Helix Resources Accelerates Arizona Copper-Gold Expansion with White Hills Buy and Gold Basin JV
Helix Resources has secured conditional agreements to acquire the White Hills copper-gold project and earn a 40% stake in the Gold Basin oxide gold project in Arizona, complementing its Australian assets and setting the stage for a capital raise and drilling campaign.
- Conditional binding agreements to acquire White Hills copper-gold project in Arizona
- Earn-in joint venture for 40% of Gold Basin oxide gold project secured
- Board refreshed with new mining and finance expertise
- Cash position at AUD 0.458 million with planned Q2 2025 capital raising
- Exploration focus on drilling and resource updates in Arizona and review of Cobar assets
Strategic Expansion into Arizona’s Copper-Gold Belt
Helix Resources Ltd (ASX: HLX) has taken a significant step forward in its growth strategy by entering into conditional binding agreements to acquire the White Hills copper-gold project and to earn into a 40% interest in the Gold Basin oxide gold project, both located in Arizona, USA. These moves mark a notable expansion beyond Helix’s established Australian footprint in the prolific Cobar copper-gold region of New South Wales.
The White Hills project comprises seven tenements spanning 23 kilometres within the Arizona Arc, a geological belt known for copper-gold porphyry and IOCG deposits. Its proximity, just 50 kilometres, to the Mineral Park copper porphyry mine, currently undergoing a substantial US$600 million expansion by Waterton Copper, underscores the strategic value of this acquisition.
Gold Basin JV: Near-Term Production Potential
In parallel, Helix has secured conditional binding letter agreements to earn up to 40% of the Gold Basin oxide gold project, situated within the Tier 1 Walker Lane gold trend. The project covers six advanced gold targets with surface outcrops and benefits from a planned resource update in June 2025, incorporating over 35,000 metres of recent drilling. The oxide gold mineralisation is notably clean and amenable to heap leach processing, which could translate into low capital and operating costs for future development.
Helix’s Executive Chair Michael Povey highlighted the complementary nature of these Arizona projects to the company’s existing Cobar assets, describing White Hills as “the best candidate” he has seen in years for intensive exploration. The Gold Basin earn-in is seen as a near-term production opportunity with significant growth potential in a favourable jurisdiction.
Board Changes and Financial Position
The quarter also saw key changes to Helix’s board, with the appointment of Kevin Lynn bringing additional mining and finance expertise, while Dr Kylie Prendergast transitioned from Managing Director to Non-Executive Director. These changes reflect a strategic refocus as the company pursues its expanded exploration agenda.
Financially, Helix closed the quarter with a cash position of AUD 0.458 million, with expenditures broadly in line with budget. The company plans a capital raising in the second quarter of 2025 to fund upcoming drilling programs and resource evaluations at both Arizona projects.
Forward-Looking Exploration and Development Plans
Helix intends to commence drilling at White Hills and Gold Basin following completion of formal agreements, targeting coincident geophysical and geochemical anomalies with an initial 2,000 metres of diamond core drilling. The company aims to deliver updated mineral resource estimates compliant with NI 43-101 and JORC 2012 standards by mid-2025, followed by preliminary economic assessments to evaluate development scenarios.
Meanwhile, Helix continues to review its extensive Cobar land package, covering approximately 3,200 square kilometres, with a view to optimizing exploration strategies and potential joint ventures. This dual focus on proven Australian assets and promising North American projects positions Helix to leverage multiple growth avenues in copper and gold exploration.
Bottom Line?
Helix’s strategic Arizona acquisitions and joint ventures, backed by a refreshed board and upcoming capital raise, set the stage for a pivotal exploration and development phase that could redefine its growth trajectory.
Questions in the middle?
- Will Helix successfully complete the formal agreements and capital raising to fund its Arizona exploration programs?
- How will upcoming drilling results at White Hills and Gold Basin influence Helix’s valuation and project prioritization?
- What are the potential timelines and hurdles for advancing the Gold Basin oxide gold project toward production?