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Gladiator to acquire Thunderbird's earn-in right in North Arunta gold JV

Gladiator Resources Ltd. said Feb. 20 that it signed a binding heads of agreement with Thunderbird Metals Pty. Ltd. for the latter to reassign its right to acquire up to a 70% interest in the North Arunta gold joint venture with ABM Resources NL in Australia's Northern Territory.

Under the original option deal in October 2017, Thunderbird can earn up to a 70% interest by spending A$6.5 million in exploration over a period of 4.5 years, with a minimum spend of A$500,000 in the first two years.

In exchange for the earn-in right, Gladiator will issue 235 million shares and 205 million options upon meeting certain milestones.

Meanwhile, Thunderbird chairman Kris Butera will join Gladiator's board as technical director.