Magnum Mining and Exploration Ltd. secured an option to earn up to a 100% stake in exploration license 30256 in Australia's Northern Territory from Ferdies Find Pty. Ltd.

The company can earn an 80% stake in Ferdies by spending A$900,000 on exploration in stages at the license over three years.

Magnum will target gold and copper across the untested southeastern corner of the tenement, it said Aug. 15.

If the ownership of Ferdies' original shareholders falls to 15% or lower, they will become entitled to a 1.5% net smelter royalty in addition to their shareholding.

An aircore drilling program of 2,000 to 3,000 meters is scheduled to start by Aug. 30.