- Helix Resources (HLX) receives pleasing copper results from the Canbelego Project which is held in a joint venture (JV) with Aeris Resources (AIS)
- Drill results from the NSW-based project confirm its potential to host more high-grade mineralisation
- The companies have also identified a large-scale conductive anomaly through survey work which remains open at depth
- The JV partners will follow up on these results with drilling later this year and are currently undertaking drilling at the CZ deposit
- Helix’s shares are up 9.09 per cent to trade at 2.4 cents and Aeris is up 2.5 per cent at 20.5 cents per share at 12:06 pm AEST
Helix Resources (HLX) has received results from its 70 per cent-owned Canbelego Copper Project in New South Wales.
The project is held in a joint venture with Aeris Resources (AIS) which owns the remaining 30 per cent stake.
Latest results from the northern shoot include six metres at 1.26 per cent copper from 286 metres including three metres at 2.07 per cent copper, and 13 metres at 1.29 per cent copper from 295 metres including three metres at 3.8 per cent copper from 303 metres.
Results from the central shoot include five metres at 1.56 per cent copper from 272 metres including one metre at 6.98 per cent copper from 272.6 metres.
In addition to the thick, massive sulphides found in a previous drill hole, these assays confirm the Canbelego Project has the potential to host further high-grade mineralisation.
Helix Managing Director Mike Rosenstreich said it was exceptionally pleasing to receive further high-grade copper results.
“This prospect has been dormant since 2013 and over the past few months we have seriously extended the mineralisation envelope and highlighted with the regional VTEM data the opportunities to find adjacent mineralisation to the main Canbelego lode,” Mr Rosenstreich said.
“The new Helix exploration team is continuing to demonstrate that this zone has the capacity to host thick and potentially economic quantities of copper sulphide.”
Helix also identified a large-scale conductive anomaly through downhole electromagnetic surveying at a separate drill hole. The anomaly is open at depth and is believed to be associated with a 20-metre thick zone of high-grade copper.
The company plans to follow up on these results through drilling later this year and is currently progressing metallurgical and resource extension drilling programs at the CZ deposit.
Helix’s shares were up 9.09 per cent to trade at 2.4 cents and Aeris was up 2.5 per cent at 20.5 cents per share at 12:06 pm AEST.