Helix Acquires Half Interest in Weerianna Project Hosting 62,700 Ounce Historical Gold Resource

Helix Expands Portfolio with Strategic West Pilbara Acquisition

Helix Resources Limited (ASX:HLX) has bolstered its foothold in Western Australia’s mineral-rich Pilbara region by acquiring a 50% stake in the Weerianna Gold-Lithium Project for $1.33 million, split between shares and cash. This deal not only grants Helix exposure to an advanced gold asset with a historical inferred resource of approximately 62,700 ounces at 2 g/t Au but also introduces early-stage lithium potential in a district rapidly gaining attention.

Weerianna’s granted Mining Lease M47/223 sits just 4 kilometres from the Andover Lithium Project, recently snapped up by a joint venture involving Sociedad Química y Minera de Chile and Hancock Prospecting in a transaction valued at around $1.7 billion. This proximity places Weerianna squarely within a burgeoning lithium corridor, with Helix flagging rock chip samples showing lithium oxide grades as high as 1.49%, signalling a promising exploration upside alongside gold.

Historical Gold Resource and Geological Setting

The historical resource, reported by Artemis Resources in 2018, estimates nearly 1 million tonnes of mineralisation at 2 g/t gold, though Helix cautions this figure is a historical estimate and not yet compliant with JORC standards under its stewardship. The company plans to commence verification drilling and sampling over the next six months to confirm and potentially upgrade this resource.

Geologically, the project lies within a chert-ultramafic schist sequence, hosting structurally controlled gold mineralisation associated with quartz veins and sulphide minerals such as pyrite and arsenopyrite. The deposit remains open along strike and at depth, offering further upside potential. The site benefits from excellent infrastructure, located about 25km east of Karratha and near the Radio Hill processing plant, which could facilitate near-term development pathways.

Transaction Details and Future Exploration Plans

Helix paid $1,002,429 in shares at a 25% premium to market price, alongside $325,486 in cash, with an initial payment of $25,000. Importantly, the company retains a first right to acquire the remaining 50% interest at fair market value, providing a clear pathway to full ownership.

Exploration plans are ambitious, targeting both gold and lithium. Helix intends to undertake reverse circulation and diamond drilling to test extensions of the gold deposit and structural controls, alongside lithium-focused fieldwork including pegmatite mapping, sampling, and geophysical surveys. The company also aims to produce a new Mineral Resource estimate and conduct expansion studies, setting the stage for potential resource upgrades.

This acquisition complements Helix’s broader exploration activities, including recent capital raises to fund projects in Arizona and New South Wales. The company’s ongoing efforts in the US gold districts and copper-gold projects in Cobar underscore a diversified strategy across multiple jurisdictions and commodities, as seen in its recent $668K capital raise and 40% Gold Basin stake.

Caution on Historical Data and Early Lithium Stage

While the historical gold resource offers a valuable starting point, Helix is clear that further work is needed to verify and classify this estimate under the JORC Code. The lithium potential remains early stage, with encouraging rock chip results but no definitive resource yet. The company’s planned drilling and sampling campaigns will be critical to unlocking the true value of both commodities at Weerianna.

The West Pilbara’s evolving lithium landscape, highlighted by the Andover discovery, adds a layer of strategic significance to this acquisition. Whether Helix can replicate or complement this success remains to be seen, but the project’s location and geological setting provide a compelling platform for exploration.