OD6 acquires one of Australia’s highest-grade copper mines

The historic Gulf Creek copper project in New South Wales has a new owner, with OD6 Metals acquiring the asset for cash and shares.

After reviewing over 40 potential new projects, OD6 entered binding documentation in October 2024 to acquire the license over the copper mine and its surrounding area near the town of Barraba.

OD6 managing director Brett Hazeldon said the project was last mined over 100 years ago, between 1896 and 1912, with very high grades averaging between 2 to 6.5 per cent within the three main lodes.

“Exploration prospectivity is immense as there has been no modern exploration of substance since the mine closed, with only two drill holes completed more than 60 years ago,” he said.

“We intend to apply modern exploration technologies and have identified the linkage between copper and magnetite in the shallow historic workings.

“Based on a review of a recent 2021 drone magnetic survey there is potential for over 10km of untested magnetic VMS (volcanogenic massive sulphide) target horizon.”

Hazeldon said copper is rapidly becoming a critical mineral in Australia, with NSW recently announcing a royalty deferral program for developing critical minerals projects.

“OD6 is committed to rapidly advancing this early-stage prospect and the opportunity to build a larger copper-focused portfolio,” he said.

To test the area in and around the historical workings, a phase one exploration program has been designed and is fully permitted to commence during early 2025.

A 14-hole, 1500–3000m diamond or reverse circulation drill program is set to take place, along with the investigation of downhole geophysics within 100m of drill holes.

The company will also consider re-processing induced polarisation and drone magnetics with the latest modelling techniques, and conduct a new drone geophysical survey across the whole tenement.

The Gulf Creek acquisition involved a $50,000 cash deposit, a $150,000 payment upon completion, and the issuance of six million shares in OD6.