Join our daily newsletter At The Bell to receive exclusive market insights
- Helix Resources (HLX) strikes significant copper mineralisation at its Caballero prospect within the Canbelego joint venture in Cobar, New South Wales
- Helix and its joint venture partner, Aeris Resources (AIS), launched a reverse circulation drilling program in early July – the first drilling completed in eight years – which saw 27 holes drilled for 4275 metres
- The JV has now received results for 15 holes, which included three metres at 1.8 per cent copper from 147 metres, with visual copper mineralisation
- The drill rig has now been mobilised to Canbelego Main Lode to undertake large step-out drill holes to test the area’s depth potential
- Helix Resources is down 7.14 per cent to trade at 0.7 cents while Aeris is up 6.17 per cent to trade at 43 cents at 11:05 am AEDT
Helix Resources (HLX) has struck significant copper mineralisation at its Caballero prospect within the Canbelego joint venture in Cobar, New South Wales.
The Canbelego copper project falls in a 70/30 contributing joint venture between Helix and Aeris Resources (AIS).
The JV launched a reverse circulation drilling program in early July – the first drilling completed in eight years – which saw 27 holes drilled for 4275 metres. The company has now received results for 15 of the holes.
The results comprised of copper assays and visual copper mineralisation down dip in a follow-up diamond core hole.
Results from the drilling including 11 metres at 0.75 per cent copper from 141 metres, including three metres at 1.8 per cent copper from 147 metres.
Helix Managing Director Mike Rosenstreich said these results indicate the company has identified a significant copper-mineralised system at Caballero, with a very encouraging scale and intensity.
“The team is excited about these early-stage results at Caballero, and we will reassess our priorities and ongoing work program, as we think persistence could pay off around the West Lodes mineralisation,” he said.
However, the Managing Director also noted the drilling has been an interrupted process due to weather-related access issues and queues in the assay lab.
“Nonetheless, we are already preparing for the follow-up campaign, including additional drilling at Caballero, a program of ‘bold’ deep holes we have planned at Canbelego Main Lode to test for depth extension as well as our ongoing regional target generation work,” Mr Rosenstreich said.
The drill rig has now been mobilised to Canbelego Main Lode to undertake large step-out drill holes to test the area’s depth potential.
Helix Resources was down 7.14 per cent to trade at 0.7 cents while Aeris was up 6.17 per cent to trade at 43 cents at 11:05 am AEDT.
