Helix Resources Acquires 30 Gold Exploration Tenements in East Pilbara

en.Wedoany.com Reported - Australian company Helix Resources has announced the signing of a binding agreement with CuFe to acquire a 100% interest in 30 exploration and mining tenements in the Mosquito Creek Basin area of the East Pilbara region in Western Australia. Upon completion of the transaction, Helix will enter the Nullagine goldfield and gain a portfolio of exploration assets adjacent to existing gold mines and processing infrastructure.

The acquisition covers 30 tenements within the range P46/2158 to P46/2190, excluding P46/2163, P46/2164, and P46/2188. Under the agreement, Helix will pay CuFe AUD 50,000 in cash at completion and issue Helix shares valued at AUD 200,000 at an issue price of AUD 0.035 per share; CuFe will also retain a 1% net smelter return royalty on future mineral production from the tenements. The share issuance remains subject to shareholder approval.

The tenement package is adjacent to AIM Mining's Nullagine Gold Project, which hosts the Golden Eagle processing plant with an annual capacity of approximately 1.8 million tonnes and associated infrastructure. Helix considers this proximity to provide opportunities for future ore toll processing, cooperative development, or regional asset consolidation.

The Mosquito Creek Basin has known gold resources of approximately 2.4 to 2.5 million ounces. Helix disclosed that approximately 97% of historical drilling has been concentrated along the Middle Creek and Blue Spec structural corridors, with the remaining areas relatively underexplored. The newly acquired tenements will form an important part of the company's subsequent regional gold exploration efforts.

Helix currently has copper and gold exploration projects in Australia and the United States. Following completion of this transaction, the company's asset portfolio will further expand with the addition of the East Pilbara gold exploration segment, complementing its existing West Pilbara, Arizona, and Cobar copper-gold projects.