Well funded Helix Resources (ASX:HLX) has received promising copper results from the final four holes of first stage drilling at the Joshua Copper Porphyry Project in Region IV in Chile.
Drilling continues to show the potential size and scale of the Joshua Project with large widths of copper mineralisation in most holes.
Fondo De Inversion Privado EPG Exploracion Minera (EPG Mining Exploration Fund) has an earn in agreement over the Joshua Project with options to earn a 50.1% interest in Joshua Project by undertaking two stage drilling including a minimum US$1.2 million spend in year one.
Copper grades have returned up to 0.9% copper associated with at least three porphyry events.
All holes intersected porphyry style mineralisation in part or all of the hole lengths. The program has extended the known strike of the system to at least 800 metres.
While grade increased at lower altitudes from drilling which bodes well for further exploration at Joshua.
The main Joshua porphyry target is at least 3 kilometres across and 1 kilometre wide.
EPG can increase equity in the project by funding a further US$1.8 million of drilling at the Joshua Project.
A decision is expected to be finalised in March.
Meanwhile, Helix is also active at the Collerina Copper Zinc Prospect in New South Wales where drilling to extend the high grade (greater than 3% copper) prospect intersected 12 metres at 5% copper, 2.1% zinc & 0.5g/t gold, within 21 metres at 3.2% copper, 1.3% zinc and 0.3g/t gold intercept.
Collerina is well located within a regionally significant VMS prospective belt between the Tritton Mine to the North and Tottenham deposits to the south in Central New South Wales. Significantly, the mineralisation remains open in all directions.
Cash reserves were $1.6 million at December 2015.
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