Great Boulder Resources Ltd. said Aug. 30 that it signed an option agreement with Zebina Minerals Pty Ltd. to acquire a 75% interest in the Whiteheads gold project in Western Australia.
Under the agreement, Great Boulder will take a 12-month option to explore the Whiteheads project for a payment of A$50,000 in cash and A$50,000 in shares, with a commitment for minimum on-ground expenditure of A$200,000.
To exercise the option, Great Boulder will pay Zebina an additional A$200,000 in cash and A$200,000 in shares and a one-for-one free attaching three-year option valued at 125% of the 20-day VWAP on the date of exercise.
Great Boulder will then hold 75% of the project tenements, while Zebina will hold a 25% interest free-carried to a decision to mine.
The company said that the project has numerous drill-ready targets and large soil geochemical anomalies to be tested.
In March, Great Boulder executed an option to acquire up to 75% interest in the Yamarna nickel-copper project in Western Australia.
