tophorz

Olary Project | South Australia

Divested

Project Summary

The Olary region is an emerging iron ore province in the E-NE of South Australia being considered as a new frontier for the development of magnetitie iron ore. After completing a 10 hole RC drill program in 2011, Helix sold the Olary Project to Lodestone Equities Ltd in February 2012 for $5.25M, with cash received of $2.5M and $1.75M due March 2014 and $1M due March 2015, together with a 1% FOB Royalty from ore produced from the Project.