ASX-listed resources company Helix Resources (ASX:HLX) reports it has discovered further ‘large-scale’ conductive copper targets from downhole electromagnetic (DHEM) surveying at the Canbelego Joint Venture Project in New South Wales.
The company says the DHEM was conducted on the second of 2 deep diamond drillholes completed at the project, and these conductive targets are interpreted as ‘distinct’, ‘high-grade’ copper shoots not intersected by ant previous drilling.
In addition to identifying further conductive anomalies, the second deep-drill test CANDD016 also intersected copper sulphide mineralisation at the predicted down-dip position of the lode structure.
Helix Resources Managing Director Mike Rosenstreich says the company could be on the cusp of identifying major new mineralised positions at Canbelego.
“The scale and intensity of the conductive models indicates high-grade copper shoots. It is worth noting that in May last year we hit 18m @ 3.4% Cu, the highest tenor intercept ever on the Main Lode. This interval had a conductance level of 400S to 600S, so conductance-wise the off-hole source detected from CANDD016 at around 1,500S to 3,000S, is the highest conductance noted to date at Canbelego.
Reports on conductive and visual copper estimates are very technical and not definitive like a straight-out assay interval, but they are an essential and very exciting part of the discovery process. We know Cobar copper systems go deep, we have proven the depth potential, but we now need to demonstrate the high-grades that they are also renowned for. These technical results are very encouraging for finding higher grades than those intersected to date.
The modelling suggests the company is zeroing in on something significant
The modelling suggests the company is zeroing in on something significant and fortunately, there are 2 rigs drilling daughter holes specifically targeting these conductive targets. We potentially have some very exciting short-term news flow coming up as we further assess these targets and I look forward to providing investors further updates.”
Helix reports the 2 deep parent holes were drilled to definitively test the down plunge continuity of ‘high-grade’ copper shoots identified by drilled over the past year extending up to 200m below the base of the 2010 inferred mineral resource estimate (MRE).
The results found from these drillholes demonstrates drillholes CANDD015 and CANDD016 which are 200m apart, have identified a series of new, ‘large-scale’ ‘highly’ conductive targets.
The company says these are in an area not previously intersected by any drilling within the interpreted host shear of the Canbelego copper mineralisation.
Several conductive plates were modelled from the CANDD016 survey includes a north plunging plate measuring 225m by 25m, and a south plunging plate measuring 265m by 25m, both of which extend below the drillhole demonstrating further depth potential. A major 200m by 70m plate was detected by the CANDD015 DHEM survey.
Helix reports these ‘strong’ off-hole conductive zones do not appear to be linked to the disseminated and vein chalcopyrite mineralisation interested within the 2 drillholes. Furthermore, the DHEM survey in CANDD016 has recorded the ‘highest’ conductive response ever measured on the Canbelego Lode structure.
The company states these are ongoing ‘positive’ and ‘highly significant’ technical outcomes which Helix is pursuing with 2 drillholes in progress to follow-up and test these ‘highly’ conductive zones. It also notes the drilling currently in progress will intersect well developed copper sulphide zones, either ‘thicker’ or ‘higher grade’ occurring as sizeable shoots within the Canbelego shear zone.
Geological logging and sampling are underway for CANDD015 and CANDD016, and Helix expects assays for these holes to be returned in early 2023.
Helix Resources is an ASX-listed resources company focused on copper exploration in the Cobar region of New South Wales. The company’s projects include the Collerina, Cobar Gold, Rochford Copper Trend, and the Canbelego Joint Venture projects.
The Canbelego Joint Venture Project is shared with Aeris Resources (ASX:AIS) with Helix holding 70% and Aeris holding 30%. The project is located 45km southeast of Cobar in central western New South Wales, and 5km south of the historic Mt Boppy Mine along the Rochford Copper Trend.
Images: Helix Resources Ltd
