Future Battery Minerals (ASX:FBM) entered into a binding purchase agreement with Corazon Mining (ASX:CZN) to acquire the gold and base metal rights as well as the remaining 15% of the residual lithium rights in the Miriam project in Western Australia for AU$350,000 in cash, according to a Monday Australian bourse filing.

Further, it also exercised its option to acquire the existing 2% net smelter royalty over the project for AU$65,000, which will result in the extinguishing of the existing royalty over the project.

It plans to conduct a geophysical review to better define new gold targets, as well as review historical data relating to the historical gold occurrences. A maiden reverse circulation drilling program at the project is targeted to begin in July.

Eastern Coolgardie Goldfields, a unit of Future Battery, had previously acquired its 85% interest in Coolgardie Nickel, a unit of Corazon.

Future Battery Minerals' shares fell 10% on Monday's close.