Join our daily newsletter At The Bell to receive exclusive market insights
- Helix Resources (HLX) is about to begin a 3000-hole auger geochemical sampling program in the Cobar region of NSW
- The program will cover three existing copper mineralised trends and two emerging copper trends
- Helix’s objective is to evaluate targets to identify and potentially advance copper prospects which may add to the company’s resource base
- Company shares end the day trading flat at 0.8 cents
Helix Resources (HLX) will soon begin an auger geochemical sampling program that will cover five copper trends in the Cobar region of New South Wales.
Since raising over $12 million through a placement and share purchase plan in May, the company is focused on advancing regional exploration work to potentially make a copper discovery.
The sampling program will include around 13,000 holes as part of Helix’s plan to evaluate existing and new targets to identify and potentially advance copper prospects. The company hopes this will, in turn, add to its existing copper resource base.
“The company has over 240 kilometres strike of prospective copper trends with numerous poorly tested historical workings, anomalous drill intercepts and geophysical targets,” Managing Director Mike Rosenstreich said.
“This large scale exploration is a bold ambitious step which will allow Helix to leverage this prospective ground to yield even more discoveries.”
The program will cover the Meryula, Collerina, Rochford, Restdown and Quanda trends and be an ongoing focus for the next 12 months.
Auger drilling will commence shortly with the initial focus on the western tenements (being the Rochford, Restdown and Meryula trend).
Assay results are expected to have a turnaround time of 30 to 45 days.
Company shares were trading flat at 0.8 cents at market close.
