Results “Cracking The Code” At Canbelego
Helix Resources Limited (ASX:HLX) has intersected stringer, semi-massive veins and disseminated copper sulphide mineralisation in diamond drill hole CANDD003 at the Canbelego Project in NSW, Australia.
The mineralisation was drilled approximately 200m north along strike from the 29.5 metre interval of strong copper sulphide mineralisation recently intersected in hole CANDD002 and at a similar level, approximately 270m below surface.
Managing Director, Mike Rosenstreich, said this third drill hole has extended copper sulphide mineralisation approximately 200m to the north and an additional 100m below the base of the previously defined copper mineralisation.
“We are cracking the code on what controls the high- grade copper zones using sophisticated geophysics, accurate drilling and good geology,” Mr Rosenstreich said.
“This third drill intercept has significantly increased the interpreted down dip and along-strike dimensions of what looks to be a series of high-grade copper shoots along the Canbelego structure.
Looking forward to the downhole EM results for hole 3 – the EM in hole 1 really vectored us into the strong-copper sulphide zone in hole 2. There is real potential to further extend these mineralised shoots as well as find adjacent structures as I think our team is starting to sniff out.”
The interpreted ‘northern shoot’ was the focus of historical mining. Previous drilling had defined mineralisation to approximately 150m below surface with an intercept of 7.0 metres at 3.5% copper in drillhole ‘CC4’. The CANDD003 intercept potentially extends this shoot a further ~120m down dip based on the copper- sulphides intersected
Extensions to the interpreted ‘Central shoot’ were defined by the first diamond drill hole, CANDD001 which intersected 24m of typical Canbelego style copper sulphide (chalcopyrite) mineralisation from 257 metres downhole.
Following this up, CANDD002 intersected the central portion of the interpreted shoot position a further 80m down dip, intersecting discrete zones of massive and semi massive chalcopyrite as well as veins and disseminated chalcopyrite within the overall 29.5m interval.
The second ‘copper position’ in the hanging wall of CANDD002, between 90m and approximately 120m downhole has been interpreted as a possible second copper lens position based on the downhole geology.
Drilling of the fourth hole (CANDD004) is in progress and is designed to test the Central shoot above the CAND002 intercept, ~40 metres north along strike from the CANDD001 intercept. This drilling will take several weeks.
Samples for the copper sulphide zones in CANDD001 and 2 are being analysed with assays expected in June. The copper sulphide zone in CANDD003 will be submitted to the lab shortly.
The advanced Canbelego Copper Project has an Inferred Mineral Resource of 1.5Mt at 1.2% copper reported in accordance with the 2004 JORC Code. Helix’s previous drilling, last undertaken in 2013 and resultant DHEM modelled targets were never followed up, after the CZ Deposit was discovered on the southern portion of the Collerina Trend.
The last three diamond drill holes have extended the base of the mineralisation another 90m vertically and the strike extent at this depth by approximately 200m to the north.
The fourth and fifth diamond holes will further test the down dip potential of the Canbelego mineralisation. The Company plans to update the Canbelego mineral resource estimate at the completion of this program.
Canbelego is a joint venture with Aeris Resources Limited with Helix being the Manager and holding 70% and AIS holding 30% and contributing to exploration expenditure and planning.
