Battery Minerals has agreed to acquire the Russell Copper Project located near Halls Creek in the Kimberley region, Western Australia (WA), from syndicate iCopper.
The transaction will see Battery Minerals paying $75,257 (A$100,000) in cash and issuing $0.75m (A$1m) worth of ordinary shares.
Moreover, the firm will make an additional payment of $1.12m (A$1.5m) in cash and shares after one year and once it gets hold of all tenements.
Battery Minerals executive chairman David Flanagan said: “The Russell Copper Project is an outstanding opportunity for Battery Minerals.
“It means we have a large tenement package in the highly prospective Halls Creek tectonic zone, which is one of WA’s few remaining under-explored mineral provinces.
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“The very limited exploration undertaken there highlights the enormous potential, with strong evidence of a significant mineralised system over a large area.”
Located in the Halls Creek tectonic zone adjacent to the Savannah nickel-copper-cobalt project, the Russell project comprises a 258km² tenement package.
According to historical exploration data, the mine is predicted to hold a copper-bearing trend across 8km.
Battery Minerals anticipates significant areas of the project remain under-explored due to limited drilling and the significant extent of the surface copper expression.
The firm is planning to undertake an extensive field mapping and sampling campaign to determine drilling targets and collect additional full-suite multi-element data over key target areas.
Battery Minerals is also preparing for an initial drilling campaign at the project.