Rumble Resources Ltd. said March 6 that it signed a binding option with Stonevale Enterprises Pty. Ltd. to acquire up to 80% of the Nemesis gold project in Western Australia, covering 141.6 hectares.
Under the deal, the company may acquire the interest by paying A$250,000 in cash or shares within a 12-month period, in which it can extend the option by another six months by paying A$25,000 in cash.
In addition, Rumble needs to complete a A$60,000 minimum spend on the property before it can withdraw from the option deal.
Stonevale can opt to contribute to the development of the Nemesis project or dilute to a 1% net smelter royalty upon the completion of a bankable feasibility study and reaching a decision to mine.
Rumble will begin reverse circulation drilling, following the completion of a mapping program to generate drill targets scheduled in April.
