Helix Resources Limited (ASX: HLX) will follow up drilling of deep targets at its Canbelego Joint Venture (JV) Project located in the Cobar region of NSW, Australia.
The significant DHEM, conductive targets were discovered from two, deep ‘Parent’ holes, CANDD015 and 016 which successfully demonstrated the down-dip continuity of the Canbelego Main Lode for a further 400m below the base of the 2010 Mineral Resource. These large-scale, highly conductive targets are interpreted as high-grade copper shoots plunging within the overall shear zone hosting the Canbelego copper mineralization.
Two ‘daughter’ holes (CANDD015A and 16A) were designed to test these targets.
The results demonstrate drill hole CANDD015A has ‘narrowly’ missed the target conductor. The scale and prospectivity of these targets has not changed. In challenging conditions for tight directional drilling, utilising three Navi-cuts and various other measures to steer the hole trajectory, this first test appears to have just clipped the shoot. At the target position, disseminated and vein copper sulphides (chalcopyrite) was observed in drill core – which is not consistent with the intensity of the conductive responses from the DHEM surveys in holes CANDD015 or 016 and the targets remain untested.
The other daughter hole, CANDD016 was suspended due to a mechanical failure approximately 80m off the target.
Drilling will resume on the 9 January 2023 to complete this hole, undertake DHEM of the ‘near-miss’ in CANDD015A and continue to test these highly significant targets for high-grade copper mineralization.
“It appears that we have just missed the target. These conductive targets which we consider represent high-grade copper shoots, remain untested. They are unique in terms of their large-scale and conductive intensity compared to anything ever detected around the Canbelego Main Lode,” Managing Director Mike Rosenstreich, said.
“After a well-deserved Christmas break for all of the exploration team and drill crew we will resume our hunt, re- assessing means to get better directional control on our drilling. Hopefully, with the ground conditions improving we can also resume and accelerate our regional target generation work.
“The team and I remain highly confident and excited about the prospectivity at Canbelego and, indeed, our wider tenement holdings. Fortunately we have a strong cash position and are very well positioned to make major discovery inroads in 2023.”
Next Steps
The significant conductor defined by the CANDD015 and CANDD016 DHEM surveys, which has the highest conductance ever defined at Canbelego, remains untested.
A mechanical breakdown with the rig drilling hole CANDD016A, which at that time was at 522.7m, approximately 80m off its interpreted target position, resulted in the rig being sent away for repair. This rig will return to site on 9 January 2023 to resume drilling of CANDD016A.
A DHEM survey is planned for CANDD015A to provide further resolution of the significant conductor described above. Further drilling is required to test this conductor and assessment is in progress to determine the best drill strategy. Additional daughter holes from CANDD016 are also planned.
Drilling will resume on 9 January 2023 and the DHEM survey will resume shortly afterwards. Geological logging and sampling are in progress for CANDD015, CANDD016, CANDD015A and CANDD016A and initial assay results are expected early in the new year.
