Belararox sells Bullabulling to double down on copper strategy

Belararox Resources has sold its WA gold and lithium play to focus on its Argentinian and African copper projects.

The Bullabulling tenements are prospective for gold and lithium discoveries adjacent to MI6’s project. Pic: Getty Images.

Special Report: Belararox is set to bank up to $750,000 in cash as it moves on its Bullabulling project in WA to narrow its focus squarely on its potentially world class copper assets in Argentina and Botswana.

• BRX signs option agreement for MI6 to acquire Bullabulling gold and lithium project
• Company to focus on its flagship copper project in Argentina, as well exploring Botswana's Kalahari Copper Belt
• Assays pending from maiden drilling at TMT project

Minerals260 (ASX:MI6), which owns the 3Moz Bullabulling gold project, will acquire the entire Coolgardie tenement package, comprising 26 tenements in the Eastern Goldfields.

Belararox (ASX:BRX) says the sale of the project, comprising a $150,000 option and a further $600,000 in cash or shares if that option is exercised within two years, will reduce its tenement holding costs and enable the company to focus on its strategic goal of discovering and developing world-class copper deposits.

“The option agreement will enable the early development of the Bullabulling tenements, reduce BRX’s costs in Australia and enable BRX to concentrate on its primary project, the exciting Toro-Malambo-Tambo (TMT) copper project in Argentina, as well as its recently acquired strategic interests in Botswana,” managing director Arvind Misra said.

Assay results for recent maiden drilling undertaken at TMT are expected to be released in the coming weeks.

Watch: BRX' big plans for Botswana

Tenements contiguous to Bullabulling gold project

 MI6 says the option represents an opportunity to consolidate the region and undertake the exploration to make significant discoveries, with the tenure largely contiguous to its recently acquired Bullabulling gold project. 

“This option Agreement with Belararox supports our Coolgardie regional exploration strategy and expands the Bullabulling Gold Project footprint to approximately ~570km2,” managing director Luke McFayden said.

“We look forward to active exploration on this ground soon.”

Belararox continues to hold the Belara zinc and copper project in New South Wales, but has drawn most excitement for its TMT project, located only a few klicks south of the Filo Del Sol deposit.

Bought by BHP and Lundin Mining in a US$3bn deal last year, this week the deposit along Argentina’s border with Chile was confirmed as the largest greenfield copper discovery in the last 30 years, hosting 7.2 billion tonnes of ore at 0.40% copper, 0.23g/t gold, and 4.0g.t silver.

That augurs well for TMT, where drilling has intersected the target depth of ~1300m at the Tambo South project, one of numerous targets sitting within an underexplored area between the prolific El Indo and Maricunga metallogenic belts in Argentina’s San Juan Province.

This article was developed in collaboration with Belararox, a Stockhead advertiser at the time of publishing. 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Belararox sells Bullabulling to double down on copper strategy