Helix Resources (ASX:HLX) has identified a new gold in soil anomaly from regional auger soil sampling at the Republic Prospect, part of the Cobar Gold Project in New South Wales.
The Republic Prospect is located three kilometres northwest of the four known prospects at Cobar.
Helix will now conduct additional soil sampling northeast, southwest and southeast of the Republic anomaly to cover the full extent of the target zone.
In addition, the company has finalised plans for further drilling at Battery Tank, Good Friday, Sunrise and Boundary prospects.
Drilling will be targeting extensions around the previously reported significant gold results including:
- Battery Tank - 43 metres at 2.3 g/t gold from surface;
- Good Friday - 66 metres @ 1.5 g/t gold from 2 metres;
- Sunrise - 7 metres at 1.2g/t gold from 8 metres; and
- Boundary – 45 metres at 3.4 g/t gold.
The new geological and structural interpretation provides scope for potential linkage between the known prospects, both along strike and under shallow cover in drainage channels.
Helix is planning a 30-hole reverse circulation program to test the strike and dip extent of the gold structures.
The drilling program is expected to commence once approvals have been secured.
Helix’s shares were last trading 4.65% higher intra-day on Thursday, at $0.045.