THE DRILL SERGEANT: Helix Resources (ASX: HLX) has been asked by its funding partner, JOGMEC, to fast-track drilling at the company’s Samuel copper project in Chile.
Helix Resources said JOGMEC has requested for the fast-tracking of drilling following the positive outcomes from the field surveys in the initial phase of geophysics and surface sampling.
The drilling is intended to test historic copper oxide workings, in an area of coincident geophysical anomalism, copper geochemistry at surface and local structural complexity.
The first hole is expected to be drilled to a depth of 400 metres to pass under the copper workings, continuing into fresh rock to test for manto-style copper and/or porphyry style copper mineralisation at depth.
“We are excited to see positive results returned from the initial field campaign at the Samuel copper project JV in Chile,” Helix Resources managing director Mick Wilson said in the company’s announcement to the Australian Securities Exchange.
“Our JV Partner, the highly regarded Japanese organisation JOGMEC, has requested the JV to move immediately to drilling and is fully-funding the programs.
“With third-party funding covering costs in Chile over the next few years, it allows Helix to retain exposure while the projects are de-risked.
“Importantly it allows Helix to continue to focus our main efforts on the advancement of our flagship copper assets in New South Wales, where a Maiden Resource for the Collerina project is imminent.”