Helix Resources Ltd (ASX:HLX) is gaining momentum with ongoing, aggressive target generation and testing work in the Cobar-Nyngan area of central NSW aimed at increasing its copper resource inventory, with gold to boot.
This work is seeing a major drilling campaign of 15,000 to 20,000 metres take shape, which is being planned for next quarter.
The drilling will be essential to test the best of 50 copper targets being defined in the Western Group Tenements (WGTs), about 30 kilometres southeast of the base metals mining stronghold of Cobar.
New targets
Results from a regional scale geochemical sampling and geological mapping program are emerging with 15 new copper targets being added into the company’s ‘Top 20’ for the WGTs.
The targeting work has also resulted in the identification of a new prospective copper trend, the Mount Lewis Trend, which hosts several new targets despite only very sparse sampling to date.
Systematic exploration
Helix’s chair Mike Rosenstreich said: “We are now seeing a surge of data and ‘target-insights’ coming through and it’s becoming pretty clear that we need to focus on a major drilling program next year – likely to start late in the March quarter.
"The rationale behind focusing on the Cobar region and copper (and gold) in early 2021 was that we would do smart, systematic exploration with our team building up local expertise.
"We are now gaining real momentum on this strategy and that means we must increase the tempo of our drilling to test what is now a long list of new copper targets.
"At our Annual General Meeting recently, I tortured a ‘baseball metaphor’ but I think it is apt – we are ‘loading the bases’, we have a long line up of targets emerging to ‘swing at with the drill (bat)’, sometimes we get ’struck out’ – but our team is confident of ‘scoring runs’ to increase our copper resource inventory."
Improved understanding
Improved geological understanding is significantly increasing copper targets emerging as the results from large-scale geochemical sampling programs are received and interpreted with new mapping and geophysical data.
The underlying geological framework being compiled provides a fresh and unique insight on structures and rock types associated with mineralisation and is enhancing the targeting and prioritising criteria.
Providing further encouragement is that at a finer scale, mapping and innovative reprocessing of geophysical data has highlighted various east-trending ‘secondary’ structures - sometimes coincident with new geochemical anomalies where they intersect north-trending structures.
A similar intersection pattern has been noted with ‘Cobar-style’ deposits such as at the CSA Mine and this emerging structural granularity is considered an important advance to enhance targeting outcomes.
Ongoing targeting
Regional scale work for new copper targets is ongoing on both the WGTs and the Eastern Group Tenements-Collerina Trend utilising the same cutting-edge processes being applied in the WGT.
The increased geochemical data flow, overlain onto new geological data is giving Helix a unique IP for targeting copper (and gold) deposits which is leading to many valid, new targets and ‘demanding’ a major drill test program.
"Our confidence, that is, confidence across the Helix team comes from the quality of the underlying technical data, which is contributing a new, detailed view of the key geological elements which control mineralisation in this region which we think will improve our ‘batting average’ as we test these targets,” Rosenstreich said.
"With these results now streaming in, and our improved ability to discern secondary, intersecting structures thought to control mineralisation - there is a ‘loud buzz’ around the company.
“We are gearing up for a major drill campaign to test a large number of targets clearly emerging on the Western Group Tenements and potentially, similarly for the Eastern tenements also.
Next steps
The copper anomalies are being systematically reviewed and field-checked and this work is ongoing.
Infill and/or extensional auger sampling is also planned for emerging anomalies that are only partly defined. Auger sampling will continue over the summer and well into the New Year, with more than 5,000 samples planned.
Auger sampling is in progress on the Collerina Trend in the Eastern Group tenements and will resume shortly on the Mount Lewis Trend in the WGT.
There are more than 1,000 samples at the laboratory with results expected over the coming months.
This work is expected to generate numerous drill targets for testing in the New Year.
RC drilling is in progress at the Bijoux anomaly, with assay results expected in late December 2023.
"There is a lot to watch out for and I look forward to sharing further results and updates,” Rosenstreich added.