TORONTO, Aug. 26, 2021 (GLOBE NEWSWIRE) -- 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, including 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.
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 classified 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-looking 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.
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