Helix Resources Limited (ASX: HLX) has announced that high-grade copper assays with grades as high as 7% were intersected from a recent drilling campaign at its Canbelego Copper Joint Venture (JV) Project near Cobar in NSW.
A Thick zone of high-grade copper was defined by assays 14 metres grading 4.22% copper, including 3 metres grading 7.01% and 4 metres grading 5.94%
A thick zone of high-grade copper was defined by assays 14 metres grading 4.22% copper, including 3 metres grading 7.01% and 4 metres grading 5.94% from drill hole CANDD002. Narrower, ‘more typical Canbelego style’ copper interval of 2 metres at 3.07% copper was defined in drill hole CANDD001, within an interval of 11 metres at 1.1% copper.
Drill hole CANDD004, following ‘up-plunge’ of CANDD002, intersected 4.8 metres of copper-sulphide mineralisation, with assays pending. Drilling is currently ongoing for fifth DD hole CANDD005 to test ‘down-plunge’ of high-grade CANDD002 shoot.
Drilling at Canbelego JV
Canbelego is a 70/30 joint venture with junior partner Aeris Resources Limited (ASX: AIS), with Helix acting as manager and Aeris contributing to exploration expenditure and planning.
The Canbelego Copper Project has an Inferred Mineral Resource3 of 1.5Mt at 1.2% copper reported in accordance with the 2004 JORC Code.
Five DD holes
Helix has completed four diamond drill holes at Canbelego (CANDD001 to CANDD004) with a fifth hole, CANDD005, currently in progress. Copper sulphide visual estimates for CANDD003 were reported on 31 May 2021 – a 23.4 metre interval.
High-grade copper assays
Assay results have now been received for drill holes CANDD001 and CANDD002, along with visual results for drill hole CANDD004.
CANDD001
The DD hole CANDD001 intersected 18 metres @ 0.74% copper from 263m, including 2 metres at 3.07% copper within a broader interval of 11 metres at 1.10% copper from 270 metres downhole.
CANDD002
Drill hole CANDD002 intersected 14 metres at 4.22% copper from 253 metres downhole, including 3 metres at 7.01% copper from 352 metres; and 4 metres at 5.94% copper from 358 metres.
A new mineralised position above the main lode was also intersected which assayed 2 metres at 3.1% copper from 118 metres within a broader mineralised 12 metre envelope from 110 metres downhole.
Gold assays are pending for the above drill holes though only minor gold values are expected by the company.
CANDD001 and CANDD002 copper intercepts are as shown below.
CANDD004
A fourth diamond drill hole, CANDD004, tested for shallower extensions of the higher-grade, more intense chalcopyrite shoot in CANDD002.
This hole intersected 25.8 metres from 252 metres downhole of copper sulphide mineralisation including 8 metres with 1% disseminated chalcopyrite logged from 252 metres; and 4.8 metres with variable abundance of chalcopyrite logged from 273 metres.
This comprised mainly 0.5% disseminated chalcopyrite with two intervals totalling 1.2 metres where 5 to 70% disseminated, vein and massive chalcopyrite were observed.
CANDD005
A fifth drill hole is in progress at Canbelego Copper Project testing the down-plunge potential of the high-grade shoot intersected in CANDD002.
Following further downhole electromagnetic (DHEM) surveys to assist in vectoring to the high-grade zones within the overall lodes, Helix and Aeris will finalise additional drilling. Recent drilling productivity has been hampered by wet weather.
Updates and further work
DDH Drilling and assaying is continuing with DHEM and surface EM also being completed. An update of the resource to JORC2012 is planned at the completion of the current program.
Regional auger soil sampling and further RC drilling are also budgeted and approved by the JV partners for Canbelego.
“The higher-grade zones have typically been narrower so to intersect 14 metres at 4.2% copper, at a likely true width of 10 metres, is a very positive surprise”
Management comments
Helix’s Managing Director, Mike Rosenstreich said: “These results demonstrate the high-grade potential within the overall broader Canbelego copper lode structures – which have been extended significantly by this drilling program to date. The higher-grade zones have typically been narrower so to intersect 14 metres at 4.2% copper, at a likely true width of 10 metres, is a very positive surprise.
The exploration team is doing a great job, and we are currently recruiting additional geologists to build up our team as well as establishing our new exploration facilities in Orange, NSW to enable us to reach and maintain a more active exploration program following our recent successful capital raising.”
Images: Helix Resources Limited