Helix expands copper tenure with Bryah basin buy
In line with its copper diversification strategy initiated in early 2024, Helix Resources on Thursday announced conditional agreements to acquire a strategic portfolio of Western Australian copper projects in the Bryah basin.
The acquisition comprises seven new projects for 320 km2 and 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.
In particular, the consolidation of the Doolgunna and DeGrussa West projects, which lie only 18 km west of Degrussa, provides exposure to 12 km of largely unexplored geology with demonstrated contained copper mineralisation.
“The acquisition consolidates key landholdings within one of the most prospective copper regions in Australia and positions Helix for significant exploration upside,” said Helix MD Kylie Prendergast.
The binding agreements with each of the vendors are a combination of an acquisition of a 51% interest in the projects followed by an ‘earn in’ joint venture to potentially earn up to 90% in each of the projects.
Prendergast pointed out that the successful completion of the acquisition was contingent on shareholder support in favour of maintaining the current board and supporting the company’s growth strategy at the upcoming AGM.
“We strongly encourage shareholders to vote accordingly,” she said.
Prendergast added that uncertainty around the transaction was yet another example of Acta’s highly conditional offer hampering the company’s ability to operate effectively and continue to develop exciting copper/gold exploration opportunities.
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