Inca Minerals Ltd. said Aug. 13 that it agreed to acquire 90% of the Frewena Fable iron ore-copper-gold project in Australia's Northern Territory from MRG Resources Pty. Ltd. and Jonathan West.
Inca will acquire the stake by meeting the exploration commitments of EL31974, which is broken down into A$36,000 in the first year which has already been met by MRG and West, A$53,000 in the second year, and A$89,000 in the third year.
Inca will also repay costs of A$53,000 in shares to MRG and West, who have a shared 1.5% net smelter royalty.
MRG and West also have a shared 10% free-carry to bankable feasibility study, after which a 90/10 joint venture will be formed.