Ore Resources (ASX:OR3) agreed to acquire 29 prospecting licenses within the Mount Monger goldfields in Western Australia from Complete Prospecting for a consideration of AU$300,000 in cash and AU$500,000 in shares, subject to shareholder approval, according to a Thursday filing with the Australian bourse.

The transaction also involves a deferred consideration of AU$600,000 in milestone payments, the filing said.

The company will conduct a detailed geological evaluation of the tenement package to define targets for initial drilling expected to start in the first half of the year, per the filing.