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.
Initial 4 metre composite sample assays from drilling by Helix Resources (ASX: HLX) at the Canbelego JV Project in Central New South Wales have identified a broad copper anomalism.
The 8 hole (1,320m) regional drilling program returned 72m @ >0.1% Cu from surface in CLRC007, one of only two holes within the 1.4km long +50ppm Cu in soils anomalous zone.
Drilling 4km north of the Canbelego Prospect, at the Hawk and Mullen Prospects, has intersected altered mafic-ultramafic intrusives and sulphide-rich altered sediments, which are key factors for the development of VMS/Tritton Style systems.
These positive results, together with those from companies with adjoining and nearby tenements including YTC (ASX: YTC), Mincor (ASX: MCR) and Straits Resources (ASX: SRL), confirm prospectivity and significant potential of the Cobar-Girilambone district.
Results also re-affirm the company's commitment to exploration in Central NSW to increase its existing Inferred Resource base of 1.5Mt @ 1.2% Cu.
Helix owns 51% of the project and is well on the way to earning 70% of the project from Straits Resources.
Further infill of the broader copper anomaly will be conducted to better define the system and assist in the planning of additional drilling and electrical geophysics will be considered to identify zones of sulphide accumulation within the system.
Helix expects to advance new target areas on the company’s 100% owned tenements and the nearby Restdown JV Gold Project where drilling was recently completed and results are pending.
On October 1, Helix 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).
In addition, on November 15 Helix placed 19.8 million shares at $0.115 per share to raise $2.28 million for the advancement of exploration, evaluation and development of the company’s mineral projects and for general working capital purposes for the Yalleen Iron Ore Project.
Helix had A$3.2 million cash at the end of the September quarter.