Helix Resources Ltd (ASX:HLX) has concluded an extensive copper target drilling program in the central New South Wales Cobar-Nyngan area.
The mission was to discover new copper deposits at the Fiveways and Quanda-Hermidale target areas on the Collerina Trend.
Results pending
The company awaits the results of downhole geophysical surveys with interest, noting that no significant copper mineralisation was observed during geological logging.
At Fiveways, a 253.2-metre deep diamond core hole tested the CSV1 target, previously identified through electromagnetic (EM) surveys.
The core revealed a series of rock lithologies, including deformed psammite and mafic schist, as well as significant chlorite alteration. Trace levels of iron and copper sulphide mineralisation were found associated with shearing zones.
Quanda-Hermidale targets underwent seven reverse circulation (RC) holes covering a total of 1,230 metres. One hole was abandoned due to swelling clay and a new one was initiated about 200 metres southeast. Although the RC holes intersected transported clays and weathered psammite, no significant sulphide mineralisation was discovered.
Helix Resources is awaiting assay results, expected within four to six weeks.
Drilling continues
The drill rig is now moving to the Black Range target, located on the Rochford Trend, for initial drilling at historical copper workings and a new gold target.
Further studies and follow-up drill holes are being planned, pending regulatory approval.
Managing director Mike Rosenstreich said: “Fiveways and Quanda are the first of a series of targets we are testing with drilling. At Fiveways, while we still have to undertake the detailed geological work, downhole EM and assaying, I suspect the black shale intersected in the drill hole explains the conductive anomaly.
“The alteration and deformation intersected are certainly noteworthy and with the regional geochemical sampling work may further illuminate copper potential in this broader area.
Conductive anomalies
“The Quanda-Hermidale targets were valid, greenfield targets – we drilled them and at this stage cannot explain the conductive anomalies. We will assess the results in total with lithogeochemical data before any final decisions on any follow-up work.
“Importantly, we now move onto the next target area – Black Range, on the Rochford Trend to undertake the first stage of target evaluation drilling ahead of a short break in the drilling.
“There is much promising copper target generation work in progress creating a pipeline of targets for Helix to test. That is what we are focused on doing and I look forward to providing further updates.”