Helix signs earn-in agreement

Local minerals explorer Helix Resources has offered a 50.1 per cent stake in its Joshua project in Chile to EPG Exploration Fund, in exchange for drilling services and about $3.9 million.

EPG will have the right to earn up to 51 per cent in the Joshua project by completing up to 10 kilometres-worth of diamond and RC drilling in two stages over two and a half years.

Following completion of the two-stage program, Helix will retain a 49.9 per cent stake in Joshua, and a joint venture will be formed to progress the project.

“The agreement with EPG allows Helix to partner with a well-funded Chilean company with the option of a fully-funded $US3 million drilling program to test the large porphyry target over a short time frame,” the company said in a statement.

“Subject to positive drill results, this work will advance the project substantially and at completion of the earn-in program, Helix will retain a significant equity stake in a greenfield copper-gold porphyry discovery.”

Helix shares were 15.3 per cent higher at 3 cents each at 11:30am.