Aeris Resources Ltd (ASX:AIS) welcomes the news that joint venture partner Helix Resources Ltd (ASX:HLX)'s latest “bold” drilling campaign has yielded a large untested down-hole electromagnetic (DHEM) anomaly in addition to the intersection of copper sulphide mineralisation at the Canbelego JV Project in the Cobar Basin of NSW.
Major off-hole target
The joint venture conducted DHEM surveying that identified what it calls a major off-hole conductive copper target measuring around 400 metres by 70 metres, which is the largest DHEM target yet measured on the project.
The target recorded a strong conductive response of 500 to 1000 siemens, which is supported by DHEM data from earlier peripheral drill holes, and plunges 600 to 700 metres to the north. It has never been intersected by previous drilling.
Canbelego Copper Project lies along the regional scale Rochford Copper Trend. The project falls within the 70:30 ‘contributing’ JV with Aeris Resources holding 30% and Helix 70% with the latter managing the JV.
This shoot appears hosted within the steeply dipping, north-northwest striking shear structures and has the hallmarks of a ‘Cobar-style’ high-grade copper lode.
The geometry of this shoot will be further refined by a DHEM survey on the parent hole, which will begin as soon as this hole is completed.
Drilling continues, and is ramping up, to chase these “exceptional” prospective results. The company is planning a rapid drill follow-up on the parent hole, which will now be extended to a final depth of at least 700 metres to intersect the northern, down-plunge portion of the new conductor.
The up-plunge, southern section of the conductor will be tested by a new 'daughter' hole, which has just been wedged and is currently at 230 metres.
Copper mineralisation
The company has observed copper sulphide mineralisation in drill core within two shear zones corresponding to the shears that host the upper Western Lodes and deeper Canbelego Main Lode positions:
- the Main Lode – a 5-metre interval of medium to strong chalcopyrite (copper sulphide) mineralisation within a 15.2-metre zone of a variably copper-mineralised shear from 539.6 metres downhole; and
- the Western Lodes position – a 22-metre interval of weak to medium chalcopyrite mineralisation with occasional 1-metre intervals of strong (greater than 10%) chalcopyrite from 539.6 metres downhole.
The preliminary conclusion is that the first of these ‘deep drill’ tests has created a highly successful DHEM platform achieving fresh ground coverage and identifying new, large, high-integrity conductive targets.
Drilling also confirms vertical continuity of both the Main Lode – which hosts the 2010 inferred mineral resource and the newly identified Western Lodes.
The mineralisation does not appear to be linked to the more intense response from the new off-hole conductor.
Geological logging and sampling are underway and assays are expected early in the new year.
"Outstanding, intense and large scale"
Helix managing director Mike Rosenstreich said: “The DHEM response we have at Canbelego is outstanding – it is intense, large scale and corroborated by earlier surveys which couldn’t quite penetrate deep enough to ‘illuminate’ this new conductor.
“These results potentially highlight a major new mineralised position – never seen before by local DHEM and never drilled before. The survey has lit up a major robust conductive target associated with mineralised structures which clearly persist with depth.
“These early outcomes vindicate our decision to be bold and ‘drill deep’ to establish this drill platform for DHEM surveys and to demonstrate the depth continuity of the high-grade copper shoots intersected 200 metres above.
“This is an exciting phase for our copper discovery work and could have a major positive impact on our core objective to find more copper."