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 Limited (ASX:HLX) has advised of a resource update for two zones of Channel Iron Deposits (“CID”) at the Kumina Creek and Robe Exit Prospects on the Yalleen Iron Ore JV Project.
Total iron ore resource is 84.3 million tonnes at 57.2 Fe.
The new resource estimate is based on additional drilling completed in calendar year 2008 and updates the resource estimate provided to the ASX by Helix 3rd June 2008, based on drilling to December 2007. Helix is very encouraged by the improved iron grades and higher level of confidence in CID distribution resulting from this work.
This estimate provides an additional step in Helix’s increasing status in the West Pilbara Region. Upside remains with the Robe Exit Prospect open to the south west and further exploration is required at the Bonham and Robe West Extension targets to fully evaluate the bedded iron and channel iron potential in these areas.
Yalleen JV Background
The Yalleen Project is located approximately 50 kms SE of Pannawonica in the West Pilbara region of Western Australia, and is the subject of an iron ore specific exploration joint venture with API 70%; Helix 30%. API is a company 50% owned by Aquila Resources Limited ("Aquila") and 50% by AMCI. API is the majority holder in a number of Joint Venture Projects in the region comprising their West Pilbara Iron Ore Project (“WPIOP”) and is focused on the development of iron ore resources in the West Pilbara.