Ore Resources (ASX:OR3) acquired four contiguous prospecting licenses to expand the Coolgardie gold and lithium project in Western Australia in a cash and share deal, according to a Monday Australian bourse filing.

The consideration includes AU$275,000 cash, and, subject to shareholder approval, 3.9 million shares, priced at AU$0.071 each.

The company has agreed to complete not less than 3,000 meters of drilling on the tenements within 12 months of settlement, failing which it must pay the vendors AU$200,000 in cash, and no further milestone payments will apply.

The licenses add 6.7 square kilometers to the project, making a total of 80 square kilometers.

Several mineralized trends in the acquired licenses remain relatively underexplored or have not been adequately followed up with step-out or targeted drilling, the filing added.