Helix Resources (ASX:HLX) enters into a binding agreement to acquire a 100% interest in 30 exploration and prospecting tenements in Western Australia’s Mosquito Creek Basin from CuFe (ASX:CUFE).
The P46 series tenements sit immediately adjacent to AIM Mining‘s Nullagine Gold Project, which hosts the 1.8 million tonnes per annum Golden Eagle processing plant and associated infrastructure.
The transaction positions Helix within a Mosquito Creek Basin endowment of approximately 2.4–2.5 million ounces.
Under the terms, consideration payable to CuFe on settlement comprises $50,000 in cash and $200,000 in Helix shares issued at $0.035 per share, subject to shareholder approval. CuFe retains a 1% net smelter royalty on all minerals extracted from the tenements.
Helix says roughly 97% of historical drilling in the consolidated basin has focused on just the Middle Creek and Blue Spec structural corridors.
The company adds that the acquisition creates potential toll-treatment, farm-in, or broader consolidation options near existing processing infrastructure. It also complements Helix’s existing West Pilbara and Arizona and Cobar copper-gold portfolio with a fourth growth option in a tier-one jurisdiction.
The 30 tenements comprise P46/2158 through to P46/2190, excluding P46/2163, P46/2164, and P46/2188.
Helix Resources is a resources company exploring for copper and gold in the US and Australia.
Write to Paula Fabe at Mining.com.au
Images: Helix Resources
