Stirling Resources has extended its mineral sands investment, with an agreement to transfer its zircon assets in northern Australia to Olympia Resources for 250 million Olympia shares and a deferred cash payment of $1 million.

The arrangement will give Stirling a stake in a dedicated mineral sands development Company, and bring together Stirling’s zircon projects on the Tiwi Islands and Cape York, with the Olympia mineral sands assets in WA, NT and Indonesia.

Under the transaction, Stirling will sell to Olympia the mineral sands assets it agreed to acquire in February, which were previously owned by Matilda Minerals.

Stirling will acquire approximately 171 million Olympia shares currently held by Territory Resources Limited and a $1.75 million debt owed by Olympia to Territory.

Stirling will pay $1.75 million to Territory.