ASX-listed exploration company Helix Resources (ASX:HLX) reports it has recently completed a ‘daughter hole’ testing a ‘large’ DHEM anomaly at the Canbelego Joint Venture (JV) Project in New South Wales.
The company says ‘significant’ downhole electromagnetic (DHEM) conductive targets were discovered from 2 deep ‘parent’ holes CANDD015 and CANDD016, which demonstrated the down-dip continuity of the Canbelego Main Lode for a further 400m below the base of the 2010 mineral resource.
These large-scale, ‘highly’ conductive targets are interpreted as ‘high-grade’ copper shoots plunging within an overall shear zone hosting the Canbelego copper mineralisation. To test this mineralisation, Helix designed 2 ‘daughter holes’ CANDD015A and CANDD016A.
Helix reports CANDD015A ‘narrowly’ missed the target conductor, stating the scale and prospectivity of these targets has not changed. The company cites challenging conditions for tight directional drilling, utilising 3 navi-cuts and various other measures to steer the hole trajectory.
This first test appears to have clipped the shoot, with disseminated and vein copper sulphides not consistent with the conductive DHEM response observed in the drill core. Hole CANDD016A was suspended due to a mechanical failure around 80m off the target.
Helix Resources Managing Director Mike Rosenstreich says it appears the company has just missed the target.
“These conductive targets which we consider represent high-grade copper shoots, remain untested. They are unique in terms of their large-scale and conductive intensity compared to anything ever detected around the Canbelego Main Lode.
“These conductive targets which we consider represent high-grade copper shoots, remain untested”
After a well-deserved Christmas break for all of the exploration team and drill crew we will resume our hunt, re-assessing means to get better directional control on our drilling. Hopefully with the ground conditions improving we can also resume and accelerate our regional target generation work.
The team and I remain highly confident and excited about the prospectivity at Canbelego and, indeed, our wider tenement holdings. Fortunately we have a strong cash position and are very well positioned to make major discovery inroads in 2023.”
Helix reports drilling will resume on 9 January 2023 to complete CANDD016A, as well as undertake a DHEM of the ‘near-miss’ in CANDD015A. The company will also continue to test ‘significant’ targets for ‘high-grade’ copper mineralisation.
Helix Resources is an ASX-listed resource company which is ‘all-in on copper’ exploration in the Cobar region of New South Wales. The company’s projects include the Collerina, Cobar Gold, Rochford Copper Trend and Canbelego JV projects. Canbelego is a 70:30 split joint venture between Helix and Aeris Resources (ASX:AIS) respectively.
Images: Helix Resources Ltd
