Nyota Minerals (LON:NYO, ASX:NYO) has taken full ownership of the Ethiopian gold exploration tenements it acquired a controlling stake in this summer.
The company took an 80 percent stake in the tenements in June and now it has bought the remaining 20 percent.
"We are delighted at being able to consolidate our holding in this very promising regional tenement package, cementing our footprint over what is rapidly becoming an area of interest for international exploration and mining companies,” chief executive Terry Tucker said.
“Together with our continuing work at Tulu Kapi and the commencement of our regional drilling programme on Nyota's other nearby regional tenements, we intend to move rapidly in pursuing targets identified from our recent airborne survey and data compilation in the early part of next year.”
The highly prospective tenements are located to the North of Nyota’s flagship asset, the 1.4 million ounce Tulu Kapi gold project.
The tenements comprise two exploration licenses, with four claim blocks in total - known as Mendi, Gombe, Dura and Bambasi.
Initially Nyota acquired that 80 percent stake by issuing 20 million new shares, and a small cash payment, to the vendor.
It will now issue an additional 2.3 million shares to acquire the remaining 20 percent.