Gladiator Resources Ltd. said Feb. 20 that it signed a binding heads of agreement with Thunderbird Metals Pty. Ltd. for the latter to reassign its right to acquire up to a 70% interest in the North Arunta gold joint venture with ABM Resources NL in Australia's Northern Territory.
Under the original option deal in October 2017, Thunderbird can earn up to a 70% interest by spending A$6.5 million in exploration over a period of 4.5 years, with a minimum spend of A$500,000 in the first two years.
In exchange for the earn-in right, Gladiator will issue 235 million shares and 205 million options upon meeting certain milestones.
Meanwhile, Thunderbird chairman Kris Butera will join Gladiator's board as technical director.