Helix is set to refine and test drill targets at the Central Cobar project. Credit: ivabalk from Pixabay.

Helix Resources has signed a binding earn-in joint venture agreement with Legacy Minerals to explore for precious and base metals at the latter’s Central Cobar project in New South Wales (NSW), Australia.

The agreement outlines a three-stage investment by Helix, with the potential to acquire an 80% interest in the project.

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The 308km² Central Cobar project is 10 km west of Cobar township in an area known for its active gold, copper and base metal mines.

Helix Resources can earn a 51% interest by investing A$0.8m over two years, with further investments leading to an 80% stake.

Legacy Minerals, upon dilution below 10%, can opt for a net smelter royalty, with the terms varying based on the dominant metal.

Legacy has identified several airborne electromagnetic (AEM) geophysical anomalies within the project area.

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Helix is set to refine and test drill targets, including planning ground geophysical surveys over high-priority AEM targets. Drilling is planned to commence subject to conditions and contractor availability.

Legacy Minerals CEO and managing director Christopher Byrne said: “The project is strategically located and has a largely untested ground package with excellent geological prospectivity. Situated in a blue-chip position in central Cobar, it encompasses ground directly along the strike from Metals Acquisition Corp’s CSA mine and also sits adjacent to and along strike from Aurelia Metals’ Peak gold mine.

“The project area presents an exceptional opportunity to discover Cobar-type deposits within a stone’s throw of an operating mill at Aurelia’s Peak gold mine. This agreement will focus on unlocking the Cobar project’s potential while allowing legacy to remain focused on the discovery opportunities at our 100%-owned projects – Drake, Black Range and Thomson.”