EQ Resources (ASX:EQR) agreed to acquire the Hodgkinson project in Queensland from Sunshine Metals (ASX:SHN) for AU$250,000, according to a Tuesday filing with the Australian bourse.

Consideration includes AU$100,000 cash payable to Sunshine Metals on the sale and purchase agreement execution, and AU$150,000 cash payable on completion, the filing said.

The company will hold a 100% interest in the six project tenements upon completion, which is expected in or before August, per the filing.

EQ Resources shares fell 4% in morning trade on Tuesday, while Sunshine Metals shares were down 6%.