Greatland Gold PLC (AIM:GGP, OTC:GRLGF) has divested its Tasmanian tenements Firetower and Warrentinna to Flynn Gold, which exercised its option over the prospects.
Flynn Gold will pay Greatland A$200,000 in shares at A$0.10, with further payments of A$500,000 due upon completion of a JORC mineral resource and another A$500,000 once a permit to mine is awarded.
In addition, Greatland will earn a 1% Net Smelter Royalty payable on any production from the tenements.
Shaun Day, Greatland’s managing director, commented: "We are pleased that Flynn Gold has exercised its option to purchase the Firetower and Warrentinna tenements.
“Flynn Gold is a local Tasmanian operator and is seeking to accelerate the advancement of these exploration projects.
“This transaction provides for Greatland to realise immediate value from these tenements which are outside of our core focus locations while maintaining ongoing exposure to the upside potential of this prospective ground.”