Solstice Minerals (ASX:SLS) will acquire 100% of the Nanadie copper-gold project in Western Australia from Cyprium Metals (ASX:CYM), according to a Wednesday Australian bourse filing.
Under a sale and purchase agreement signed between the two firms, Solstice will pay Cyprium AU$1 million in immediately available funds as well as 3 million fully-paid shares in the firm on the completion of the acquisition.
It will also pay 3 million more shares if it announces within four years after the completion of the deal that the project contains more than 250,000 tonnes of contained copper applying a cut-off grade of not less than 0.2% grade of copper.
The deal is subject to customary conditions precedent, including required regulatory approvals and delivery of unencumbered title.
The project is underpinned by an inferred mineral resource estimate of 40.4 million tonnes at 0.4% grade of copper and 0.1 grams-per-tonne grade of gold for 162,000 tonnes of contained copper and 130,000 ounces of gold, the filing said.
Solstice Minerals' shares rose over 3% in recent trading on Wednesday.
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