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Helix grants JOGMEC option to acquire 60% interest in Samuel copper project

Helix Resources Ltd. said Sept. 5 that it reached a joint venture deal with Japan Oil, Gas and Metals National Corp. over the Samuel copper project in Chile, as part of the explorer's bid to rationalize its projects and explore its copper project.

Under the binding deal, JOGMEC may earn 60% interest in the project by funding exploration of up to US$2.4 million over three years up to March 31, 2021. Work will be undertaken in three stages, including a large-scale geophysical survey and a two-phased diamond drilling program.

Until the completion of stage three, Helix's Chilean team will manage the project and receive a management fee, with JOGMEC earning the right to sell their joint venture interest by tender to a Japanese company after completion.