Blina Minerals NL is looking to acquire a 50% interest in Colour Minerals Pty. Ltd., which owns the Barkly gold-copper project in Australia's Northern Territory.
The company said Sept. 24 that it executed a legally binding heads of agreement to purchase the stake for A$645,750 by issuing 861.0 million shares at 0.075 Australian cents per share.
Blina is also required to spend A$300,000 on exploration and drilling on the tenements within six months of the acquisition, and will receive the right to appoint a nominee to Colour's board.
The Barkly project hosts the 1.6-kilometer long Bluebird prospect, where recent drilling intersected significant gold-copper-bismuth mineralization.
The company said it intends to complete further drilling to estimate a JORC-compliant mineral resource and develop a mining project at Bluebird, and is planning a drilling program of about 2,200 meters.
The next phase of drilling will aim to extend the Bluebird mineralization to the east, west and at depth, the company noted.
