Vita Resources targets New Zealand gold deal

• Vita Resources entered a heads of agreement with Otago Gold to gain exploration access to New Zealand tenements.
• The stock market reaction was not specified in the recent announcement.
• The company aims to expand its exploration portfolio and evaluate large-scale hard-rock mining rights.

Vita Resources (ASX:VTA) executed a heads of agreement with Otago Gold to secure exclusive access to tenements in New Zealand from a depth of 10m and below.

The arrangement expands the firm's operational focus into a new jurisdiction outside its traditional project regions.

“This agreement creates a waypoint for Vita by providing access to new frontiers in a friendly jurisdiction,” said Vita Resources Non-Executive Chairman Gavin Rutherford.

Under the terms of the agreement, Vita Resources has three months to complete due diligence before deciding whether to enter a binding contract.

The company stated that the arrangement is intended to facilitate deeper exploration and potential hard-rock mining developments across the project portfolio.

Following the announcement, the Vita Resources share price was unchanged at $0.024.

The company has previously focused on early-stage exploration for copper, gold, and green metals across various international locations.