Helix Resources firing ‘more shots at goal’ with upcoming exploration 

Helix Resources (ASX:HLX) has continued to define further copper mineralisation and develop ‘exciting’ regional targets at its copper projects in New South Wales to close out the September quarter. 

The $9.29 million market capitalisation company says in its latest quarterly report released today (18 October 2023) that the work undertaken over the September quarter will feed into an ‘aggressive’ FY24 exploration program across its 3,000km-square Cobar-Nyngan ground position. 

Helix reports this upcoming FY24 program has been designed to test several ‘promising’ early-stage targets at its Canbelego joint venture (JV) Project. 

The company notes work will be undertaken to further assess the resource growth potential around the 2023 Mineral Resource Estimate (MRE) and undertake preliminary economics assessments and other testwork. 

Canbelego represents a 70:30 JV between Helix Resources and Aeris Resources (ASX:AIS). However, the latter has elected not to contribute to the upcoming FY24 work program. 

This means Helix will solely fund the FY24 exploration efforts, diluting Aeris’ equity interest in the JV project. 

The company also notes it dedicated the September quarter to drill testing and conducting downhole geophysical surveys within the Fiveways and Quanda Hermidale areas. 

All assays from this work are still pending.

Other activities undertaken by Helix during this time include an initial 2-hole drilling program at its Black Range target, which encountered ‘encouraging’ geology. Assays are expected later this month.

Helix also uncovered a ‘large’, coherent 2.2km-by-1.2km copper anomaly at its Bijoux prospect on the Rochford Trend via new auger samples. 

Further drilling is being planned for both Black Range and Bijoux. 

To complement its goal of making further copper discoveries, the company has implemented a board and management transition plan following the departure of Chairman Peter Lester to bolster its already ‘strong’ position.  

In an interview with Mining.com.au earlier this year, Helix Managing Director Mike Rosenstreich said the company’s main strategy was to “find more copper”.  

This strategy has not changed, with Rosenstreich today saying the company has all the measures in place to ensure this strategy reaches its ‘fullest potential’

“We have gained valuable geological insights and we have capacity for ‘more shots at goal’.

I am confident that Helix not only has a sound strategy to deliver shareholder value through mineral discoveries but is also well structured with an ambitious team of directors and ‘ore-finders’ to execute this strategy to its fullest potential. 

Looking ahead, we retain a significant cash position, and with the new board structure, will continue our copper search with new vigour and enthusiasm.”

we retain a significant cash position, and with the new board structure, will continue our copper search with new vigour and enthusiasm.””

Helix Resources is scheduled to exhibit at the upcoming International Mining and Resources Conference (IMARC) in Sydney from 31 October to 2 November 2023. Mining.com.au is an official media partner of IMARC, which will showcase 500-plus mining leaders and resource experts throughout 7 concurrent conferences.  

Helix Resources is an ASX-listed company that is ‘all-in on copper’ exploration in the prolific copper-producing region of Cobar in New South Wales. 

It is Helix’s goal to generate new copper targets on its ‘large’ and underexplored ground position and test them through drilling to make new discoveries. 

Helix Resources had $4.2 million cash and hand as of 30 September 2023, according to this latest quarterly report.

Write to Adam Drought at Mining.com.au

Images: Helix Resources
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.