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- Junior explorer Helix Resources (HLX) has slipped in early trade despite intersecting more copper in drilling at its Canbelego project in NSW
- The third diamond hole of Helix’s 2021 program hit a 23.4-metre zone of copper mineralisation around 270 metres below surface
- According to the company, this extends the copper mineralisation in the area 200 metres north along strike from the previous hole drilled in the area
- Moreover, the latest drill hole confirms copper sulphide mineralisation roughly 100 metres below the previously known base of mineralisation at the project
- Helix owns 70 per cent of the Canbelego project in a joint venture with fellow ASX-listed Aeris Resources (AIS)
- Samples from the first two diamond holes in the area have been sent off for assay, while the third drill core is still being prepared to be sent off
- Shares in Helix Resources have fallen almost 10 per cent this morning to trade at 3.7 cents each
Junior explorer Helix Resources (HLX) has slipped in early trade despite intersecting more copper in drilling at its Canbelego project in NSW.
The company told shareholders this morning the third diamond hole of its 2021 drilling program hit a 23.4-metre zone of “disseminated, stringer and vein copper sulphide” mineralisation. The copper was struck around 270 metres below surface.
According to Helix, this intercept extends copper mineralisation in the area 200 metres north along strike from the previous hole drilled at the project, which hit a 29.5-metre zone of stringer and massive copper sulphides.
Importantly, the latest drill hole confirms copper sulphide mineralisation roughly 100 metres below the previously known base of mineralisation at the project.
The holes are being drilled along the Northern Shoot section of the project area, which has been historically drilled and returned an intersection of seven metres at 3.5 per cent copper in one of the holes.
Helix Managing Director Mike Rosenstreich said the company is “cracking the code” on what controls the high-grade copper zones at the project.
“This third drill intercept has significantly increased the interpreted down-dip and along-strike dimensions of what looks to be a series of high-grade copper shoots along the Canbelego structure,” Mike explained.
“There is real potential to further extend these mineralised shoots as well as find adjacent structures as I think our team is starting to sniff out,” he said.
Helix owns 70 per cent of the Canbelego project in a joint venture with fellow ASX-listed Aeris Resources (AIS). Under the terms of their partnership, Helix is the manager of the Canbelego project while Aeries contributes a portion of funding to exploration and planning work.
The project has a 1.5-million-tonne inferred mineral resource grading an average 1.2 per cent copper, but the 2021 program is the first major drilling work to be taken on across the project since 2013.
Helix previously drilled the project in 2013, but the results of the drilling and subsequent electromagnetic survey work were never followed up.
As far as the recent three drill holes are concerned, samples from the first two holes have been sent off for assay, with results expected before the end of June. The third drill core — and the subject of today’s ASX announcement — is still being prepared for sampling and assay.
Shares in Helix Resources have fallen 9.76 per cent this morning to trade at 3.7 cents each as of 10:47 am AEST. The company has a $47.6 million market cap.
