Sabre Resources Ltd. said Aug. 2 that it agreed to purchase the Bonanza gold project in Western Australia through the acquisition of Power Metals Pty. Ltd.

The company will acquire the 18-square-kilometer project by issuing 8.0 million common shares and 50.0 million options to the vendors. Each option may be exercised for 0.8 Australian cents each, with an expiration date of Sept. 30, 2022.

Bonanza is adjacent to Spectrum Metals Ltd.'s Penny West gold project.

Through the purchase of Power Metals, Sabre will also acquire the Lyon River project in Western Australia. The project, east of Hastings Technology Metals Ltd.'s Yangibana deposit, has not been systematically explored for rare earth mineralization.