Solara Minerals Ltd (ASX: SLA), a company focused on exploration and pre-development opportunities in the gold and copper sector, has announced a binding agreement to acquire 100% of OD4 Tom Price Pty Ltd. This acquisition gives Solara a significant new ground position in the richly endowed Murchison Region of Western Australia, highly prospective for gold and copper-gold mineralisation. The move aligns with Solara’s business model to identify and assess new acquisitions and investments, ultimately aiming to drive shareholder value.
The project portfolio comprises seven under-explored exploration licences, totalling 310 square kilometres. These licences are strategically located near excellent infrastructure and existing mining operations. Key projects include the Degrussa West Project, situated 17km along strike from Sandfire Resources Ltd’s Degrussa Copper Gold Mine, and the Wilgeena Project, located 15km southeast of Westgold Resources Ltd’s Peak Hill Gold Mine. Solara has already completed a MLEM survey over a priority target at Wilgeena, with results expected in the coming weeks to refine targets for an initial drilling program.
Executive Director of Solara, Mr Tony Rovira, expressed his enthusiasm for the acquisition, highlighting the strong gold and copper mineralisation potential indicated by historical exploration results and the prospective underlying geology. He noted the location in the Murchison region, which has a historical gold production endowment of over 35 million ounces. Rovira believes this acquisition will expose shareholders to one of the hottest gold exploration districts in Western Australia, with targets prospective for analogues of the Degrussa and Monty copper-gold deposits.
The acquisition terms include an upfront payment of $130,000 in cash and the issuance of 1,250,000 Solara shares to the shareholders of OD4TP. A further 1,500,000 Solara shares will be issued upon achieving a drilled mineralised intersection of not less than 20 CuEq% x interval in metres within three years. Completion of the acquisition is targeted for the end of July 2025, subject to customary conditions precedent.
