Cyclone Metals (ASX:CLE) is selling its non-core gold assets to focus on its flagship Block 103 Magnetite Iron Ore Project in Canada.

The company is selling its 100% interests in various gold projects in Western Australia and north and south islands of New Zealand to Moosh Moosh based in the British Virgin Islands.

The total consideration will be $4M, payable in cash or shares in an ASX-listed company or a New Zealand-listed company.

Cyclone Metals added it will retain a 1% net smelter royalty on minerals extracted from the tenements and the deal is expected to complete by 29 September 2023.