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Helix Resources (ASX:HLX) is branching out into copper and gold exploration in North America with the acquisition of the White Hills project in Arizona.
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The company has entered conditional binding agreements to take on the exploration project, which comprises seven tenements across 23 square kilometres, and lies within the Arizona Arc – a belt prospective for IOCG (iron oxide copper-gold) and porphyry copper-gold deposits.
The potential for gold exploration is also hinted at by the fact this Arc is a smaller part of the Nevada Walker Lane gold trend, which hosts several deposits holding multi-million ounces of gold.
“The White Hills project in Northern Arizona provides [us] with an exciting opportunity in a part of the world-renowned for producing world-class copper/gold deposits,” Helix’s executive chairman Mike Povey said.
Some exploration has already been done, such as rock chip and soil sampling – which show numerous areas of copper and gold anomalism – plus airborne geophysics (both magnetics and radiometric), ground gravity, and airborne hyperspectral.
Also at Helix’s disposal is data from 10 historic drill holes only investigated for gold.
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“The results of geochemical exploration to date has provided compelling evidence of a copper/gold system that is the best candidate that I have seen in many years for more intensive exploration efforts,” Mr Povey explained.
“[We intend] to move as quickly as possible in our evaluation of White Hills and the vendors, two highly experienced geologists with an intimate knowledge of working in the western USA, will be of great help in our exploration efforts.”
Helix has been trading at 0.2 cents.
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