Helix Resources is diversifying its copper exploration footprint into the Bryah Basin with strategic acquisitions, including the Doolgunna and DeGrussa West tenements in Western Australia.
The company has entered conditional binding letter agreements to acquire 51 per cent and a JV, with a right to earn 90 per cent interest, of the portfolio of copper projects.
The Bryah Basin hosts the Tier 1, high-grade Sandfire DeGrussa copper mine, which produced nearly 900,000t of copper-equivalent metal at a grade of nearly seven per cent copper equivalent.
The Doolgunna and DeGrussa West tenements feature a 1km copper-bearing gossan at the surface, copper drill intercepts, and approximately 12km of highly prospective host sequences located 18km along strike from the DeGrussa mine.
Helix and other workers have recently reinterpreted the regional geology, identifying that the same sequence that hosts DeGrussa is present in all tenements. The company will apply its multidisciplinary exploration approach to explore for volcanogenic massive sulphide (VMS) copper (and gold) deposits.
The acquisitions are subject to ‘no change of control’ at the Helix Board following the annual general meeting (AGM) scheduled for 19 November 2024. The acquisitions complement Helix’s existing Cobar copper assets. The company will leverage its seasoned exploration team and geological expertise to develop focused, cost-effective exploration programs.
Helix’s Managing Director, Kylie Prendergast, said the company is excited about acquiring a portfolio covering the same highly prospective host sequences in which the high-grade Degrussa copper deposits occur.
“These transactions are part of our strategy to diversify and expand our copper exploration footprint into the Bryah Basin. The acquisition consolidates key landholdings within one of the most prospective copper regions in Australia and positions Helix for significant exploration upside.
“With copper and zinc mineralisation already identified in surface samples and geophysical surveys, we believe the Bryah Basin projects represent an outstanding opportunity for Helix.”
Ms Prendergast said the staged earn-in structure provides Helix with a clear path to increasing its interest in these projects as exploration advances.
“The successful completion of this acquisition is contingent on shareholder support in favour of maintaining the current board and supporting the Company’s growth strategy at the upcoming AGM, and we strongly encourage shareholders to vote accordingly.”
