Erris Resources PLC said Dec. 10 that it secured an option to acquire 80% of Greenore Gold PLC's gold- and base metals-prospective Loch Tay project in central Scotland.
Erris must define a minimum inferred resource of 250,000 ounces of gold within four years to own the 80% stake. GreenOre will hold the remaining 20%.
If either company's interest dilutes to less than 10%, the stake will be converted to a 2% net smelter return royalty, which Erris can halve for US$1 million.
Erris will operate and manage an exploration program on the 237-square-kilometer property containing the Ardtalnaig and Glen Almond targets.
The deal is subject to Erris' satisfactory due diligence no later than Jan. 18, 2020.