AustChina Holdings (ASX:AUH) said it acquired a portfolio of gold-antimony and base metals exploration assets in Tasmania, according to a Tuesday Australian bourse filing.

It entered a binding agreement to acquire 100% of Penwortham Exploration, which owns the Sulphide Creek gold-antimony project, and the Mersey volcanogenic massive sulfide base metals-gold project.

Consideration for the sale includes a cash payment of AU$25,000 as reimbursements of previous costs incurred as well as 300 million fully-paid shares of AustChina.

The issued shares will be subject to a voluntary escrow for six months from the issuance date.

It is planning to begin maiden drilling at the projects within six months of the acquisition after the completion of the deal. It will begin fieldwork programs in the short-term.

Its shares fell 25% in recent trading on Tuesday.