Aeris Resources Ltd (ASX:AIS) continues to be encouraged by copper results being returned by JV partner Helix Resources Ltd at the Canbelego Project in the copper-rich Cobar Basin of NSW where new high-grade results support a bold, expansive diamond drilling program.
Helix, which holds 70% of the project and is the operator with Aeris holding the remainder, has returned 16 metres at 3.21% copper from 117 metres downhole with this being the highest-grade copper intercept yet returned in the upper 150 metres of the Main Lode.
This confirms the potential for high-grade copper mineralisation at shallower depths.
Deposit remains open
What’s more, the deposit remains open at depth and to the south with a new result of 10.8 metres at 0.52% copper from 153 metres including 1.3 metres at 4.0% copper returned from the likely edge of the shoot demonstrating this.
At the North Shoot, extensions below the Main Lode mineral resource have been identified with results of 14.3 metres at 1.96% from 417 metres downhole including 8.3 metres at 2.82%.
Bold diamond drilling
The ongoing positive results have prompted Helix to undertake bold, expansive diamond drilling at Canbelego Main Lode.
This drilling, which is underway is testing 200 metres beneath currently known mineralisation to ‘map’ the extent of copper lodes and establish a downhole electromagnetic survey platform.
Helix managing director Mike Rosenstreich said: “Last week Helix was excited to report results for extensive drill testing of early-stage copper targets and the identification of a new, emerging prospect, Caballero.
"This week, we are equally excited to deliver high-grade copper results from our advanced Canbelego Main Lode project which consists of wide intervals with high-grade, featuring two to nearly five per cent copper assays.”
“Highest grade intercept” yet
"Results also included the highest-grade intercept to date in the upper 150 metres of the Main Lode, confirming the potential for high-grade copper mineralisation at shallower depths,” he said.
"These results are significant because they are extending known high-grade shoots and with new higher grades from infill drilling, both aspects potentially adding copper tonnes.
"This has motivated us to drill deep and test our ‘Cobar model’ for major increments in copper potential by stepping out 200 metres.”
Potential for Cobar-style deposits
The Canbelego Copper Project lies along the regional scale Rochford Copper Trend. It is a 70:30 ‘contributing’ JV.
The Rochford Trend 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 (LON:GLEN) Ltd.
"There is no doubt that if we are successful the results will have a major impact on how we and our stakeholders regard the scale potential at Canbelego,” Rosenstreich added.
"This drilling has just started and whilst we have some exceptionally wet weather to contend with, I look forward to keeping you advised on our progress.”
Aeris is watching the progress closely as Canbelego has strong potential to add to the company’s copper bounty in western NSW, centred on its Tritton operations to the northeast.