Helix Resources Limited (ASX: HLX) and its Canbelego joint venture (JV) partner Aeris Resources Ltd have revealed plans for a significant programe of work over Exploration Licence EL6105 located near Cobar in central NSW.
Helix holds a 70% JV interest and is Manager, with Aeris currently holding 30%.
Helix, as JV Manager, is planning an aggressive FY24 work programme aimed at testing several promising early-stage targets, conducting further assessment of the resource growth potential around the current 2023 Canbelego Mineral Resource estimate (MRE) and undertaking preliminary economic assessments and test work of the MRE.
Exploration work since early 2021, when the JV recommenced exploration following an 8-year hiatus, has significantly expanded the 2010 MRE and identified a range of new targets to increase that copper inventory to the current ~32,000 tonnes of contained copper.
Aeris has elected not to contribute to the FY24 work program. Helix will sole fund the FY24 exploration efforts, diluting Aeris’ equity interest in the JV project. Aeris remains supportive of the project and of continuing to advance the Canbelego Mineral Resource to a preliminary mining study.
Our team has delineated a robust, high-grade copper resource at Canbelego and gained a tremendous amount of knowledge about the style and signature of the copper mineralisation there,” Helix Managing Director, Mike Rosenstreich, said.
“Now, we want to apply those unique insights to adjacent prospects such as the Western Lodes and earlier stage targets to find more copper.
“The company is also keen to get a preliminary understanding of the potential mining economics at Canbelego. There are several processing plants in the area within conceivable haulage distances and we need to be prepared to respond to inquiries regarding commercialisation opportunities which have started with the release of the new Canbelego Resource in June 2023.”
