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 announced significant near surface gold mineralisation has been identified at the Restdown Gold JV from reverse circulation drilling.
Assay highlights include:
- 24m at 2.6g/t gold from 4m, including 12m @ 4.9g/t gold from 8m; and
- 32m at 2.2g/t gold from 36m, including 8m @ 4.1g/t gold from 56m.
Drilling by Helix at Sunrise has intersected broad zones of gold over a strike of 250m and remains open in all directions.
Helix, through its wholly owned subsidiary Oxley Exploration Pty Ltd, is earning 70% of the Restdown EL6140 & EL6501 and Muriel Tank EL6739 Projects from Glencore International, by spending $700,000 before July 2012.
Oxley also has the right to earn a further 10% interest and move to 80% by expending a further $1,000,000 within 24 months of the First Expenditure Requirement notice, should Glencore choose to dilute and a further right to earn an additional 10% interest and move to 90% by expending a further $1,000,000 within 48 months of the First Expenditure Requirement notice, should Glencore choose to dilute.