Helix acquires first lithium prospect in Pilbara
ASX-listed Helix Resources has successfully acquired a 50% interest in the Weerianna gold/lithium project, in the West Pilbara region of Australia, from a company called Western Metals for $1.3-million.
The acquisition provides Helix with exposure to advanced gold resources and emerging lithium potential in a rapidly developing lithium province.
Helix retains the right to acquire the remaining 50% of the project.
The initial 50% stake was paid for with $325 486 in cash and the balance through shares.
Weerianna has a historically reported resource estimate of 975 700 t of gold grading 2 g/t, for 62 700 contained ounces, as well as documented lithium pegmatites and rock chip results grading up to 1.49% lithium oxide.
The last resource update was made by Artemis Resources in December 2018.
In terms of its location, the project is strategically placed 25 km east of Karratha, 5 km west of Roebourne, 4 km from the Andover Lithium discovery and adjacent to Azure Minerals’ tenement package.
The project is also next to major infrastructure such as the North West Coastal Highway and 35 km from the Radio Hill processing plant, providing a potential near-term development pathway.
Helix plans to start exploration activities in the coming months, including reverse circulation and diamond drilling to target gold deposit extensions and new mineralisation orientations, as well as mapping and sampling of lithium pegmatites.
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