Helix Resources Limited (ASX:HLX) hassuccessfully extended copper mineralisation ~90 metres down-dip from the existing mineralisation at the advanced Canbelego Copper Project in NSW.
The company reported that diamond drillhole CANDD002 has intersected intense copper sulphide mineralisation approximately 80m down dip from the 24m interval of copper sulphide mineralisation intersected in CANDD001 reported in early May 2021.
The first diamond drill hole, CANDD001 intersected 24m (true width of 16m) of typical Canbelego style copper sulphide (chalcopyrite) mineralisation from 257m downhole comprising discrete zones of disseminated chalcopyrite and veining.
CANDD002 successfully extended this zone of copper-sulphide mineralisation a further 80m down dip (from 348m downhole) – notably intersecting discrete zones of massive and semi massive chalcopyrite as well as veins and disseminated chalcopyrite within the overall 29.5m interval. The true width of the chalcopyrite mineralisation is estimated to be 22m.
A second ‘copper position’ in the hanging wall of CANDD002, between 90 and approximately 120m downhole, has also been intersected.
Managing Director, Mike Rosenstreich, said this zone may represent a second copper lens position, or structural repeat of the Canbelego copper mineralisation.
Both copper sulphide zones have been prioritised for sampling with copper, gold and other assays expected in June.
DHEM surveys were completed in CANDD001 and CANDD002, with raw field data confirming the presence of ‘in- hole’ and ‘off-hole’ EM conductors. The data is currently with the company’s consultant geophysicist for interpretation and modelling. Surface Fixed Loop EM (FLEM) is also underway over the broader Canbelego area, where the 2021 airborne EM (VTEM MaxT) survey identified several priority EM anomalies surrounding the current Canbelego mineralisation.
The advanced Canbelego Copper Project has an Inferred Mineral Resource1of 1.5Mt at 1.2% copper reported in accordance with the 2004 JORC Code.
Helix’s previous drilling, last undertaken in 2013 and resultant DHEM modelled targets were never followed up, after the discovery of Collerina. The DHEM data was recently remodelled by Southern Geoscience Consultants resulting in refinements to the DHEM targets being tested by the current diamond drilling programme. These last two diamond drill holes have extended the base of the mineralisation another 90 metres vertically. The company plans to update the Canbelego mineral resource estimate at the completion of this program.
Canbelego is a joint venture with Aeris Resources Limited (ASX:AIS) with Helix holding 70% and Manger and AIS holding 30% and contributing to exploration expenditure and planning.
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. As a bonus, there is the possibility of a second copper position emerging after we intersected chalcopyrite veins much higher in this hole,” Mr Rosenstreich said.
“Canbelego is one of Helix’s two advanced copper projects and a key objective of this drilling program and the EM surveys is to demonstrate the growth potential of the defined mineralisation at each of them.
“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.”