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Great Boulder to acquire up to 80% of Mithril's Lignum Dam gold-nickel project

Great Boulder Resources Ltd. has signed an earn-in agreement with Mithril Resources Ltd. to acquire up to 80% of the Lignum Dam gold-nickel project, which consists of three exploration licenses, in Western Australia.

Great Boulder has the right to earn an initial 51% interest in the project by spending a minimum of A$400,000 in exploration over two years and increase the stake to 80% by spending an additional A$600,000 over the next two years.

The company has a minimum exploration commitment of A$120,000 if it decides not to proceed with the farm-in.

Great Boulder said it is finalizing the details for the issuance of 17,500,000 shares to raise A$700,000 through a placement, of which issuance is expected on Sept. 9.

In August, the company said that it has signed an option agreement with Zebina Minerals Pty Ltd. to acquire a 75% stake in the Whiteheads gold project in Western Australia.