Forrestania Resources (ASX:FRS) completed its acquisition of the Karonie gold project in Western Australia from Alchemy Resources subsidiary Goldtribe Corp., according to a Monday filing with the Australian bourse.

The consideration was paid via the issue of AU$5 million worth of shares and a 1% net smelter royalty. The royalty does not apply to the first 110,000 ounces produced from the KZ5, Parmelia, and Taupo deposits, per the filing.

The project includes an inferred mineral resource of 6.5 million tonnes at 0.9 grams per tonne grade of gold for 185,700 ounces, the company said.