Helix shifts focus to Black Range

Helix Resources (ASX:HLX) is mobilising its drill rig to its Black Range target in the hopes of making new copper discoveries within the Cobar-Nyngan area of central New South Wales. 

The $11.61 million market capitalisation company says drilling at Black Range, which is located at the northern end of the Rochford Trend, will test historical copper workings and a new gold target and that copper target holes will be surveyed with downhole electromagnetics (EM) to guide future drill targeting. 

Helix reports once results are received, follow-up drillholes will be planned. Drilling is also planned for the recently upgraded Bijoux prospect pending the receipt of recent infill auger results and regulatory approval.  

The company notes its drill rig is being moved following the completion of a program that tested a series of prospective copper targets at both the Fiveways and Quanda-Hermidale targets that lie along the Collerina Trend. 

Drilling comprised a mixture of diamond core and reverse circulation (RC) work, with downhole geophysical surveys due to be completed shortly. 

However, to date, no ‘significant’ copper mineralisation has been observed in the geological logging. All assays are expected in 4 to 6 weeks.   

At Fiveways, drilling tested the new CSV1 target, which was identified in turn by airborne and then ground-based electromagnetic (EM) surveys, and returned ‘significant’ chlorite alteration with weak iron and copper sulphide mineralisation. 

A ‘strongly’ sheared black shale unit was also identified and has been interpreted to be the likely source of the conductivity anomaly, and Helix says the shearing and associated alteration is relevant in assessing the regional copper potential. 

Drilling also comprised 2 RC holes at Quanda-Hermidale targeting 3 basement conductors also detected by EM surveys. However, one hole was abandoned at 132m due to swelling clay and recollared about 200m to the southeast.

These holes uncovered transported clays down to depths of 27m to 42m followed by magnetite-rich zones to the end of the hole. No ‘significant’ sulphide mineralisation was intersected, but minor pyrite was noted to be present in some holes.   

Speaking on the completed and upcoming drilling, Helix Resources Managing Director Mike Rosenstreich says: “Fiveways and Quanda are the first of a series of targets we are testing with drilling. At Fiveways, whilst we still have to undertake the detailed geological work, downhole EM and assaying, I suspect the black shale intersected in the drill hole explains the conductive anomaly. The alteration and deformation intersected are certainly noteworthy and with the regional geochemical sampling work may further illuminate copper potential in this broader area. 

There is much promising copper target generation work in progress creating a pipeline of targets for Helix to test”

The Quanda-Hermidale targets were valid, greenfield targets — we drilled them and at this stage cannot explain the conductive anomalies. We will assess the results in total with lithogeochemical data before any final decisions on any follow-up work. 

There is much promising copper target generation work in progress creating a pipeline of targets for Helix to test. That is what we are focused on doing and I look forward to providing further updates.”

Helix Resources is an ASX-listed company that is ‘all-in on copper’ exploration in the prolific copper-producing region of Cobar in New South Wales. 

It is Helix’s strategy to generate new copper targets on its ‘large’ and underexplored ground position to test them through drilling to make new discoveries. 

Helix Resources had $5.9 million cash at hand as of 30 June 2023, according to its latest quarterly report.   

Write to Adam Drought at Mining.com.au

Images: Helix Resources
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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.