Helix Resources Limited (ASX: HLX) has intersected a new, shallow, high-grade ‘oxide-copper’ zone in three RC drill holes around the company’s CZ Mineral Resource located in the prolific copper-endowed Cobar region of NSW.
Reverse-circulation (RC) drilling targeting shallow, oxide-copper mineralisation around the company’s CZ Mineral Resource intersected thick zones of copper mineralisation, some of which include gold. This is a new zone, defined by three drill holes over a 100m span and is open to the southeast.
Managing Director, Mike Rosenstreich, said the presence of chalcocite creates opportunities for Helix to extend the oxide mineralised zones where historical drilling was not sampled.
We are approaching our drilling campaigns with an open-mind in terms of the geological controls on the mineralisation and succeeding in identifying new extensions to the known mineralised outlines,” Mr Rosenstreich said.
“Three solid hits! Each shallow, with excellent copper grades – peak assay of 16% copper, and some associated with gold. There is scale potential to this with over 100 metres defined to date and the zone is open to the southeast.
“This is very encouraging for increasing our existing shallow oxide Mineral Resource estimate for CZ1. We are planning quick follow-up drilling to better define this zone.
“A significant number of historical RC holes in this area were not logged geologically and were ‘under-sampled’, hence our “open-minded’ approach to what we aim the drill rig at, and optimism on being able to further extend this shallow oxide zone. We continue drilling and eagerly await a significant flow of assay results.”
Resource Extension Drilling
RC drilling was recently completed testing for extensions of the existing oxide copper Mineral Resource2, as well as providing pre-collars for diamond core drilling to test extensions of primary sulphide copper mineralisation at depth.
Fourteen holes (CORC0136 to CORC0149), comprising 1,318.6m of RC and 550m of diamond core tails have been completed to date. Seven RC holes targeted shallow oxide resources and the remaining holes are targeting primary sulphide mineralisation with pre-collared diamond holes. Sampling of the RC holes has been completed and logging of the diamond tails is in progress.
Results have been received for four RC holes that targeted oxide resources. Significant copper intercepts have been returned in three of those holes, as shown in Table 1. A significant gold intercept was also returned in hole CORC0141.
These intercepts have defined a new zone of copper oxide mineralisation over 100m of strike length outside of the existing resource shell, which remains open to the southeast.
Further drilling is planned to follow-up these significant results. The remainder of the current drilling program will target deeper primary mineralisation with diamond tails to RC pre-collars. A further 500m to 600m of diamond core tails are planned.
Down hole EM surveys (DHEM) will be undertaken on four RC pre-collared diamond core holes (RCDD). The DHEM survey is expected to commence within the next two weeks. An additional two holes are available in the approved 20-drill hole program, and these holes will be designed after further review of ongoing results.
Assays for the remaining RC samples are expected in November, with RCDD assays to follow in December. Results have also been received for three RC pre-collars, however no significant results were returned.
