Helix unveils three large gold targets at Collerina

Helix Resources (ASX:HLX) has identified a large-scale gold anomaly in the Eastern Group tenements located approximately 50km southeast of Nyngan in central NSW.

The additional results further enhance the robustness and extend the continuity of the three multi-kilometre gold targets.

The Eastern Group covers approximately 1,570 sq. km of copper - prospective stratigraphy in the Girilambone Group, west and southwest of Nyngan. The northern boundary is 18km south, along the Collerina Copper Trend, from Aeris Resources’ Tritton Copper operation.

The company has been undertaking regional-scale exploration in the Eastern Group aimed at new discoveries for some years. Work has comprised airborne and ground geophysics, auger geochemical sampling, geological prospecting, and reconnaissance rock chip sampling. The exploration program, subject to cropping and weather events, is ongoing, and this report provides an update on recent auger and rock chip assay results received.

“The large-scale gold anomaly recently delineated in the Eastern tenements continues to deliver in terms of potential for a new copper-gold discovery. These are early-stage, regional scale results, but they are certainly robust, resolving into three obvious gold footprints that are continuous over 2 to 4 kms. The new prospective target zone Helix is defining is so far 11 km long and remains open in two directions,” Helix’s Executive Technical Director, Kylie Prendergast, said.

“The gold, arsenic and antimony signatures are considered indicative of copper-gold mineralisation such as occurs to the north at Aeris’ Tritton Copper Operations. These targets are in the right address being 75km to the south, along trend of the Aeris operations – which have been producing 20-30ktpa of copper plus gold for the past 30 years.

“May and June will be very busy months for Helix following up a range of discovery opportunities in our target pipeline. In the West, along the Rochford Copper Trend, geophysical results have identified new targets adjacent to the Canbelego copper deposit2. “We will start drilling those in May. In the East, we are following up on these excellent gold targets, with further auger work aiming to define targets for drill testing.

“Helix is continuing to advance its pipeline of copper-gold targets which have the potential to deliver a major copper-gold discovery in the highly endowed, Cobar copper-gold region close to established operations and processing facilities.”

Next Steps

• Infill auger sampling of Au anomalous zones to define drill targets. This work is expected to commence in May.
• Aircore drilling will be also planned to follow up Au auger anomalies where they extend into deeper cover areas, where auger drilling will be ineffective.
• All anomalies and targets emerging from this work will be assessed, and the top-ranked targets will be followed up with drilling.

Work Program Update

Helix is actively undertaking multiple work programs at present including:

• Two auger rigs are currently operating in the Eastern Group Tenements and sampling is currently in progress in the Widgelands area and the northern Collerina Trend (Figure 1).
• Assay results for approximately 900 samples from the Widgelands area and the northern Collerina Trend are pending, with result expected in mid- to late-May.
• Pole-dipole IP geophysical surveys are currently in progress at Canbelego and Bijoux in the Rochford Copper Trend, with results expected in May to further refine drill target areas.
• Reverse Circulation (RC) drilling is planned to commence at defined targets in the Rochford Copper Trend in mid-May.