Helix Resources (ASX: HLX) is focused on exploration for gold, platinum group metals (PGM) and base metals in Australia and Chile. The company's projects include the Tunkillia Gold Project in South Australia, the Restdown Gold Project in New South Wales and the Joshua Copper Project in Chile.
Helix Resources (ASX: HLX) has reported an initial inferred resource estimate from the resource model at the Canbelego Mine Prospect of 1.5Mt @ 1.2% Cu (at 0.3% Cu cut-off), or at 1Mt @ 1.5% Cu (at 0.8% Cu cut off).
The resource was estimated internally by the Joint Venture Partners (HLX 51% - and earning 70% ; Straits Resources (ASX: SRL) 49%). The project is located 40km south-east of Cobar in central New South Wales.
The company said this initial resource "provides a solid foundation for the Project and reaffirms Helix’s strategy to identify mineral resources near existing processing infrastructure with potential for access to excess capacity."
Helix is confident it can continue to build on this initial resource base with copper mineralisation open along strike and down dip at the Canbelego Mine Prospect, and by following up encouraging early stage results from numerous regional targets on the tenement.
Additional RC drilling is commencing this week at Canbelego to test the Priority 1 regional targets and near-resource extensions. Helix expects assay results to be available mid 4Q2010.
RC drilling will commence (directly after the Canbelego drill program) on two greenfields gold targets on the Restdown JV Project (HLX earning 70% from Glencore International AG), the Good Friday and Sunrise Prospects.
The +1,200m RC drilling program is targeting primary gold mineralisation associated with robust (+10ppb Au) gold in soil anomalies surrounding, and nearby to, minor historic workings. Helix expects assay results to be available in 4Q2010.
During 2009 the company accumulated significant landholdings in the Cobar/Girilambone region of NSW and the Eastern succession of the Mt Isa region in Queensland.
The company is also securing gold & copper Projects in Chile which will be an expanded focus during 2011.
Helix has $3.3 Million cash and a market capitalisation of $11 Million. HLX shares rose 9.2% to 9.5 cents in trading today.