- Helix Resources (HLX) progresses exploration activities at its Canbelego and Collerina Projects in the Cobar region of Central NSW
- The company is currently undertaking an initial drilling program at the project and has already successfully extended the copper mineralisation along the strike
- However, drilling at Canbelego has come to a pause due to COVID-19 restrictions and wet weather, but the company is using the time to perform logging and a downhole electromagnetic survey
- During the drilling stoppage, Helix will deploy its drill rig onto its Collerina tenements to undertake a program at the CZ deposit in August
- On the market this afternoon, Helix is in the grey and trading at 2.2 cents per share at 11:47 am AEST
Helix Resources (HLX) has updated the market on its exploration activities in the Cobar region of Central NSW.
Canbelego Joint Venture Project
The company has completed the drilling of five diamond drill holes for 1913 metres at its Canbelego Project.
Canbelego is a joint venture project with Aeris Resources (AIS) and sits within the highly mineralised Cobar Basin in New South Wales.
So far, the initial drilling program had successfully extended the copper mineralisation along the strike.
Last month, Helix received assays from two of the drilling holes, with the remaining three holes currently pending.
The fifth diamond drill hole tested for deeper extensions of the higher-grade shoot that was intersected in hole two. This hole intersected seven metres from 66 metres downhole of gossanous veins with chalcocite and malachite in the oxidised zone.
Additionally, several sulphide intervals were also intersected in the fresh rock.
Now the company will now undertake geological logging and a downhole electromagnetic (DHEM) survey at hole five to further define the broad zones of mineralisation.
However, drilling has been paused due to wet weather and the current COVID-19 travel restrictions in New South Wales. On a positive note, the drilling will allow the company to focus on logging and the DHEM survey.
Helix is now awaiting assay results from holes three and four, with samples from hole five to be sent to the laboratory after the logging.
Managing Director Mike Rosenstrich was pleased to kick-start drilling at the joint venture project.
“I’m sure we have extended the mineralisation envelope around the existing Canbelego deposit as well as highlighting the high-grade potential with drilling, but also with the EM targets identified close by,” he said.
“The JV is enthusiastic about further testing these opportunities and with new DHEM data and some quality geological thinking time we plan to resume exploration drilling work, probably in September-October.”
Collerina Copper Trend
Collerina is 100 per cent owned by Helix and is located on the Cobar Basin.
The pause of Canbelego drilling creates the opportunity for Helix to deploy the drill rig onto its Collerina tenements.
The company is planning to undertake a drilling program at the CZ deposit in early August. This drilling aims to extend the existing mineral resource outline and collect metallurgical samples.
“Everyone is very excited to be now turning to the Collerina Trend — starting at the CZ deposit,” Mr Rosenstrich said.
“This is clearly a major regional copper bearing structure, and we think there is real potential for deposits similar to Aeris’ high-grade and long-lived Constellation and Tritton deposits to our north.”
On the market this morning, Helix was in the grey and trading at 2.2 cents per share at 11:47 am AEST.