Helix Resources Ltd (ASX:HLX) is on the trail of copper in the Cobar-Nyngan region of NSW with drilling of an anomaly at the Canbelego Copper Project, which it shares in a 70%-30% joint venture with Aeris Resources Ltd (ASX:AIS, OTC:ARSRF).
Testing large anomaly
The campaign, consisting of two scout drill holes, was designed to explore a 625-metre-long undrilled induced polarisation (IP) geophysics anomaly west of the existing Canbelego copper resource, believed to be prospective for additional Cobar-style parallel copper lodes.
This drilling intersected a wide fault zone, up to 20 metres in downhole width, which featured intense chlorite alteration and sulphides, including pyrite and chalcopyrite, at around 250 metres below the surface.
While the presence of these pathfinders was promising, the quantity of sulphide mineralisation and alteration observed did not fully explain the intensity of the IP chargeability anomaly and there is a need to investigate further.
A downhole geophysical survey and further modelling will be conducted to identify any potential new lode of stronger copper mineralisation.
Getting down amongst it
“We are pleased to have successfully intersected a large new structural zone with associated copper mineralisation coincident with the modelled target zone,” Helix managing director Kylie Prendergast said.
“At this stage, we do not believe the amount of mineralisation or alteration intersected sufficiently explains the cause of the modelled geophysical anomaly we were targeting.
“The program is proceeding to plan, progressing from a surface IP geophysical survey, which identified a new target, to having now drilled a new copper-bearing structure.
“Now that we are getting down amongst it, we will update our 3-D models, undertake further geophysics and use these results to optimise the next couple of drill holes. It’s exciting exploration close to a known deposit, with ongoing encouraging results.”
The company will continue its exploration activities, including an auger infill program across three multi-kilometre gold geochemical anomalies at its Eastern Group Tenements with new samples being analysed in the laboratory.