- TSX-listed Eloro Resources has successfully closed a bought financing deal, netting the company C$6.3 million (roughly A$6.37 million)
- Eloro will use the funds to further explore the company’s Iska Iska Project in Bolivia, which plays host to major polymetallic mines and mineral deposits
- It entered into the option to buy Iska Iska in 2020 and has since extended its reach at the site and undertaken initial drilling programs
- Along with the Bolivian asset, Eloro owns a majority stake in the La Victoria Project in the Peruvian Andes, which is considered highly prospective for gold
- The company also owns a number of properties across Quebec, Canada, which are considered prospective for precious metals
- Shares in Eloro are trading for C$2.03 each on the TSX-V
Emerging TSX-lister Eloro Resources will head into 2021 well funded for future growth after successfully closing a capital raise.
The Canadian company recently completed a bought financing deal, which netted the business an additional C$6.3 million (roughly A$6.37 million) in funding.
Eloro managed to upsize the deal in the lead-up to it being completed and states it will use all of the funds raised to further explore its Iska Iska Project in Bolivia.
Bolivian project
The Iska Iska project plays host to several major polymetallic mines and mineral deposits and Eloro considers it highly prospective for silver, gold, zinc and lead.
It’s located in Bolivia’s prolific South Mineral Belt, which includes world-class deposits such as Chorolque, Tasna, Choroma, Siete Suvyos and San Vicente.
The resource business first acquired the option to buy a 99 per cent stake in the asset back in January 2020.
Since then, Eloro has carried an underground drilling program at the asset and confirmed the presence of a second major breccia pipe outside of current working at the property.
Commenting on the finding, as well as the company’s wider success to date at Iska Iska, CEO Tom Larsen said the company was excited for what lay ahead.
“The discovery of a new breccia pipe and outlining of a number of potential targets for breccia pipes is highlighting the potential for Iska Iska to host a significant bulk mineable polymetallic deposit,” Tom explained.
“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,” he added.
Peru & Andes assets
Along with the Bolivian asset, Eloro Resources owns a majority stake in the La Victoria Project in the Peruvian Andes.
The asset is located in Peru’s prolific North-Central Mineral Belt and neighbours gold producers Pan American Silver and Barrick Gold Corporation’s own projects.
Additionally, the company also owns a number of properties across Quebec, Canada, which are considered prospective for precious metals.
These include the Lac Henri property, together with five other properties in the James Bay area of northern Québec and the Delta, Eastmain and Lemoyne North properties.
Shares in Eloro are trading for C$2.03 each on the TSX-V.