Helix Resources Limited (ASX: HLX) has unveiled a 77% increase in contained copper metal in its Mineral Resources located in the Cobar region of central NSW, Australia.
The focus is on the company’s lead Canbelego Project which is a 70:30 contributing joint venture with Aeris Resources Ltd.
Reviews of the geological models underpinning the CZ (copper) and Restdown (gold) Mineral Resources have also been undertaken.
“We are very much focused on copper and finding new copper deposits. This new Mineral Resource estimate for the Main Lode at Canbelego creates a solid platform from which to start building up our copper inventory,” Managing Director, Mike Rosenstreich, said.
“It is critical that we now leverage our improved geological understanding of this deposit to find new deposits – and we are certainly generating some interesting new targets.
Looking outward from this resource we see additional potential with the Western Lodes, only 200m to the west of the Main Lode, as well as the prospects that we have to the south such Caballero where we still have unfinished business.
“Regional-scale exploration also continues to yield new, large anomalies which further add to the potential of Helix’s ground in this prolific copper region.
“A solid, realistic Mineral Resource estimate provides a platform from which to assess any development opportunities possibly with a partner – which enables us to maintain our focus on discovery activities.”
Canbelego Project
A mineral Resource estimate for the Canbelego Main Lode was completed by MEC Mining. This was the first update of the Canbelego resource since the 2010 resource estimate.
Helix restarted work at Canbelego in early 2021, the first exploration work undertaken at the project since 2013.
The company completed a total 68 drill holes at the Main Lode and surrounding prospects for a total of 16,666m. The Main Lode drilling was targeted at depth extensions of the copper shoots and to better define copper grades and mineralized widths at shallow levels broadly above the base of the 2010 MRE.
The 2023 MRE has been reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (JORC Code). The 2010 MRE was reported in accordance with the JORC 2004 code.
