Olympio Metals Ltd (ASX:OLY, OTC:COPGF) has entered into a sale agreement to sell three of its six Halls Creek Project tenements, an area the company has been exploring for gold.
Under the agreement the three tenements – E80/5025 (Dry Creek), E80/5148 (Dry Creek) and E80/5149 (Slinkey Hill) – will be sold for $220,000 in cash to Bill Richmond, a private prospector who regularly does deals with mining companies such as Fortescue (ASX:FMG).
Non-core tenements
“We are pleased to have come to agreement to sell three of the six tenements that make up our Halls Creek Project,” Olympio Metals managing director Sean Delaney.
“The three tenements are outside of our priority areas and considered non-core to our exploration, so the $220,000 cash payment is a good outcome for Olympio.”
Olympio retains three tenements in its Halls Creek Project, including the Woodward Range prospect where recent drilling intersected gold mineralisation in several veins up to 18.6 g/t gold.