Full Metal Minerals (TSXV: FMM) and GSP Resource (TSXV: GSPR) have entered into an agreement pursuant to which Full Metal has the option to earn a 60% interest in GSPR’s Olivine Mountain property located in British Columbia’s Similkameen mining division.
Following a 2018 airborne magnetic and TEM survey, and a 2019 exploration drilling campaign, several surface showings and targets within the property were identified and remain untested
In a press release, the miners said that Full Metals may exercise the option by incurring exploration expenditures of $500,000, making cash payments totalling $500,000 and issuing 250,000 common shares over the four-year option term.
Following the exercise of the option, Full Metal and GSPR will continue under a joint venture with the former holding a 60% interest and the latter holding a 40% interest.
The 3,021.87-hectare Olivine Mountain property is located approximately 25 kilometres northwest of Princeton, British Columbia.
According to the current owner, the property is underlain by rocks of the Tulameen Mafic/Ultramafic Complex which hosts two adjacent magnetite deposits, Lodestone Mountain and Tanglewood Hill, both less than a kilometre outside of Olivine Mountain’s boundary, and hosted within same geological formations found within the property.
Potential target metals include copper, nickel, platinum-group metals, cobalt, and gold.