Walkabout Resources Ltd. entered into a joint venture to earn a minimum 75% interest in the polymetallic Slieve Gallion license in Northern Ireland from Koza (UK) Ltd.
The company can earn a 50% interest in the Slieve Gallion joint venture by spending at least US$500,000 on exploration and can increase its stake by 25% with the publication of a jointly agreed pre-feasibility study.
Upon completion of the earn-in, development costs will be shared according to the joint venture interest. If Koza's interest is diluted to 10% or less, a 2% net smelter royalty will come into effect.
Walkabout also entered into a binding term sheet with Koza to assume management of the 50%-owned Antrim Metals Ltd. gold joint venture and earn a further 25% by publishing a JORC-compliant resource containing 250,000 ounces of gold or gold equivalent.
The company noted that the deal expanded its exploration footprint in Northern Ireland to approximately 1,250 square kilometers. Walkabout is reviewing exploration plans and budgets for Northern Ireland ahead of starting fieldwork.