Golden Horse Minerals has acquired full ownership of the Sorrel Copper Project from NT Minerals for $3 million, gaining significant copper exposure in a Tier-1 jurisdiction. The acquisition replaces a prior earn-in option and positions Golden Horse for resource growth amid rising copper demand.
- Acquisition of 100% Sorrel Copper Project for $3 million
- Project hosts inferred resource of 8.4Mt at 1.1% copper (88,600t contained copper)
- Deal supersedes previous $5 million earn-in option agreement
- Strategic copper exposure amid tightening global supply-demand dynamics
- Next steps include data review, scoping study, heritage approvals, and drilling in 2026
Golden Horse’s Strategic Copper Move
Golden Horse Minerals Limited (ASX, GHM) has taken a decisive step to broaden its portfolio by acquiring 100% ownership of the Sorrel Copper Project from NT Minerals Limited (ASX, NTM) for a total consideration of $3 million. This transaction replaces an earlier earn-in option agreement that would have required $5 million in exploration expenditure to earn up to a 75% interest, effectively accelerating Golden Horse’s control over a significant copper asset.
The Sorrel Copper Project, formerly known as the Redbank Copper Project, is located in the McArthur Basin near the Northern Territory-Queensland border, a region known for its rich base metal deposits. The project boasts an inferred mineral resource estimate of approximately 8.4 million tonnes grading 1.1% copper, equating to around 88,600 tonnes of contained copper metal. This resource is supported by extensive historical drilling data, including over 780 drill holes and 55,000 metres drilled.
Exploration Upside and Market Context
Golden Horse’s Managing Director, Nicholas Anderson, highlighted the strategic value of securing copper exposure at a time when global supply struggles to keep pace with demand. Copper’s critical role in electrification and renewable energy technologies underpins long-term price optimism, making the acquisition timely. The project’s geology features multiple breccia pipes with high-grade mineralisation, some exceeding 2% copper over significant intervals, and many remain untested, offering substantial exploration upside.
Golden Horse plans to conduct a comprehensive review of the existing geological and exploration data, engage with previous consultants, and initiate a scoping study to evaluate the project’s potential. Heritage approvals are targeted for April 2026, with a maiden drilling campaign expected to commence mid-2026. These steps aim to expand the resource base and refine development pathways.
Balancing Growth with Environmental and Operational Challenges
While the acquisition presents clear growth opportunities, it also comes with inherited environmental considerations. Historical mining activities at the site have led to acid and metalliferous drainage impacting local waterways, with remediation efforts currently managed by the Northern Territory Government. Golden Horse will need to navigate these legacy issues as part of its development strategy.
Meanwhile, the company continues to advance its high-grade Southern Cross Gold Project, maintaining a balanced portfolio approach. The acquisition diversifies Golden Horse’s asset base and aligns with broader market trends favouring copper assets in stable jurisdictions.
Looking Ahead
The transaction is subject to NT Minerals shareholder approval and other customary conditions. If completed, Golden Horse will hold a 100% interest in a project with significant resource potential and strategic importance. The coming months will be critical as the company undertakes detailed technical reviews and prepares for exploration activities that could unlock further value.
Bottom Line?
Golden Horse’s acquisition of Sorrel positions it well for copper’s rising demand, but environmental and validation hurdles lie ahead.
Questions in the middle?
- How will Golden Horse address the environmental remediation legacy at Sorrel?
- What impact will the maiden drilling results have on resource confidence and project economics?
- Could Golden Horse leverage the Wollogorang Copper Project data to complement Sorrel’s potential?