Helix Resources (ASX:HLX) has intersected copper sulphides in its maiden diamond drilling at the Blanco Y Negro mine in Chile.
Two 300 metre holes targeting mineralisation below copper/gold workings and test chargeable induced polarisation are being drilled.
Drilling is likely to finish this week and assay results are likely mid first quarter 2013.
Helix is also in advanced talks on the Joshua Project joint venture.
Its Australian projects are also on track with approvals in place for a 12,000 metre resource drilling program in the Olary Fe project in South Australia.
Funding partners Lodestone have incrusted their shareholding to 50% in Olary Magnetite by remitting the outstanding $1.4 million to fully fund the program.
With this they are able to earn their 50% remaining shareholding by paying Helix between $5 million floor price and $9 million cap prices when a inferred JORC resource is identified.
Helix has also conducted soil auger sampling over several target zones under shallow cover at its New South Wales copper/gold project.
Recent electromagnetic surveys have also defined a large electromagnetic conductor below the Cu workings and defined Cu resource at the Canbelego Mine Prospect.
Following the recent successes in the Cobar district (Avoca Tank and Mallee Bull), planning and approvals are being sought for drilling late first quarter of 2013 that aims to to intersect the co-incident EM-plate and the down- plunge high grade positions below Canbelego workings.
Down hole EM will be used to target future drilling.
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