Helix Resources to set up ‘pipeline of opportunities’ to make new copper discoveries at Fiveways target in NSW  

Copper and gold explorer Helix Resources (ASX:HLX) has its sights set on ‘creating a pipeline of opportunities to make new copper discoveries’ at its Fiveways target in New South Wales. 

The company, which has a $11.61 million market capitalisation, says a 1,500m diamond and reverse circulation (RC) drilling program is scheduled to begin on 16 August this year and will be undertaken by Parkes-based Resolution Drilling. 

Helix Resources reports the drilling will focus on new ‘highly prospective’ and untested geophysical targets that are considered prospective for copper deposits. 

These targets deliver the potential for Helix to accomplish its goal of making new copper discoveries on its ‘large’, 3,000km-square ground position within the renowned Cobar-Nyngan copper district.    

The company notes the work also represents the start of a ‘broader’ drill program to test new targets as Helix’s regional work builds momentum.  

It is stated by Helix that the first drillhole of the program will comprise a 250m diamond hole at Fiveways designed to investigate 4 ‘basement conductors’ identified from ground electromagnetic (EM) surveys completed by Helix in June this year across the Quanda-Hermidale and Fiveways areas. 

It is Helix’s belief these targets display potential for copper mineralisation. The company also notes these targets are situated within the same mineralised trend host to Aeris Resources’ (ASX:AIS) Tritton copper deposits, which also began as EM anomalies.

Commenting on the upcoming drill program, Helix Managing Director Mike Rosenstreich says: “Through this upcoming campaign, Helix will be able to drill test a series of new, compelling targets, which represents the culmination of a lot of work by our exploration team and supporting consultants. We are creating a pipeline of opportunities to make new copper discoveries through our systematic regional sampling and mapping work.

The Fiveways and Quanda targets are on the same regional mineralised trend as Aeris Resources’ Tritton copper deposits occurring to our north – several of which, such as their Constellation deposit were also ‘EM’ discoveries.

“We are creating a pipeline of opportunities to make new copper discoveries through our systematic regional sampling and mapping work”

Early-stage exploration is very exciting, particularly as Helix moves to test these targets with the drill-bit. No doubt some targets will be eliminated, but there is a significant opportunity to advance others into discoveries.

We have many other prospective targets emerging across our tenements which we are building up towards drill testing. ” 

Helix Resources is ‘all-in on copper’ exploration in the prolific copper-producing region of Cobar, NSW. The company is actively working to generate new copper targets on its ‘large’, underexplored ground position. 

This ground position comprises 3 tenement groups located within 50km of ‘significant’ copper-producing operations. These tenements include a pipeline of wholly owned copper opportunities, as well as the Canbelego joint venture (JV) Project between Helix and Aeris Resources, in which Helix holds the majority 70% interest. 

Helix Resources had $5.9 million cash at hand as of 12 July 2023, as stated in its latest quarterly report.

Write to Adam Drought at Mining.com.au

Images: Helix Resources Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.