Macarthur Minerals Ltd. said Oct. 12 that it secured an option to acquire a granted exploration license in Western Australia's Pilbara region from a private prospector.

The E45/4764 license covers 13 square kilometers and sits adjacent to the gold-prospective tenements that are part of the company's farm-in deal with Artemis Resources Ltd.

Macarthur will pay a nonrefundable A$2,000 upon signing and will have a 120-day period to conduct due diligence. If it exercises its option, it will pay a further A$6,000 and issue A$15,000 worth of shares.

The company may carry out exploration on the tenement during the option period.