Helix Resources (ASX: HLX) continues to generate targets across its sizable tenement footprint located within the Cobar region of New South Wales and is well-funded as it seeks to turn these targets into discoveries.”
The company today (27 December) provided a quarterly activities and cashflow report for the period ending 31 December 2022. During the period the company identified and started drilling highly conductive anomalies prospective for high-grade copper shoots at the Canbelego Main Lode, located along the Rochford Copper Trend in the Cobar region of NSW.
Commenting on the December quarter, Helix Managing Director Mike Rosenstreich says: “It has been an exceptionally productive period for Helix Resources, with the successful drilling of 2 bold, extensive drill holes and the associated DHEM anomalies which were generated by these holes.
These results have had a major impact on our work here, which will hopefully translate into ‘impact’ on our share price. Not only has the company developed 2 stand-out conductive targets which have never been drilled, but it has also demonstrated the Canbelego Main Lode and broader Rochford Trend remain highly prospective with the potential to yield further Cobar-style copper deposits.
“In addition to these developments at the Canbelego joint venture, Helix continues to generate targets across its sizable tenement footprint”
These Cobar-style lodes, such as what occurs at the CSA Copper Mine near Cobar typically do not reach surface and require a broad spectrum of exploration activities to vector in on the right locations – but once found are highly prized. The start to the 2023 field season shapes as an exciting time for Helix investors as the company begins its exploration of these conductive bodies in earnest through further wedged daughter holes and DHEM surveying.
In addition to these developments at the Canbelego joint venture, Helix continues to generate targets across its sizable tenement footprint located within the exciting Cobar region and is well funded to turn these targets into discoveries.”
Helix has a large, 2,200km-square ground position along three major regional mineralised trends hosting numerous new and recently ‘confirmed’ earlier stage targets. During the quarter, a combination of diamond and RC drilling was conducted to test new and existing targets. This work was supported with a regional-scale geochemical drilling program as well as a series of downhole electromagnetic (DHEM) surveys to further define prospective targets.
Meanwhile, the Canbelego Project is a joint venture (JV) with Aeris Resources Limited (ASX:AIS). Helix holds 70% and is manager and Aeris holds 30% and is contributing to the planning and the expenditure.
There is a historical 2004 JORC Inferred Mineral Resource at Canbelego of 1.5Mt at 1.2% Cu.
Helix reports current drilling campaigns are focused on increasing the existing copper resources through depth extensions of known deposits such as the Canbelego Main Lode and the discovery of new lode positions – either in the Greater Canbelego Project Area or more regionally such as the Caballero Prospect, 2.5km to the south along the highly prospective, 20km long Rochford Copper.
In November, Helix announced 2 rigs had been mobilised to the Canbelego Main Lode to commence bold, expansive diamond drilling via holes CANDD015 and CANDD016 to test the continuity of high-grade copper mineralisation 200m down plunge from known drill intercepts.
In October, the company announced results from two further diamond drill holes and one RC hole within the Canbelego Main Lode project area, testing the interpreted South and North shoot locations. Also, in in October, results were received for eight holes of a 12-hole campaign for 1,905m drilled at the West Lodes, testing targets for parallel mineralisation to the Canbelego Main Lode.
During the quarter at the Caballero prospect, which is located 2.5km south of the Greater Canbelego Area along the Rochford Trend, Helix resumed drilling here in July 2022 to follow-up on a significant copper-in-soil anomaly and highly anomalous intercepts in 2 of 4 scout RC holes from 2013. This drill campaign was completed in mid-September with a total of 27 RC holes for 4,275 metres drilled.
Helix is actively assessing and generating opportunities to support its copper business strategy to add to its copper inventory by regional consolidation, joint venture and acquisitions in addition to its planned growth through exploration success. As well, it is working on extracting value on its non-core assets such as its advanced Collerina nickel cobalt project, the Chile copper projects and its iron ore royalty interests.
The company has reviewed and compiled the historical data relating to the 100% owned Homeville Nickel-Cobalt Mineral Resource and its various prospects with significant nickel cobalt drill intercepts. Exploration and work programs have been planned and budgeted in preparation for a possible IPO in 2023. Further details on planned work and funding will be provided by Helix in 2023.
During the reporting period the projects in Chile were also relinquished by the company.
Write to Adam Orlando at Mining.com.au
Images: Helix Resources Ltd