Turaco Gold (ASX:TCG) signed an exclusivity and option agreement with Pioneer Minerals, securing acquisition rights over the exploration tenure under application next to its Afema project in the Ivory Coast, according to a Monday filing with the Australian bourse.
The transaction expands the total project area to over 1,600 square kilometers, with exclusivity secured through an upfront payment of $75,000 in company shares, the filing said.
The company can pay $100,000 for a 12-month option to acquire 100% of the exploration permit once it is granted, according to the filing.
Turaco Gold shares rose nearly 5% in afternoon trade Tuesday.
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