Solara Minerals Ltd (ASX: SLA) has announced a binding agreement to acquire 100% of OD4 Tom Price Pty Ltd, securing a significant new ground position in Western Australia’s Murchison Region. Solara Minerals is focused on identifying and assessing new acquisitions and investments with a focus on exploration and pre-development opportunities in the gold and copper sector. The acquired portfolio comprises seven under-explored exploration licences totalling 310 square kilometres, highly prospective for gold and copper-gold mineralisation.
The project portfolio includes the Degrussa West Project, located 17km along strike from Sandfire Resources’ Degrussa Copper-Gold Mine, and the Wilgeena Project, situated 15km southeast of Westgold Resources’ Peak Hill Gold Mine. Previous geophysics at Degrussa West identified multiple bedrock-hosted conductors, remaining untested by drilling. Solara completed a moving loop EM survey over a priority target at Wilgeena, with results expected in the coming weeks to refine targets for an initial drilling program.
Under the agreement, Solara will pay $150,000 (less an exclusivity fee) in cash and issue 1,250,000 fully paid ordinary shares to the shareholders of OD4TP. Subject to shareholder approval, a further 1,500,000 shares will be issued upon achieving a drilled mineralised intersection of not less than 20 CuEq% x interval in metres within three years. The company confirms that it does not intend to seek any shareholder approvals to proceed to Completion.
‘We’re delighted to have secured these exciting projects where historical exploration results and prospective underlying geology indicate strong gold and copper mineralisation potential,’ said Solara’s Executive Director, Mr Tony Rovira. Completion of the acquisition is targeted for the end of July 2025.
