Aeris Resources Ltd (ASX:AIS) is encouraged by the progress of partner Helix Resources Ltd at the Canbelego Joint Venture Project in the copper-rich Cobar region of New South Wales with indications of new copper sulphide zones.
Recent reverse circulation (RC) drilling of nine holes for 1,368 metres has identified two new parallel potential lode positions west of the Canbelego Main Lode mineral resource.
Helix, which has 70% of the project and is the manager with Aeris holding the remainder, has returned visible copper sulphide (chalcopyrite) mineralisation from the recent drilling.
Testing parallel lode positions
The preliminary results are from the RC program testing for new parallel lode positions at Canbelego that lies along the regional scale Rochford Copper Trend.
This JV project has the potential to enhance Aeris’ strong position in the Cobar Basin region of western NSW which also hosts its Tritton Copper Operations.
The new zones identified in Helix’s current drilling are defined by broad zones of quartz-pyrite-chalcopyrite veining and each extends for around 100 metres north-south and are open to the north.
‘Cobar-style’ model
These zones support Helix’s ‘Cobar-style’ exploration model of parallel, structurally controlled lode positions with assay results expected mid-late March 2022.
Helix managing director Mike Rosenstreich said: “Last year we undertook the first drilling at Canbelego since 2013, in which we discovered thick, intense copper sulphide mineralisation.
"Assays confirmed the high-grade nature of these copper results and with detailed systematic geological work we have developed an understanding of the potential of our ground to host large-scale, high-grade ‘Cobar-style’ deposits.
"The preliminary RC drilling outcomes we are reporting validate our ‘Cobar-style’ exploration model by demonstrating two, new, parallel mineralised zones to the west of the Canbelego Main Lode of approximately 100 metres north-south and that each remain open to the north.”
“Increased potential”
"We and our Canbelego JV partner, Aeris Resources, are very encouraged by the increased potential we continue to unearth around Canbelego as we methodically work through the historic data in combination with our new results and interpretations,” Rosenstreich said.
"This approach is also highlighting the significance of regional prospects such as Caballero and Bijoux, which are two to 10 kilometres southeast along the Rochford Trend, on 100% Helix tenure.
"We are gaining momentum with positive exploration results, and we believe this area holds tremendous potential to make more copper discoveries. Therefore, we plan to focus much of our work on this Western tenement block for the next 3-6 months, with further diamond drilling, surface and down-hole EM work and additional regional target testing and generation – to find more copper!”
Forward program
Diamond drilling is in progress at Canbelego Main Lode – north zone with two holes, CANNDD007 and CANDD008, aimed at extending and confirming the structure.
Logging has been completed on hole CANDD006 and cutting and sampling of this hole is expected to be completed in mid-February 2022, with assay results anticipated in early-April 2022.
This hole intersected favourable alteration (chlorite alteration and strong silicification) and multiple zones of oxide and sulphide mineralisation.
Other work plans include:
- Surface Moving Loop EM survey in the broader Canbelego area to better define VTEM anomalies to the northeast;
- Additional downhole EM surveying of recent diamond holes to assist with vectoring for deeper and lateral target positions; and
- Work is ongoing to update the geological model based on the recent drill and geophysical data as well as review of the historical data with the aim of better resolving the geological controls on the higher-grade copper zones.
Helix is also working on its more regional prospects along the Rochford trend such as the Caballero and Bijoux prospects located 2-10 kilometres to the southeast of Canbelego.