Castle Minerals Ltd. secured rights to acquire an 80% interest in two adjacent exploration license applications 45/4965 and 45/4975, dubbed the Coolyia Creek project, in Western Australia's East Pilbara region.
Under the terms, Castle agreed to pay two prospector applicants for the E45/4965 A$20,000 to secure the 80% interest in the license upon its grant and will reimburse the application fees.
The vendors will be free carried to a decision to mine and will also receive 1% net smelter royalty on all mineral production.
The license application was made on July 20, and the grant is expected within several weeks, subject to successful native title negotiations.
Meanwhile, the company agreed to acquire the interest in the ELA 45/4975 from another party on similar terms other than the consideration is the issuance of 2 million Castle shares.
The applications comprise a total of four blocks and are prospective for gold, according to an Oct. 11 release.