Kalamazoo Resources Ltd. acquired the remaining 49% stake owned by Atlas Iron Ltd. in two joint venture tenements to consolidate full ownership of the Cork Tree copper project in Western Australia.
Atlas will be granted a gross smelter royalty of 2.5%, according to an Oct. 16 release.
The two tenements were the subject of a 2013 farm-in and joint venture agreement between Kalamazoo and Atlas Iron. The former completed the stage-one earn-in to acquire 51% of the properties. Since then, four additional licenses were granted to Kalamazoo.
With the deal, Cork Tree now consists of six contiguous tenements covering 370 square kilometers.
Kalamazoo said it started planning for drilling to test areas of base metal potential on the tenements. An initial work program was approved, and heritage clearance surveys have been completed.