Regis Resources (ASX:RRL) will acquire a mining license in Western Australia, M38/1299, which is host to the Southern Star gold prospect, for up to AU$9 million in cash payments, from Great Southern Mining (ASX:GSN), according to a Monday Australian bourse filing.
The consideration includes AU$4 million in upfront cash payments and contingent payments of up to AU$5 million, tied to gold price thresholds as well as the potential discovery of further economic mineralization.
Regis will also attain a first right of offer over resources up to 1 million ounces of gold equivalent on Great Southern's remaining ground, per the filing. The firms entered a strategic data sharing alliance in order to expedite new discoveries in the Duketon greenstone belt.
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