PERTH: Solara Minerals Ltd (ASX:SLA) announced Monday it has entered into a binding agreement to acquire OD4 Tom Price Pty Ltd, a private company holding seven exploration licences covering 310 square kilometers in Western Australia’s highly prospective Murchison region.
The acquisition grants Solara 100% ownership of projects near prolific gold and copper-producing districts, including Sandfire Resources’ DeGrussa mine and Westgold’s Peak Hill operations. The Degrussa West Project, located just 17 kilometers from Sandfire’s flagship mine, features multiple bedrock conductors in the same geological sequence—none of which have been drill tested.
“The geological signatures and historical exploration results suggest excellent potential for high-grade copper and gold deposits,” said Solara Executive Director Tony Rovira. “We’re excited to unlock value in a region known for its remarkable production history.”
Solara has already undertaken a ground-based electromagnetic survey at Degrussa West to refine drill targets. Data interpretation is underway, with initial drilling expected following regulatory approvals. Other assets include the Wilgeena, Mikhaburra and Karalundi projects, all positioned in close proximity to producing mines and known mineral occurrences.
Under the terms of the acquisition, Solara will issue up to 2.75 million shares—1.25 million immediately and 1.5 million deferred, contingent on exploration success within three years. A $130,000 cash reimbursement will also be paid.
Completion is anticipated by month’s end. OD4TP will become a wholly owned subsidiary of Solara Minerals.