Helix to earn into Legacy's Cobar project
Exploration company Helix Resources has agreed a farm-in joint venture (JV) agreement with Legacy Minerals on the Central Cobar project (EL9511) in New South Wales.
Helix must spend A$2.8-million to earn an 80% interest in EL9511 in three stages. The company must commit to a minimum of 700 m of drilling in the first 12 months.
“The project is strategically located and has a largely untested ground package with excellent geological prospectivity. Situated in a blue-chip position in central Cobar, it encompasses ground directly along the strike from Metals Acquisition’s CSA mine and also sits adjacent to and along strike from Aurelia Metals’ Peak Gold Mine,” said Legacy CEO and MD Christopher Byrne.
He pointed out that the Helix team had extensive knowledge in the Cobar region. “Their long-term commitment to the district gives them an edge in the search for Cobar-type deposits and operational efficiencies, and we believe they are the right partner to take the project forward.”
The JV is a “discovery-focused” farm-in that will see generative work and drilling conducted with the goal of unearthing a Cobar-type discovery.
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