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Helix Resources Limited ( (AU:HLX) ) just unveiled an announcement.
Helix Resources has executed a formal joint venture agreement to earn up to a 40% interest in the Gold Basin oxide gold project in Arizona, operated by Gold Basin Resources. Under the deal, Helix will fund up to A$3 million in exploration over two years, initially securing 20% for the first A$1 million and a further 10% for each additional A$1 million, while participating in an unincorporated joint venture committee.
The Gold Basin project lies in the prolific Walker Lane Gold Trend and covers about 42 square kilometres of highly prospective ground hosting six advanced, outcropping gold targets. It currently has an inferred resource of 299,800 ounces of gold at 1.12 g/t, with a resource update planned to incorporate extensive new drilling, and early metallurgical testwork suggesting potential for a future low-CAPEX, low-OPEX oxide heap-leach development close to existing infrastructure.
The most recent analyst rating on (AU:HLX) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Helix Resources Limited stock, see the AU:HLX Stock Forecast page.
More about Helix Resources Limited
Helix Resources Limited is an Australian exploration company focused on identifying and developing mineral projects, with a growing emphasis on gold opportunities in strategic jurisdictions. Through its wholly owned subsidiary Leichhardt Resources (Queensland) Pty Ltd, the company is expanding internationally via joint ventures, targeting oxide gold assets with potential for low-cost development.
Current Market Cap: A$5.35M
See more data about HLX stock on TipRanks’ Stock Analysis page.