Helix keeps the copper hits coming at Canbelego
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Helix has lined up more evidence that its Canbelego project contains significant copper with its second hole intersecting massive copper sulphides.
Diamond hole CANDD002 intersected 29.5m of discrete massive, breccia fill, veins and disseminated chalcopyrite (copper sulphide) from a depth of 348.5m with strong copper mineralisation between 351.5m and 365m.
Adding interest, the hole has successfully extended copper mineralisation about 90m downdip from the existing Canbelego mineralisation envelope and a further 80 metres below the 24m of copper sulphide zone intersected in CANDD001.
Helix Resources (ASX:HLX) also noted that CANDD002 had intersected a possible second lens position with regular chalcopyrite veins intersected from a depth of 90m to 120m.
“This is an exciting hit – notably there is more massive copper mineralisation in this drill hole which is very encouraging for a high-grade copper zone when the assays come in,” managing director Mike Rosenstreich said.
“As a bonus, there is the possibility of a second copper position emerging after we intersected chalcopyrite veins much higher in this hole.
“Clearly, these two recent drill holes at Canbelego have extended the copper mineralisation nearly 100 metres below the previous base of the mineralisation envelope, which I am sure will be confirmed by the assays expected in June.”
Downhole electromagnetic surveys have been completed in both holes, with field data confirming the presence of off-hole conductors, and target modelling is underway.
The company’s third hole has also started testing for extensions to the copper mineralisation about 200m to the north of the first two holes.
Helix holds a 70 per cent stake in the Canbelego copper project within the regional-scale Rochford Copper Trend in New South Wales.
The project has historical copper production of 10,000t grading 5 per cent copper.
The advanced project has an older JORC 2004 resource of 1.5Mt grading 1.2 per cent copper that will be updated to the current JORC 2012 standard on completion of the current drill program.
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.