Chrysalis and Fortescue strike exploration deal

Chrysalis Resources has entered into a deal to grant Fortescue Metals Group exclusive exploration access and an option to buy the Chrysalis West Angelas Project Tenements.

The agreement gives FMG three years’ exploration access and an option to purchase the tenements either before or at completion of the period.

FMG has agreed to pay $300,000 over two years for the exclusive licence and option agreement and will pay CYS a royalty if it exercises the purchase option.