Helix Resources (ASX: HLX) has unearthed intense copper sulphide mineralisation in the second hole of its advanced Canbelego project in New South Wales’ Cobar region.
A second diamond drill hole in the 2021 program, which kicked-off last month, intersected 29.5m of mineralisation, which now extends known copper mineralisation in the hanging wall 90m down dip.
Helix noted this zone may represent a second copper lens or structural repeat of the Canbelego mineralisation.
The second diamond drill hole also hit copper sulphides 80m below the 24m of mineralisation uncovered in the first diamond hole that was reported earlier this month.
Helix managing director Mike Rosenstreich described the intersection in the second diamond drill hole as “exciting”.
“Notably there is more massive copper mineralisation in this drill hole which is very encouraging for a high-grade copper zone when the assays come in.”
“As a bonus, there is the possibility of a second copper position emerging after we intersected chalcopyrite veins much higher in this hole.”
He added that he anticipated assays will confirm the observed mineralisation.
Helix has prioritised both mineralised zones from the two diamond drill holes for sampling with assays anticipated next month.
Following the completion of the two diamond holes, Helix undertook down hole electromagnetic (EM) surveys with raw field data confirming the presence of in-hole and off-hole conductors.
The company’s geophysicist is currently interpreting and will model the data.
Additionally, a surfaced fixed-loop EM survey is underway across the wider Canbelego project. It is following up on EM anomalies identified in an airborne survey earlier this year.
“Canbelego is one of Helix’s two advanced copper projects and a key objective of this drilling program and the EM surveys is to demonstrate the growth potential of the defined mineralisation at each of them,” Mr Rosenstreich explained.
Little exploration has been undertaken at Canbelego since 2013.
However, the project has a 2004 resource of 1.5 million tonnes at 1.2% copper.