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Highlights
- Helix Resources to acquire key copper projects in Western Australia's Bryah Basin.
- Acquisition offers access to DeGrussa West and Doolgunna tenements with high copper prospects.
- Strategic move aligns with Helix's goal to broaden its copper exploration initiatives.
Helix Resources (ASX:HLX) recently entered into conditional agreements to acquire a significant share of copper projects in the copper-rich Bryah Basin, Western Australia. This acquisition allows Helix to strengthen its presence in one of Australia’s most prospective copper regions, aligning with its broader strategy to diversify and expand its copper exploration footprint. Through this joint venture, Helix can initially secure a 51% stake in the projects, with a pathway to increase its interest to up to 90%.
The Bryah Basin is known for its notable copper deposits, previously hosting the renowned DeGrussa copper mine operated by Sandfire Resources. DeGrussa produced approximately 900,000 tonnes of copper equivalent metal at an impressive grade of around 7%, underscoring the area’s potential. The new acquisition by Helix includes the DeGrussa West and Doolgunna tenements, which feature a one-kilometer copper-bearing gossan visible at the surface. Additionally, these tenements house about 12 kilometers of promising geological sequences, previously confirmed to contain copper mineralization through drilling, located only 18 kilometers from the original DeGrussa mine.
Strategic Position in a Copper-Rich Region
Helix Resources aims to leverage the Bryah Basin’s strategic location and favorable geology to expand its copper portfolio. The company’s managing director, Kylie Prendergast, highlighted that these acquisitions will enhance Helix’s copper exploration capabilities in a region known for its resource potential. The consolidation of these tenements strengthens Helix’s portfolio and positions it for considerable exploration activities in the Bryah Basin, where surface samples and geophysical data have already indicated copper and zinc mineralization.
The proposed acquisitions are also subject to shareholder approval, with a critical vote on the board structure set for Helix's upcoming AGM on November 19. This vote is essential to proceed with the transaction, as the acquisition depends on maintaining the current board’s leadership to continue advancing Helix’s growth strategies.
Focus on Long-Term Growth
According to Prendergast, the management remains focused on creating sustainable value through strategic exploration initiatives. The Bryah Basin acquisition is seen as a potential contributor to long-term growth, helping Helix unlock more opportunities within its copper portfolio. Additionally, recent geological reinterpretations reveal that the DeGrussa mine’s geological sequence is present across Helix’s expanded land holdings, offering promising targets for volcanogenic massive sulphide (VMS) copper and gold deposits.
By integrating this acquisition into its broader copper strategy, Helix Resources aims to apply its multi-disciplinary exploration methods to maximize the potential of these assets.
