Mineral exploration company Helix Resources (ASX:HLX) is continuing its quest to complete infill and extensional, lag, and auger sampling on emerging anomalies and areas not sampled within the Rochford Copper Trend in New South Wales.
The company reports the objective of this ongoing work program is to supplement the discovery of ‘high-grade’ copper at the Canbelego Main Lode with new copper deposits within the Cobar region.
Helix says a major mechanical auger sampling program is underway to the west of the southern Rochford Trend in the Restdown area, which is considered prospective for copper and gold mineralisation.
Either reverse circulation (RC) or diamond core drilling will be planned as the anomalies are better defined by infill sampling, mapping, and possibly ground geophysics.
Concurrently, Helix reports an updated Mineral Resource Estimate (MRE) is due by the end of June for the Canbelego Copper Project subject to the receipt of final assay results. The company says the Western Lodes are being assessed for their potential to also host ‘Main Lode’ like ‘high-grade’ copper mineralisation ahead of any further drilling.
At the Collerina Project, the company says ‘significant’ regional-scale exploration work is also being undertaken along the Collerina Trend where Helix has new ‘high-priority’ versatile time domain electromagnetic (VTEM) targets and historical prospects. This work includes deploying a second auger drill rig to accelerate the multi-element geochemical sampling, and ground geophysics testing of several ‘high-priority’ VTEM targets ahead of drill testing.
The company’s share price had risen by 20% on the ASX as of 9am AWST.
Commenting on the regional exploration program, Helix Resources Managing Director Mike Rosenstreich says: “Our team is excited to finally be getting on the ground to test these targets. We are generating some fabulous data sets to be able to properly explore all of our large strategic land position.
We want to make fresh copper discoveries and the modern technology we are utilising such as the VTEM geophysical survey we flew in 2021 and this multi-element geochemical work is an incredible leap forward to previous methods employed in being able to see below the cover and detect mineralisation.
This report highlights sophisticated multi-element analysis to create a consistent regional scale geochemical dataset which we can merge with geophysical and other information to identify new mineralised targets for drilling. Our methodical approach is designed to effectively test the ground and hopefully, generate new discoveries.
“As highlighted in our March quarterly, we have around $7 million cash, which is a serious sum to get us well down a new discovery pathway”
As highlighted in our March quarterly, we have around $7 million cash, which is a serious sum to get us well down a new discovery pathway. We plan for this report to be a part of an ongoing series of progress to achieve that new discovery goal.”
Helix reports ‘encouraging’ geochemical results combined with geophysics data, rock chip samples, and geological mapping have elevated the priority ranking of Black Range to effectively become a new prospect.
Helix says anomalous copper-bismuth-indium-tin-tungsten in lag samples has been contoured extending over an area of 6km by 1.7km trending east-northeast. Historical underground workings also occur in this area, highlighted by nearby ‘conductive’ anomalies identified in the aerial electromagnetic survey (VTEM) completed in 2021.
The company also reports recent geological mapping and rock chip sampling has identified outcropping copper mineralisation with anomalous copper assays up to 2.6% from rock chip samples. As a result, Black Range is emerging as a ‘high-priority’ copper-base metal prospect.
Helix also reports ‘highly’ encouraging results identifying mineralisation were generated utilising auger and lag soil sampling methods along the Rochford Copper Trend. The company says several ‘copper’ anomalies, based on copper and other anomalous associated elements have been defined.
The interpreted anomalous zones are based on a combination of recent sampling and historical data which has identified new targets or rerated prospects such as Black Range, and have also highlighted existing prospects including Canbelego, Caballero, and Bijoux where a new multi-element approach is assisting in vectoring into mineralised structures for drill testing.
Helix Resources is an ASX-listed resource company exploring for copper in the Cobar region of New South Wales. The company’s portfolio includes the Collerina, Rochford Copper Trend, and Cobar Gold projects, along with a 70% interest in the Canbelego Joint Venture (JV) Project shared with Aeris Resources (ASX:AIS).
Images: Helix Resources Ltd
