Helix Resources Limited (ASX: HLX) has discovered a large untested DHEM anomaly in addition to the intersection of copper sulphide mineralisation from a bold drilling campaign at its Canbelego Joint Venture (JV) Project located in the Cobar region of NSW.
Two, deep ‘Parent’ holes, CANDD015 and 016 have been designed to definitively test the down-plunge continuity of high-grade copper shoots identified by drilling over the past year extending up to 200m below the base of the 2010 Inferred Mineral Resource estimate.
The results demonstrate drill hole CANDD015 has identified new, large-scale, conductive targets in an area not previously intersected by any drilling within the interpreted host shears to the Canbelego copper mineralisation.
Furthermore, the visual observations of copper minerals (chalcopyrite) in the drill core at the predicted target positions for both the Canbelego Main Lode and the new, Western Lode positions is further confirmation for the vertical continuity of the overall Canbelego copper mineralised system.
Modelling work on the DHEM data indicates the chalcopyrite mineralisation observed in CANDD015 was detected by the DHEM but does not appear to be linked to the more intense conductive response of the new modelled conductive targets.
Preliminary interpretation suggests a new, north-plunging, large-scale shoot structure has been detected by the DHEM. The shoot appears hosted within the steeply dipping, NNW striking shear structures and has the hallmarks of a ‘Cobar-style’ high-grade copper lode. The geometry of this shoot will be further refined by a DHEM survey on CANDD016, which will commence as soon as this hole is completed.
Rapid drill follow-up is anticipated with CANDD016 which will now be extended to a final depth of at least 700m to intersect the northern, down-plunge portion of the new conductor. The up-plunge, southern section of the conductor will be tested by a new daughter hole (CANDD015A) which has just been wedged and is currently at 230m.
Geological logging and sampling are underway for CANDD015 and assays are expected early in the new year.
“We know ‘electromagnetics’ finds copper in the Cobar region as exemplified by Aeris’ recent Constellation copper discovery. Regional airborne EM identified the anomaly and subsequent drilling plus DHEM was used to delineate the current Mineral Resource,” Managing Director Mike Rosenstreich said.
“The DHEM response we have at Canbelego is outstanding – it is intense, large scale and corroborated by earlier surveys which couldn’t quite penetrate deep enough to ‘illuminate’ this new conductor.
“These results potentially highlight a major new mineralised position – never seen before by local DHEM and never drilled before. The survey has lit up a major robust conductive target associated with mineralised structures which clearly persist with depth.
These early outcomes vindicate our decision to be bold and ‘drill deep’ to establish this drill platform for DHEM surveys and to demonstrate the depth continuity of the high-grade copper shoots intersected 200m above.
“This is an exciting phase for our copper discovery work and could have a major positive impact on our core objective to find more copper. Fortunately, Helix is well funded to thoroughly assess these opportunities and add real value for our shareholders with further positive results. With two rigs operating – targeting this new conductive zone within the mineralised Canbelego shear, we are well poised to make further discoveries.
