Australian gold miner Midas Resources has signed an agreement to acquire Mulga Minerals for access to vast iron ore tenements in Western Australia’s Pilbara region.
The agreement includes six million Midas shares along with A$75,000 cash, Midas said in a statement.
The tenement package consists of seven tenements and four separate project areas, according to Midas.
Mulga Minerals also holds two tenement applications with mineral sands potential adjacent to the Image Resources Bidaminna Heavy Minerals project in the north Perth basin.
To overcome potential infrastructure problems in the region, Midas plans to collaborate with other exploration companies operating near the Mulga tenements.