Helix Resources Ltd (ASX:HLX) continues to enhance the potential for large amounts of copper, a key battery metal, with more shallow, high-grade results from the Canbelego Copper Project joint venture with Aeris Resources Ltd (ASX:AIS).
The JV, in which Helix holds 70% and is project manager while Aeris has 30%, is in the southern part of the copper and base metals-rich Cobar Basin of western New South Wales.
Strong RC results
Testing the Upper Canbelego Main Lode with a modest reverse circulation (RC) drilling program has mapped out a high-grade copper zone from near surface to more than 120 metres down dip.
A high-grade copper zone identified by a recent hit of 16 metres at 3.21% copper has now been defined from surface to 150 metres down dip and remains open at depth.
RC follow-up assay highlights include:
- 6 metres at 4.72% copper from 103 metres within 10 metres at 3.02% from 100 metres in CBLRC062;
- 4 metres at 3.27% from 70 metres within 10 metres at 1.58% from 68 metres in CBLRC063;
- 3 metres at 2.45% from 78 metres within 23 metres at 0.75% from 62 metres in CBLRC058; and
- 9 metres at 1.3% from 108 metres within 16 metres at 0.9% from 108 metres in CBLRC059.
Diamond hole promising
Helix has also observed copper sulphides over almost 22 metres downhole in diamond core from hole CANDD017 which appears to have further extended that trend by another 40 metres and, what’s more, it remains open at depth.
Additional potential is highlighted by a very shallow, high-grade intercept of 25 metres at 1.87% copper in oxide from 13 metres, which includes 5 metres at 5.35% from 18 metres and 2 metres at 6.42% from 31 metres.
This zone is open to the south for 130 metres toward the historical underground workings.
Helix managing director Mike Rosenstreich said, “These new copper intervals from the RC drilling confirm the extension of shallow high-grade copper zone identified in October last year; 16 metres at 3.2% copper.
"Reviewing the drill cross-section and including the visual copper mineralisation in diamond hole 17 – this zone looks to extend from almost surface to over 150m down dip and remains open at depth.
“Highly encouraging”
"Furthermore – one of the very shallow intercepts, just 13 metres beneath surface with 5 metres at 5.4% copper within 25 metres at 1.9% copper is open to the south for 130 metres to the historical underground workings.
"These results are highly encouraging for increasing the copper grade in this area compared to the current mineral resource estimated in 2010 – which should add copper tonnes to our inventory.”
A total of 906 metres of RC drilling in seven holes and 212.1 metres of diamond core drilling in CANDD017 were completed in January-February 2023.
Deeper diamond drilling to test continuity of high-grade shoot positions identified by downhole electromagnetics and recent copper sulphides in diamond drill core is ongoing.
The objective is to follow up on the 14-metre intercept of copper sulphides from the first successful drill test of the conductive DHEM targets.
Mineral resource update
"The Helix team is well prepared for the mineral resource update with consultants engaged and it’s really just a matter of when we have sufficiently tested these ‘easy’ extensions which could add significant copper tonnes,” Rosenstreich added.
"Our schedule for that resource estimate is completion before the end of the June quarter.”
A drilling program to specifically test if the Western Lodes could be ‘Canbelego look-a-likes’ at depth is being planned.
Parallel lode sets are a feature of Cobar-style mineralisation which forms the basis of Helix’s exploration model in this area.
The Canbelego Copper Project lies along the regional scale Rochford Copper Trend, which has the potential to host Cobar-style copper deposits analogous to the large-scale, high-grade mineralisation found at the nearby CSA Copper Mine, under offer from Metals Acquisition Corp.