Mineral exploration company Helix Resources (ASX:HLX) has intersected shallow copper mineralisation through reverse circulation (RC) drilling at the Canbelego Copper Joint Venture (JV) Project in New South Wales.
This drilling program, which consisted of 7 holes for 906m, began on 17 January to test for extensions of shallow ‘high-grade’ copper (Cu) mineralisation at the Canbelego Main Lode.
The company says ‘significant’ copper mineralisation was observed in 5 drillholes following up extensions of a ‘high-grade’ interval reported in October 2022 (CBLRC057 with 16m @ 3.21% Cu from 117m). Visual logs indicate weak, medium, and strong copper mineralisation extending 60m up dip from hole CBLRC057 over downhole widths of between 12m and 51m.
This zone extends about 120m along strike to the south of the historic workings, with mineralisation open towards the workings.
The company says assays are pending, but these observations are ‘very encouraging’ for extensions of shallow ‘high-grade’ copper mineralisation. Helix also notes this could also add to the tonnes and grade of the existing Mineral Resource Estimate (MRE) of 1.5 million tonnes @ 1.2% Cu.
Preparations are underway to complete an updated MRE in March, subject to the receipt of all required assay results.
“Early indications from the RC drill logging, with significant copper mineral abundance observed, is very encouraging”
Commenting on the drilling program, Helix Resources Managing Director Mike Rosenstreich says: “Early indications from the RC drill logging, with significant copper mineral abundance observed, is very encouraging for us to extend the new shallow high-grade copper zone identified in October last year, 16m at 3.2% Cu.
The team has identified large gaps in the historical drill coverage and saw the potential for extensions of this high-grade mineralisation up-dip and north towards the historical workings. We are rushing these samples to the assay lab.
Deeper diamond drilling is continuing, and we are hoping to intersect high-grade copper shoots as indicated by very strong geophysical anomalies unlike anything we have recorded previously. I was onsite for the past 2 weeks and have witnessed first-hand the unpredictable ground conditions the team have faced while steering the hole on target.
We appear to be tracking well with hole ‘16C. If our interpretations of the geophysical targets are correct, we may have some spectacular photos of copper mineralisation in drill core to share soon.”
Helix’s share price had lso risen by 12.5% to $0.009 as of 7:45am AWST.
Helix also reports the deeper diamond drilling program resumed on January 13 to test ‘highly’ conductive geophysical targets interpreted as ‘high-grade’ copper shoots, reported in December 2022.
Drillhole CANDD016C is underway at a depth of about 550m approaching the target zone. The company says hole CANDD016A deviated away from the target point ‘significantly’ despite several ‘navi-cuts’ and other directional interventions to steer the hole back online.
This hole intersected ‘significant’ zones of copper sulphide mineralisation at the Main Lode shear position, but the observed mineralisation does not explain the intense downhole electromagnetic (DHEM) conductive response that defines the target.
A subsequent attempt to ‘run-off’ a daughter hole (CANDD016B) from 396m downhole was unable to achieve sufficient divergence from the parent hole to attain the target trajectory and was abandoned.
The company says CAND016C has been ‘successfully’ wedged off from 280m downhole and is currently on track to hit the central position of the ‘high-conductance’ target.
Helix Resources is a minerals exploration company focused on developing its projects in Central New South Wales. These projects include the Collerina, Cobar Gold, Rochford Copper Trend, and Canbelego JV projects. Helix holds a 70% interest in Canbelego, while the remaining 30% is held by precious metals producer Aeris Resources (ASX:AIS).
Images: Helix Resources Ltd
