicate of underwriters (including Echelon Wealth Partners Inc.) to purchase, on a bought deal basis, more than 3.5 million shares for gross proceeds to the Company of $5.5 million (CAD) (an increase from the $3 million announced earlier this week).
The net proceeds from the Offering will be used for exploration and development at the Company’s projects in Bolivia and Peru, and for general working capital and corporate purposes.
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The exploration and mine development Company recently reported that diamond drilling has confirmed the presence of
a second major breccia pipe southwest of the Huayra Kasa underground workings at its Iska Iska silver polymetallic project located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi.
Channel sampling at the end of the Santa Barbara adit returned 0.32 g Au/ t , 26.90 g Ag/t, 1.16% Pb , 0.01% Zn , 28.5 g In /t and > 500ppm Sn over 2.6m in breccia along the southeast margin of this pipe.
Tom Larsen, Chairman and CEO of Eloro, commented that the discovery of a new breccia pipe and outlining of a number of potential targets for breccia pipes highlights the potential for Iska Iska to host a significant bulk mineable polymetallic deposit.
“We are currently preparing access roads to enable additional surface drilling to further evaluate the new pipe as well as drill-test other potential breccia pipe targets.”
ELO shares are currently $1.55 (CAD).
FULL DISCLOSURE: Eloro Resources Ltd. is a client of Stockhouse Publishing.