Exterra Resources will increase its equity stake in the Eucalyptus Gold Project located in Western Australia.

The company may now move to 90-100% ownership of the project with no payments to be made to Regal or Ozmay.

Instead, it will apply to be joined in the current legal proceedings in the Wardens Court through to completion and will fund the legal action.

The Eucalyptus Project is the subject of an Exemption from Expenditure and forfeiture action before the court. The proceedings are well advanced and the Company is hopeful of a resolution in the near future

If successful, Exterra will add 88,500 ounces of gold inferred JORC (Joint Ore Reserves Committee) Resources to its total gold resources.

The company will now move towards production at its Zelica Gold Project, which is in close proximity to the Eucalyptus project.

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By GlobalData

Zelica has a measured and inferred JORC Resource of 1.2 million tonnes at 2.22 grams per tonne (g/t) for 85,700 ounces of contained gold.