Toronto-based explorer Adventus Mining Corp. granted Australia's South32 Ltd. an option to acquire 70% of the Rathkeale, Kingscourt and Fermoy exploration projects in Ireland.
South32 unit South32 Base Metals Ireland Ltd. can acquire the stake by spending €3.5 million on exploration on the projects over four years. Adventus subsidiary Adventus Zinc Ireland Ltd. will be the operator during the earn-in period.
The projects comprise prospecting licenses covering about 1,155 square kilometers that are prospective for zinc-lead-silver mineralization, according to a Jan. 13 release.
Exploration is expected to start in the first quarter, subject to the approval of Ireland's minister of communications, climate actions and environment.
After earning the stake, the parties will enter into a joint venture over the projects.