Moreton Resources Ltd. CEO Alexander Elks will become part time as of July 1 as part of the ASX-listed explorer's bid to cut costs.

The company said Jan. 20 that Elks will continue as CEO and executive chairman for one day per week.

The move follows the appointment of Nigel Slonker to the role of CEO of Moreton's fully owned subsidiary MRV Metals Pty. Ltd., which will be responsible for the continuation and advancement of the Granite Belt silver-gold project in Queensland, Australia.

Moreton has also appointed Pete Jones as project manager for its wholly owned subsidiary MRV Tarong Basin Coal Pty. Ltd. to focus on the South Burnett thermal coal project, also in Queensland.

The company said these appointments will free up Elks to focus on the relevant governance aspects of the parent company, while the subsidiaries have full responsibility for their respective projects.