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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

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.

See Also:

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

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”