Veteran resources investor Michael Povey has taken a substantial indirect stake in junior copper-focused explorer Helix Resources (ASX:HLX).
Povey has amassed a 6.51% interest following the acquisition of 212.4 million shares via his company Nuevo Royalty.
He is the sole director and sole shareholder of Nuevo Royalty.
Povey has over three decades of experience as a mining engineer across a range of commodities and open pit and surface mining operations.
His career includes stints at major mining companies including Rio Tinto (ASX:RIO) and Anglo American (LSE:AAL).
Povey is currently Chairman of Vancouver-headquartered Volcanic Gold Mines (TSX-V:VG) and a non-executive Director of vanadium, iron ore and gold explorer Surefire Resources (ASX:SRN).
Povey has held a number of director positions within junior resources companies and has overseen exploration programs, joint ventures and capital rasings for several companies listed on the Australian Securities Exchange and London Stock Exchange.
Helix recently struck an earn-in joint venture agreement with Legacy Minerals (ASX:LGM) to conduct exploration on the Central Cobar Project in New South Wales.
The Central Cobar Project is considered prospective for gold, copper, silver, and base metals, covering 308km2 in the established Cobar mining region.
Under the agreement, Helix, which has a market capitalisation of $6.52 million, can spend $2.8 million to earn an 80% interest on the project, in three separate stages.
Write to Angela East at Mining.com.au
Images: Helix Resources
