Olympio Metals (ASX:OLY) has entered into an option agreement with privately held Clutch Group for the sale of its remaining three Halls Creek tenements in Western Australia.
Clutch has paid Olympio an upfront exclusivity fee of $25,000 to conduct due diligence on the tenements. During this period, Clutch is responsible for maintaining the tenements in good standing and spending $80,000 on the tenements.
If Clutch chooses to exercise the option, the company will pay a $150,000 option fee to Olympio for all three tenements.
Upon completion, Clutch will pay an additional $200,000 to Olympio once certain performance requirements have been met.
Managing Director Sean Delaney says the remaining tenements are considered non-core projects as the company ramps up activities at its Dufay Copper-Gold Project in Canada.
“The option agreement with Clutch will ensure exploration expenditure on the ground up to June 2025 during their due diligence period and we wish them good luck with their work at Halls Creek,” Delaney says.
A drilling program is scheduled to begin this month at the Dufay Project, which sits on the Cadillac-Lake Larder Fault Zone in Canada.
Olympio Metals is an Australian explorer focused on the discovery and development of critical minerals projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Olympio Metals
