- Helix Resources (HLX) has intersected “intense” copper sulphide mineralisation while carrying out diamond drilling
- The 29.5-metre section of copper was found at the company’s majority-owned Canbelego deposit in the Cobar Basin of NSW
- HLX is testing the extension of the known copper mineralisation at the deposit, with a second diamond drill hole making this most recent discovery
- Pleasingly, the company stated it extended the copper mineralisation 80 metres below where 24 metres of copper sulphide was intersected earlier this month
- Helix is now begun drilling a third diamond drill hole, testing for extensions 200 metres to the north, with assays still pending
- Shares in HLX are up 100 per cent in early trade, trading at 2.8 cents per share
Helix Resources (HLX) has intersected “intense” copper sulphide mineralisation while carrying out diamond drilling.
The 29.5-metre section of copper was found at the company’s 70-per-cent-owned Canbelego deposit, which is located in the Cobar Basin of NSW.
HLX is carrying out a diamond drilling program there to test the extension the known copper mineralisation and to upgrade its mineral resource estimate.
This second diamond drill hole successfully extended the copper mineralisation 80 metres below where 24 metres of copper sulphide was intersected earlier this month.
The company said the hole intersected discrete zones of massive and semi-massive chalcopyrite, as well as veins and disseminated chalcopyrite within the overall 29.5-metre interval.
It also stated that the true width of the chalcopyrite mineralisation is estimated to be around 22 metres.
Additionally, HLX explained a second “copper position”, between 90 and approximately 120 metres downhole, has also been intersected.
“This is an exciting hit. Notably there is more massive copper mineralisation in this drill hole which is very encouraging for a high-grade copper zone when the assays come in,” Managing Director Mike Rosenstreich said.
“As a bonus, there is the possibility of a second copper position emerging after we intersected chalcopyrite veins much higher in this hole,” he added.
Both of the copper sulphide zones found in this latest drilling will be tested for copper and gold with assay results expected back in June.
Meanwhile, Helix has begun drilling a third diamond drill hole at the deposit, testing for extensions 200 metres to the north.
Shares in HLX are trading up 100 per cent in early trade, trading at 2.8 cents per share at 10:38 am AEDT.