Helix Resources Limited’s (ASX: HLX) latest assay results have confirmed further significant copper mineralisation within the northern and central shoots of the Canbelego JV Project, located within the highly prospective Cobar copper basin in central NSW.
The results from the emerging Canbelego Copper Joint Venture project (Helix 70% and Aeris Resources Ltd ASX.AIS 30%) have confirmed that, in addition to thick massive sulphides discovered in CANDD0021, the project has the capacity to host further high-grade mineralisation.
Copper Assays – have been received for intervals where geological estimates of copper sulphides (chalcopyrite) were reported previously.
CANDD003 – Northern Shoot
- 6 metres at 1.26% copper from 286 metres downhole – including 3 metres at 2.07% copper;
- 13 metres at 1.29% copper from 295 metres downhole – including 3 metres at 3.80% copper from 303 metres; and
- 1 metre at 1.09% copper from 307 metres downhole.
This intercept confirms the vertical extension of copper mineralisation a further 100 to 150 metres below previous drill intercepts (~300 metres from surface) in the northern shoot position of the Canbelego mineralised outline
CANDD004 – Central Shoot
- 5 metres at 1.56% copper from 272 metres downhole – including 1.0 metre at 6.98% Cu from 272.6 metres.
Helix’s Managing Director, Mike Rosenstreich, said these results, along with the downhole electromagnetic (DHEM) data suggest this drill hole may have ‘just clipped’ the upper portion of the massive copper sulphide zone intersected in CANDD002 (14 metres at 4.2% copper) which is 50 metres below and 30 metres south of this intercept.
Recent DHEM Outcomes – Down hole electromagnetic (DHEM) surveying on CANDD005 has identified a conductor of 40-60 metres ‘length’ and 150 by 200 metres depth or plunge extent (primarily above the drill hole) and ~65-750 dip to the WSW-W, with moderate conductance of ~300-500 Siemens. The conductor is modelled as approximately 20 metres off the hole to the SSE. The modelled conductor plate aligns with the down-dip position of the CANDD002 intersection, suggesting continuation of the mineralised zone, which remains open at depth.
The company has previously reported several copper-sulphide zones in CANDD005 with all assays for this hole pending.
Drilling Status and Outlook
COVID-19 related travel restrictions affecting the drill crew, weather-related access issues to the drill site as well as time to expedite surface and DHEM surveying, geological logging and interpretation at Canbelego prompted the Canbelego drill programme to be ‘suspended’ on the completion of CANDD005.
Further drilling to follow-up on the recent drill results and to test the surrounding EM anomalies remains planned for later this year.
After a short break, the drill rig has commenced a drill programme at the CZ Deposit, on the Collerina Trend. The CZ drilling comprises:
- Metallurgical drilling of four diamond core holes for 600 to 700metres to generate samples for metallurgical testwork. To date there has been no metallurgical testwork on the deposit.
- Resource extension drilling of 15 to 20 drill holes; mixture of RC-with diamond core tails and solely RC totalling 2,500-3,000 metres.
It is exceptionally pleasing to deliver additional high- grade copper intersections across both the northern and central shoots of the Canbelego project,” Mr Rosenstreich said.
“This prospect has been dormant since 2013 and over the past few months we have seriously extended the mineralisation envelope and highlighted with the regional VTEM data the opportunities to find adjacent mineralisation to the main Canbelego lode.
“The new Helix exploration team are continuing to demonstrate that this zone has the capacity to host thick, and potentially economic quantities of copper sulphide.
“Our confidence is further buoyed by the modelling of a large-scale conductive body from the DHEM data which is adjacent to the mineralisation discovered in hole two. While weather and COVID-19 restrictions have seen us pause further drilling at Canbelego, we have had time to progress surface and DHEM surveying, geological logging, and interpretation at Canbelego. In addition, drilling at the CZ deposit has commenced and we intend to follow up this promising resource area soon.”
