Olympio Metals Ltd (ASX:OLY, OTC:COPGF) has opted to divest its non-core Mulwarrie Gold Project through subsidiary Rocktivity Gold Pty Ltd, in a 3-month option deal with Orminex West Pty Ltd, a subsidiary of Labyrinth Resources Ltd.
An option agreement includes remuneration of up to A$1.375 million, beginning with a A$50,000 cash option fee, followed by A$100,000 to be paid upon exercising the option to acquire alongside A$225,000 in Labyrinth shares.
The final, most sizable payment of A$1 million hinges on Labyrinth defining a JORC-compliant mineral resource of more than 250,000 ounces of gold at a minimum grade of 1.40 g/t.
Retaining exposure to exploration success
“This agreement is a good outcome for Olympio, recognising value for the company and allowing it to focus on its other assets whilst retaining exposure to exploration success at Mulwarrie,” Olympio Metals managing director Sean Delaney said.
“Labyrinth is consolidating their land position around Menzies and aggressively focusing on gold exploration in the area, and we wish them all the best.
“We would also like to thank Liontown for their work on the Mulwarrie Project during the time of the farm-in agreement.”
The agreement covers the following tenements:
- E30/511
- E30/512
- E30/513
- P30/1141
- P30/1142
- P30/1143
In Australia, Olympio is focused on exploring for carbonatite-hosted rare earths in South Australia, lithium near Kalgoorlie in Western Australia and gold in the eastern Kimberley region of Western Australia.
The company also holds the advanced Cadillac Lithium Project in the James Bay region of Quebec, Canada.