Helix Resources (ASX:HLX) has its sights set on follow-up geophysics next week at the Canbelego Joint Venture Project in New South Wales following the discovery of several key anomalies.
Located 45km south-east of Cobar, the Canbelego Project is 70% owned by Helix as the manager, while Aeris Resources (ASX:AIS) holds the remaining 30%.
Helix, which has a $9.29 million market capitalisation, says there are now three new, undrilled target zones surrounding the project’s Canbelego copper resource, as defined by a series of recent geophysical surveys.
They include two IP anomalies west of the Canbelego Main Lode resource, highlighting potential to increase the existing copper resource.
Helix has also flagged a 1,200m conductive zone extending north of the Canbelego Main Lode through a new gradient array induced polarisation (GAIP) survey. The conductive zone is coincident with surface copper anomalism.
An additional GAIP survey was undertaken to the south along the Rochford Copper Trend at the Caballero prospect and identified a 2,400m conductive zone which occurs concurrent with surface copper anomalism.
Data from another GAIP survey at the Bijoux prospect is outstanding, but is expected to be completed in mid-April.
“The new geophysical survey results show there are significant new copper targets in close proximity to known copper mineralisation at the Canbelego deposit,” Executive Technical Director Kylie Prendergast says.
“This is generating a lot of excitement in the Helix team on our ability to expand our Canbelego copper mineral resources with drilling scheduled to start in May.
Now we will move to test the anomalies with PDIP geophysics. This will test down to depths of about 400m and we will be seeking to identify chargeability zones that could represent sulphide copper mineralisation, ideally similar to those that we identified very effectively with this technique at the high-grade Canbelego deposit.
Helix is systematically generating a large pipeline of targets which we will further refine, prioritise and then test the best of them with drilling in May subject to weather.”
Helix Resources is an ‘all-in on copper’ explorer operating in the copper-producing region of Cobar, New South Wales. It is focused on generating new copper targets on its underexplored ground position and testing them through drilling to make new discoveries.
As of December 2023, the company had $3.11 million in cash and cash equivalents at hand, according to its latest half yearly report and accounts.
Write to Adam Drought at Mining.com.au
Images: Helix Resources
