Helix Resources (ASX:HLX) is ready to start drilling for gold and copper, after completing a placement of shares to raise $2.21 million at $0.048 each.
The proceeds from the placement will fund exploration programs at the Cobar Gold Project and the Collerina Copper Prospect in New South Wales, which will include:
- Diamond drilling to follow-up the new gold discovery at the Battery Tank Gold Prospect at Cobar, which returned 43 metres at 2.3 g/t gold from the surface.
- Further drilling to test the strike extent of the high-grade gold at the Boundary, Good Friday and Sunrise Gold Prospects at the Cobar Project.
- Drilling at the Collerina Copper Prospect will test extensions to the main mineralised zone and to assess near-prospect targets derived from the recent geophysical survey.
- Regional exploration programs, including auger soil geochemistry and regional drilling at both the projects are also planned to commence in the first half of the year.
The potential for high‐grade gold deposits on the Cobar Gold Project is significant, with the nearby Mt Boppy Gold Mine an example of the systems present in the area.
Helix is now well funded to deliver on its 2017 exploration strategy and advance its gold and copper assets in New South Wales.
The company’s share price has increased by about 38% since the start of 2017, last trading at $0.054.