Copper and gold Helix Resources (ASX:HLX) is planning another bout of exploration work across its New South Wales tenements following an ‘active’ June quarter.
In July, the company expects to report results from ground geophysics at its Quanda and Fiveways targets while continuing to conduct ongoing regional geochemical work.
Helix then plans to drill test new targets at Quanda and Fiveways. Meanwhile, in September, the company will continue to generate and test new targets.
During the June quarter, the company ‘significantly’ upgraded the Mineral Resource Estimate (MRE) for its Canbelego Main Lode to 1.83 million tonnes @ 1.74% Cu, with 31,800 tonnes of contained copper metal. This MRE was supported by ‘high-grade’ copper assay results from drillholes CANDD019A and CANDD020.
Helix conducted ground-based geophysical surveys to follow up on ‘high-priority’ electromagnetic (EM) anomalies detected from an airborne survey and outlined new copper and gold targets along the Rochford Trend through ongoing surface geochemical surveys.
The company also applied for a new exploration licence called Yangunyah that covers 585km-square to the north of Aeris Resources’ (ASX:AIS) Tritton Copper Operations.
Helix had $5.9 million cash at hand as of 30 June 2023.
Helix reports its focus for the rest of 2023 is to continue building momentum on generating, defining, and drill testing regional-style targets that could develop into new mineral discoveries.
Commenting on activities undertaken in Q2 2023, Helix Resources Managing Director Mike Rosenstreich says: “It has been yet another active period for Helix Resources, with a series of highly encouraging developments right across the company’s stable of copper prospects in the Cobar region.
In a major milestone, Helix has reported a significant increase to the Mineral Resource Estimate at the Canbelego joint venture, with a 77% bump in contained metal to approximately 31,800 tonnes of copper.
I am also pleased with the progress which Helix has made in developing its regional targets through an excellent combination of geological observations, geochemical sampling, and geophysical surveys and data reprocessing.
“Discovery is a numbers game, and we need to be testing lots of targets to make those new discoveries“
I was on-site in late June, and the team was positively radiating enthusiasm to advance our systematic, regional target generation, and assessment activities and make new discoveries in this well-endowed copper region.
The next 6 months are very exciting as we enter a new phase of work, starting to drill test the various new targets being identified and refined. Discovery is a numbers game, and we need to be testing lots of targets to make those new discoveries.
Fortunately, Helix has remained well-funded with a cash balance of $5.9 million, which allows us to roll out the drill rig to start testing these targets.”
Helix Resources is an Australian minerals explorer with a portfolio of assets in the Cobar-Nyngan region of central New South Wales. These assets include the Collerina, Rochford Copper Trend, and Cobar Gold projects, along with the Canbelego Joint Venture (JV) Project with Aeris Resources.
Write to Harry Mulholland at Mining.com.au
Images: Helix Resources Ltd