Advancing its pipeline of copper-gold targets, Helix Resources Ltd (ASX:HLX) has received strong gold assays in samples from its newly identified large-scale gold anomaly in the Eastern Group tenements southeast of Nyngan in central NSW.
The latest assays enhance the robustness and extend the continuity of three gold auger anomalies in the Eastern Tenements to several kilometres strike with excellent gold continuity.
These newly discovered gold anomalies were initially identified last month by a widely spaced, reconnaissance-scale auger sampling program. The 2.1-kilometre-long gold anomaly, with multiple samples of greater than 20 ppb gold, encompasses the Max’s Folly and Aldebaran prospects and is open to the north.
The gold prospectivity is well supported by rock chip sample assays from gossanous material at Aldebaran which include:
- 8.95 g/t gold, 0.10% copper, 461 ppm arsenic;
- 1.59 g/t gold, 0.16% copper, 1420 ppm arsenic; and
- 1.24 g/t gold, 0.19% copper, 727 ppm arsenic.
Helix also advises that a new prospect is emerging at Fiveways West, where a 4.7-kilometre-long gold anomaly has been delineated, which remains open to the southwest where the depth of cover became too deep for the auger drill.
Eastern Group tenements, targets, structure and auger sampling status.
“Potential for new copper-gold discovery”
Helix executive technical director Kylie Prendergast said: “The large-scale gold anomaly recently delineated in the Eastern Tenements continues to deliver in terms of potential for a new copper-gold discovery.
“These are early-stage, regional scale results, but they are certainly robust, resolving into three obvious gold footprints that are continuous over 2-to4-kilometres. The new prospective target zone Helix is defining is so far 11 kilometres long and remains open in two directions.
“The gold, arsenic and antimony signatures are considered indicative of copper-gold mineralisation such as occurs to the north at Aeris’ Tritton Copper Operations.
"These targets are in the right address being 75 kilometres to the south, along trend of the Aeris operations – which have been producing 20-30,000 tonnes per annum of copper plus gold for the past 30 years.
“May and June will be very busy months for Helix following up a range of discovery opportunities in our target pipeline.
"In the west, along the Rochford Copper Trend, geophysical results have identified new targets adjacent to the Canbelego copper deposit. We will start drilling those in May.
"In the east, we are following up on these excellent gold targets, with further auger work aiming to define targets for drill testing.
“Helix is continuing to advance its pipeline of copper-gold targets which have the potential to deliver a major copper-gold discovery in the highly endowed, Cobar copper-gold region close to established operations and processing facilities.”
Shares have been as much as 66.67% higher intra-day to A$0.005.
The Eastern Group covers about 1,570 square kilometres of copper-prospective stratigraphy in the Girilambone Group, west and southwest of Nyngan. Its northern boundary is 18 kilometres south, along the Collerina Copper Trend, from Aeris Resources’ Tritton Copper operation.
The company has been undertaking regional-scale exploration in the Eastern Group aimed at new discoveries for some years. Work has included airborne and ground geophysics, auger geochemical sampling, geological prospecting, and reconnaissance rock chip sampling.
Helix’s next steps
Helix expects to commence infill auger sampling of gold anomalous zones to define drill targets next month. Aircore drilling will be also planned to follow up gold auger anomalies where they extend into deeper cover areas, where auger drilling will be ineffective.
Helix will assess all anomalies and targets emerging from this work and will follow up the top-ranked targets with drilling.
Work program update
Helix is actively undertaking multiple work programs at present. These include:
- Two auger rigs are operating in the Eastern Group Tenements and sampling is in progress in the Widgelands area and the northern Collerina Trend.
- Assay results for around 900 samples from the Widgelands area and the northern Collerina Trend are pending, with results expected in mid-to-late-May.
- Pole-dipole IP geophysical surveys are in progress at Canbelego and Bijoux in the Rochford Copper Trend, with results expected in May to further refine drill target areas.
- Reverse circulation (RC) drilling is planned to commence at defined targets in the Rochford Copper Trend in mid-May.
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