Helix Resources Limited’s (ASX: HLX) contractor Mitchell Services Ltd has mobilised a RC rig to the Canbelego Copper Project in NSW and commenced drilling today.
A programme of approximately 1,000m comprising six and eight holes is designed to infill shallow copper mineralisation ahead of an updated Mineral Resource estimate planned for late March 2023.
Results from late 2022 such as CBLRC057 intersecting 16m at 3.21% Cu from 117m downhole (including 11m at 4.58% Cu) highlighted possible extensions of high-grade copper mineralisation at shallow levels which this drilling plans to infill.
The present Inferred Mineral Resource estimate of 1.5 million tonnes at 1.2% Cu was undertaken in October 2010. Helix’s drilling on behalf of the joint venture has identified new high-grade copper shoots that continue with depth for several hundred metres below the existing Mineral Resource. An updated Mineral Resource estimate is appropriate to provide an interim basis for early-stage development studies.
The deeper diamond drilling program resumed on 13 January with drilling in progress to test highly conductive geophysical targets reported in December 2022. Initial results are expected in late January.
It’s great to start the year on site with the exploration team and two rigs testing the Canbelego Lode at these different levels – the RC drill infilling the shallow gaps and the diamond rig testing the highly conductive anomalies we discovered recently at depth,” Managing Director Mike Rosenstreich said.
“We are hoping to intersect high-grade copper shoots with the deeper diamond drilling – they are very strong geophysical anomalies unlike anything we have recorded previously. Preliminary, visual results should be available in late January.
“The ‘near-miss’ drill outcome we reported recently highlights the unpredictable ground conditions where we haven’t drilled before and the requirement for sophisticated, highly technical directional drilling technology.
“We are fortunate to have geologists and drill operators who are highly experienced in this very specialised drilling activity. The large scale and highly prospective nature of these targets remains the same. We look forward to reporting on the drilling outcomes as soon as possible.”