Helix Resources plans ‘aggressive’ exploration campaign at Canbelego Copper JV Project in NSW

Helix Resources (ASX:HLX) is planning an ‘aggressive’ FY24 exploration program for the Canbelego Copper Joint Venture (JV) Project with Aeris Resources (ASX:AIS), located in New South Wales. 

Helix, which has a market capitalisation of $13.93 million, says the work will aim to test several early-stage targets, further assess the resource growth potential around the current Mineral Resource Estimate (MRE) for Canbelego, and conduct preliminary economic assessments and testwork of the MRE. 

At the advanced Main Lode Project, the preliminary economic assessment of the new MRE will give Helix an understanding of open-pit underground mining opportunities and how this may fit into several local potential processing options. 

Helix says this work will be supported by preliminary metallurgical testwork on different mineralisation styles uncovered at the project. 

Commenting on the planned activities, Helix Resources Managing Director Mike Rosenstreich says: “Our team has delineated a robust, high-grade copper resource at Canbelego and gained a tremendous amount of knowledge about the style and signature of the copper mineralisation there. 

“We want to apply those unique insights to adjacent prospects such as the Western Lodes and earlier-stage targets to find more copper”

Now, we want to apply those unique insights to adjacent prospects such as the Western Lodes and earlier-stage targets to find more copper. 

The company is also keen to get a preliminary understanding of the potential mining economics at Canbelego. There are several processing plants in the area within conceivable haulage distances, and we need to be prepared to respond to inquiries regarding commercialisation opportunities which have started with the release of the new Canbelego resource in June 2023.”

Further, the company notes a ‘significant’ work program is underway across the Rochford Trend, including at exploration licence EL6105, to close gaps with ‘high-quality’ multi-element geochemical surface data. 

On EL6105, this provides valuable technical context and support for 3 priority aerial electromagnetic (EM) targets, which Helix plans to follow up with further ground geophysics and, subject to results, drilling. 

Helix says that Aeris Resources has elected to not contribute to the FY24 work program. Therefore, Helix will be the sole funder of the planned exploration efforts, diluting Aeris’ equity interests in the JV. 

Currently, the Canbelego JV Project is 70% owned by Helix Resources, with Aeris Resources owning the remaining 30%. 

Helix Resources is an ASX-listed resources company focused on the exploration of copper discoveries in the Cobar region of New South Wales. As of 30 June 2023, the company had $5.9 million cash at hand, according to its latest quarterly report.

Write to Aaliyah Rogan at Mining.com.au

Images: Helix Resources Ltd
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.