Helix Resources is set to farm-in to Legacy Minerals’ copper-gold Central Cobar project in New South Wales.
The farm-in joint venture (JV) is discovery focused and will see generative work and drilling conducted with the goal of unearthing a Cobar-type discovery.
Helix will have the opportunity to spend $2.8 million to earn an 80 per cent interest in the site.
Legacy chief executive officer and managing director Christopher Byrne welcomed the JV.
“We are pleased to announce this discovery-focused partnership with Helix Resources covering our Central Cobar project,” Byrne said.
“The Helix Resources team has extensive knowledge and experience 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.”
Minimum commitments from Helix include geophysics and 700m of drilling within 12 months.
“The project area represents an exceptional opportunity to discover Cobar-type deposits within a stone’s throw of an operating mill at Aurelia’s Peak gold mine,” Byrne said.
“This agreement will focus on unlocking the Cobar project’s potential while allowing Legacy to remain focused on the discovery opportunities at our 100 per cent-owned project – Drake, Black Range and Thomson.”
The Central Cobar project covers 380km2 and is located 10km away from the Peak gold mine.
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