Helix Resources Ltd (ASX: HLX) has upped its copper game with a strategic acquisition in the Bryah Basin, known for its high-grade copper deposits. This move, announced on 14 November 2024, enables Helix to acquire a 51% stake and potentially up to 90% in a series of copper projects across 320 square kilometres in this highly prospective region. As part of its broader copper diversification strategy, this acquisition represents a significant expansion from Helix’s existing Cobar copper assets in New South Wales, deepening its footprint in Western Australia’s most promising copper corridor.
The Bryah Basin has long been recognised as a copper hotspot, hosting world-class deposits like the DeGrussa copper-gold mine, formerly operated by Sandfire Resources. Sandfire’s DeGrussa project is renowned for its high-grade copper equivalent deposits, which historically produced nearly 900,000 tonnes of copper at an impressive 6.93% copper equivalent. The basin’s geology is ideal for Volcanogenic Massive Sulphide (VMS) deposits, offering significant upside for exploration. Helix’s new acquisitions include the Doolgunna and DeGrussa West tenements, covering roughly 12 kilometres of strike along the same copper-rich geological trend as DeGrussa, positioning Helix to target similar high-grade copper potential.
Figure 1: Bryah Basin Project Location. Inset – location in Western Australia.
With the new acquisition, Helix now controls a suite of seven projects, each with substantial exploration upside:
Doolgunna Project: This tenement lies just 18 kilometres west of the DeGrussa deposit and contains a 1-kilometre copper-bearing gossan identified through mapping, soil sampling, and preliminary drilling. A recent surface electromagnetic (EM) survey found a 2.9-kilometre conductor under the gossan, suggesting a deeper mineralised body. Two drill holes in 2020 intersected copper mineralisation, marking it as a high-priority target.
DeGrussa West Project: This tenement, part of the broader Bryah Basin acquisition, shares geological features with the DeGrussa deposit, including the crucial Noonyereena Member of the Karalundi Formation, known for its VMS copper-gold potential.
Wilgeena and Karalundi Projects: These tenements cover extensions of the mineralised units identified in the Doolgunna and DeGrussa areas, extending Helix’s reach across the Bryah Basin’s most promising copper-bearing stratigraphy.
These acquisitions provide Helix with exposure to some of the most copper-rich terrain in Australia. "With copper and zinc mineralisation already identified in surface samples and geophysical surveys, we believe the Bryah Basin projects represent an outstanding opportunity for Helix," said Managing Director Kylie Prendergast. "The staged earn-in structure provides us with a clear path to increasing our interest in these projects as exploration advances".
The agreements with OD4 Tom Price Pty Ltd and Omni GeoX Pty Ltd enable Helix to start with a 51% interest in the Bryah Basin projects and potentially scale up to a 90% interest through a structured earn-in. The terms require an upfront cash payment, additional staged payments, and an exploration investment over six years, divided into two phases. Notably, the acquisition is contingent on the outcome of Helix’s upcoming AGM, where any change in board control could affect the deal. This stipulation reflects a precautionary measure given a recent unsolicited offer by Acta Resources, a competitor seeking influence over Helix’s board.
Helix’s Bryah Basin expansion complements its existing Cobar copper assets, marking a dual focus on two of Australia’s most prospective copper regions. This aligns with the company's broader strategy to increase copper exposure at a time when global copper demand is on the rise, driven by the electrification trend and renewable energy projects. Helix’s Cobar assets already include several promising copper projects, with notable mineral resources at the Canbelego Joint Venture, where Helix holds a 70% interest. This diversified portfolio allows Helix to apply its expertise in VMS exploration across NSW and WA, positioning it to scale resource estimates and pursue high-grade copper deposits.
With this acquisition, Helix is poised for a significant exploration push, especially at Doolgunna and DeGrussa West. The company has already lodged applications for a Program of Work (PoW) for further drilling, backed by a $180,000 grant from the WA government’s Exploration Incentive Scheme. The Helix technical team will deploy a multi-disciplinary approach, integrating geophysics, geochemistry, and drill testing to advance the newly acquired assets.
If exploration confirms the anticipated high-grade copper mineralisation, these projects could considerably boost Helix’s copper portfolio and add substantial value for shareholders. The strategic move positions Helix not only to build on existing Cobar resources but also to establish a meaningful presence in WA’s premier copper district. For shareholders, this expansion could represent a transformative period as Helix broadens its resource base and amplifies its exposure to Australia’s burgeoning copper sector.