(Ecofin Agency) - Trek Metals announced today March 28, it concluded a binding agreement with Battery Minerals to acquire 100% stake in its Kroussou copper and zinc project in Gabon.

According to details published, Trek Metals will hold full capital-share of Select Exploration Ltd, the Mauritian subsidiary of Battery Minerals in exchange of $400, 000 broken into $200, 000 in cash money and the remaining $200,000 in shares.

In addition, the company will pay an additional $2.5 million, if it declares a JORC indicated mineral resource of more than 250,000 tons for the project as well as a 2.5% royalty on sales revenue.

“We are very excited to take control of this highly prospective project. Owning 100% provides flexibility in undertaking exploration activities [...],” said Bradley Drabsch, Trek Metals’ MD.

The company will launch its first drilling program on the project site during the second quarter of 2018.