Olympio Metals Ltd (ASX:OLY, OTC:COPGF) is poised to finalise its option agreement with Labyrinth Resources Ltd, following Labyrinth’s successful acquisition of Admiral Gold Pty Ltd, which owns the Mulwarrie Gold Project in Western Australia.
Focus on core assets
The arrangement, which has strategic benefit for both parties, is expected to be wrapped up by December 3, which will free Olympio up to unlock further value from its portfolio.
The Olympio option was exercised after Labyrinth completed its acquisition of the Mulwarrie Project from Bardoc Gold Pty Ltd, a subsidiary of Genesis Minerals (ASX:GMD) Ltd.
Non-core gold project
In early November Olympio announced it had decided to divest the non-core gold project through its subsidiary Rocktivity Gold Pty Ltd, in a three-month option deal with Orminex West Pty Ltd, a subsidiary of Labyrinth Resources Ltd.
Read: Olympio Metals enters option to offload Mulwarrie Project for up to A$1.375 million
“This agreement is a good outcome for Olympio, recognising value for the company and allowing it to focus on its other assets while retaining exposure to exploration success at Mulwarrie,” Olympio Metals managing director Sean Delaney said at the time.
“Labyrinth is consolidating their land position around Menzies and aggressively focusing on gold exploration in the area, and we wish them all the best.”
Meanwhile, Olympio Metals continues to explore opportunities to capitalise on its core portfolio of high-quality assets.