The option agreement stipulates that Clutch must meet minimum expenditure commitments on exploration licences to be acquired. Credit: Phawat/Shutterstock.

Olympio Metals has announced the signing of an option agreement with Clutch Group for the sale of its remaining three Halls Creek tenements.

These tenements are located in the east Kimberley region of Western Australia.

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This transaction marks a strategic move for Olympio as it shifts focus towards its Dufay Copper-Gold Project in Quebec, Canada, where the first drilling programme is set to commence this month.

The agreement with Clutch was formalised by Rocktivity Gold, a wholly owned subsidiary of Olympio, and includes the acquisition of the exploration licences and all associated information.

The option agreement stipulates that Clutch must meet minimum expenditure commitments on exploration licences E80/5034, E80/5154 and E80/5220 during the due diligence period.

This period allows Clutch to assess the tenements while ensuring they remain in good standing, and extends until 30 June 2025.

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As part of the agreement, Clutch has paid an upfront exclusivity fee of $25,000 to proceed with the due diligence process.

During the due diligence period, Clutch is required to maintain the tenements and fulfil an agreed expenditure commitment totalling $80,000.

Should Clutch choose to exercise the option, it will pay Olympio a total of $150,000, broken down as follows: $100,000 for E80/5034, $30,000 for E80/5154 and $20,000 for E80/5220.

The option fee will be adjusted based on any tenements that may be surrendered or expire during this period.

Upon payment of the option fee and execution of the sale transaction documents, Olympio will retain a limited interest in the tenements, which includes performance payments.

These payments include a sum of $100,000 to be made within ten business days after defining a Measured JORC-2012 Mineral Resource containing at least 50,000oz of gold, with a minimum grade of one gram per tonne.

Additionally, another $100,000 will be paid within ten business days following a Decision to Mine.