Helix Resources Limited (ASX: HLX) has discovered further large scale, conductive targets from DHEM surveying on the second of two deep diamond drill holes completed at the company’s Canbelego Joint Venture (JV) Project located in the Cobar region of NSW.
The conductive targets are interpreted as distinct, high-grade copper shoots, not intersected by any previous drilling.
In addition to identifying further conductive anomalies, this second ‘deep-drill’ test, CANDD016 also intersected copper sulphide mineralisation at the predicted down-dip position of the lode structure.
The two, deep ‘Parent’ holes, were drilled 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 holes CANDD015 and 016 which are 200m apart, have identified a series of new, large-scale, highly conductive targets. These are in an area not previously intersected by any drilling within the interpreted host shear of the Canbelego copper mineralisation. Several conductive plates were modelled from the CANDD016 survey;
both of which extend well below the drill hole, demonstrating further depth potential. A major 400m by 70m plate was detected by the CANDD015 DHEM survey, as reported 30 November 2022.
Critically, these ‘strong’ off hole conductive zones do not appear to be linked to the disseminated and vein chalcopyrite (CuFeS2) mineralisation intersected within the respective drill holes. Furthermore, the DHEM survey in CANDD016 has recorded the highest conductive responses ever measured on the Canbelego Lode structure.
These are ongoing positive and highly significant technical outcomes which the company is pursuing with two drill holes in progress to follow-up and test these highly conductive zones.
Going well, the drilling currently in progress will intersect well developed copper sulphide zones, either thicker or higher grade, occurring as sizable shoots within the Canbelego shear zone.
Geological logging and sampling are underway for CANDD015 and 016 and assays are expected early in the new year.
We could be on the cusp of identifying major new mineralised positions at Canbelego,” Managing Director Mike Rosenstreich said.
“The scale and intensity of the conductive models indicates ‘high-grade copper shoots’. It is worth noting that in May last year we hit 18 metres at 3.4% copper – the highest tenor intercept ever on the Main Lode. This interval had a conductance level of ~400-600S, so ‘conductance wise’ the off-hole source detected from CANDD016 at ~1,500 to 3,000S, is the highest conductance noted to date at Canbelego.
“Reports on ‘conductivity and visual copper estimates’ are very technical and not definitive like a straight-out assay interval – but they are an essential and very exciting part of the discovery process.
“We know ‘Cobar copper systems’ go deep; we have proven the depth potential, but we now need to demonstrate the high grades that they are also renowned for. These technical results are very encouraging for finding higher grades than those intersected to date.
“The modelling suggests the company is zeroing in on something significant and fortunately, there are two rigs drilling daughter holes specifically targeting these conductive targets. We potentially have some very exciting short-terms news flow coming up as we further assess these targets and I look forward to providing investors further updates.”