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.