Horseshoe Metals (ASX:HOR) said that Perth mining firm Melody Gold exercised its option to process surface gold materials at the Horseshoe Lights copper-gold mine in Western Australia under a three-year exclusive license, according to a Thursday filing with the Australian bourse.
Melody Gold plans to treat up to 500,000 tonnes of gold annually, with Horseshoe Metals receiving monthly tonnage-based payments, including a fee of AU$50,000 once processing starts, the filing said.
The company retains all rights to copper and subsurface materials at the site, the filing added.
Proceeds from the agreement are to be used for the company's copper exploration and development.
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