- Helix Resources (HLX) strikes shallow copper at its Canbelego project in NSW
- The company has recently wrapped up a seven-hole reverse circulation drilling program testing for extensions to shallow high-grade copper mineralisation
- Helix reported “significant” copper mineralisation in five holes, noting “very encouraging” observations for extensions to known mineralisation in the area
- Diamond drilling is now in progress to test high-order conductive targets deeper on the Canbelego Main Lode, with an updated mineral resource estimate scheduled for late March 2023
- Helix Resources is up 12.5 per cent to trade at 0.9 cents at 10:54 am AEDT
Helix Resources (HLX) has struck shallow copper at its Canbelego project, southeast of Cobar in Central NSW.
The company recently wrapped up a reverse circulation drilling program it launched in mid-January to test for extensions to shallow high-grade copper mineralisation, drilling seven holes for a total of 906 metres.
The aim of Helix’s program was to follow up on a high-grade intercept of 16 metres at 3.2 per cent copper that was first reported in October 2022. This previous drilling work highlighted the potential for extensions up-dip and along-strike to the north, towards the historical underground workings.
From its recent eight-day campaign, Helix reported “significant” copper mineralisation in five holes, including 51 metres of weak-to-strong chalcopyrite veins from 84 metres, including two metres of semi-massive chalcopyrite from 104 metres.
Further highlights included 25 metres of medium-to-strong chalcopyrite veins from 108 metres downhole and 12 metres of veins from 65 metres, including one metre of massive chalcopyrite from 72 metres.
The company said assays were still pending, though it noted the observations were
“very encouraging” for important extensions of shallow, high-grade copper mineralisation.
“Deeper diamond drilling is continuing, and we are hoping to intersect high-grade copper shoots as indicated by very strong geophysical anomalies unlike anything we have recorded previously,” Helix Managing Director Mike Rosenstreich said.
“If our interpretations of the geophysical targets are correct, we may have some spectacular photos of copper mineralisation in drill core to share soon.”
An updated mineral resource estimate for the program has now been planned for late March 2023.
Helix Resources was up 12.5 per cent to trade at 0.9 cents at 10:54 am AEDT.