Helix Resources strike copper sulphide at refined Canbelego target

With the first drill hole of the 2021 program, 24 metres of Canbelego style copper sulphide mineralisation was found at the predicted target position.

The initial diamond drill successfully extended the copper mineralisation approximately 40 metres down-dip from the existing mineralisation. Canbelego style copper mineralisation was intersected from 257 metres to 281 metres downhole.

Helix Resources Limited (ASX: HLX) were confident from this first intersection that copper, gold and other assays would be ascertained next month.

A second diamond drill hole has since commenced to test for further extensions on the first drilling as indicated by the downhole electromagnetic (DHEM) model.

Canbelego Copper Project

The Canbelego Copper Project is a joint venture with Aeris Resources Limited (ASX: AIS), with Helix controlling 70%. Located within the strong high-grade copper region of Rochford, a major airborne electromagnetic (EM) survey in March identified 24 high-priority copper targets. A recent reinvigoration of previous exploration activities has allowed the company to focus on both new copper opportunities as well as the growth of its existing high-grade copper resources.

No significant work had occurred at Canbelego since previous drilling by Helix in 2013. However, following a recently remodelled DHEM submitted by Southern Geoscience Consultants, the company refocused its attention to the area and instigated a drilling program aimed at testing targets identified in the refined submission.

The first diamond drill hole intersected 24 metres of typical Canbelego style copper sulphide (chalcopyrite) mineralisation, comprising discrete zones of disseminated chalcopyrite and veining. The true width of the significant chalcopyrite mineralisation is estimated to be 16 metres, with copper, gold and other assays expected in June.

This initial drilling has extended the outline of the copper mineralisation, potentially up to 40 metres down dip from previous intervals such as 6 metres at 2.0% copper and 2 metres at 6.7% copper. A follow-up drill hole is now in progress, while a third diamond core hole is planned 100m to the north to test another shoot position indicated by previous drilling and reprocessed DHEM data.

Pierce points for the initial and secondary drill holes at identified targets at Canbelego

Mike Rosenstreich, managing director at Helix, said: “It’s very pleasing to intersect visible copper sulphides at the predicted copper target position extending mineralisation another 40 metres below the current outlines and with a second drill hole in progress we hope to extend the known copper sulphide mineralisation at Canbelego even deeper.”

“Planning is also underway to test the new targets indicated from the recent Versatile Time-Domain Electromagnetic (VTEM) survey which are prospective for repeat positions to the north, west and south of the existing Canbelego mineralisation.”

This article was developed in collaboration with Helix Resources Limited, 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.