Helix Resources (ASX:HLX) has uncovered several new copper targets at its Western Group Tenements (WGTs) in the Cobar-Nyngan region of New South Wales, which warrants a ‘major’ ongoing drilling campaign.
Between 15,000m to 25,000m of drilling has been planned to quickly assess or advance Helix’s top 20 targets in the WGT. Helix notes drilling is likely to start late in the March quarter next year.
The copper anomalies are being systematically reviewed and field-checked with infill and/or extensional auger sampling also planned for emerging anomalies that are only partly defined.
Helix says auger sampling will continue over the summer and well into the New Year, with over 5,000 samples planned. Auger sampling is currently in progress on the Collerina Trend in the Eastern Group tenements and will resume shortly on the Mount Lewis Trend in the WGT.
There are more than 1,000 samples at the laboratory with results expected over the coming months. This work is expected to generate numerous drill targets for testing in the New Year.
RC drilling is currently in progress at the Bijoux anomaly, with assays results expected in late December 2023.
“We are now gaining real momentum on this strategy and that means we must increase the tempo of our drilling to test what is now a long list of new copper targets“
Helix Resources Chairman Mike Rosenstreich says the company is seeing a gush of data and target insights coming through, which highlights the need to focus on this major drilling campaign.
“We are now gaining real momentum on this strategy and that means we must increase the tempo of our drilling to test what is now a long list of new copper targets.
Our confidence, that is, confidence across the Helix team comes from the quality of the underlying technical data, which is contributing a new, detailed view of the key geological elements which control mineralisation in this region which we think will improve our ‘batting average’ as we test these targets.”
The $10.45 million market capitalisation company recently received results from a regional scale geochemical sampling and geological mapping program, which revealed 15 new copper targets, in addition to the 51 targets already defined in the WGTs.
These targets have now been added to the company’s top 20 targets for drill testing.
A new prospective copper trend, namely the Mount Lewis trend has also been identified from the preliminary geochemical results and regional scale mapping — which hosts several new targets despite only very sparse sampling to date.
Helix is also continuing to systematically review and field-check copper anomalies, which is currently in progress on its Collerina Trend in the Eastern Group tenements.
Upon completion, Helix will then move to resume activities on the Mount Lewis Trend in the WGT.
Helix Resources is an ‘all-in on copper’ explorer focused on discovering resources in the prolific copper producing region of Cobar, New South Wales.
As of 30 September 2023, the company had $4.2 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Helix Resources
