The board of UK-based exploration firm Minerva Resources has been replaced by Dwyka Resources directors after the Australian firm increased its takeover stake and the deal was declared unconditional.

Australian gold and nickel explorer Dwyka Resources said it has upped its purchase to all of Minerva’s issued share capital, gaining an 83.1% stake in the firm and control over Minerva’s chief assets in Ethiopia.

The deal gives Dwyka access to the Tulu Kapi and Yubdo gold exploration licences and the Yubdo platinum mining licence, all situated 530km west of Addis Ababa in Ethiopia.

Dwyka has significant cash reserves to allow the company to quickly advance these projects, Dwyka CEO Melissa Sturgess said.

“We believe there is potential to expand the existing gold resource meaning that subject to ongoing exploration, there is an opportunity for Dwyka to establish substantial gold, platinum and nickel resources, delivering significant short-, medium- and long-term revenue opportunities,” Sturgess said.

Work has commenced at Tulu Kapi to define a maiden resource following a drill hole programme which intersected five gold bearing veins with significant value.

Three prospects have been identified at the Yubdo licence and Dwyka plans to undertake a detailed review of the mineralogy and plant design.