Australia’s minerals exploration company Helix Resources, through its subsidiary Leichhardt Resources, has entered conditional binding agreements with OD4 Tom Price and Omni GeoX to acquire a 51% interest in a portfolio of copper projects located in Western Australia's Bryah Basin.
The agreement will be followed by an 'earn-in' joint venture to potentially increase the stake to 90%.
The Bryah Basin is known for hosting VMS copper-gold deposits.
The agreements cover seven new projects spanning 320km², including areas along the geological trend adjacent to the high-grade DeGrussa copper mine.
The acquisition encompasses the Doolgunna and DeGrussa West tenements, which include a 1km surface copper-bearing gossan, copper drill intercepts and approximately 12km of highly prospective host sequences located 18km along strike from the DeGrussa mine.
Previous explorations at Doolgunna and DeGrussa West have identified significant mineralisation, with a 2.9km-long conductor and copper gossan intersected by drill-holes.
Helix has also lodged a programme of work for drilling at DeGrussa West with the Western Australia Government, supported by a $180,000 (A$278,212) grant under the Exploration Incentive Scheme.
The deal is a continuation of the copper diversification strategy that the company commenced in early 2024.
Helix managing director Kylie Prendergast said: “We are excited to announce the acquisition of a portfolio that includes the Doolgunna and DeGrussa West projects, covering the same highly prospective host sequences in which the high-grade Degrussa copper deposits occur, formerly mined by Sandfire Resources.
“These transactions are part of our strategy to diversify and expand our copper exploration footprint into the Bryah Basin. The staged earn-in structure provides us with a clear path to increasing our interest in these projects as exploration advances.”
Helix's acquisition of the Doolgunna exploration licence includes an upfront non-refundable deposit of A$60,000 to Omni GeoX, in addition to a cash payment of A$100,000 upon settlement, and either an additional A$300,000 in cash or 75 million shares in Helix.
Omni GeoX will also receive a 2% gross revenue royalty from mineral production at the project. The earn-in terms require Helix to invest A$1m within three years to increase its stake from 51% to 75% and another A$1m within the subsequent three years to reach 90% ownership.
Omni GeoX retains the option to appoint a nominee to the Helix Board as a non-executive director.
Similarly, the agreement with OD4 Tom Price comprises an upfront deposit of A$25,000 and a settlement payment of A$180,000, plus the same additional consideration as with the Omni GeoX deal. OD4 Tom Price may convert its interest into a 1% net smelter return royalty if its stake falls below 10%.
In August, Helix Resources partnered with Legacy Minerals to explore metals at New South Wales' Central Cobar project.
