Olympio Metals (ASX:OLY) has pawned off its WA-based Mulwarrie Project to Labyrinth Resources for $1.4 million as it pivots to Canada.
The deal has been in the works for a while now, with the company first inking an agreement with Labyrinth in early November.
Labyrinth coughed up a $50,000 option fee, an additional $100,000 in cash, and $225,000 in shares in itself.
Labyrinth is also set to pay Olympio another $1M upon the certification of a JORC-compliant Mineral Resource Estimate (MRE) higher than 250Koz of gold; so long as the minimum grade Labyrinth calculates is at a minimum of 1.4g/t.
Mulwarrie – at least as long as it has been under Olympio – is a 295sq.km asset comprising 10 tenements not too far north of Kalgoorlie and overlying the Norseman-Wiluna Greenstone Belt (per the company’s website).
While the company has been probing the area for gold, it’s now packing up shop and looking across to Canada’s Quebec region on the hunt for copper and gold.
That Quebec project, prospective for copper and gold, is called Dufay. Its pivot to Canada has been fairly fast-paced for the $3M market cap company – Olympio only reported its move to acquire Dufar in November.
Rock chips of 7% copper have been logged on-site (though drilling is needed to provide any meaningful evidence) and, from a nearology POV, sits somewhat closeby gold plays.
No drilling has been carried out at Dufay since the 1980s, Olympio said in November; drilling will begin in January. Shareholders may be keeping an eye out for any capital raises needed to sustain that.
OLY last traded at 4cps.
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