Helix Resources (ASX:HLX) has reported moderate copper assays from a reverse core hole drilled at the Caballero prospect In New South Wales to test an 800 metre copper-in-soil anomaly coincident with a 500 metre electromagnetic conductor.
A substantial shareholder of Helix is Mark Creasy's Yandal Investments Pty Ltd with 10.3%.
The best oxidised copper intersection was: 12 metres at 0.9% copper from 72 metres, within a broader zone of 68 metres at 0.4% copper from 24 metres.
Notably, as this zone overlies the conductor, it is thought to represent the oxidised portion of a copper-bearing massive sulphide system.
The result is encouraging for Helix and highlights potential for a new copper system at the Caballero Prospect.
Results for the remaining 28 metres of the hole and re-splits of the oxide copper mineralisation are pending.
A second hole targeting copper sulphides in fresh rock is to be drilled below the current hole in the coming weeks.
At Helix's Canbelego prospect, also in New South Wales, an additional two holes for 543 metres have been drilled, targeting down-plunge positions of higher grade copper associated with an EM conductor below the Canbelego Mine.
Intersections of 12 metres to 16 metres of stringer and breccia vein style copper sulphides were intersected from 216 metres. Assays are pending.
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