Helix Resources (ASX:HLX) reports it has mobilised a second drill rig to accelerate the testing for ‘high-grade’ copper down-plunge at the Canbelego Joint Venture Project in New South Wales.
The company says the second drill rig which recently commenced hole CANDD016 is part of a ‘bold’ drilling campaign at the Canbelego Main Lode Project designed to definitively test the down-plunge continuity of ‘high-grade’ copper shoots by stepping out 200m below the current deepest copper intercepts.
Hole CANDD016 is also the second of 2 deep diamond holes designed to test the plunge direction of the Canbelego Main Lode and cover a 200m strike extent in the Main Lode structure, and the 2 parent diamond drillholes will not only target the mineralised zones but provide important platforms to ‘significantly’ increase and downhole electromagnetic (DHEM) coverage which is ‘vital’ for detecting copper shots or identifying near-miss and vectoring follow-up drilling towards conductive copper targets.
Helix Resources Managing Director Mike Rosenstreich said the Canbelego Main Lode is an advanced exploration project where high-grade copper shoots have already been intersected and it is very exciting to now have 2 diamond drill rigs on hand to test the continuity over such a significant vertical extent.
“This is a high-impact exploration for our shareholders, and we will be well positioned to rapidly follow-up on positive results with these deep drill platforms”
“This is a high-impact exploration for our shareholders, and we will be well positioned to rapidly follow-up on positive results with these deep drill platforms.
It’s a credit to the exploration team that we have increased our drill capacity when many companies in the region have been forced to abandon drill programs due to the very wet weather and ground conditions.
We have also lost drill shifts and had to curtail many regional exploration activities, so to be able to now accelerate work on our most advanced project is very pleasing and gives our shareholders some very exciting news flow over the coming weeks.”
Helix says the 2 parent drillholes are in progress with each planned to reach a depth of around 660m, and to accelerate this program, an additional crew will commence double shifts on the second rig to increase drill production from one shift on one rig to three shifts across two rigs per day from November 17.
These drillholes will target the mineralised zone and also create a platform for DHEM surveys, and subject to these results, the parent holes can also be utilised to wedge-off daughter holes to ‘rapidly’ and more cost effectively any mineralisation or geophysical targets generated.
The company reports CANDD015 is currently at a depth of 430m and is anticipated to reach the target depth in late November, and the second hole CANDD016 located 140m north if CANDD015 was collared on 10 November, and is currently at a depth of 3m and is expected to be completed in early December.
DHEM surveys will be completed on both parent holes upon completion, and the data collected from these holes will provide the company the opportunity to test a large block of ground for conductive targets that could represent copper-rich shoots, and any ‘encouraging’ mineralisation or DHEM targets will be followed up with daughter holes that wedge-off the parent holes.
Helix also notes the drilling of the daughter holes will likely continue until Christmas, after which there will be a 2 to 3 week break from all exploration activities.
Helix Resources is an ASX-listed resources company focused on copper exploration around Cobar in New South Wales, and it possesses a ‘sizeable’ ground position across 2 tenement groups which are largely untested despite being located within 50km of ‘significant copper producing operations.
The western tenement consists of 30km of contiguous strike and the company is advancing a pipeline of wholly owned copper opportunities, as well as the Canbelego Joint Venture Project which is 70% owned by Helix and the remaining 30% is held by Aeris Resources (ASX:AIS) where massive copper sulphides have been intersected.
The eastern tenement group encompasses more than 150km of prospective strike and includes the 100% owned CZ Copper Deposit.
Images: Helix Resources Ltd
