Helix Resources (ASX:HLX) reports it has identified a ‘significant’ copper-mineralised system at the Caballero prospect in in New South Wales following a reverse circulation (RC) drilling campaign.
Helix has been undertaking an ongoing copper exploration program and drill testing several early-stage targets along the Rochford Trend southeast of Cobar, NSW.
The results, generated by 27 RC drillholes for a total of 4,275m across the project’s Caballero and Shango prospects, as well as the newly identified mineralised lodes, have returned ‘significant’ open-ended zones of copper (Cu) mineralisation.
Key results at Caballero, located 3km south of Canbelego Main Lode, has generated significant, open-ended zones of copper mineralisation and intense alteration such as 11m at 0.75% Cu from 141m (CBLRC040), including 3m at 1.8% Cu from 147m.
At Western ‘Lodes’, situated 200m west of the Canbelego Main Lode, additional anomalous intervals intercepted in the ‘lode’ positions with significant intercepts including 3m at 1.1% Cu from 94m (CBLRC031), and 3m at 1.0% Cu from 27m (CBLRC034).
Helix reports that the results at Caballero, comprising of significant copper assays and visual copper mineralisation ‘down-dip’ in the follow-up diamond core hole, are ‘very exciting’ for the potential discovery of a new copper deposit. Caballero is a wide zone with intense alteration and deformation, 2.5km south along ‘trend’ from the Canbelego Main Lode within the Rochford Copper Trend.
Speaking on the drill results, Helix Managing Director Mike Rosenstreich said: “These results indicate we have identified a significant copper-mineralised system at Caballero – the scale and intensity of the alteration zone in the diamond hole, supported by highly anomalous copper assays in the RC hole are very encouraging.
“These results indicate we have identified a significant copper-mineralised system at Caballero…”
The team is excited about these early-stage results at Caballero, and we will reassess our priorities and ongoing work program, as we think persistence could pay-off around the West Lodes mineralisation.
It has been an interrupted process with weather related access issues and queues in the assay lab. Nonetheless, we are already preparing for the follow-up campaign, including: additional drilling at Caballero, a program of ‘bold’ deep holes we have planned at Canbelego Main Lode to test for depth extension as well as our ongoing regional target generation work. We remain focused on testing and turnover of targets and reprioritising the best for follow up work.”
The company also notes that drilling at the Caballero Prospect represents the first drilling conducted in 8 years and indicates the existence of a potential new copper discovery.
In addition, the results returned from the Canbelego West two Lode outline a highly anomalous copper zone and support the potential for the Rochford Trend to host ‘Cobar-style’ copper deposits similar to those seen at the nearby CSA Copper Mine, owned by Glencore.
Unfortunately, there was very poor recovery between 80m and 84m in drillhole CLRC040 and may impact the reported copper grade, however, follow up diamond drillhole CANDD014 intersected weak chalcopyrite mineralisation in multiple zones up to 240m downhole.
These zones of alteration and sulphide mineralisation appear ‘significantly faulted’ and are reported to remain open along strike and at depth.
The Canbelego JV Copper Project is located about 45km southeast of the township of Cobar and 5km south of the historic Mt Boppy Mine, which has produced about 500,000oz gold at +10g/t Au, along the Rochford Trend in Central New South Wales.
The project comprises a total land holding of 42km-square with Helix Resources owning 70% of all associated tenements and Aeris Resources (ASX:AIS) owning the remaining 30%. The project also boasts a total JORC 2004 Mineral Resource Estimate (MRE) of 1.5Mt @ 1.2% Cu for 18,000 contained tonnes.
With results from the recent RC drilling now returning and current diamond drilling (DD) still ongoing, Helix Resources announces that it will move forward with a downhole electromagnetic (DHEM) survey at the Caballero Prospect ahead of any further drilling.
Images: Helix Resources Ltd