Perth-based minerals exploration company Helix Resources (ASX:HLX) has recorded new ‘high-grade copper results from diamond core drilling activities at the Canbelego Copper Project in New South Wales.
The company reports drillhole CANDD017 intersected 2 copper intervals in the Canbelego Main Lode position including 8m @ 2.83% Cu. This hole was designed to follow-up on recent shallow reverse circulation (RC) drilling results which mapped out a ‘high-grade’ copper zone from near-surface to over 120m down-dip.
These new results have confirmed that zone at least another 40m to over 150m vertical depth which remains open at depth. Initial estimates of the true thickness of the copper mineralisation are between 15m to 20m, which is consistent with the interpretation.
‘High-grade’ assays were also recorded from the first ‘effective’ drill test of the conductive targets interpreted to be ‘high-grade’ copper shoots, with hole CANDD016C intersecting 3.1m @ 2.19% Cu from 373m and 5m @ 3.59% Cu from 603m.
Follow-up drilling in CANDD019A in the Lower Canbelego Lode intersected copper sulphide mineralisation about 150m up-plunge from the intercept recorded in CANDD016C at the predicted position of the conductive targets.
Geologists observed an upper 9.6m zone of medium intensity chalcopyrite mineralisation from 496.4m and a lower 7m zone of weak to ‘strong’ intensity chalcopyrite mineralisation from 509m. The company notes assays are pending for this hole.
Helix reports diamond drilling is continuing to complete an initial 3-hole test of this discrete ‘high-grade’ copper shoot extension represented by the modelled conductive target plates from a series of downhole electromagnetic (DHEM) surveys.
Drilling at Canbelego will be paused on completion of hole CANDD020 and on receipt of all assays, and an updated Mineral Resource Estimate (MRE) will then be completed.
Technical consulting group MEC Mining has been engaged to undertake this resource upgrade and an initial review of the data, which is expected to be completed in the June quarter.
Commenting on the results, Helix Resources Managing Director Mike Rosenstreich says: “Helix has been aggressively drilling at the advanced Canbelego copper project for the past 18 months. To date we have completed over 8,300m of diamond core and about 6,400m of RC comprising over 70 drillholes.
This was the first work at Canbelego since 2013 and note, the current inferred Mineral Resource Estimate (MRE) of 1.5 million tonnes at 1.2% copper was completed over 12 years ago. With recent significant drilling now completed, it is now the right time to take stock with an updated mineral resource.
Our work has identified high-grade copper zones both within the outline of the shallow 2010 resource estimate and high-grade shoots continuing for at least 300m to 400m below the base of that resource outline.
“I am confident that we should realise a more robust estimate in terms of the resource classification and increased contained copper tonnes …”
I am looking forward to our updated resource sometime in May-June of this year. I am confident that we should realise a more robust estimate in terms of the resource classification and increased contained copper tonnes given the clear extensions to the mineralisation which have been identified and the higher-grade copper zones delineated.”
The Canbelego Copper Project lies along the regional scale Rochford Copper Trend. The Project falls within the 70:30 ‘contributing’ joint venture (JV) with Aeris Resources (ASX:AIS) (Helix 70% and Manager, Aeris 30%) covering Exploration Licence 6105. The Rochford Trend has the potential to host ‘Cobar-style’ copper deposits analogous to the large-scale, ‘high-grade’ mineralisation found at the nearby CSA Copper Mine, owned by Glencore (LON:GLEN) and under offer from Metals Acquisition Corp (NYSE:MTAL.U).
Helix Resources is a Perth-based mineral exploration company focused on its portfolio of projects in central New South Wales. These projects include the Collerina, Cobar Gold, Rochford Copper Trend, and Canbelego Copper projects. The Canbelego project is located 45km southeast of Cobar covering about 40km-square.
Images: Helix Resources Ltd
