Helix Resources (ASX: HLX) has announced significant near surface gold mineralisation has been identified at the Restdown Gold JV from reverse circulation drilling.
Assay highlights include:
- 24m at 2.6g/t gold from 4m, including 12m @ 4.9g/t gold from 8m; and
- 32m at 2.2g/t gold from 36m, including 8m @ 4.1g/t gold from 56m.
Drilling by Helix at Sunrise has intersected broad zones of gold over a strike of 250m and remains open in all directions.
Helix, through its wholly owned subsidiary Oxley Exploration Pty Ltd, is earning 70% of the Restdown EL6140 & EL6501 and Muriel Tank EL6739 Projects from Glencore International, by spending $700,000 before July 2012.
Oxley also has the right to earn a further 10% interest and move to 80% by expending a further $1,000,000 within 24 months of the First Expenditure Requirement notice, should Glencore choose to dilute and a further right to earn an additional 10% interest and move to 90% by expending a further $1,000,000 within 48 months of the First Expenditure Requirement notice, should Glencore choose to dilute.