Helix Resources (ASX:HLX) is preparing to drill a new, large scale Induced Polarisation (IP) geophysical target larger than the IP anomaly over the adjacent Canbelego Main Lode Copper Mineral Resource in NSW
The 625m long target zone has never been drilled before and is considered prospective for new copper lodes to add to the mineral resources defined at Canbelego Main Lode already. The Canbelego Joint Venture project is located within EL61052, part of Helix’s Western Group Tenements.
“Upcoming drilling will confirm if the compelling new IP geophysics anomaly at Canbelego represents a new zone of copper mineralisation and demonstrate that Canbelego has multiple near-surface copper lodes,” Executive Technical Director, Kylie Prendergast, said.
“Multiple copper lodes are a characteristic feature of several Cobar-style deposits including Metal Acquisition Limited’s large CSA copper deposit. Helix believes that the Canbelego copper deposit is analogous to the CSA copper deposit.
“To date, three separate high-grade copper lodes have been identified by drilling at Canbelego including the main lode copper resource and two smaller western lodes which are narrower but well developed. All of the lodes have geophysical IP anomalies however the new ‘far’ Western anomaly is the largest we have identified.
“IP geophysics was first deployed by Helix in early February as a tool to rapidly assess the near-surface potential of the Canbelego copper footprint, down to a depth of ~400m, for additional copper lodes or extensions to known copper lodes.
“It is now time to drill test the new targets and Helix is planning to bring a drill rig to site in the coming weeks.
In addition, Helix continues to advance further high priority copper and gold targets in its portfolio in the prolific Cobar region.”
Next Steps
Initial drilling of the Western PDIP anomaly is planned to commence mid-May 2024. Up to three, 300m deep RC holes will be drilled into the peak of the anomaly.
The drilling is expected to take one week for the RC drilling, with assay results expected four weeks after that.
However, if the RC holes produce water, or if they deviate significantly from target, they will be completed with diamond tails to ensure that the strongest part of the IP anomaly is adequately tested by the drilling.
If diamond drilling is necessary, the drill program would take an additional two weeks to complete.
