Year in Review: Helix Resources enjoys positive year of exploring and expanding in 2022

Helix Resources (ASX:HLX) has enjoyed a solid year in 2022, progressing its range of gold and copper projects in New South Wales.

The Perth-based minerals exploration company has focused on the development of its Canbelego and Cobar Gold projects, in the heart of a proven copper and gold province.

Strategically located in New South Wales’ Cobar region, throughout 2022 both projects have been the epicentre of exploration programs in order for the company to advance its strategy of increasing the scale of its emerging deposits to add value for its shareholders.

1H 2022 laid the foundations for the solid year to come for Helix

In January this year, the company identified visible copper sulphide mineralisation from diamond drillhole CANDD006, which intersected a 29m zone of copper-sulphide mineralisation within the ‘Main Zone’ target position.

Hole CANDD006 identified the mineralisation from 405m downhole, which was believed to be an extension of the ‘high-grade’ shoot intersected in hole CAND002.

This hole, about 50m down-dip from ‘high-grade’ intercept of 18m at 3.4% copper in May 2021, indicated possible shallower, parallel lode positions to the west, which potentially correlated with similar intervals from drilling in 2021.

During February, the company announced the resignation of its Non-Executive Director, Tim Kennedy, following his appointment to a full time Executive role within another company.

The company also received ‘significant’ institutional support for a binding placement to raise $11 million via the issue of 916.7 million new shares at an issue price of $0.012 per share in March.

Helix Cu NSW

The funds raised were reported to be used to accelerate its ‘extensive’ copper exploration activity within the Cobar region through the commencement of a major 10,000m Reverse Circulation (RC) and diamond drilling campaign.

By the start of May, the company had discovered 2 new copper lodes parallel to the Main Lode Mineral Resource, as well as a ‘significant’ extension to a ‘high-grade’ copper shoot at its Canbelego joint venture (JV) project.

By the end of the first half of the year, Helix was well-advanced on its goal of drilling the 10,000m drilling campaign and had $12 million cash at hand by the end of Q2 2022.

2H 2022 saw great success and more discoveries

In mid-July, the company reported the presence of additional visual copper mineralisation and the commencement of a 5,000m exploration drilling campaign at the Rochford Copper Trend, as part of its Canbelego JV tenement in New South Wales.

The results, generated by 3 completed diamond drillholes, intersected copper sulphide mineralisation that supported the new interpretation of ‘south plunging’ shoots and mineralisation extending well beneath the current project inferred Mineral Resource Estimate (MRE) outline.

By August, as reported, the company launched a regional scale, 13,000-hole geochemical sampling program to cover 3 existing large-scale copper mineralised trends and 2 new emerging copper trends.

A strong treasury position and locally based technical team enabled the company to ‘significantly’ broaden the scope and intensity of regional exploration activities, including the regional scale geochemical sampling, which was expected to be complemented by geological mapping and new geophysical surveys such as VTEM.

Helix Resources Managing Director Mike Rosenstreich said at the time that the large-scale exploration was a bold ambitious step which would allow the company to leverage the prospective ground to yield even more discoveries.

Then in October, things got even better for the company as it received the highest-grade copper result to date from ongoing exploration at the Canbelego tenement.

This program intersected the highest-grade copper intercept the company has seen in the upper 150m of the Main Lode, and the intersections highlighted the potential for ‘high-grade’ copper mineralisation at shallower depths that remains open at depth and to the south.

Results from the recent drilling returned ‘high-grade’ intersections, with hole CBLRC057 returning 16m at 3.21% copper from 117m downhole including 11m at 4.58% copper, which represents the highest-grade copper intercept to date, and hole CANDD013 with 10.8m at 0.52% copper from 153m downhole including 1.3m at 4.0% copper.

In tandem with continued drilling at Rochford Copper Trend, the company continues to focus on advancing its Canbelego JV Project through the discovery of additional conductive copper targets.

The company will continue to work towards completing drillhole CANDD015A before the commencement of the Christmas shutdown period and will resume with exploration after it enters the new year as well.

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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.