"Whilst we are disappointed to see Hochschild exit this exploration programme, Revelo remains encouraged by the results to date, and we have already been approached by other companies interested in the project," president and CEO Tim Beale said.
Revelo said Loro was "along trend" and 25km due south of Yamana Gold's El Peñón gold-silver mine.
The company is focused on partner-funded exploration and said it had 14 projects available in northern Chile, while another two were under option - Cerro Beunos Aires with Teck Resources and Los Azules with Masglas Americas Corp.
Hochschild had said in February it anticipated "another year of ambitious exploration" this year, at its current operations, plus progress at its greenfield opportunities, early stage projects and its strategic alliances.
It will pay a break fee of US$50,000 and the 2019 Chilean mineral property maintenance payments for Loro, Revelo said.
Hochschild was off 0.48% in London yesterday but is close to a 10-month high at £2.07, capitalising it at £1.07 billion.
Revelo shares have ranged from C0.5-4.5c over the past year and last traded at 1.5c to capitalise it at $2.5 million.