- Helix Resources (HLX) has received initial approvals to begin drilling at the Cobar Gold Project in New South Wales
- The company’s upcoming drill program will test the site’s Amity Prospect, before moving onto to other high-priority targets
- Previously, the Amity Prospect returned rock chip samples up to 39.6 grammes per tonne of gold
- Despite receiving the approval, the program’s start date is still dependent on the ongoing COVID-19 travel restrictions in and around New South Wales
- Helix Resources shares are grey in early trade, trading for 1.6 cents per share
Helix Resources (HLX) has received initial approvals to begin drilling at the Cobar Gold Project in New South Wales.
With the approvals received, the company’s upcoming program will test the site’s Amity Prospect, a gold in soil anomaly that has previously returned rock chip samples up to 39.6 grams per tonne of gold.
The company has already tested the anomaly during a reconnaissance drill program, which returned a one-metre assay at 3.74 grammes per tonne of gold.
After testing Amity, the program will move onto the Reward, Battery Tank North, The Link and Republic targets.
While Helix is eager to commence the program, the start date is still dependent on the COVID-19 related travel restrictions in and around New South Wales.
Helix Executive Chairman, Peter Lester, said he was excited about the commencement of drilling at the Cobar Gold Project.
“Our initial drill targets are well beyond the existing resource areas and could provide scope for the progressive expansion of our 118,800-ounce gold inventory currently attributed to the project.
“These emerging areas are completely untested by drilling. The company is working through the latest COVID travel approvals, and we look forward to commencing drilling as soon as possible,” he said.
Peter went on to say that he believes the project has the potential to host a significant gold-system, similar in style to the nearby Peak Gold Trend.
The Peak Mine, which lies along this trend, is currently owned by Aurelia Metals and produced just under 60,000 ounces of gold during the 2019 financial year.
Helix Resources shares are grey in early trade, trading for 1.6 cents per share at 10:25 am AEST.