Helix Resources Limited (ASX: HLX) has obtained promising new copper assay results from its diamond core drilling activities at the Canbelego Copper Project located southeast of Cobar in central NSW, Australia.
The Project is a 70:30 contributing joint venture with Aeris Resources Ltd (ASX:AIS) with Helix holding 70% and managing the programme.
Assays were received for the last two diamond drill holes ahead of completing a new Mineral Resource estimate for the Canbelego Main Lode. These holes were necessary to infill the down-plunge extent of a high-grade copper shoot identified by drilling and downhole electromagnetic (DHEM) surveys.
“We are looking forward to completing the first Mineral Resource update for Canbelego since 2010 which is on track for completion this month,” Managing Director Mike Rosenstreich, said.
“Helix’s drilling has highlighted the potential for thicker, higher-grade zones at shallower levels within the existing 2010 resource outline and for new resources to extend beneath that 2010 outline following the newly defined shoots.
The next steps at Canbelego, aside from the resource estimate, are to undertake a thorough geological review of the greater Canbelego project area to assess new targets. We have gathered a massive amount of high-quality structural and geophysical data from over 70 recent drillholes with intercepts and conductive anomalies from the Main Lode having kept us focused primarily on that shoot.
“However, we know ‘Cobar-style’ systems can have multiple lodes and therefore we need to pause and examine all the data. For example, the potential of the Western Lodes to develop into larger-scale shoots along strike or down plunge.
“Helix is very busy across its eastern and western tenements undertaking geophysical and geochemical surveys aimed at making new copper discoveries. I am looking forward to sharing further updates on this work as well as the forthcoming Canbelego resource update.”
These results complete the data required for the updated Mineral Resources estimate which is expected to be completed and reported in June 2023.