Helix Resources (ASX:HLX) reports it has delivered ‘high-grade’ copper results from its ‘bold, expansive’ diamond drilling program at the Canbelego Main Lode in New South Wales.
The diamond drilling underway at Canbelego is testing 200m beneath currently known mineralisation to ‘map’ extent of copper lodes and establish downhole electromagnetic survey platform.
The company has received assays for 2 further diamond drill holes and one reverse circulation (RC) hole within the Main Lode project area at its Canbelego Joint Venture (JV) Project, located in the Cobar region of NSW.
In 2021, the JV drilled 5 diamond drillholes for nearly 2,000m around and beneath the Canbelego Mineral Resource at Main Lode, after an 8-year exploration hiatus. Since then, further RC and diamond drilling has been undertaken highlighting ‘high-grade’ shoot extensions on the Main Lode and identifying new, parallel lode positions to the west of the Canbelego Main Lode.
A total of 3 diamond holes for 1,117.7m (CANDD012 to CANDD014) and 27 RC holes for 4,275m (CBLRC031 to CBLRC057) have been drilled in the Greater Canbelego, Shango, and Caballero Target Areas since June 2022.
The company’s latest update of the Main Lode are from assay results from diamond holes CANDD012 and CANDD013 and RC hole CBLRC057.
The Canbelego Copper Project lies along the regional scale Rochford Copper Trend. It is a 70:30 ‘contributing’ JV (Helix 70% and Manager, Aeris Resources (ASX:AIS) 30%). The Rochford Trend has the potential to host ‘Cobar-style’ copper deposits analogous to the ‘large-scale, high-grade’ mineralisation found at the nearby CSA Copper Mine, owned by Glencore (LSE:GLEN).
Commenting on the latest drill results, Helix Managing Director Mike Rosenstreich said: “Last week Helix was excited to report results for extensive drill testing of early-stage copper targets and the identification of a new, emerging prospect, Caballero. This week, we are equally excited to deliver high-grade copper results from our advanced Canbelego Main Lode project which consists of wide intervals with high-grade, featuring two to nearly 5% copper assays.
“Results also included the highest-grade intercept to date in the upper 150 metres of the Main Lode, confirming the potential for high-grade copper mineralisation at shallower depths”
Results also included the highest-grade intercept to date in the upper 150 metres of the Main Lode, confirming the potential for high-grade copper mineralisation at shallower depths.
These results are significant because they are extending known high-grade shoots and with new higher grades from infill drilling, both aspects potentially adding copper tonnes. This has motivated us to drill deep and test our ‘Cobar model’ for major increments in copper potential by stepping out 200 metres.
There is no doubt that if we are successful the results will have a major impact on how we and our stakeholders regard the scale potential at Canbelego. This drilling has just started and whilst we have some exceptionally wet weather to contend with I look forward to keeping you advised on our progress.”
RC hole, CBLRC057 intersected a 16m zone from 32m of disseminated malachite and azurite, with chalcocite at the base of the oxide zone (all copper ‘oxide’ minerals), followed by several zones of chalcopyrite (copper-sulphide mineral) in the primary zone. A 34m zone from 111m consisted of disseminated, vein and semi-massive chalcopyrite in the Canbelego Main Lode position and returned the following significant intercept 16m at 3.21% Cu from 117m, downhole, including 11m at 4.58% Cu from 129m.
Helix reports that diamond core hole, CANDD013 targeted the down-plunge extension of the South Shoot and intersected a 6.3m zone of pervasive chlorite alteration and quartz veins with chalcopyrite veins from 157m, including a 40cm zone of >8% chalcopyrite within a broader 1.3m interval which assayed 4.0% Cu. The narrow interval of semi-massive chalcopyrite within a broader copper-anomalous zone from 153m indicates that CANDD013 intersected the southern edge of the South Shoot position.
The company notes this is encouraging for testing the open-ended southerly plunge of this shoot, which is also supported by an interpreted downhole electromagnetic plate.
Helix Resources is an ASX-listed resources company which is ‘all-in on copper’ exploration in the prolific copper producing region of Cobar, NSW. The company possesses a sizable ground position across two tenement groups, which are largely untested despite being located within 50km of significant copper producing operations.
CANDD012 targeted the interpreted ‘North Shoot’ position 45m down-plunge from CANDD002 (14m at 4.4% Cu) and intersected a 14.3m mineralised interval of chalcopyrite (copper-sulphide) veins from 417m, including a 5.3m strongly mineralised zone from 426m with up to 10% chalcopyrite in veins and breccia matrix within strong green and black chlorite alteration.
This interval returned the following significant copper intercept 14.3m at 1.96% Cu from 417m, downhole including 8.3m at 2.82% Cu from 423m.
The western tenement consists of 30km of contiguous strike and the Company is advancing a pipeline of wholly owned copper opportunities, as well as the Canbelego JV Project where massive copper sulphides have been intersected. The eastern tenement group encompasses more than 150km of prospective strike and includes the 100% owned CZ copper deposit.
Write to Adam Orlando at Mining.com.au
Images: Helix Resources Ltd & iStock