Helix Resources Ltd (ASX:HLX) and joint venture partner Aeris Resources Ltd (ASX:AIS, OTC:ARSRF) are poised to begin exploration at a newly identified induced polarisation (IP) geophysical target within the Canbelego JV Project on exploration licence EL61052 in central New South Wales.
Notably larger target
This new target, spanning 625 metres, is notable for being larger than the previously studied IP anomaly over the Canbelego Main Lode copper mineral resource.
Remarkably, this zone has never been drilled, presenting a significant opportunity for discovering new copper lodes.
The discovery stems from extended IP geophysical surveys that have notably increased the target zone adjacent to the Canbelego Main Lode.
Canbelego 3D inversion IP chargeability depth slice at 130 metres RL (175 metres below surface).
The sizeable 625-metre-long extended zone surpasses the earlier 350-metre anomaly, indicating the potential for a parallel zone of copper lodes that could enhance the overall scale of the deposit.
Multiple copper-bearing lodes
Cobar-style copper deposits, such as the nearby CSA mine, are characterised by multiple copper-bearing lodes, suggesting a similar composition at Canbelego.
The 'Western' IP anomaly, detected 135 metres below the surface and 600 metres west of the Canbelego Main Lode, aligns with a 1.8-kilometre by 0.80-kilometre surface copper geochemistry anomaly and a modelled structure potentially influencing mineral formation.
Promisingly, the anomaly remains open at depth.
Helix Resources has scheduled the initial drilling of the Western IP anomaly for mid-May 2024.
The drilling campaign will include up to three 300-metre deep reverse circulation (RC) holes, targeting the peak of the anomaly with results expected by mid-June.
The joint venture has prepared for contingencies such as water ingress or deviation from target, which may necessitate the completion of diamond tails to ensure thorough testing of the IP anomaly.
Helix executive technical director Kylie Prendergast said: “Upcoming drilling will confirm if the compelling new IP geophysics anomaly at Canbelego represents a new zone of copper mineralisation and demonstrate that Canbelego has multiple near-surface copper lodes.
“Multiple copper lodes are a characteristic feature of several Cobar-style deposits including Metal Acquisition Limited’s large CSA copper deposit. Helix believes that the Canbelego copper deposit is analogous to the CSA copper deposit.
Time to drill test
“To date, three separate high-grade copper lodes have been identified by drilling at Canbelego including the main lode copper resource and two smaller western lodes which are narrower but well developed.
“All of the lodes have geophysical IP anomalies however the new ‘far’ Western anomaly is the largest we have identified.
“IP geophysics was first deployed by Helix in early February as a tool to rapidly assess the near-surface potential of the Canbelego copper footprint, down to a depth of around 400 metres, for additional copper lodes or extensions to known copper lodes.
“It is now time to drill test the new targets and Helix is planning to bring a drill rig to site in the coming weeks. In addition, Helix continues to advance further high-priority copper and gold targets in its portfolio in the prolific Cobar region.”
The Canbelego Project is a joint venture with Aeris Resources in which Helix holds 70% and Aeris 30%.
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