- Helix Resources (HLX) has identified several conductors at Canbelego after completing downhole surveys of three diamond drill holes
- The joint venture project is managed by Helix, as the majority-owner, and is located 45 kilometres from Cobar in New South Wales
- The explorer interprets the conductors as relating to potentially high-grade massive copper sulphide mineralisation
- Follow-up drill testing is now underway to define and extend the potential high-grade shoots
- Shares last traded at 3.5 cents on June 02, 2021
Helix Resources (HLX) has identified several conductors at Canbelego after completing downhole surveys of three diamond drill holes.
The advanced copper project is managed by Helix, which holds a 70 per cent interest. Joint venture partner Aeris holds the remaining interest in the asset, located 45 kilometres from Cobar in New South Wales.
Helix Resources has completed downhole electromagnetic surveys on the holes drilled to date during its 2021 program.
Interpretation of data from the first two holes, and an initial review of that from the third, according to the company, shows potential high-grade massive copper sulphide mineralisation.
Managing Director Mike Rosenstreich explained this type of testing has previously proved fruitful in the region and at the project.
“Chalcopyrite, a primary copper sulphide mineral is often conductive and geophysical techniques such as electromagnetic surveys, either airborne, surface or downhole have proven to be very effective in finding copper mineralisation in the Cobar region.”
“The Helix team is using EM with great success to identify the broader structures such as the north-south copper lode at Canbelego and then vectoring in on the high-grade shoots with powerful DHEM surveys,” he continued.
“This worked well with CANDD001 which intersected typical Canbelego copper sulphides and the DHEM led to the exciting copper sulphide hit in the nearby CANDD002, which we consider is a high-grade shoot – in this case the Central Shoot. We hope that DHEM on CANDD003, which also hit typical Canbelego copper sulphides will provide a similar vector to massive sulphides in the North Shoot.”
A fourth diamond hole is now being drilled above the CANDD002 intercept to test the Central shoot. A fifth hole, also designed to test the Central shoot, has also been approved by the joint venture.
Shares last traded at 3.5 cents on June 02, 2021.