Havilah Resources Ltd. purchased an exploration license in South Australia, in effect securing 100% ownership of the Grants iron ore deposit and the entire 17-square-kilometer Grants basin, the company said May 18.

The company executed an agreement with Exco Operations SA Pty. Ltd. and Polymetals (White Dam) Pty. Ltd. to acquire the license for A$75,000 and a 1.25% royalty on all minerals produced from the tenement.

The agreement will replace a previous farm-in agreement with Exco and Polymetals over the license, which required expenditure of A$1.2 million to earn a 75% interest in only its iron ore resources.

Havilah discovered a resource of 300 million tonnes at 24% iron at Grants in December 2012.