Flagship Minerals (ASX:FLG) struck a deal to acquire the Whipsaw copper project in British Columbia, Canada, to boost its exposure to the metal amid "increasingly scarce" large-scale copper development opportunities, according to a Thursday filing with the Australian bourse.

The Whipsaw exploration target consists of between 510 million tonnes and 1.02 billion tonnes at 0.2% to 0.4% copper equivalent, per the filing. The exploration target remains open with potential for expansion.

The company said it is considering a possible spin-out of Whipsaw into a standalone ASX-listed copper vehicle. Such a move would be subject to a legal review in addition to shareholder and regulatory approvals.

Flagship Minerals shares rose 6% in recent Thursday trade.