Helix expanding mineralised footprint on two fronts in Cobar copper play

Helix Resources is growing its mineralised footprint on two fronts in the prospective Cobar copper region, with intriguing drilling at its Canbalego JV and a new drilling program in the works at its wholly-owned Collerina project.

Helix Resources (ASX:HLX) has identified broad zones of copper sulphide mineralisation from the fifth diamond drill hole from an almost 2000m program at Canbelego (30% owned by copper and gold miner Aeris Resources).

That came on top of hits already announced to the market of 14m at 4.22% copper from 253m downhole, including an interval of 3m at 7.01%, and 2m at 3.07% down dip of 11m at 1.10% Cu from 270m intersected in their first drill hole of the campaign.

While assay results for the fifth hole and two others are still to come, several intervals of mineralisation were noted including zones with visual estimates of 1-3% copper sulphide (chalcopyrite) mineralisation.

The hole was testing for deeper extensions of the high grade shoot of 14m at 4.22% uncovered in previous assays.

It intersected 7 metres from 66 metres downhole of gossanous veins with chalcocite and malachite in the oxidised zone and a number of sulphide intervals in the fresh rock below, including 10 metres from 101 metres of disseminated and stringer chalcopyrite.

The JV partners are enthusiastic about the potential to grow the scope of mineralisation at Canbelego, said Helix MD Mike Rosenstreich.

“It’s been great to kick off our exploration drilling at the Canbelego JV,” he said.

“I’m sure we have extended the mineralisation envelope around the existing Canbelego deposit as well as highlighting the high-grade potential with drilling, but also with the new EM targets identified close by.

“The JV is enthusiastic about further testing these opportunities and with new DHEM data and some quality geological thinking time we plan to resume exploration drilling work, probably in September-October.”

Collerina drilling to begin in August

While it has been frustrated by the Covid lockdown in Sydney, Helix is set to begin drilling in early August on its 60km long Collerina trend.

It is a fertile trend which sits south of Aeris’ high-grade Constellation and Kurrajong discoveries near the operating Tritton copper mine.

Helix’ initial focus will be on the CZ deposit, where both reverse circulation and diamond drilling is planned to extend its existing mineral resource of 2.02Mt at 2.03% Cu and 0.1g/t Au for 40,000t copper and 9400oz gold.

“Everyone is very excited to be now turning to the Collerina Trend – starting at the CZ deposit,” Rosenstreich said.

“This is clearly a major regional copper bearing structure, and we think there is real potential for deposits similar to Aeris’ high-grade and long-lived Constellation and Tritton deposits to our north.”

Helix has also appointed a new senior geologist based in Orange to boost its expanding exploration efforts.

“With a strong cash balance and many new targets, and having just welcomed senior geologist John Heavy to the team, we are well-positioned to undertake an aggressive exploration program along the 60km Collerina Copper Trend,” Rosenstreich said.

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.