Minerals 260 (ASX:MI6) has entered into an option agreement to acquire Belararox’s (ASX:BRX) Coolgardie region tenements in Western Australia, significantly expanding its Bullabulling Gold Project. The agreement includes 26 tenements, covering 50km2, contiguous to Mineral 260’s existing project area. This acquisition supports Minerals 260’s regional exploration strategy and aims to accelerate development. The terms of the two-year option agreement include an initial payment of $150,000 in cash, followed by $600,000 in cash or shares within two years. Shares, if issued, will be priced based on the 10-day volume weighted average price (VWAP).
Minerals 260, with a market capitalization of $279.58 million, intends to leverage the two-year option period to assess additional regional targets alongside those already identified at the Bullabulling Project. Managing Director Luke McFadyen highlighted that this deal expands Bullabulling’s footprint to 570km2. Meanwhile, Belararox is shifting its focus towards copper deposits, specifically the TMT Copper Project in Argentina and the Kalahari Copper Belt Project in Botswana, aiming to reduce holding costs in Australia. Assay results from recent drilling at TMT are pending. Minerals 260 aims to establish itself as a mid-tier gold mining company through the advancement of the Bullabulling Project.
