- Helix Resources (HLX) intersects a 29-metre zone of visible copper sulphide mineralisation at the Canbelego Main Zone target in New South Wales
- A diamond drill hole intersected the mineralisation around 50 metres down dip, returning an intercept of 18 metres at 3.4 per cent copper
- The intercept comprised mainly incipient veins and disseminated chalcopyrite, and included around 1.3 metres of massive to semi-massive chalcopyrite from 425.2 metres
- Reverse circulation drill program has now commenced to test for parallel lode positions to the south-west, while the company awaits assay results
- Helix Resources last traded at 1.8 cents on January 18
Helix Resources (HLX) has intersected a 29-metre zone of visible copper sulphide mineralisation at the Canbelego Main Zone target in New South Wales.
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 Aeris contributes a portion of funding to exploration and planning work.
A diamond drill hole intersected the mineralisation around 50 metres down dip, returning an intercept of 18 metres at 3.4 per cent copper.
The Main Zone intercept occurred from 405 metres, comprising mainly incipient veins and disseminated chalcopyrite, and included around 1.3 metres of massive to semi-massive chalcopyrite from 425.2 metres.
The incipient copper minerals, which included malachite, bornite and chalcopyrite, were observed higher in the drill hole. The company said this indicates potential shallower, parallel lode positions to the west.
Helix Managing Director Mike Rosenstreich said this is an encouraging start to the resumption of drilling at Canbelego.
“It’s still very early days but we are also very interested to test the concept of repeat lodes which is typical for the ’Cobar Style’ of copper deposits, which are often blind at surface or have small footprints but can extend for up to several thousand metres vertically,” Mr Rosenstreich said.
“The mineralisation we observed higher in the hole may correlate with anomalous copper mineralised zones hit at shallow levels in drill hole 5 last year. This fits with an observed trend in some other historical drill holes in the project area and has helped develop our emerging parallel lode target concept.”
A 12 to 15 hole reverse circulation drill program has now commenced testing for parallel lode positions to the south-west.
Assays are still pending, with results expected by the June 2022 quarter.
Helix Resources shares were trading at 1.8 cents at 10.27am AEDT.