Helix Resources Ltd (ASX:HLX) has kicked off a drilling campaign targeting highly prospective induced polarisation (IP) anomalies at the Canbelego copper joint venture, part of the Western Group Tenements in the Cobar-Nyngan area of central NSW.
Canbelego, a joint venture 70% owned and operated by Helix and 30% owned by Aeris Resources Ltd (ASX:AIS, OTC:ARSRF), has a mineral resource of 32,800 tonnes of contained copper.
The drill campaign will consist of up to 3,000 metres to test a large (625-metre-long) undrilled Induced Polarisation (IP) chargeable anomaly west of the Canbelego copper resource. The target is considered highly prospective for additional Cobar-style parallel copper lodes.
Drilling program
Drilling with reverse circulation (RC) pre-collars and diamond core tails is planned to test the strongest part of the anomaly.
This program follows a recently completed IP survey northwest of the Canbelego copper deposit that extended the IP coverage north of known mineralised zones at Canbelego. A pole-dipole (PDIP) array was used for all lines, using 100-metre receiver dipoles, with 50-metre dipoles used on the northernmost line.
The PDIP survey defined a prominent NNW-trending western chargeable anomaly with a strike length of 625 metres, which is more chargeable and larger than the anomaly associated with the Canbelego Main Lode.
Significantly, this anomaly is outside the previously drilled area but within the surface copper geochemical anomaly. The top of the chargeable zone is around 130 metres deep vertical and the PDIP anomaly represents a compelling drill target.
Largest IP anomaly tested to date
Helix managing director Dr Kylie Prendergast said: “The new ‘far’ Western Canbelego target is the largest and strongest IP anomaly we have identified to date.
“The commencement of a new drilling campaign is always exciting and I am very interested to see what we unearth by testing this large-scale, chargeable and as-yet undrilled target.
“This program is testing for new Cobar-style deposits which often feature as parallel lodes of copper mineralisation, such as those seen at Metal Acquisition Limited’s large, high-grade CSA copper deposit.
"Helix believes that the Canbelego copper deposit is analogous to the CSA copper deposit, with three separate high-grade copper lodes already identified in drilling to date.
“Whilst we wait for the first assays from the Canbelego drilling, expected in late June, we are continuing infill auger drilling for gold at our Eastern Group Tenements. We plan for a strong stream of news from this highly active period.”
Helix expects initial assay results from drilling in late June and says further target definition will continue south along the Rochford Trend at the Bijoux and Cabalero prospects.
The company is also maintaining its other ‘discovery activities, such as the auger infill program across three multi-kilometre gold geochemical anomalies at its Eastern Group Tenements.