Australian minerals exploration company Helix Resources has entered conditional binding agreements with Centric Minerals Management and White Hills Exploration (vendors) to acquire the White Hills copper-gold project in Arizona, US.
The project, which spans 23km², is located close to the Mineral Park porphyry copper-molybdenum-silver mine and is considered highly prospective for both porphyry and iron oxide copper gold (IOCG) deposits.
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The project comprises seven adjoining tenements including five private mining sublease claims under a farm-in agreement by Centric with Newmont and two state leases held by White Hills Exploration in northern Arizona.
Helix can acquire 100% of the project through a series of payments and share issuances to the vendors under the Newmont Agreement.
The company has to make an initial payment of A$100,000 ($63,055), a further A$100,000 upon signing formal agreements and raise capital of at least A$1m.
Helix will also issue shares to the value of A$1.3m within 30 days of meeting the farm-in requirements set by Newmont.
Furthermore, the company must spend $500,000 on exploration by 5 January 2026. A positive feasibility study will trigger an additional $500,000 payment to Newmont.
If the project advances to a pre-feasibility study, Newmont can opt to buy back into the project by reimbursing 1.5-times the exploration expenditure and forming a 51:49 joint venture.
Additionally, Newmont will retain a 2.5% net smelter return royalty on production from the property.
Helix executive chairman Mike Povey said: “The addition of the White Hills project in Northern Arizona provides the company with an exciting opportunity in a part of the world renowned for producing world-class copper/gold deposits.
“The results of geochemical exploration to date has provided compelling evidence of a copper/gold system that is the best candidate that I have seen in many years for more intensive exploration efforts.
“Our intention is to move as quickly as possible in our evaluation of White Hills and the vendors, two highly experienced geologists with an intimate knowledge of working in the western US, will be of great help in our exploration efforts.”
In November 2024, Helix Resources, via its subsidiary Leichhardt Resources, signed conditional binding agreements with OD4 Tom Price and Omni GeoX to acquire a 51% stake in a portfolio of copper projects in the Bryah Basin in Western Australia.
