Helix Resources confirms copper anomalies at Quanda and Fiveways targets in NSW

Minerals explorer Helix Resources (ASX:HLX) has confirmed the existence of several ‘conductive’ anomalies through ground-based fixed loop electromagnetics (FLEM) surveys at the Quanda and Fiveways copper targets in New South Wales. 

The $11.61-million-market-capitalisation company says 5 ‘high-priority’ untested electromagnetic (EM) anomalies were first discovered from an airborne survey (VTEM) completed across both targets. 

Helix now reports that 4 of the 5 anomalies have been followed up by ground-based EM, which has confirmed the presence of ‘high-grade’ copper mineralisation. 

Therefore, the company notes it will move forward with plans for drill testing in August. 

The ground EM surveying was undertaken by Helix to confirm the presence of the original VTEM anomaly, as well as to generate more detailed conductivity data. 

This data is expected to enable the anomaly to be modelled into a shape to assess whether it is geologically ‘reasonable’ and further assists future drill targeting work.     

With these anomalies now defined, Helix Resources announces auger drilling is currently in progress in the Fiveways area in conjunction with plans for reverse circulation (RC) drilling at the Quanda-Hermidale and Fiveways conductors. 

 

It is believed by Helix these activities will guide it to make new copper discoveries.    

Commenting on the geophysical results, Helix Managing Director Mike Rosenstreich says: “These are terrific new copper targets in our growing pipeline of exploration opportunities within the Cobar region. Quanda-Hermidale and Fiveways are located along a regional-scale copper trend yet have never been drilled. 

These are terrific new copper targets in our growing pipeline of exploration opportunities within the Cobar region”

These new targets possess significant scale, with overall levels of conductance that are subtle but distinctive. Given the history of copper discovery using electromagnetics within the region, the detection of an anomaly with ‘scale’ is the critical factor rather than the absolute conductivity and permits fairly straightforward drill testing. 

Having just completed the Canbelego Main Lode resource update, our workflow is now focused on making new discoveries. I look forward to providing further updates as we continue to build up momentum on our inventory of targets and soon start to systematically drill test them.”

Helix Resources is a mineral explorer that is ‘all-in on copper’ exploration in the ‘prolific’ copper-producing region of Cobar, NSW. 

The company possesses a ‘sizable’ ground position across 2 tenement groups that remain largely untested despite being located within 50km of ‘significant’ copper-producing operations. 

Helix Resources had $6.8 million cash at hand with a working capital position of $7.2 million at the end of March 2023, as stated in its quarterly report released on 27 April 2023.  

Write to Adam Drought at Mining.com.au

Images: Helix Resources Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.