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Helix Resources' shares gain on cobalt-nickel leverage

The company's proximity to cobalt-nickel mineralisation provides potential upside.
Picture of cobalt symbol on periodic table
Exploration strategy to include investigation into possible cobalt-nickel mineralisation

Helix Resources Ltd's (ASX:HLX) shares have increased circa 50% since mid-December, closing at $0.047 yesterday.

Attracting investors has been the identification of lateritic cobalt-nickel targets within 85 kilometres of the group’s copper and gold tenements in New South Wales.

The recent share price spike drew the attention of the ASX, but management confirmed that there wasn’t undisclosed information that could have contributed to the positive rerating.

Proximity to CleanTeq and Australian Mines

Helix’s tenements are along the same regional trend to other companies that have had recent cobalt-nickel exploration success.

These include CleanTeq Holdings (ASX:CLQ), Australian Mines Ltd (ASX:AUZ) and Collerina Cobalt Ltd (ASX:CLL).

Copper, gold and cobalt is the new focus

The company’s core focus is to advance its copper and gold assets in central New South Wales.

However, the recent increase in market value for lateritic cobalt-nickel is likely to prompt exploration for such mineralisation.

The company is of the view that it can finance such exploration without encroaching on funding attributed to its base and precious metals assets.

View full HLX profile View Profile

Helix Resources Ltd Timeline

Newswire
February 06 2017

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