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- Update incorporates results from an additional 239 drill holes
- Gold Basin represents significant near-term opportunity
- Mineralisation occurs from surface in broad zones
- Oxide gold mineralisation with favourable metallurgy
Helix Resources (ASX:HLX) has identified the Gold Basin project in Arizona as a significant near-term development opportunity after producing an updated mineral resource estimate (MRE).
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The updated inferred mineral resource now sits at 15.37 million tonnes at 0.57 grams per tonne (g/t) for 280,000 ounces of gold.
The company is earning up to a 40% interest in the oxide-gold project through a staged exploration-funded farm-in arrangement with Gold Basin Resources.
As part of its earn-in activities, Helix has funded additional geological work which has now been incorporated into an updated MRE for the project and includes the results of an additional 239 drill holes.
There is now a total drilling database of 644 holes and 49,058 metres.
Significantly mineralisation occurs from surface in broad zones, supporting potential low strip ratio open pit development scenarios.
In October 2025 the company released previous metallurgical testwork undertaken on the Gold Basin Cyclopic deposits in 2021-2022.
The oxide gold mineralisation appears to be favourable metallurgy with testwork at Cyclopic returning strong heap leach recoveries with gold extractions up to approximately 80 to 86% and low preg robbing / reagent consumption.
The company told shareholders the updated MRE reflects significantly improved geological confidence and tighter mineralisation modelling and will underpin ongoing exploration, resource growth drilling and scoping level mining and processing studies at Gold Basin.
Helix plans to continue to evaluate opportunities to expand the Gold Basin resource through further drilling targeting extensions to the current mineralisation and untested structural and stratigraphic positions.
The updated MRE will also support preliminary mining studies and assessment of development options for the project.
HLX is steady at 0.1¢. Mkt cap $5.880M.
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