Aeris Resources Ltd (ASX:AIS) welcomes the latest encouraging copper assays and geophysics returned by joint venture partner Helix Resources at the Canbelego project in the Cobar region of New South Wales.
A diamond drill hole from the North Shoot has returned 3 metres at 1.3% copper from 292 metres downhole while the South Shoot returned 7 metres at 1.0% copper from 160 metres downhole, including 4 metres at 1.2%.
Survey indications
Providing further encouragement at Canbelego, which is 30% held by Aeris and 70% held by project manager Helix, is that downhole electromagnetic (DHEM) surveys indicate moderate to strong off-hole conductors for each hole.
This points to the need to test down plunge for continuations of the intersected ‘core’ high-grade zones of the respective lode positions.
The latest results are from two further diamond holes designed to test for extensions of the two shoots defined within the Canbelego Main Lode.
Ongoing drilling
Drilling continues to confirm continuity of mineralised structures with copper mineralisation intersected in drill holes at the predicted lode positions.
Assays and visual results at North Shoot reveal that copper mineralisation continues well beyond the existing resource shell and remains open at depth.
The 3-metre result is from hole CANDD011 with hole CANDD012 returning a 14.3-metre zone of strong to moderate intensity copper-sulphide veins (chalcopyrite) from 417 metres downhole.
Hole 11 also returned the 7-metre result from the South Shoot while hole CANDD013 returned a 6.3-metre zone of strong to weak intensity chalcopyrite mineralisation from 157 metres downhole.
Shoots remain open
Both shoot positions remain open down plunge.
Assays from holes 12 and 13 are pending and expected in mid-September.
Helix is continuing its reverse circulation drilling program in the greater Canbelego and Caballero prospect areas with 21 drill holes completed to date and 3,000 samples submitted for assay – with results expected to start flowing in mid-September.
Helix managing director Mike Rosenstreich said the company had been exceptionally active undertaking a major exploration campaign consisting of more than 50 diamond and reverse circulation drill holes plus regional scale auger drilling.
Results support interpretation
"These latest results, which combined assays, observed copper-sulphides and downhole geophysics, are encouraging and support our interpretation that the copper mineralisation has potential to extend well beyond the current outline of the 2010 mineral resource estimate,” he said.
"We will now undertake a full review of the Canbelego Main Lode results, in particular focusing on the high-grade shoot components and their potential to continue or to repeat.
"I think the history at both Aeris’ Tritton deposits and the Glencore (LON:GLEN) CSA Mine at Cobar show these high-grade copper systems can persist and ‘bloom’ with deep vertical depth extents which we must assess properly with good geology and modern geophysics.”
In prolific region
Canbelego Project lies along the regional-scale Rochford Copper Trend, which has the potential to host ‘Cobar-style’ copper deposits analogous to the large-scale, high-grade mineralisation found at the nearby CSA Copper Mine, owned by Glencore Ltd.
After the completion of the drilling and receipt of remaining assays, a review of all the geological and geophysical data will contribute to the planning of a possible next round of drilling into the Main Lode.
These systems, such as the high-grade copper deposits at Aeris’ Tritton operations to the northeast and Glencore’s CSA mine to the northwest are known to persist for 1-2 kilometres depth.