Helix Resources JV Drilling to be Funded By Partner JOGMEC

THE DRILL SERGEANT: Helix Resources (ASX: HLX) has been advised by its Joint Venture partner, Japanese organisation JOGMEC that it has received internal approvals to commit to funding the exploration drilling phase of the Samuel copper project JV.

Helix Resources said a US$800,000 ($1.13 million) contribution from JOGMEC will sole-fund a minimum 3,000 metres of diamond drilling in an additional 8 to 10 holes, fulfilling its funding commitment to Stage 2 of the Samuel Joint Venture Agreement.

The Stage 2 Program will be completed over a shortened six-month period to the end of September 2019.

Drill collar positions at priority targets have been approved by the JV Management Committee.

Helix said the aggressive timeframe and program commitment ensures early drill testing of up to 10 priority target areas derived from the Stage 1 field activities, and maximises copper exploration at the Samuel project over the coming months that is considered prospective for both Mantostyle and Porphyry-style copper (+gold) systems.

“Our JV Partner, the highly regarded Japanese organisation JOGMEC, informed us of their desire to immediately commit to the exploration drilling phase of the Samuel JV on a shortened timeframe,” Helix Resources managing director Mick Wilson said in the company’s announcement to the Australian Securities Exchange.

“This commitment to this drilling-focused phase of the JV is an exciting development, with drilling news flow expected throughout the second and third quarters of 2019 from the Samuel copper project.

“Importantly, Helix retains a material exposure to another large copper asset in this world-class jurisdiction, and it allows Helix to continue to focus our main efforts on the advancement of our flagship copper assets in New South Wales.”

 

Email: helix@helix.net.au

Website: www.helix.net.au