Solara Secures 310km² Gold-Copper Portfolio Near Degrussa, Plans Drilling Soon
Solara Minerals has strengthened its foothold in Western Australia’s gold and copper sector through a major project acquisition and key executive appointments, setting the stage for upcoming drilling campaigns.
- Acquisition of 310km² gold-copper project portfolio near Sandfire’s Degrussa mine
- Identification of new large-scale conductive targets via ground electromagnetic surveys
- Appointment of industry veterans Tony Rovira as Executive Director and Jennifer Neild as General Manager
- Plans underway for imminent drilling at Degrussa West targets with approved permits
- Exploration expenditure of $111,000 for the quarter with no current mining production
Strategic Acquisition Expands Solara’s Footprint
Solara Minerals Limited (ASX, SLA) has taken a significant step forward in its exploration strategy with the pending acquisition of OD4 Tom Price Pty Ltd, a company holding a portfolio of seven gold and copper exploration licenses covering 310 square kilometres in the Bryah Basin of Western Australia. This portfolio is strategically positioned near established mining operations, including Sandfire Resources’ Degrussa Copper Gold Mine and the recently acquired Old Highway Gold Deposit by Catalyst Metals.
The Bryah Basin is a well-regarded mineral province, hosting multi-million ounce gold projects and high-grade copper-gold mines, making Solara’s new holdings a potentially valuable addition. The acquisition terms include a combination of cash reimbursement and the issuance of Solara shares, with deferred consideration contingent on future drilling success.
Promising Geophysical Targets Identified
Following the acquisition announcement, Solara completed a ground electromagnetic survey (MLEM) over the Degrussa West Project, revealing new large-scale conductive plates interpreted as mineralised structures. These north-dipping plates, measuring approximately 700m and 1,300m in length, coincide with strong magnetic anomalies and geological features favorable for mineralisation.
These findings build on historical VTEM data and soil sampling that indicated anomalous gold values along the same trend. With a Program of Work already approved, Solara plans to commence drilling these compelling targets as soon as practicable, aiming to unlock the mineral potential of this underexplored area.
Leadership Bolsters Exploration and Growth Ambitions
In parallel with its project expansion, Solara has enhanced its leadership team by appointing Tony Rovira as Executive Director and Jennifer Neild as General Manager. Rovira brings over four decades of technical and executive experience, including leading the discovery of the Andover Lithium Deposit and overseeing a $1.7 billion takeover at Azure Minerals. Neild, a seasoned geologist and geophysicist, has a track record in both brownfields and greenfields exploration, with expertise in geological interpretation and strategic acquisitions.
Neild’s remuneration package includes equity incentives aligned with the company’s growth objectives, underscoring Solara’s commitment to attracting and retaining top talent to drive its exploration programs.
Ongoing Exploration and Financial Position
Beyond the Bryah Basin acquisition, Solara continues to advance exploration at its West Arunta Nb-REE project and the newly granted Myrnas Hill copper-gold prospect in the Pilbara. The company reported exploration expenditure of $111,000 for the quarter, maintaining a disciplined approach to capital deployment with no mining production activities during the period.
Solara’s cash position remains solid at approximately $3.86 million, providing a runway to fund upcoming drilling and business development initiatives. The company also remains actively engaged in identifying further strategic opportunities to enhance shareholder value.
Bottom Line?
With a strengthened leadership team and a promising new project portfolio, Solara Minerals is poised to deliver on its exploration potential in Western Australia’s prolific mineral belts.
Questions in the middle?
- What initial drilling results will reveal about the newly identified conductive targets at Degrussa West?
- How will the acquisition of OD4 Tom Price Pty Ltd reshape Solara’s exploration priorities and capital allocation?
- What further strategic opportunities might Solara pursue to complement its expanding project portfolio?
