Exploration company ActiveEX has sold its Cloncurry Copper and Gold Project to Fetch Metals for $3 million.
The deal worth $1.5m in cash and $1.5m in shares will see the Sydney-based Fetch take over the interest, 60km south of Cloncurry.
The project consists of eight mining exploration leases in the Eastern Succession of the Mount Isa Inlier over 135 blocks and 432 sq km.
ActiveEX managing director Mark Derriman said they were pleased with the deal which rebuilds ActiveEX into an active explorer and provided "much needed cash" which would be used for exploration and to pay off debt.
In 2020 ActiveEX sold two of its nearby North West Queensland tenements to Rio Tinto for $50,000 plus a 1.25 per cent net smelter royalty.
The ASX release said Fetch Metals had extensive copper exploration experience in the region.
Fetch's managing director is mining engineer Hamish Collins who was managing director of Walford Creek owner Aeon Metals until March this year.
Walford Creek is a copper-cobalt prospect south of Doomadgee with a pre-feasibility study due out this year.
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Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
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