Eureka Resources Inc. secured an option to acquire a 100% interest in the 1,356-hectare CKN property in British Columbia, it said April 6.

To acquire the property, the company is required to make staged payments totaling C$215,000 in cash, issue 700,000 shares and spend C$220,000 on the property by July 2021.

The vendor will retain a 2% net smelter return royalty, half of which can be bought back for C$1.0 million before the start of commercial production.

Eureka's technical group has started reviewing property data acquired through the deal.

The mine is adjacent to Taseko Mines Ltd.'s Gibraltar copper-molybdenum project.