Arrow Minerals has signed a sale and purchase agreement (SPA) to acquire an 80% stake in the Yarraloola Copper Project in Western Australia’s (WA) Pilbara region.
The transaction involves a payment of A$50,000 ($35,881.5) in cash and A$500,000 in shares.
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Skryne Hill, the vendor, will maintain a 20% free carried joint venture interest until a decision to mine is reached.
It is owned by Adrian Black and William Amann, who are also associated with Newexco, a geophysical consultancy in Australia.
The Yarraloola Copper Project, situated around 80km east of Onslow, is accessible via gravel roads from the North West Coastal highway.
The project area is known for its historical copper mine workings and recent surface sampling that revealed up to 0.95 grams per tonne (g/t) gold and 48.1g/t silver.
As a condition of the transaction, Arrow has agreed to undertake a reverse circulation (RC) drilling programme totalling 2,000m at the Yarraloola Copper Project.
The Pilbara region is recognised for its potential in gold and base metals, with significant deposits such as Sulphur Springs, Whim Creek, Paulsens, Mount Olympus and Hemi.
Western Mining Corporation (WMC) conducted exploration in the 1970s, identifying Yarraloola as a volcanogenic massive sulphide base metal system.
The site was initially mined in 1963, producing 2.8t of copper ore with an average grade of 14.6% copper.
Skryne Hill has identified two priority targets characterised by overlapping gravity and magnetic anomalies within the target rock sequence.
These, along with the Yarraloola mine, are set to be the focus of drilling activities for the rest of 2026.
The Ava Prospect is marked by magnetic anomalies that coincide with a slight gravity anomaly, which the seller believes is similar to the Scuddles deposit in the WA Murchison.
The Fraser Prospect consists of two adjacent ‘bullseye’ targets with overlapping magnetic and gravity anomalies.
Arrow managing director David Flanagan said: “WMC proved in the 1970s that the rocks contained copper, silver, lead and zinc over reasonable thickness, width and strike. The project then sat idle for nearly 50 years before Newexco, acquired the ground, collected more quality magnetics, and gravity data generated some attractive targets and found gold at surface.
“Newexco have enormous credibility in WA base metals exploration. Add that to the copper in the WMC drilling, plus gold in rock chips, plus a copper mine, plus 50 years of pretty much sitting dormant while the Pilbara has become a home to some of Australia’s most amazing gold and base metals discoveries.”
