Helix Resources Ltd (ASX:HLX) boosted the known strike length of its Collerina copper-zinc prospect in New South Wales by 700 metres following the completion of its reverse circulation (RC) drilling program.
The 17 hole drilling program, encompassing 2300 metre, intersected mineralisation to the west, east and down dip, and the system now is open in all directions.
The drilling enhances the already large-footprint advantage of the Collerina project, located in a district reputed for the depth continuity and high grade of its copper. The assay results of the drilling samples are expected in June.
A previous geological assessment confirmed Collerina is highly prospective for high grade base metals and associated gold mineralisation.
This follows significant previous drill results to date including 14 metres at 4% copper & 1.3% zinc, 12 metres at 5% copper and 2.1% zinc and 11.8 metres at 6.6% copper & 1.8% zinc.
Helix is not sitting on its laurels, however, and is already planning for a high-powered Moving Loop Electro-Magnetic (HP-MLEM) survey for Collerina. This survey will identify drill targets down dip at greater depths.
Helix carried $1.3 million in cash as at March 31, 2016.
Last month the company made a successful placement raising $1.28 million at $0.032 per share which has provided investors with a strong capital gain to date. The issue was oversubscribed, and the company is now well positioned to finance its exploration targets.
Shares in Helix closed at $0.065 yesterday, up from $0.019 on April 10.
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