Carnavale Resources (ASX:CAV) has exercised its option to acquire Tojo Minerals Pty Ltd and will now advance further exploration activities on the Red Hills and Little Butte projects in the U.S.
Drilling is planned at the Red Hills to test two high grade gold-silver-zinc-lead-copper massive sulphide systems.
There is additional exploration upside in four large Carlin style anomalies and at the Little Butte gold-copper project.
Carnavale will issue Tojo shareholders a total of 21 million fully paid shares and a total of 42 million performance shares, which will have the right to convert to up to 42M fully paid shares in Carnavale upon the successful completion of the resource based performance milestones.
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