Agoracom Blog Home

Archive for the ‘Tartisan Resources’ Category

Eloro Resources’ Acquisition of a 100% Interest in the La Victoria Gold/Silver Property Closes in Escrow $TTC.ca

Posted by AGORACOM-JC at 11:00 AM on Monday, October 17th, 2016

Tartisan_logo_copy

  • Eloro has closed the acquisition of a 100% interest in the La Victoria Gold/Silver Property  in escrow, pending recording and registration of all applicable transfers with the proper authorities in Peru

Toronto, Ontario – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”) and Tartisan Resources Corp. (CSE:TTC) (“Tartisan”) are pleased to announce that, in accordance with the terms of the previously announced purchase and sale agreement (the “Agreement”), Eloro has closed the acquisition of a 100% interest in the La Victoria Gold/Silver Property (“La Victoria” or the “Property”) in escrow, pending recording and registration of all applicable transfers with the proper authorities in Peru.

Under the terms of the Agreement (see news release dated August 5, 2016), Eloro has issued Tartisan 6,000,000 common shares and 3,000,000 common share purchase warrants with limited transferability, and paid Tartisan C$250,000 (less adjustments as specified in the Agreement). Eloro owes one further payment of C$100,000, payable or on before July 17, 2017. The share certificates, warrants, funds, promissory note and other closing documents have been delivered into escrow and will be released from escrow forthwith after satisfactory completion of the recording and registration of: i) all transfers of the property interests, with the exception of the San Markito mineral concession, which will be transferred at such time that Eloro makes the final C$100,000 payment, and ii) the receipt of the Declaración de Impacto Ambiental (“DIA”) project environmental permit for the Property, to be approved by the Peruvian Ministry of the Environment.

Pursuant to the terms of the acquisition Eloro granted Tartisan a 2% royalty interest (the “Royalty”) on the Property, half of which can be repurchased by Eloro for C$3 million to reduce the Royalty to 1%.

All securities issued by Eloro pursuant to the Agreement are subject to a statutory 4-month hold period and are subject to a lock-up agreement whereby Tartisan will be restricted from transferring securities of Eloro for a period of 18 months following the closing date, and with limited transferability for a period of four and one half years, all as detailed in the August 5, 2016 new release.

About Tartisan Resources Corp.

Tartisan is a Canadian exploration and development company focused on mineral exploration and development of precious and base metals properties in Canada and Peru.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company which recently acquired a 100% undivided interest in the La Victoria property, located in the prolific North-Central Mineral Belt of Peru. The La Victoria Property consists of properties totalling eight mining concessions encompassing approximately 35.9 square kilometres together with 3 mineral claims totalling 15 square kilometers. The Property is within 50 kilometres of several producing gold mines, with three producers visible from the property. Infrastructure in the area is good with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level. Eloro also holds a portfolio of gold and base-metal properties in northern and western Quebec.

For further information please contact: Thomas G. Larsen, President and CEO of Eloro or Jorge Estepa, Vice-President of Eloro at (416) 868-9168 or Mark Appleby, CEO of Tartisan Resources at (416) 804-0280.

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 Corporation’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 Corporation. 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.

Neither the TSXV, CSE nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Eloro Resources Receives TSX Venture Exchange Approval to Acquire a 100% Interest in Tartisan’s La Victoria Gold/Silver Property, Ancash, Peru $TTC.ca $ELO.ca

Posted by AGORACOM-JC at 4:50 PM on Wednesday, September 14th, 2016

Tartisan_logo_copy

  • TSX Venture Exchange has accepted Eloro’s filing in connection with the acquisition of 100% of the La Victoria Gold/Silver Property
  • Eloro and Tartisan are now moving towards closing the transaction on an expeditious basis.

Toronto, Ontario – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”) and Tartisan Resources Corp. (CSE:TTC) (“Tartisan”) are pleased to announce that the TSX Venture Exchange has accepted Eloro’s filing in connection with the acquisition of 100% of the La Victoria Gold/Silver Property (“La Victoria” or the “Property”) in Huandoval District, Pallasca Province, Ancash Department, Peru.

Having satisfied all of the terms precedent to the acquisition, including the filing of a National Instrument 43-101 Technical Report on the Property and the receipt of majority Eloro shareholder approval for the acquisition, Eloro and Tartisan are now moving towards closing the transaction on an expeditious basis.

Pursuant to the terms of the acquisition (see News Release dated August 5, 2016) and as consideration for the Property, Eloro has agreed to: i) issue Tartisan 6 million common shares and 3,000,000 warrants with limited transferability, ii) make staged cash payments totalling C$350,000, and iii) grant Tartisan a 2% royalty interest (the “Royalty”), half of which can be repurchased by Eloro for C$3 million to reduce the Royalty to 1%.

About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in northern Peru and western Quebec. Eloro recently announced its proposed acquisition of a 100% undivided interest in the La Victoria property, located in the prolific North-Central Mineral Belt of Peru. The La Victoria Property consists of properties totalling eight mining concessions encompassing approximately 35.9 square kilometres together with 3 mineral claims totalling 15 square kilometers. The Property is within 50 kilometres of several producing gold mines, with three producers visible from the property. Infrastructure in the area is good with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

About Tartisan Resources Corp.

Tartisan is a mineral exploration and development company based in Toronto, Canada with an emphasis on properties in Peru. The company owns the La Victoria property located in the northern Ancash Department, Peru. La Victoria property is located within 50 km of several producing mines including: La Arena owned by Tahoe Resources, Lagunas Norte (Alto Chicama) owned by Barrick Gold Corporation (TSX:ABX) and Santa Rosa owned by Compañia Minera Aurífera Santa Rosa (COMARSA).

For further information please contact: Thomas G. Larsen, President and CEO of Eloro or Jorge Estepa, Vice-President of Eloro at (416) 868-9168 or Mark Appleby, CEO of Tartisan Resources at (416) 804-0280.
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 Corporation’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 Corporation. 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.
Neither the TSXV, CSE nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Eloro Resources Ltd. Files NI 43-101 Technical Report on the La Victoria Gold/Silver Property, Ancash, Peru $TTC.ca

Posted by AGORACOM-JC at 9:44 AM on Wednesday, September 7th, 2016

Tartisan_logo_copy

  • Technical Report was filed as one of the terms precedent to the acquisition of 100% of La Victoria from Tartisan
  • Technical Report incorporates results of Eloro’s recent geophysical survey and surface mapping programs

TORONTO, ONTARIO–(Sept. 7, 2016) - Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) (Eloro“) and Tartisan Resources Corp. (CSE:TTC) (“Tartisan”) are pleased to announce that Eloro has filed a National Instrument (“NI”) 43-101 Technical Report (“Technical Report”) authored by Mr. Luc Pigeon, M.Sc., P.Geo., on the La Victoria Gold/Silver Property (“La Victoria” or the “Property”) in Huandoval District, Pallasca Province, Ancash Department, Peru. The Technical Report was filed as one of the terms precedent to the acquisition of 100% of La Victoria from Tartisan (see News Release dated August 5, 2016). Mr. Pigeon, P.Geo., is a Qualified Person as defined by NI 43-101 and has managed or participated in all exploration programs on the Property since 2012.

The Technical Report incorporates results of Eloro’s recent geophysical survey and surface mapping programs (see press release June 7, 2016), managed by Senior Technical Advisor Dr. Bill Pearson, P.Geo. The geophysical survey was overseen by Dr. Chris Hale, P.Geo. of Intelligent Exploration, Guelph, Ontario, Canada, while a property-wide lithological, structural and alteration mapping program was managed by well-known Bolivian economic geologist Dr. Osvaldo Arce, La Paz, Bolivia.

“This NI 43-101 Technical Report is a major step forward in the understanding of the La Victoria Gold/Silver Property,” said Eloro CEO Mr. Tom Larsen, “Results of the new geophysical and geological mapping and sampling programs combined with results of historical work have allowed us to select a number of very prospective targets to test in the upcoming diamond drill program.”

Four principal mineralized zones are identified on the Property: San Markito, Rufina, Victoria and Victoria South. The Rufina and San Markito zones are the most advanced targets and are recommended for drilling whereas the Victoria and Victoria South zones are at an early exploration stage. In general, mineralization occurs within breccias and veins that contain significant gold and silver concentrations and trace element characteristics that are compatible with epithermal deposits especially the low sulphidation type.

A two-part Phase I exploration program is recommended. The first part is budgeted at US$250,000 and includes permits, road work and drill pad construction for the diamond drill program, with detailed followup mapping, sampling and geophysical surveys. The Part 2 drill program is budgeted at US$850,000 and includes 3,000m of diamond drilling at San Markito and Rufina. Eloro has initiated discussions with several drill contractors in Peru for the Phase I drilling program.

Exploration Targets

The Property is located within a prolific epithermal gold deposit belt that extends from Cajamarca to Ancash and includes such gold deposits as Yanacocha, Lagunas Norte and La Arena. The La Arena mine is located 50km northwest of the property.

At the Rufina mineralized zone, five vein sets of 20m to 70m in width were identified at the Rufina West mineralized zone, with lengths ranging from 10m to possibly 500m, with an average exposure of some 150m. Vein sets are composed of iron oxide-quartz-arsenopyrite-hydroxide-sulphate minerals in veinlet swarms, stockworks, and breccia zones. Veins are dominantly tensional, and are characterized by open space filling fabrics. Mineralization below the oxidation layer contains pyrite, bornite, chalcopyrite, and arsenopyrite, and where a 40-cm chip sample massive arsenopyrite sample carried 68.3 g/t gold, 52.7 g/t silver, and 0.77% copper. Chip channel sampling within the Rufina mountain underground workings identified several gold rich arsenopyrite veins. One sample returned an elevated gold concentration of 15.1 g/t Au over 0.5 m and 136.4 g/t Ag, 1.61% lead and 3.75% zinc. Three alteration samples from the recent sampling returned an averaged 8.8 g/t gold and 23.8 g/t silver.

Structural settings include faults and fractures bounded by brittle-ductile fault systems and shear zones. They are well developed in intrusive rocks as well as underlying sediments of the Chicama Fm.

The 2D inverse geophysical interpretation from the induced polarization survey shows that the high resistance diorite (the main mineralized lithology present on the Rufina zone) is concentrated near the surface and is underlain by conductive and chargeable sedimentary rocks. There appears to be a chargeability anomaly concentrated along the contact between the diorite and the underlying Chicama Fm sediments; since the anomaly also shows a higher resistivity value than what is usual for the Chicama Fm, it is interpreted to be mineralization along the contact; this is a high-priority drill target.

The San Markito mineralized zone is approximately 1,300m long and 400m wide and is open along strike to the northwest. Mineralization occurs within breccias and veins that strike northwest and dip to the northeast at between 55 and 80 degrees. The breccias vary in lengths between 30m and 200m with widths between 5m and 20m; veins are between 20cm and 1.0m in width and have been traced up to 160m, although most identified veins are between 10m and 20m long. The breccia mineralization is composed of quartz, pyrite, arsenopyrite, iron-oxide, malachite and other secondary oxides and sulphates minerals whereas the vein mineralization is composed of quartz, arsenopyrite, chalcopyrite, pyrite, iron oxides (limonite), hydroxides (goethite) and sulphate (jarosite).

San Markito gold and silver values range from trace values to 2.27 g/t gold in the veins and to 1,814 g/t silver in the breccias. Lead, arsenic, and antimony are also enriched with lead reaching 16.82% and the latter two over the 1% analytical limit. In addition, copper values from two breccia samples returned anomalous values up to 2.31%.

The Victoria South zone is located between San Markito and Rufina zones. The host rocks are dominantly the Upper Jurassic Chicama Formation. The zone is comprised of structural vein sets ranging between 5 to 30m in width composed of iron and manganese oxides, quartz, arsenopyrite, pyrite and goethite. Most of the vein sets are bounded by faults and shear zones, with a dominant E-W east-west strike and subvertical to vertical dips. Vein lengths range from from 5m to possibly 50m, and between 1cm and 40cm in width, averaging 20cm. The main vein system is the San Carlos which was exploited for about 50m along strike. It consists of 2-3 quartz veins with abundant gossan, limonite, drusy quartz and arsenopyrite in a shear zone. Gold values mineralization range from 0.027 g/t Au up to 8.4 g/t Au over 1.2m. Silver values vary between negligible to 39.0 g/t over 1.5m. Arsenic concentrations can exceed the 10% detection limit in gold-rich samples. Lead and Zn concentrations are negligible.

The Victoria Au-Ag zone is located east of the San Markito zone within the Victoria intrusion QFP and diorite rocks near the contact with the sedimentary rocks of the Chimu Fm. Mineralized structures vary from 10 m to 100 m and widths vary from 0.1 m to 0.9 m. Surface vein material is composed of anhedral quartz and secondary iron oxide and hydroxide minerals producing a distinctive dark brown to rusty yellowish brown color. Gold and Ag values vary from trace to 14.4 g/t Au and 927 g/t Ag respectively. Copper values are elevated in most samples to a maximum of 4.29% Cu.

The Technical Report titled “NI 43-101 Technical Report on the La Victoria Au-Ag Property, Ancash, Peru” has been filed and is available under Eloro’s profile on SEDAR (www.sedar.com).

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in northern Peru and western Quebec. Eloro recently announced its proposed acquisition of a 100% undivided interest in the La Victoria property, located in the prolific North-Central Mineral Belt of Peru. The La Victoria Property consists of properties totalling eight mining concessions encompassing approximately 35.9 square kilometres together with 3 mineral claims totalling 15 square kilometers. The Property is within 50 kilometres of several producing gold mines, with three producers visible from the property. Infrastructure in the area is good with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

About Tartisan Resources Corp.

Tartisan is a mineral exploration and development company based in Toronto, Canada with an emphasis on properties in Peru. The company owns the La Victoria property located in the northern Ancash Department, Peru. La Victoria property is located within 50 km of several producing mines including: La Arena owned by Tahoe Resources, Lagunas Norte (Alto Chicama) owned by Barrick Gold Corporation and Santa Rosa owned by Compañia Minera Aurífera Santa Rosa (COMARSA).

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 Corporation’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 Corporation. 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.

Neither the TSXV, CSE nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Jim Steel MBA, P.Geo., a Qualified Person in the context of NI 43-101 has reviewed and approved the technical content of this news release.

Contact Information

Eloro Resources Ltd.
Thomas G. Larsen
President and CEO
(416) 868-9168

Eloro Resources Ltd.
Jorge Estepa
Vice-President
(416) 868-9168
www.elororesources.com

Tartisan Resources
Mark Appleby
CEO
(416) 804-0280

Eloro Resources and Tartisan Resources Announce Execution of Definitive Agreements for Eloro to Acquire a 100% interest in Tartisan’s La Victoria Polymetallic Property, Ancash, Peru $TTC.ca

Posted by AGORACOM-JC at 7:46 AM on Friday, August 5th, 2016

Tartisan_logo_copy

  • Announced the execution and delivery of a binding Purchase and Sale Agreement  with respect to the proposed purchase by Eloro
  • Property, currently consisting of 8 mineral concessions totalling approximately 35.9 km2 together with 3 mineral claims totalling 15 km2, is held by a Peruvian-based Tartisan subsidiary and is located in Huandoval District, Pallasca Province, Ancash Department, in the North-Central Mineral Belt of Peru

Toronto, Ontario – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”) and Tartisan Resources Corp. (CSE:TTC) (“Tartisan”) are pleased to announce the execution and delivery of a binding Purchase and Sale Agreement (the “Agreement”) with respect to the proposed purchase by Eloro (the “Transaction”) of Tartisan’s 100% interest in La Victoria property (“La Victoria” or the “Property”) as previously announced on May 30, 2016. The Property, currently consisting of 8 mineral concessions totalling approximately 35.9 km2 together with 3 mineral claims totalling 15 km2, is held by a Peruvian-based Tartisan subsidiary and is located in Huandoval District, Pallasca Province, Ancash Department, in the North-Central Mineral Belt of Peru.

Pursuant to the terms of the Agreement and as consideration for the Property, Eloro has agreed to: i) issue 6 million common shares (the “Shares”) and 3,000,000 warrants (the “Warrants”) with limited transferability, ii) make staged cash payments totalling C$350,000, and iii) grant Tartisan a 2% royalty interest (the “Royalty”), half of which can be repurchased by Eloro for C$3 million to reduce the Royalty to 1%.

Transaction Highlights

  • Acquisition of Tartisan’s 100% interest in the Property (which is currently governed by the La Victoria Option and Joint Venture Agreement dated July 3, 2014 (the “Option and Joint Venture Agreement”), as amended) in consideration of: i) the issuance of 6,000,000 Shares and 3,000,000 Warrants of Eloro, ii) a cash payment of C$250,000 on the first closing, with a further payment of C$100,000 within nine months from the first closing (the San Markito mineral claim will not be transferred by Tartisan to Eloro until such time that the final C$100,000 payment is made). The Option and Joint Venture Agreement will be terminated upon completion of the Transaction.
  • Each Warrant will give Tartisan the right to purchase one Share of Eloro at a price of $0.40 for a period of three years after closing, subject to acceleration in certain circumstances.
  • All securities issued to Tartisan in the Transaction will be subject to a lock-up agreement whereby Tartisan will be restricted from transferring securities of Eloro for a period of 18 months following the closing date of the Transaction, subject to certain exceptions, and transfers subsequent to that period will be restricted for a period of four and one half years after the first closing will be subject to further restrictions whereby, should Tartisan wish to proceed with a disposition, it would be restricted to selling a maximum of 1 million Shares every six months and would agree to provide Eloro 45 days’ notice prior to any sale, during which time Eloro could identify a purchaser or purchasers for the Shares and would have the right of first refusal to place the Shares with such purchasers pursuant to the terms of a mutually agreeable sale.
  • Eloro will grant Tartisan a 2% Royalty on the Property, with a buy-down provision for one-half of the Royalty (to reduce the Royalty to 1%) on payment of C$3 million.
  • During a two-year term, Eloro will grant Tartisan a pre-emptive purchase right to participate in future Eloro financings to concurrently purchase such number of Eloro shares as would allow Tartisan to maintain the same beneficial ownership in aggregate, up to a maximum of 19.9%, as Tartisan owned immediately prior to the closing of the proposed financing.
  • For a four-year term, Tartisan will not vote its Shares of Eloro against any nominees to Eloro’s Board of Directors proposed by Eloro or vote against any resolutions supported by the Board of Directors of Eloro, subject to certain exceptions.

The Transaction would create a new “Control Person” in Eloro, pursuant to applicable securities legislation, as it is proposed that Eloro issue Tartisan 6 million Shares and 3 million Warrants (representing 22.4% of the Shares of Eloro on a non-diluted basis, and 30.2% of the Shares of Eloro on a partially-diluted basis, assuming the exercise of only the Warrants held by Tartisan). In accordance with the policies of the TSX Venture Exchange (“TSXV”), disinterested shareholder approval is required for the creation of a new Control Person.

The Transaction remains subject to several conditions, including: (i) the receipt of all necessary approvals, including the approval of the TSXV for Eloro; (ii) the completion of a National Instrument (“NI”) 43-101 Technical Report on La Victoria by Eloro; and (iii) shareholder approval from the shareholders of Eloro. Eloro will be making a submission to the TSXV in order to obtain conditional approval for the Transaction and will proceed with obtaining the required shareholder approval for the issuance of the securities pursuant to the Transaction. A NI 43-101 report on La Victoria is currently being drafted. Any securities to be issued by Eloro pursuant to the proposed Transaction would be subject to a 4-month hold period.

La Victoria Property, Peru

The La Victoria Property is free of royalties and consists of properties totalling eight mining concessions encompassing approximately 35.9 square kilometres together with 3 mineral claims totalling 15 square kilometres. The La Victoria Property is within 50 kilometres of several producing mines, with three producers visible from the Property. The Property has good infrastructure with road-access and nearby sources of water and electricity. It is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in northern Peru and western Quebec. Eloro recently announced its proposed acquisition of a 100% undivided interest in the La Victoria property, located in the prolific North-Central Mineral Belt of Peru. The La Victoria Property consists of properties totalling eight mining concessions encompassing approximately 35.9 square kilometres together with 3 mineral claims totalling 15 square kilometers. The Property is within 50 kilometres of several producing gold mines, with three producers visible from the property. Infrastructure in the area is good with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

About Tartisan Resources Corp.

Tartisan is a mineral exploration and development company based in Toronto, Canada with an emphasis on properties in Peru. The company owns the La Victoria property located in the northern Ancash Department, Peru. La Victoria property is located within 50 km of several producing mines including: La Arena owned by Tahoe Resources, Lagunas Norte (Alto Chicama) owned by Barrick Gold Corporation (TSX:ABX) and Santa Rosa owned by Compañia Minera Aurífera Santa Rosa (COMARSA).

For further information please contact: Thomas G. Larsen, President and CEO of Eloro or Jorge Estepa, Vice-President of Eloro at (416) 868-9168 or Mark Appleby, CEO of Tartisan Resources at (416) 804-0280.

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 Corporation’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 Corporation. 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.

Neither the TSXV, CSE nor its Regulation Services Provider (as that term is defined in the policies of the TSXV or CSE) accepts responsibility for the adequacy or accuracy of this release.

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/TartisanAug52016.pdf

Source: Tartisan Resources Corp. (CSE:TTC)

Tartisan Resources Corp. Annual and Special General Meeting $TTC.ca

Posted by AGORACOM-JC at 3:25 PM on Tuesday, June 7th, 2016

Tartisan_logo_copy

  • Called an Annual and Special General Meeting to be held on July 29, 2016. The Record date for the meeting has been fixed as June 27, 2016.

Toronto, Ontario – Tartisan Resources Corp. (CSE: TTC) (“Tartisan”, or the “Company”) announces that it has called an Annual and Special General Meeting to be held on July 29, 2016. The Record date for the meeting has been fixed as June 27, 2016. Full particulars can be found on Sedar.

The Company also reports that the previously announced 3,900,000 director, officer, employee and consultant stock purchase options at CDN $0.07 cents per share, expiring 60 months from date hereof, have been granted.

The Company also announces the issuance of a total of 495,000 shares to settle certain debt to a consultant and to a former director at a deemed price of five cents per share to settle debt of $24,750.

Tartisan Resources Corp. common shares are listed on the Canadian Securities Exchange (CSE:TTC). Currently, there are 58,394,982 shares outstanding (74,759,982 fully diluted).

For further information, please contact Mr. D. Mark Appleby, President & CEO and a Director of the Company, at 416-804-0280 (mark@tartisanresources.com), Mr. Luc Pigeon B.Sc., M.Sc., P.Geo. is the Company’s QP and serves as the GM of Minera Tartisan. Mr. Pigeon can be contacted at +51986651325 (tartisan.gm@gmail.com). Additional information about Tartisan can be found at the Company’s website at www.tartisanresources.com or on SEDAR at www.sedar.com.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Tartisan06072016.pdf

Source: Tartisan Resources Corp. (CSE:TTC) http://www.tartisanresources.com/

Tartisan Resources and Eloro Resources Enter into Agreement for Eloro to Acquire a 100% interest in Tartisan’s La Victoria Polymetallic Property, Ancash, Peru $TTC.ca

Posted by AGORACOM-JC at 7:06 AM on Monday, May 30th, 2016

Tartisan_logo_copy

  • Acquisition of Tartisan’s 100% interest in the Property currently governed by the La Victoria Option and Joint Venture Agreement in consideration of:
  • i) the issuance of 6,000,000 Shares and 3,000,000 Warrants of Eloro,
  • ii) a cash payment of C$250,000 on closing, with a further payment of C$100,000 six months from closing (the San Markito mineral claim will not be transferred by Tartisan to Eloro until such time that the final C$100,000 payment is made). 
  • Option and Joint Venture Agreement will be terminated upon completion of the Transaction.

Toronto, Canada, May 30, 2016 – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”) and Tartisan Resources Corp. (CSE:TTC) (“Tartisan”) are pleased to announce that they have entered into a Letter of Intent Agreement (the “Agreement”) for Eloro to acquire Tartisan’s 100% undivided interest in La Victoria property (“La Victoria” or the “Property”), in consideration for: i) 6 million common shares (the “Shares”) and 3,000,000 non-transferable warrants (“Warrants”), ii) staged cash payments totalling C$350,000, and iii) the granting of a 2% royalty interest (the “Royalty”), half of which (1%) can be repurchased by Eloro for C$3 million (collectively, the “Transaction”). The Property, consisting of 8 mineral concessions totalling approximately 34.4 km2, is held by a Peruvian-based Tartisan subsidiary and is located in Huandoval District, Pallasca Province, Ancash Department, in the North-Central Mineral Belt of Peru. On completion of the proposed Transaction, Eloro will hold an undivided 100% interest in the Property, subject to the Royalty.

Transaction Highlights

  • Acquisition of Tartisan’s 100% interest in the Property currently governed by the La Victoria Option and Joint Venture Agreement dated July 3, 2014 (the “Option and Joint Venture Agreement”), as amended, in consideration of: i) the issuance of 6,000,000 Shares and 3,000,000 Warrants of Eloro, ii) a cash payment of C$250,000 on closing, with a further payment of C$100,000 six months from closing (the San Markito mineral claim will not be transferred by Tartisan to Eloro until such time that the final C$100,000 payment is made). The Option and Joint Venture Agreement will be terminated upon completion of the Transaction.
  • Each Warrant will give Tartisan the right to purchase one Share of Eloro at a price of $0.40 for a period of three years after closing, subject to acceleration in certain circumstances.
  • All securities issued to Tartisan in the Transaction would be subject to a lock-up agreement whereby Tartisan will be restricted from transferring securities of Eloro for a period of 18 months following the closing date of the Transaction, subject to certain exceptions, and transfers subsequent to that period will be subject to further restrictions, whereby should Tartisan wish to proceed with a disposition, it would be restricted to 1 million Shares every six months and Tartisan would agree to provide Eloro 45 days’ notice prior to any sale, during which time Eloro could identify a purchaser or purchasers of the Shares and would have the right of first refusal to place the Shares pursuant to the terms of a mutually agreeable sale.
  • Eloro would grant Tartisan a 2% Royalty on the Property, with a buy-down provision for one-half (1%) of the Royalty for consideration of C$3 million.
  • During a two year term, Eloro would grant Tartisan a pre-emptive purchase right to participate in future Eloro financings to concurrently purchase such number of Eloro shares as would allow Tartisan to maintain the same beneficial ownership in aggregate, up to a maximum of 19.9%, as Tartisan owned immediately prior to the closing of the proposed financing.
  • Tartisan will be entitled to nominate its C.E.O., Mr. Mark Appleby, to the Board of Directors of Eloro, during such time that Tartisan holds more than 10% of the outstanding Eloro Shares.
  • For a four-year term, Tartisan will not vote its Shares of Eloro against any nominees to Eloro’s Board of Directors proposed by Eloro or vote against any resolutions supported by the Board of Directors of Eloro, subject to certain exceptions.

The proposed Transaction would create a new “Control Person” in Eloro pursuant to applicable securities legislation as it is proposed that Eloro issue Tartisan 6 million Shares and 3,000,000 Warrants   (representing 22.8% of the Shares of Eloro on a non-diluted basis, and 30.7% of the Shares of Eloro on a partially-diluted basis, assuming the exercise of only the Warrants). In accordance with the policies of the TSX Venture Exchange (“TSXV”), disinterested shareholder approval is required for the creation of a new Control Person.

The Transaction remains subject to several conditions, including: (i) the satisfactory completion of a due diligence review of the Property by Eloro, (ii) the completion and execution of a Definitive Agreement, iii) approval of the Board of Directors of each of Eloro and Tartisan, (iv) the receipt of all necessary approvals, including the approval of the TSXV for Eloro and of the Canadian Securities Exchange for Tartisan, and (v) shareholder approval from the shareholders of Eloro and if applicable, the shareholders of Tartisan.  Eloro will be making a submission to the TSXV in order to obtain conditional approval for the Transaction and will schedule an Annual and Special Meeting of its shareholders in order to obtain the required shareholder approval for the issuance of the securities pursuant to the Transaction. Any securities to be issued by Eloro pursuant to the proposed Transaction would be subject to a 4-month hold period.

 

La Victoria Property, Peru

 

The La Victoria Property is free of royalties and consists of two adjacent, but not contiguous, properties totalling eight mining concessions encompassing approximately 34.4 square kilometres. The La Victoria Property is within 50 kilometres of several producing mines, with three producers visible from the Property, which has good infrastructure with road-access and nearby sources of water and electricity.

 

About Eloro Resources Ltd.

 

Eloro is an exploration and mine development company with a portfolio of gold properties in Peru and   precious and base-metal properties in northern and western Quebec. Eloro has been granted an option to acquire a 60% interest in La Victoria property, located in the North-Central Mineral Belt of Peru.

About Tartisan Resources Corp.

Tartisan is a mineral exploration and development company based in Toronto, Canada with an emphasis on properties in Peru. The company owns the La Victoria property located in the northern Ancash Department, Peru. La Victoria property is located within 50 km of several producing mines including: La Arena owned by Tahoe Resources, Lagunas Norte (Alto Chicama) owned by Barrick Gold Corporation (TSX:ABX) and Santa Rosa owned by Compañia Minera Aurífera Santa Rosa (COMARSA).

Tartisan Resources Corp. common shares are listed on the Canadian Securities Exchange (CSE:TTC). Currently, there are 58,634,982 shares outstanding (74,624,982 fully diluted

 

For further information please contact: Thomas G. Larsen, Chairman and CEO of Eloro or Jorge Estepa, Vice-President of Eloro at (416) 868-9168 or Mark Appleby, CEO of Tartisan Resources at (416) 804-0280

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 Corporation’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 Corporation.  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.

 

Neither the TSXV, CSE nor its Regulation Services Provider (as that term is defined in the policies of the TSXV or CSE) accepts responsibility for the adequacy or accuracy of this release.

 

AGORACOM Welcomes Tartisan Resources (TTC: CSE) – Situated in the Andes which hosts 12 operating mines, 3 of which are world class producers $TTC.ca

Posted by AGORACOM-JC at 8:43 AM on Tuesday, May 3rd, 2016

TTC: CSE

  • US $250,000 recommended work program
  • Grab samples of note:
    • 2.273 g Au/t
    • 1,814 g Ag/t
  • Gold and silver in Perú’s prolific North- Central Mineralized Belt
  • “La Victoria” lies within this 300 km belt along the Andes which hosts 12 operating mines, 3 of which are world class producers.
  • La Arena owned by Tahoe Resources, Lagunas Norte (Alto Chicama) owned by Barrick Gold Corporation (TSX:ABX) and Santa Rosa owned by Compañia Minera Aurífera Santa Rosa (COMARSA).
  • La Victoria has excellent potential to host high-grade oxide and sulphide epithermal Au, Ag vein systems as well as potential for a large, low-grade, disseminated Cu, Au and Ag (porphyry-type) deposit.

  • Situated in the District of Huandoval, Province of Pallasca, Department of Ancash in the Republic of Peru on the continent of South America; approximately 425 kilometers (km) north-northwest of Lima. It is located within the Instituto Geografico Nacional (IGN) map sheet 17-h Pallasca.
  • Claims are centered on Universal Transverse Mercator (“UTM”) coordinate system, Provisional South American Datum 1956 (“PSAD56″), zone 18L, 174202 meters (m) East and 9081240 meters North; or geographic coordinate system 77º 57′ 15″ of west Longitude and 8º 18′ 10″ of south Latitude.

  • Located in a remote area of Ancash on the western slopes of the Peruvian Andes at elevations that vary from 3000 m to 4200 m above sea level.
  • Landscape includes rocky mountaintops emerging from wide grassy valleys carved by glacial activity (Figure 7.1a and 7.1b).
  • Fertile land is abundant at lower altitudes. The vegetation at lower altitudes includes eucalyptus and pine trees, pasture and garden vegetables whereas the vegetation above 4000 m is restricted to grasses such as the ichu, cactus and some flower species.
  • Temperature on the Property varies between -3 and 20 degrees celsius (“ºC”) with an annual average of approximately 13 ºC. There are only two seasons: the rainy season from November to March along with snowfall during this period, and the dry season from April to October which is also cold.

The Property is located about 10 hours away from Lima by truck with a travel distance of approximately 600 km. Exploration and mining activity can function year-round; however, it is expected that there will be down time during the rainy season because of the poor road conditions. Extreme caution is advised during this period. Figure 6.2 illustrates the route to the Property whereas the travel times, distances and road conditions are listed in Table 7.1.

Route Distance (km) Time (hours) Condition
Lima – Chimbote 440 5.75 Paved road
Chimbote – Santa 11 0.25 Paved road
Santa – Estacion Chuquicara 66 1 Paved road
Estación Chuquicara – La Galgada 30 0.5 Paved road
La Galgada – Pallasca 40 2 Maintained gravel road
Pallasca Property 6 0.5 Maintained gravel road

The nearest road to the San Markito and Victoria anomalies is approximately 3 km away, therefore, the Phase I exploration was performed using horses and donkeys as the main transport method. Water is not abundant within these areas but is available at higher elevations. Infrastructure improvements such as road, water reserve and electrical lines (if feasible) should be implemented before the Phase II exploration operations.

Hub On AGORACOM / Corporate Profile / Read Release