Helix Resources (ASX:HLX) has confirmed shallow ‘high-grade’ copper potential from a reverse circulation (RC) drilling program at its Canbelego joint venture (JV) Copper Project in New South Wales.
The results, generated by 7 RC holes and 212.1m of diamond core drilling, demonstrate the presence of a ‘high-grade’ copper zone within a recent intercept of 16m @ 3.21% copper from surface to 150m down dip remaining open at depth.
The company says additional potential has also been highlighted by a very shallow, ‘high-grade’ intercept of 25m @ 1.87% Cu, which includes 5m @ 5.35% Cu and 2m @ 6.42% Cu, which remains open to the south for 130m toward the historical underground workings.
Helix also notes copper sulphides observed over nearly 22m downhole in diamond drill core are reported to further extend the trend of the identified ‘high-grade’ zone by another 40m, remaining open at depth.
Key assays include hole CBLRC062 with 6m @ 4.72% Cu from 103m within 10m @ 3.02% Cu from 100m; hole CBLRC063 with 4m @ 3.27% Cu from 70m within 10m @ 1.58% Cu from 68m; and hole CBLRC064 with 5m @ 5.35% Cu from 18m and 2m @ 6.42% Cu from 31m within 25m @ 1.87% Cu from 13m.
RC drilling was conducted to test the ‘Upper Canbelego Main Lode’, following the return of a ‘high-grade’ intercept within the upper portions of the Main Lode reported in October 2022.
Speaking on the results, Helix Resources Managing Director Mike Rosenstreich says: “These new copper intervals from the RC drilling confirm the extension of shallow high-grade copper zone identified in October last year; 16m @ 3.2% Cu. Reviewing the drill cross-section and including the visual copper mineralisation in diamond hole 17 – this zone looks to extend from almost surface to over 150m down dip and remains open at depth.
Furthermore, one of the very shallow intercepts, just 13m beneath surface with 5m @ 5.4% Cu within 25m at 1.9% Cu is open to the south from 130m. To the historical underground workings.
“Reviewing the drill cross-section and including the visual copper mineralisation in diamond hole 17 – this zone looks to extend from almost surface to over 150m down dip and remains open at depth”
These results are highly encouraging for increasing the copper grade in this area compared to the current mineral resource estimated in 2010, which should add copper tonnes to our inventory. The Helix team is well prepared for the Mineral Resource update with consultants engaged and it’s really just a matter of when we have sufficiently tested these ‘easy’ extensions which could add significant copper tonnes. Our schedule for that resource estimate is completion before the end of the June quarter.”
The company also reports these results come following the execution of an option agreement between its subsidiary company Ionick Metals and Jodama in order to acquire 3 exploration licences, as announced by Helix in February 2023.
This option agreement was finalised to ‘spin-out’ Helix’s nickel-cobalt assets situated within the ‘Greater Cobar’ region of New South Wales and uncover any hidden value.
With results from the RC and diamond core drilling now received, Helix Resources announces diamond drilling (DD) is currently ongoing to test continuity of ‘high-grade’ shoot positions identified by downhole electromagnetics and recent copper sulphides.
As of 8:30am (AWST) Helix Resources’ share price had increased by 16.666%.
Helix Resources is an ASX-listed minerals exploration company focused on the development of its Collerina Project, as well as its Cobar Gold Project in central NSW. The company’s Canbelego project is situated along the regional scale Rochford Copper Trend and falls within a 70:30 ‘contributing’ JV with Aeris Resources (ASX:AIS).
Helix represents the majority owner of the project currently holding 70% of all associated tenements, with the outstanding 30% being owned by Aeris.
Images: Helix Resources Ltd
