Helix Resources Limited (ASX: HLX) has drilled further oxide and sulphide copper intercepts from the CZ Deposit at the company’s wholly owned tenements along the Collerina Trend, located in the prolific copper-endowed Cobar region of NSW.
We have generated some further positive results confirming the potential of the shallow, ‘oxide’ copper mineralisation with the new RC intercepts,” Managing Director, Mike Rosenstreich, said.
“This complements earlier results in this new shallow zone such as 7 metres at 2.6% copper and 1.2 g/t gold (Au) within 25 metres at 0.94% copper (Cu) from 20 metres downhole .
“To be clear – these broad lower grade zones such as 0.9% or 0.7% Cu are significant, and potentially economic.
“That’s why we need to complete the relevant metallurgical and mining studies to understand the development opportunities.
“There is much work still to do at CZ to evaluate what have been intriguing drill results; positive shallow intersections but with greater variability on the deeper sulphide zones.
“In addition to these new drill results, we are making good progress logging the 60-odd RC holes from pre-2021 which were not logged.
“This important work being conducted by our Orange-based geological team will assist us in developing a new geological model which better interprets the oxide, transition and sulphide copper mineralisation encountered to date.
“Concurrently, our next major focus on the Collerina trend is to start the regional work to test and upgrade the targets identified and supported by last years aerial geophysical (VTEM) survey.
“ In terms of imminent resource growth potential – we are very excited about the recent results at the greater Canbelego project – confirming the presence of copper-sulphides in parallel zones to the Main Lode, supporting our Cobar style exploration model.
“I look forward to providing further updates through the month and we will continue to keep shareholders abreast of our latest developments with further assays and drilling to come.”
CZ Drilling
Drilling was completed at the CZ deposit area on 29 November 2021, for a total of 20 drill holes comprising 1,420.6 metres of reverse circulation (RC) and 2,005.8 metres of diamond drill core.
The programme was designed to scope out further shallow ‘oxide’ copper mineralisation, generate metallurgical samples and test inferred sections of the Mineral Resource model.
The RC programme successfully identified new zones of shallow, high-grade, ‘oxide’ copper mineralisation to the east and west of the CZ Deposit.
A new, shallow, open-ended, high-grade copper-oxide zone to the southeast of the CZ deposit has been identified with intercepts such as:
- 7m at 2.64% Cu & 1.18 g/t gold (Au) within 25m at 0.94% Cu from 20m (CORC141).
- 7m at 2.83% Cu within 30m at 0.86% Cu from 14m (CORC140).
- 3m at 2.74% Cu within 8m at 1.17% Cu from 32m (CORC139).
Assays have just been received for two additional RC holes undertaken to follow-up this new zone, which included the following significant results:
- 2m at 3.97% Cu within 27m at 0.68% Cu from 22m (CORC0150).
- 1m at 4.26% Cu within 5m at 1.15% Cu from 23m (CORC0151).
These drill holes have confirmed ‘oxide’ copper mineralisation between the two assayed intervals in holes CORC140 and CORC139 and indicate that the mineralisation remains open to the southeast, albeit narrower, with further testing warranted.
