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Helix Resources has drill bit spinning for first time at copper prospect

A three-hole program will test a copper-in-soil anomaly at Mundarlo.
Helix map
The company is earning a 60% interest in the western New South Wales property

Helix Resources Ltd (ASX:HLX) will have the drill bit spinning for the first time today at its Mundarlo joint venture copper prospect in western New South Wales.

The initial three hole reverse circulation program will be a first-pass test of the discrete moving loop electromagnetic (MLEM) anomaly.

This was modelled from a 12-line kilometre survey conducted in 2017 and is coincident with surface copper and pathfinder geochemistry.

READ: Helix Resources' shares gain on cobalt-nickel leverage

Helix is targeting VMS style base metal sulphide accumulations within the volcanic sub-basin, which hosts the Mundarlo project, west of Canberra.

The exploration program will satisfy Helix’s joint venture first earn-in commitment of $100,000 in exploration expenditure and two drill holes.

This is required to be carried out by 21 February 2018 to earn a 60% interest in the project from the private vendors.

Right to move to 80% interest

The company then has the right to move to 80% equity by spending a further $150,000 by February 2019.

Examples of gossanous chert which sub-crops along and up-dip of the Mundarlo target unit.

 

Helix has received the second and final batch of results from auger soil sampling recently undertaken.

Soil samples collected

There were 155 soil samples collected using Helix’s Landcruiser mounted auger rig.

The results, including up to 378ppm copper, reinforce and further define the copper-in-soil anomalism.

Samples are also returning elevated gold values of up to 16ppb gold as well as other elevated pathfinder elements.

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Helix Resources Ltd Timeline

Newswire
February 06 2017

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