Has Helix cracked the code for Canbelgo copper mineralisation?
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Helix believes it has a firm idea of what makes its Canbelgo project tick after drilling extended copper mineralisation another 200m north along strike.
CANDD003 – the third diamond hole in the company’s 2021 drilling program – intersected disseminated, stringer and vein copper sulphide mineralisation within a 23.4m interval from a depth of 286m within the Northern Shoot at the New South Wales project.
This new intersection is located 200m north along strike from the recent 29.5m intercept of stringer and massive copper sulphides as well as being about 100m below the previous known base of mineralisation.
Importantly for Helix Resources (ASX:HLX), this mineralised system remains open along strike to the north, south and down-dip of the existing non-JORC resource.
Helix and 30 per cent partner Aeris Resources (ASX:AIS) have agreed to undertake further drilling and electromagnetic surveying with a fourth hole now underway.
“We are cracking the code on what controls the high-grade copper zones using sophisticated geophysics, accurate drilling and good geology,” managing director Mike Rosenstreich said.
“This third drill intercept has significantly increased the interpreted down-dip and along-strike dimensions of what looks to be a series of high-grade copper shoots along the Canbelego structure.
“There is real potential to further extend these mineralised shoots as well as find adjacent structures as I think our team is starting to sniff out.”
He added that the company was looking forward to receiving downhole electromagnetic (DHEM) results from CANDD003 as the DHEM work in the first hole had vectored it to the strong copper sulphide zone in the second hole.
The Northern Shoot at Canbelego was the focus of historical mining with previous drilling defining mineralisation to about 150m below surface with an intercept of 7m at 3.5 per cent copper.
CANDD003 could significantly increase the resource base as it potentially extends this shoot a further 120m downdip.
Assays for the first two holes are expected in June while samples from the third hole are currently being prepared for submission to the laboratory.
The fourth hole CANDD004 is designed to test the Central Shoot above the CAND002 about 40m north along strike from the first hole.
This article was developed in collaboration with Helix Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.