Helix Resources (ASX:HLX) reveals it has put between 75% and 80% of shareholder funds into the ground to conduct drilling and advance high-priority targets in the Cobar-Nyngan region of New South Wales.
In its latest quarterly report ending 30 September 2024, Helix says its deployment of shareholders’ capital into direct exploration over the past three years has exceeded its peers and industry averages.
The $14.68 million market capitalised company reports it has spent, on average over the past three years, four times its reported corporate costs on exploration and evaluation, which equates to 75-80% of shareholder funds.
In Q4 2024, of 177 peer companies in the $6.5 million to $16 million market capitalisation bracket, on average only 1.1 times corporate costs on exploration and evaluation was spent.
Helix says this shows the company is an active explorer.
As of 30 September 2024, the company had $2.042 million cash at hand.
Helix has plans for several drilling and exploration programs across its entire tenement package for this quarter and into early 2025.
At the Eastern Group Tenements, Helix is planning an aircore drilling program where auger sampling was not effective and to test other priority areas that emerge from geochemical data analysis.
Helix will also drill the Max’s Folly Target. Once other targets are confirmed, the company will move to begin drill testing. In conjunction, the company will conduct infill auger sampling and geochemical analysis.
At Muriel Tank, Helix intends to follow-up recently reported vein extension targets via drilling, as well as continue field mapping and sampling. An auger sampling program using a mechanical auger rig will also be carried out.
Meanwhile, at the Western Group Tenements, the company is awaiting reverse circulation drilling results from the Bijoux prospect, as well as auger results from an ongoing copper camp evaluation.
The company will also undertake an aircore drilling program at the Louis prospect to follow-up anomalous copper and pathfinder auger results. If the results are considered encouraging, Helix will continue evaluating with appropriate drilling and geophysical work.
At Helix’s joint venture Central Cobar Project with Legacy Minerals (ASX:LGM), field scoped ground geophysical surveys will be carried out over three of the highest priority airborne electromagnetic targets, in parallel with drill planning.
Once completed, drilling will begin as soon as possible.
In 2025, Helix also plans to follow-up other airborne electromagnetic and geochemical targets generated, via fieldwork, auger geochemical sampling, and geophysics.
Managing Director Kylie Prendergast says the last quarter was “highly productive” in terms of active exploration and project development.
“During the quarter, we also agreed terms for an earn-in joint venture agreement with Legacy Minerals to undertake exploration for gold, copper, silver, and base metals on its Central Cobar Project,” she says.
“This agreement provides Helix with an exciting exploration opportunity located very close to operating gold and copper mines and having the potential to discover Cobar-type mineralisation with several, well regarded, undrilled targets.
“Finally on the corporate front, Helix received a notice of intent for an all cash proportional off-market takeover offer from Acta Investment Group to which the board continues to advise shareholders to take no action.”
Prendergast notes that this offer has not deterred the company from continuing its exploration programs across its expansive tenement holding.
“This work is very much business as usual,” she adds.
Helix Resources is a mineral explorer focused on making new copper and gold discoveries within its 3,200km2 land package.
Write to Aaliyah Rogan at Mining.com.au
Images: Helix Resources
