Helix (ASX:HLX) hit potential boost on Canbelego upgrade

Helix Resources have hit more high-grade copper up to 2.3% on the stretch of more than 70 holes at its Canbelego project southeast of Cobar in central New South Wales.

The stellar results from the Upper Canbelego Main Lode, Lower Main Lode and Western Lode have the potential to significantly boost the upcoming resource upgrade calculated from 14,700 metres of combined diamond and RC drilling over the last 18 months.

HELIX FPO [HLX]

Sector: Basic Materials

Industry: Other Industrial Metals & Mining

Employees:

Helix Resources Limited engages in the mineral exploration business in Australia. It explores for copper, gold, iron ore, nickel, cobalt, and other base metals. The company was incorporated in 1985 and is based in Perth, Australia.

It is hardly the first success from a campaign that has repeatedly struck its quarry, revealing high grades over long stretches and new targets as exploration looks to significantly add to a 1.5Mt at 1.2% copper resource completed over 12 years ago.

Helix Managing Director Mike Rosenstreich said it was the first work at Canbelego since 2013, and the time was right to spin down an aggressive campaign and take inventory.

“With recent significant drilling now completed, it is now the right time to take stock with an updated Mineral Resource,” he said.

“Our work has identified high-grade copper zones both within the outline of the shallow 2010 Resource estimate and high-grade shoots continuing for at least 300 to 400m below the base of that resource outline.”

“I am looking forward to our updated resource sometime in May – June of this year. I am confident that we should realise a more robust estimate in terms of the resource classification and increased contained copper tonnes given the clear extensions to the mineralisation which have been identified and the higher-grade copper zones delineated.”

New results

Upper Canbelego Main Lode

• 11 metres (m) at 0.66% copper (Cu) from 155m, including 4m at 1.44% Cu from 158m
• 8m at 2.83% Cu from 169m, including 5m at 4.23% Cu from 172m

Lower Canbelego Main Lode (Conductive high-grade ‘copper shoot’ target)

• 3.1m at 2.19% Cu from 373m, including 1.1m at 4.73% Cu from 375m
• 5m at 3.59% Cu from 603m, including 1.5m at 10.95% Cu from 605.5m

Western Lode 

• 8m at 1.25% Cu from 330m, including 4m at 1.83% Cu from 330m

HELIX FPO [HLX]

Sector: Basic Materials

Industry: Other Industrial Metals & Mining

Employees:

Helix Resources Limited engages in the mineral exploration business in Australia. It explores for copper, gold, iron ore, nickel, cobalt, and other base metals. The company was incorporated in 1985 and is based in Perth, Australia.