Minerals exploration company Helix Resources (ASX:HLX) reports 2 drillholes are currently testing ‘large-scale’ downhole electromagnetic (DHEM) conductive targets at the Canbelego Joint Venture (JV) Project in New South Wales.
The company says target holes CANDD015A and CANDD016A, located in the Canbelego Main Lode are prospective for ‘high-grade’ copper mineralisation.
Helix states it has been testing these targets with ‘daughter’ holes utilising 2 rigs. However, 1 of the rigs suffered a mechanical malfunction drilling hole CANDD016 and has been mobilised to the township of Dubbo for repair.
It is not expected to be back on site until the resumption of drilling in January 2023. The hole was at 522.7m, around 80m off the interpreted target position.
Helix has proactively shifted its focus to hole CANDD015A, which is now operating on a double-shift basis
Helix reports it has proactively shifted its focus to hole CANDD015A, which is now operating on a double-shift basis. This hole is currently at 355m and around 260m to the target zone.
Subject to no further delays from either weather events or mechanical issues, the company states it intends to complete this drillhole prior to the Christmas shutdown period. Work is also planned to resume on site on 9 January 2023.
Helix Resources is a minerals exploration company focused on the development of the Collerina Project and the Cobar Gold Projects in Central New South Wales. It also owns the Rochford Copper Trend Project.
The company holds a 70% interest in the Canbelego JV Project, with mid-tier base and precious metals producer Aeris Resources (ASX:AIS) holding the remaining 30%.
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