Explorers frequently consolidate ground near existing mines and processing plants. Helix Resources Limited (ASX:HLX) announced on 15 September 2026 a binding agreement to acquire a 100% interest in a package of tenements for its Nullagine Gold Project in East Pilbara.

Company overview

Helix Resources Limited (ASX:HLX) is an ASX-listed explorer building a position in the Mosquito Creek Basin in the Nullagine district of Western Australia. The new tenements sit immediately adjacent to AIM Mining’s Nullagine Gold Project, which hosts the 1.8 million tonne per annum Golden Eagle processing plant, and near the Blue Spec gold deposit.

Commercial terms

Helix agreed to acquire 100% of 30 exploration and prospecting tenements (P46/2158 to 2190) from CuFe Ltd. Consideration is A$50,000 in cash and A$200,000 in Helix shares issued at A$0.035 per share, subject to Shareholder approval, and CuFe is entitled to a 1% net smelter Royalty on all minerals extracted from the tenements.

Geology and exploration context

The release describes the Mosquito Creek Basin as an Archaean turbidite-dominated metasedimentary belt with structurally controlled gold along two parallel fault corridors 5 to 10 kilometres apart. The Middle Creek Fault Zone hosts moderate-grade lode mineralisation (Golden Eagle around 2 g/t), while the Blue Spec zone hosts very high-grade gold-antimony veins. Helix cites a district endowment of about 2.4 to 2.5 million ounces and says about 97% of historical drilling concentrated on two corridors, leaving much of the basin underexplored.

It compares the basin’s scale with the Mallina Basin before the Hemi discovery, while noting the deposit styles differ.

The Nullagine district setting

The tenements sit immediately adjacent to AIM Mining’s Nullagine Gold Project, which hosts the 1.8 million tonne per annum Golden Eagle processing plant and associated infrastructure, and near the high-grade Blue Spec gold deposit. Helix cites a Mosquito Creek Basin and Nullagine district endowment of about 2.4 to 2.5 million ounces, counting past production and current resources.

The release says roughly 97% of historical drilling in the basin has focused on just the Middle Creek and Blue Spec structural corridors, which it describes as leaving much of the basin materially under-explored.

Geology of the Mosquito Creek Basin

The basin is an Archaean, turbidite-dominated metasedimentary belt on the south-eastern Margin of the East Pilbara granite-greenstone terrane, deposited around 3,000 to 2,905 million years ago as part of the De Grey Group. Gold is hosted almost entirely in deformed metasedimentary rocks, in contrast with older volcanic-hosted greenstone gold camps elsewhere in the Pilbara.

Mineralisation is structurally controlled along two parallel east-north-east fault corridors 5 to 10 kilometres apart. The Middle Creek Fault Zone hosts moderate-grade gold-only lodes, such as Golden Eagle at around 2 g/t, while the Blue Spec Fault Zone hosts very high-grade gold-antimony veins locally exceeding 20 g/t gold and 1.6% antimony.

Mallina Basin comparison

Helix compares the basin with the Mallina Basin, host of the Hemi discovery, noting both are filled with De Grey Group sediments deposited in the same regional event, while recognising that currently defined deposit styles differ.

Sector backdrop

The Nullagine district has historical production and operating infrastructure, and explorers there seek to benefit from nearby processing, subject to commercial terms with plant owners.

Turbidite-hosted gold districts can be large and structurally complex, and discoveries in analogous basins elsewhere have prompted renewed interest in under-explored areas.

Small tenement packages near an operating plant are often assessed for potential ore feed, subject to resources and commercial agreements.

Risks shareholders should weigh

Share consideration needs shareholder approval. The tenements are early stage, and the release states no resource on them.

Basin analogies such as Hemi do not predict results, and exploration may not find mineralisation.

A 1% royalty reduces future returns, and funding is needed for exploration.

An analogy with another basin is a framework for exploration rather than evidence of mineralisation on the acquired tenements.

The release describes no resource and no drilling on the acquired tenements.

What’s next

Helix will seek shareholder approval and settle the Acquisition before planning exploration. Shareholders may wish to watch for the meeting notice and work plans.

Helix will seek shareholder approval for the share component and finalise settlement before planning exploration.