Solara Minerals Ltd is set to secure a significant and strategically located landholding in Western Australia’s Murchison Region, an area renowned for its gold and copper-gold prospectivity. The OD4 Tom Price Pty Ltd (OD4TP) acquisition strengthens Solara’s exploration portfolio with seven under-explored licences covering a combined area of 310 square kilometres. These tenements in the Byrah Basin, between 50 and 150 kilometres north of Meekatharra, are well situated near existing infrastructure and several established mining operations.
Project locations with regional geology, gold mines and gold occurrences.
Among the highlights of the acquisition is the Degrussa West Project, located just 17 kilometres along strike from Sandfire Resources Ltd’s Degrussa Copper-Gold Mine, which historically produced 13.8 million tonnes at 4.8% copper and 1.8 grams per tonne gold. The project is also only 10 kilometres from Catalyst Metals Ltd’s recently acquired Old Highway Gold Deposit, which holds a resource of 206,000 ounces of gold. Previous geophysical work at Degrussa West has identified several bedrock-hosted conductors within the same geological sequence as the Degrussa Mine. These high-priority targets remain untested by drilling.
Further strengthening the portfolio is the Wilgeena Project, situated 15 kilometres southeast of Westgold Resources Ltd’s Peak Hill Gold Mine, which has a JORC-compliant resource of 481,000 ounces, and approximately 60 kilometres from Westgold’s Fortnum processing facility.
As part of its due diligence process, Solara has completed a moving loop electromagnetic (MLEM) survey over a priority target at Degrussa West. The collected data is currently being processed and interpreted, with results expected in the coming weeks to inform and refine targets for an initial drill program.
Acquisition details and strategic rationale
Under the agreement, Solara will acquire 100% of OD4TP, which holds all seven exploration licences.
Tenement register. OD4 Tom Price Pty Ltd will become a wholly owned subsidiary of Solara Minerals Ltd upon completion of the acquisition.
The acquisition consideration includes:
- A A$150,000 cash payment (less A$20,000 already paid as an exclusivity fee);
- Issuance of 1,250,000 Solara shares to OD4TP shareholders;
- A further 1,500,000 shares, contingent on intersecting a mineralised zone of at least 20 CuEq% x metres within three years;
- All issued shares will be subject to six months’ voluntary escrow.
The deal is conditional on standard due diligence, execution of agreements with all minority shareholders and necessary approvals. Solara expects to finalise the acquisition by the end of July 2025.
Solara executive director Tony Rovira said the acquisition aligns with the company’s focus on value-accretive gold and copper opportunities in prolific districts.
“We’re delighted to have secured these exciting projects where historical exploration results and prospective underlying geology indicate strong gold and copper mineralisation potential,” Rovira said. “They are located in the highly productive Murchison region which has a historical gold production endowment of more than 35 million ounces and where numerous gold mines are currently operating.
“This acquisition enables the company to expose shareholders to one of the hottest gold exploration districts in Western Australia, as well as test targets that are prospective for analogues of the Degrussa and Monty copper-gold deposits.
“It aligns with Solara’s business model, to identify and assess new acquisitions and investments with a focus on exploration and pre-development opportunities in the gold and copper sector driving shareholder value. The work is continuing.”
Degrussa West Project
Comprising two adjoining licences (E52/4313 and E52/4438), Degrussa West spans 65 square kilometres and lies just 17 kilometres from the high-grade Degrussa Copper-Gold Mine. It also neighbours Catalyst Metals’ Hermes and Old Highway gold deposits.
Previous airborne electromagnetic surveys identified multiple bedrock-hosted conductors within the same geological sequence as Degrussa. Solara has completed a ground-based MLEM survey over these anomalies, with data analysis underway. Drill sites are already accessible via existing station tracks, and drilling is set to begin once approvals are secured.
Wilgeena Project
Wilgeena includes two licences (E52/4369 and E52/4370) covering 52.7 square kilometres, located 15 kilometres southeast of Westgold’s Peak Hill Gold Mine. The project lies close to Catalyst’s Hermes South deposit (114,000 ounces gold) and the Hermes deposit (243,000 ounces gold).
Exploration to date has been limited, with wide-spaced soil sampling and shallow drilling yielding anomalous gold and copper values. Solara will initiate a follow-up campaign comprising data review, mapping, surface sampling and reconnaissance drilling to investigate potential mineralisation along strike from Hermes South.
Mikhaburra and Karalundi Projects
The Mikhaburra Project consists of two adjoining tenements totalling 148.8 square kilometres. The Karalundi Project adds a further 43.4 square kilometres. These areas overlay the Naracoota Volcanics and Karalundi Formation — host rocks for several regional deposits. Historical exploration included reverse circulation and air core drilling targeting copper, and Solara intends to review this data to inform future exploration.