Helix Resources (ASX:HLX) show deep copper potential at Canbelego
March 2, 2023Helix Resources drilling has uncovered 16 metres of copper at a stellar grade of 3.21%, with the potential for the high-grade oxide copper continuing at a greater depth at the exciting Canbelego Copper project near Cobar in central New South Wales.
The diamond core hole hit about 22m of medium to solid intensity copper sulphides1, potentially extending the down-dip continuity another 40m to over 150m down dip.
$0.002The follow-up drilling results include the following:
5m at 5.35% Cu from 18m and 2m at 6.42% Cu from 31m within 25m at 1.87% Cu from 13m (CBLRC064)
6m at 4.72% Cu from 103m within 10m at 3.02% Cu from 100m (CBLRC062)
4m at 3.27% Cu from 70m within 10m at 1.58% Cu from 68m (CBLRC063)
3m at 2.45% Cu from 78m within 23m at 0.75% Cu from 62m (CBLRC058)
9m at 1.3% Cu from 108m within 16m at 0.9% Cu from 108m (CBLRC059)
The diamond drilling aims to test the continuity of high-grade shoot positions identified by downhole electromagnetics and recent copper sulphides.
Testing the ‘Upper Canbelego Main Lode’ with a modest RC drilling program has successfully mapped out a high-grade copper zone from near surface to over 120m down-dip
Canbelego Main Lode Cross Section 6,500,700mN
Copper sulphides observed over nearly 22m downhole in the diamond drill core appear to have further extended that trend by another 40m.
Initial estimates of the true thickness of these mineralised zones are between 15 to 20m, consistent with the interpretation.
Helix Managing Director Mike Rosenstreich said the new copper intervals from the RC drilling confirm the extension of the shallow high-grade copper zone identified in October last year, 16m at 3.2% Cu.
“Reviewing the drill cross-section and including the visual copper mineralisation in diamond hole 17 – this zone looks to extend from almost surface to over 150m down dip and remains open at depth,” Mr Rosenstreich said.
“Furthermore – one of the very shallow intercepts, just 13m beneath the surface with 5m at 5.4% Cu within 25m at 1.9% Cu, is open to the south for 130m to the historical underground workings.
“These results are highly encouraging for increasing the copper grade in this area compared to the current mineral resource estimate in 2010 – which should add copper tonnes to our inventory.
“The Helix team is well prepared for the Mineral Resource update with consultants engaged, and it’s just a matter of when we have sufficiently tested these ‘easy’ extensions, which could add significant copper tonnes.
“Our schedule for that resource estimate is completed before the end of the June quarter.”
About Helix Resources
Helix Resources Limited engages in mineral exploration activities in Australia. It explores copper, gold, iron ore, nickel, cobalt, and other base metals. Its principal projects include the Collerina, the Rochford, and the Meryula projects. Helix Resources Limited was incorporated in 1985 and is headquartered in Subiaco, Australia.
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