Helix Resources Ltd (ASX:HLX) has stepped up target generation activities and exploration of high-priority targets as it aims to make new copper discoveries in the copper-rich Cobar-Nyngan area of central NSW.
The company has drill testing underway of four new geophysical copper targets identified on the Collerina Trend in the Fiveways and Quanda-Hermidale areas.
Drilling progress
A diamond drill hole with a planned total depth of 250 metres is being drilled at the Fiveways target with other targets to follow.
On completion of the Collerina Trend targets, the rig will move west to the Rochford Trend where further target generation activities have highlighted and upgraded the copper potential of the Bijoux prospect and continue to firm up the potential of the Black Range target.
Lighting up opportunities
Helix’s managing director Mike Rosenstreich said: “Throughout this year we have been reporting on a series of new targets emerging via our team’s systematic innovative geological work which is really starting to light up opportunities for new copper discoveries.
"Last week we moved into an exciting new phase – drill testing of those targets starting with a diamond core hole at Fiveways.
"In addition, we also continue to generate and upgrade new targets and, in this report, re-prioritise and firm up targets ready for drilling.”
Rochford Trend copper geochemical anomalies.
Bijoux re-rated
Helix has positively re-rated the historic Bijoux prospect on the Rochford Trend with new auger samples and assay data defining a large-scale 2.2 x 1.2-kilometre copper anomaly.
The high-tenor copper anomaly has significant ‘pathfinder’ element associations such as bismuth, silver and molybdenite.
"The Bijoux prospect has rocketed up our ranking list. We are now defining a large-scale, high-tenor copper-silver-moly anomaly,” the MD said.
“Examining other geological features at Bijoux, we are struck by the similarities to the Canbelego Main Lode deposit 9 kilometres to the north along the Rochford Trend. That deposit hosts 32,000 tonnes of high-grade copper metal and remains open – so an exciting precedent for Bijoux which we are ‘queuing-up’ for drilling.”
Black Range target
Helix is also strengthening the potential of the Black Range target on the Rochford Trend with historical underground workings found to be more extensive than previously recorded.
Infill geochemical sampling is in progress with this work defining large-scale coherent multi-element anomalies for drilling, which is likely to proceed later this year.
"The potential at Black Range is also firming up as we find more extensive historical underground workings than previously recorded, in fact there was only one on the Mines Department database,” Rosenstreich said.
"We also have more positive infill geochemical results in this big, 5-kilometre-long target zone - which has never been drilled. Black Range is also in our queue for this current drill program.”
“Many eyes on our story”
"The Helix team is doing an excellent job of lining up prospective copper targets and now, testing them.
"I have just returned from an investor roadshow, and I know that there are many eyes on our story.
"Investors love that we have strong targets and the funds and ambition to drill them.
"I look forward to bringing further updates on this phase of our copper discovery program.”
Next steps
The company’s next planned activities in the quest for copper resources include:
- Infill and extensional auger and lag sampling is in progress at the Rochford Trend and is expected to be completed in the next few weeks.
- The focus for the regional geochemical program will then shift to the Collerina Trend and the Muriel Tank project where sampling will continue for several months.
- Mapping and rock chip sampling are in progress at Black Range and will begin shortly at Bijoux.
- This work will assist with drill planning, which is expected to commence at both prospects in the December quarter.