Helix Resources Limited (ASX: HLX) has obtained further high-grade results from its diamond core drilling activities at the advanced Canbelego Copper Project located southeast of Cobar in central NSW, Australia.
Helix has been aggressively drilling at the advanced Canbelego copper project for the past 18 months,” Managing Director, Mike Rosenstreich, said.
“To date we have completed over 8,300m of diamond core and approximately 6,400m of RC comprising over 70 drill holes.
“This was the first work at Canbelego since 2013 and note – the current Inferred Mineral Resource estimate of 1.5Mt at 1.2% copper was completed over 12 years ago. With recent significant drilling now completed, it is now the right time to take stock with an updated Mineral Resource.
“Our work has identified high-grade copper zones both within the outline of the shallow 2010 Resource estimate and high-grade shoots continuing for at least 300 to 400m below the base of that resource outline.
“I am looking forward to our updated resource sometime in May – June of this year. I am confident that we should realise a more robust estimate in terms of the resource classification and increased contained copper tonnes given the clear extensions to the mineralisation which have been identified and the higher-grade copper zones delineated.”
Diamond core drillhole (CANDD017), intersected two copper intervals in the Canbelego Main Lode position including 8m at 2.83% Cu. This hole was designed to follow-up on recent shallow Reverse Circulation (RC) drilling results which mapped out a high-grade copper zone from near surface to over 120m down-dip. These new results have confirmed that zone at least another 40m to over 150m vertical depth and remains open at depth. Initial estimates of the true thickness of the copper mineralisation are between 15m to 20m.
High-grade assay results were also recorded from the first ‘effective’ drill test (CANDD016C)4 of the conductive targets interpreted to be high-grade copper shoots, comprising 3.1m at 2.19% Cu (from 373m) and 5m at 3.59% Cu (from 603m).
Follow-up drilling (CANDD019A) successfully intersected copper sulphide mineralisation approximately 150m ‘up- plunge’ from the ‘016C-intercept’ at the predicted position of the conductive targets. Geologists observed5 an upper 9.6m zone of medium intensity chalcopyrite mineralisation from 496.4m and a lower 7.0m zone of weak to strong intensity chalcopyrite mineralisation from 509m. Assays are pending.
Diamond drilling is continuing to complete an initial three-hole test of this discrete high-grade copper shoot extension represented by the modelled conductive target plates from a series of downhole electromagnetic (DHEM) surveys.
Drilling at Canbelego will be paused on completion of this drillhole (CANDD020) and on receipt of all assays, an updated estimate of the Mineral Resource at Canbelego will be completed.
Technical consulting group, MEC Mining has been engaged to undertake the estimate and an initial review of the data and site visit has already been completed. Timing of the updated resource estimate is dependent on assay results. However, turnaround times for assay results have been improving and the update is planned for completion in the June quarter of this year.