Helix Resources (ASX: HLX) has completed its earn-in and secured a 70% interest in the Canbelego Joint Venture with Straits Resources (ASX: SRQ) that targets copper sulphides in New South Wales’ Cobar Region.
The Canbelego JV includes the Canbelego Mine Prospect with an Inferred Resource of 1.5 million tonnes at 1.2% copper and the recently drilled Caballero Prospect, which lies 2.5 kilometres to the south on the same geological trend.
Helix, which counts Mark Creasy's Yandal Investments Pty Ltd as a substantial shareholder with a 10.3% stake, recently completed a drilling program where reverse circulation and diamond drilling at Canbelego intersected stringer and breccia veined copper sulphides.
A single reverse circulation hole at Caballero returned 12 metres at 0.9% copper including 4 metres at 1.4% copper and 4 metres at 1.1% copper within the oxidised zone above an electromagnetic conductor.
Both Helix and Straits have agreed to Phase 1 of a forward work program.
This include a second deeper reverse circulation at Caballero to be drilled next week targeting sulphide mineralisation below the initial intersection, which is coincident with a high copper in soils anomaly (up to 0.3% copper) and a 500 metres long fixed loop electromagnetic conductor.
The remainder of the agreed Forward Work Program will include additional fixed loop EM and down-hole EM surveys in the recently drilled holes, infill augur soil geochemistry and further drilling.
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