Helix Resources Ltd (ASX:HLX) has a solid foundation on which to build its copper inventory at the Canbelego joint venture project with Aeris Resources Ltd (ASX:AIS) in NSW after an updated mineral resource estimate (MRE) boosted contained copper by 77%.
The updated MRE for the Canbelego Main Lode deposit contains 1.83 million tonnes at 1.74% copper for 31,800 tonnes of contained copper metal.
When compared to the previous MRE in 2010 this represents a 22% increase in tonnage, a 45% increase in copper grade and a 77% increase in contained metal.
The updated resource comprises 18% indicated and 82% inferred categories grouped for potential open cut extraction to a depth of 70 metres beneath surface and underground mining beyond that depth.
“A solid platform”
Helix managing director Mike Rosenstreich said: “We are very much focused on copper and finding new copper deposits.
"This new mineral resource estimate for the Main Lode at Canbelego creates a solid platform from which to start building up our copper inventory.
"It is critical that we now leverage our improved geological understanding of this deposit to find new deposits - and we are certainly generating some interesting new targets.”
2023 Canbelego Main Lode mineral resource estimate.
Growth potential
There is potential for further resource growth around the Main Lode that will be tested at the nearby, parallel trending Western Lode targets, south along strike including the Caballero prospect and potential depth extensions guided by ongoing modelling work.
"Looking outward from this resource we see additional potential with the Western Lodes, only 200 metres to the west of the Main Lode, as well as the prospects that we have to the south such Caballero where we still have unfinished business,” Rosenstreich said.
"Regional-scale exploration also continues to yield new, large anomalies which further add to the potential of Helix’s ground in this prolific copper region.”
About Canbelego
Canbelego, which lies along the regional-scale Rochford Copper Trend within the renowned copper-rich Cobar Basin, is 70% held by project operator Helix with the remaining 30% held by regional copper producer Aeris.
Helix restarted work at Canbelego in early 2021, the first exploration work undertaken at the project since 2013.
The new MRE was completed by MEC Mining and was the first update of the Canbelego resource since the 2010 resource estimate.
Resource parameters
A total of 68 drill holes were completed at the Main Lode and surrounding prospects for a total of 16,666 metres.
The Main Lode drilling targeted at depth extensions of the copper shoots and aimed to better define copper grades and mineralised widths at shallow levels broadly above the base of the 2010 MRE, which was classified as inferred.
Increased drill density and improved geological data resulted in 18% of the total new MRE being classified in the higher confidence indicated category.
Rosenstreich added: "A solid, realistic mineral resource estimate provides a platform from which to assess any development opportunities possibly with a partner – which enables us to maintain our focus on discovery activities.”