Wedoany.com Report-Apr 4, Helix Resources, an Australian minerals exploration company, has recently entered into binding agreements with Centric Minerals Management and White Hills Exploration (vendors) to acquire the White Hills copper-gold project in Arizona, U.S. The project spans 23 square kilometers and is located near the Mineral Park porphyry copper-molybdenum-silver mine. It is considered highly promising for both porphyry and iron oxide copper gold (IOCG) deposits.
Helix can acquire 100% of the project through a series of payments and share issuances to the vendors under the Newmont Agreement.
The project consists of seven adjoining tenements, including five private mining sublease claims under a farm-in agreement with Newmont and two state leases held by White Hills Exploration in northern Arizona. Helix Resources can acquire 100% of the project through a series of payments and share issuances under the Newmont Agreement. The company will make an initial payment of A$100,000, followed by A$100,000 upon signing formal agreements. Additionally, Helix must raise at least A$1 million in capital.
Helix will also issue shares valued at A$1.3 million within 30 days of meeting Newmont's farm-in requirements. The company is required to spend $500,000 on exploration by 5 January 2026. A positive feasibility study could trigger an additional $500,000 payment to Newmont. If the project progresses to a pre-feasibility study, Newmont may opt to buy back into the project by reimbursing 1.5 times the exploration expenditure and forming a 51:49 joint venture. Newmont will retain a 2.5% net smelter return royalty on production.
Helix Resources' executive chairman, Mike Povey, stated that the acquisition of White Hills provides an exciting opportunity in a region known for producing world-class copper and gold deposits. He highlighted the encouraging results of geochemical exploration, which indicate a strong copper-gold system worth further exploration. He emphasized the collaboration with experienced geologists from Centric Minerals Management and White Hills Exploration, who will assist with exploration efforts.
In addition, Helix Resources previously acquired a 51% stake in a copper project portfolio in Western Australia's Bryah Basin in November 2024. This deal underscores the company's strategic expansion into key mineral-rich regions.
