Helix Resources bolsters contained copper in Canbelego Project MRE by 77%, NSW

Australian explorer Helix Resources (ASX:HLX) has increased the contained copper at its Canbelego Project in central New South Wales by 77% through an updated Mineral Resource Estimate (MRE).

The company reports the MRE update was completed by MEC Mining, and it’s the first update of the Canbelego resource since the 2010 resource estimate.

The total MRE now comprises 1.83 million tonnes @ 1.74% Cu for 31,842 tonnes of copper. Compared to the 2010 MRE, this represents a 22% increase in tonnage, a 45% increase in the copper grade, and a 77% increase in contained copper metal.


Additionally, the updated MRE comprises 18% indicated and 82% inferred categories grouped for potential open-cut extraction to a depth of 70m beneath surface and underground mining beyond that depth.

Helix says further resource potential around the Main Lode will be tested at the nearby, parallel-trending Western Lode targets south along strike, including the Caballero prospect and potential depth extensions guided by ongoing modelling work.

Commenting on the updated MRE, Helix Resources Managing Director Mike Rosenstreich says: “We are very much focused on copper and finding new copper deposits.

This new Mineral Resource Estimate for the Main Lode at Canbelego creates a solid platform from which to start building up our copper inventory”

This new Mineral Resource Estimate for the Main Lode at Canbelego creates a solid platform from which to start building up our copper inventory.

It is critical that we now leverage our improved geological understanding of this deposit to find new deposits, and we are certainly generating some interesting new targets.

Looking outward from this resource, we see additional potential with the Western Lodes, only 200m to the west of the Main Lode, as well as the prospects that we have to the south, such as Caballero, where we still have unfinished business. Regional-scale exploration also continues to yield new, large anomalies which further add to the potential of Helix’s ground in this prolific copper region.

A solid, realistic Mineral Resource Estimate provides a platform from which to assess any development opportunities possibly with a partner, which enables us to maintain our focus on discovery activities.”

Helix reports it restarted work at Canbelego in early 2021, which was the first exploration work undertaken at the project since 2013. The company completed a total of 68 drillholes at the Main Lode and surrounding prospects for a total of 16,666m.

This drilling targeted depth extensions of the copper shoots, along with better-defining copper grades and mineralised widths at shallow levels broadly above the base of the 2010 MRE.

Helix also reports it has elected to no longer quote a mineral resource for the CZ Project, pending further work. The company says the interpretation and targeting work conducted following a drilling program in late 2021 highlighted a ‘significant’ proportion of the pre-2021 drillholes had not been geologically logged or sufficiently sampled and assayed.

This led to a detailed new interpretation process focused on assessing the validity of the geological model that underpinned the 2019 MRE for the CZ Project. Helix intends to leverage its improved understanding of CZ’s geology to undertake further target generation and drill testing work in the greater CZ area.

The company reports it has also elected to no longer quote an MRE for the Restdown Gold Project, as a recent review of the geological model underpinning the Restdown MRE indicates a material uncertainty of various technical assumptions.

Helix reports a major regional work program is being undertaken in the broader Restdown area targeting copper mineralisation. This includes regional-scale multi-element geochemical auger sampling useful for detecting anomalies prospective for copper, gold, or other types of mineralisation.

The company says data for Restdown will be incorporated into this work program. Additionally, new geochemical and geophysical work in progress is providing insights into the prospectivity of the area, which is generally under deeply weathered or transported cover.

Helix Resources is an Australian explorer that is ‘all-in on copper’ exploration in the Cobar region of New South Wales. The company’s portfolio of assets in the region includes the Canbelego, Collerina, Rochford Copper Trend, and Cobar Gold projects. The Canbelego Project is a joint venture (JV) between Helix and Aeris Resources (ASX:AIS), with the companies holding a 70% and 30% interest, respectively.

Write to Harry Mulholland at Mining.com.au

Images: Helix Resources Ltd
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.