Helix Resources Advances Gold Basin JV with 299,800 oz Inferred Resource

Strategic Joint Venture Earn-In

Helix Resources Limited (ASX: HLX) has announced a conditional binding agreement to earn up to a 40% interest in the Gold Basin oxide gold project located in Arizona, USA. This earn-in joint venture (JV) arrangement with Gold Basin Resources (TSX-V: GXX) positions Helix to participate in a project with a substantial inferred gold resource and significant exploration upside.

Project Scale and Resource Highlights

The Gold Basin project covers a large 42 square kilometre area within the prolific Walker Lane gold trend, a Tier 1 jurisdiction known for world-class oxide gold deposits. The project hosts six advanced gold targets, including the Cyclopic and Stealth deposits, which collectively contain an inferred JORC-compliant resource of approximately 8.35 million tonnes grading 1.12 grams per tonne gold, equating to roughly 299,800 ounces of gold at a 0.5 g/t cut-off.

This resource is based on historical drilling and modelling, with the Cyclopic deposit characterized by multiple sub-horizontal mineralized layers near surface, and the Stealth deposit presenting a massive elliptical mineralized zone. Both deposits remain open for expansion laterally and at depth, offering significant potential for resource growth.

Upcoming Resource Update and Exploration Plans

Helix plans to deliver an updated Mineral Resource Estimate (MRE) by June 2025, incorporating over 335 new drill holes totaling more than 35,000 metres drilled since the 2019 resource was reported. This update aims to upgrade the resource classification and refine the project’s economic potential. Following the MRE, a Preliminary Economic Assessment (PEA) is anticipated, alongside further drilling to test extensions and improve confidence.

Encouraging Metallurgical Testwork

Historical metallurgical testwork conducted by previous owners indicates excellent gold recoveries, with bottle roll and column leach tests showing up to 80% extraction. The mineralization is oxide in nature, with low cyanide consumption and minimal preg-robbing characteristics, supporting the feasibility of low capital and operating cost heap-leach processing. Helix intends to review and validate these results under JORC 2012 standards as part of its technical due diligence.

Location and Infrastructure Advantages

Situated just 1.5 hours by road from Las Vegas, the Gold Basin project benefits from excellent year-round access and infrastructure, enhancing its development prospects. The project’s proximity to Helix’s recently acquired White Hills copper-gold project further strengthens the company’s strategic position in Arizona.

Commercial Terms and Next Steps

Under the JV terms, Helix will spend up to AUD 3 million over two years to earn up to 40% interest, with staged earn-in tranches of 20% for the first AUD 1 million, and 10% for each subsequent million spent. The vendor retains a minimum 60% interest and remains operator. Helix will also issue 150 million shares to acquire a 1% net smelter royalty. The company plans a capital raising in Q2 2025 to fund the Gold Basin and White Hills work programs.

Helix’s Executive Chairman, Michael Povey, expressed confidence in the project’s potential, highlighting the extensive mineralized system and the positive metallurgical profile as key factors underpinning near-term production opportunities and long-term growth.