Redcastle Resources (ASX:RC1) agreed to acquire prospecting license application P 39/6315 to increase its landholding in the Redcastle-Queen Alexandra gold corridor in Western Australia, according to a Thursday filing with the Australian Securities Exchange.
The acquisition involves a cash payment of AU$30,000, a 2% gross revenue royalty on all minerals, products, and concentrates produced and sold from the tenement, and a detection agreement for the initial permit term, the filing said.
The purchase is contingent on the granting of the tenement's prospecting license application, according to the filing.
Shares rose 25% in midday trade.
Price (AUD): $0.01, Change: $+0.0020, Percent Change: +25.00%
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