Helix Resources Limited (ASX: HLX) has confirmed two new lodes at the Canbelego Joint Venture Project located in the Cobar region of NSW, with assay results from nine RC drill holes intersecting visible copper sulphide mineralisation from new parallel lode positions outside of the existing mineralisation zones.
We are highly encouraged by the assays returned from the recent shallow RC drill program testing the new lode positions identified west of the Canbelego Main Lode, where we have previously reported wide high-grade copper hits,” Managing Director, Mike Rosenstreich, said.
“Drilling is due to resume shortly to scope out these lodes to test for higher grade cores – which if like the ‘CSAStyle’ Cobar Model, and what we have drilled so far at the Canbelego Main Lode could develop with depth in terms of grade and width.
Our drilling has confirmed the presence of a more extensive mineralised system west of Canbelego Main Lode, which is open to the north, south and at depth. Cobar-style deposits often only have a small footprint and don’t reach surface but once discovered can extend for hundreds to over 1,000 metres vertically at very high grades in multiple, aligned structures.
“We have a drill rig due to commence in April – the start of a major drilling program across all of our prospects. We have recruited additional geologists and are generally gearing up for a massive exploration push with the benefit of the funds from the recently announced capital raising.”
Assays received for nine, reverse-circulation (RC) drill holes with the following significant intercepts:
CBW1 – new west lode
- 3 metres (m) at 1.02% Copper (Cu) within 12m at 0.38% Cu from 94m (CBLRC023)
CBW2 – new west lode
- 1m at 3.18% Cu within 13m at 0.67% Cu from 143m (CBLRC029)
- 7m at 0.67% Cu within 22m at 0.38% Cu from 103m (CBLRC030)
Canbelego Main Lode
- 2m at 2.98% Cu within 8m at 0.9% Cu from 82m (CBLRC029)
- 16m at 0.32% Cu from 15m (CBLRC028)
- A potential third lode position west of the Main Lode is also emerging
- 1m at 1.35% Cu within 2m at 0.97% Cu from 118m (CBLRC026)
The Canbelego Copper Project lies along the regional scale Rochford Copper Trend. It is a 70:30 ‘contributing’ JV (Helix 70% and Manager, Aeris Resources Ltd 30%). In 2021, the JV drilled five diamond drillholes (CANDD001 to CANDD005) for nearly 2,000 metres around and beneath the Canbelego Mineral Resource or Main Lode, after an eight-year exploration hiatus.
One diamond hole (CANDD006), completed in January 2022 intersected a 29m zone of copper-sulphide mineralisation including 1.3m of massive-semi massive chalcopyrite , which clearly highlights the open nature of the high-grade copper mineralisation.
To follow-up on the shallow mineralisation intersected to the west of the Main Lode in holes CANDD005 and CANDD006, nine RC holes for 1,368 metres were completed in early February 2022. Three more diamond holes have been completed into the north of the Main Lode (CANDD007 to CANDD009) with assays expected in late May 2022.
