THE DRILL SERGEANT: Helix Resources (ASX: HLX) completed a phase 1 RC drilling program and additional geophysics targeting new copper zones at the company’s 100 per cent-owned Collerina copper project in central New South Wales.
Helix Resources instigated the drilling program of 16 holes for 2586 metres to test for further high-grade copper mineralisation in zones immediately surrounding the initial Central Zone resource.
In June 2019, Helix announced a maiden resource estimate for the Central Zone deposit of 2.02 million tonnes at 2.03 per cent copper and 0.1 grams per tonne gold for 40,000 tonnes copper and 9400 ounces gold (Indicated and Inferred).
Almost 50 per cent of that resource tonnage sits in the Indicated categorisation, with the remainder classified as Inferred.
Helix concluded that the drilling has confirmed a much larger extent of copper system, with at least two additional copper lodes identified outside of the initial Central Zone resource envelope, each with extensive down plunge potential.
The company believes it now has an opportunity to substantially grow the high-grade copper resource at Collerina.
The drilling encountered primary, high-grade copper mineralisation approximately 180m down dip from the Central Zone resource on a parallel structural target, known as the Northern Target Zone.
This yielded an intercept of:
4 metres at 3.18 per cent copper and 0.4g/t gold from 218m, including 1m at 6.44 per cent copper and 0.8g/t gold from 218m.
“This is a significant set of exploration outcomes for Helix and the Collerina copper project,” Helix Resources executive chairman Peter Lester said in the company’s announcement to the Australian Securities Exchange.
“Our recent drilling has confirmed the existence of high-grade copper mineralisation well outside of the Central Zone resource area.
“The targeted down plunge extent of these additional lodes offers substantial potential upside to our current resource base at Collerina.
“A number of new high-priority target positions will require further drilling to fully realise the potential of the broader Collerina deposit.”