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HLX:Further Massive Copper Sulphide Intersected at Canbelego

01/18/2022 | 07:22pm EDT

ASX Announcement

19 January 2022

only

Further Massive Copper Sulphide Intersected at

Canbelego

Recently completed diamond drill hole intersects 29 metre zone of copper-sulphide mineralisation at

use

the 'Main Zone' target position.

Targeted mineralised zone observed from 405 metres downhole potentially extending the high-grade

shoot intersected in CAND002 (18 metres at 3.4% copper (Cu))

Main Zone intercept includes approximately 1.3 metres of massive - semi massive chalcopyrite

(copper-sulphide)1 (refer Figure 1)

Incipient copper minerals including malachite, bornite and chalcopyrite were observed higher in the

personalFor

drill hole - indicating possible shallower, parallel lode positions to the west. These potentially correlate

with similar intervals in last year's Helix drilling

A 12-to-15-hole RC drill program has commenced at Canbelego to test shallower mineralised positions at the

Main Zone and potential parallel lodes to the west of the Main Zone

All assays are pending - expected late March/early June 2022 quarter

Figure 1 - Massive to semi-massive chalcopyrite intersected from 425.2 metres in CANDD0061

1 Refer Cautionary Statement on Page 2 regarding visual estimates of mineralisation.

Corporate Office

78 Churchill Avenue

T +61 8 9321 2644

Subiaco WA 6008

www.helixresources.com.au

E helix@helixresources.com.au

Helix Resources Limited (ASX: HLX) ("Helix" or "the Company") is pleased to report diamond drill hole CANDD006 has intersected visible copper sulphide mineralisation at the Canbelego Main Zone target position, approximately 50 metres down dip from the high-grade intercept of 18 metres at 3.4% Cu intersected in May, 2021 (included 14 metres at 4.22% Cu) 2.

onlyThe Main Zone intercept occurs from 405 to 434 metres comprising mainly incipient veins and disseminated chalcopyrite (CuFeS2 - copper sulphide mineral) and includes approximately 1.3 metres of massive to semi- massive chalcopyrite from 425.2 metres.

Several intervals of mineralisation were observed higher in the hole which support the interpretation of parallel lode positions to the west of the Main Zone;

  • from 80 metres a 20-metre interval of oxide copper minerals, malachite and possibly chalcocite; and
  • between 100 to 200 metres downhole - several zones with scattered chalcopyrite veins, some associated with narrow quartz-breccia and quartz veins, including two observations of high-tenor copper mineral, Bornite (Cu5FeS4) with coarse grained chalcopyrite in sugary quartz.

useA 12 to 15 hole RC drill program has commenced to test for parallel lode positions to the south-west. VTEM and oil geochemistry also indicate potential for new lodes to the north-east, but with denser vegetation cover further target definition work is planned here prior to clearing access for drilling.

Cobar style copper deposits commonly present as a series of structurally controlled, parallel lodes. Helix is developing its exploration strategy around a Cobar deposit model.

personalCommenting on these preliminary observations from the first drilling back at Canbelego, Helix Managing Director Mike Rosenstreich said:

"this is an encouraging start to the resumption of drilling at Canbelego. We have done a lot of work to understand the prospect scale geology and controls on the copper mineralisation - including how to target some of the higher grade, massive copper-sulphide shoots such as we hit in May last year, 18 metres at 3.4% copper."

"It's still very early days but we are also very interested to test the concept of repeat lodes which is typical for the 'Cobar Style' of copper deposits, which are often blind at surface or have small footprints but can extend for up to everal thousand metres vertically. The mineralisation we observed higher in the hole may correlate with anomalous copper mineralised zones hit at shallow levels in drill hole 5 last year. This fits with an observed trend in some other historical drill holes in the project area and has helped develop our emerging parallel lode target concept.

"We have just commenced RC-drilling at Canbelego to test some shallow mineralised positions at the Main Zone as well as these possible new, parallel lode positions to the west."

CAUTIONARY STATEMENT ON VISUAL ESTIMATES OF MINERALISATION

ForReferences in this announcement to visual results are from diamond core drilling. Visible oxide mineralisation in HQ and NQ core drilling (CANDD006) consisted of trace - minor copper hydroxides and possible gossan (hematite and goethite) with trace chalcocite as listed in Table 2. Fresh sulphide mineralisation consisted of disseminated, veins and stringers as well as semi to massive chalcopyrite as listed in Table 2

Visual estimates of percentages are based on preliminary visual observations of the drill core surface as presented in the core trays and may not be representative of the entire sample interval. Laboratory assays are required for representative estimates of copper and other metal contents abundance.

It is intended to cut and sample the entire drill hole to get assays for the mineralised sections and obtain a geochemical cross-section for the entire drill hole. This work will take some time and first assay results are expected in February-March 2022. Refer to Appendix 2 for further details.

2 Refer ASX Report 23 June 2021.

Page 2

TECHNICAL REPORT

Canbelego JV Drilling

The Canbelego Copper Project lies along the regional scale Rochford Copper Trend. It is a 70:30 'contributing' onlyjoint venture (Helix 70% and manager, Aeris Resources Ltd (ASX:AIS) 30%).

In 2021 the JV drilled five diamond drillholes (CANDD001 to CANDD005) for nearly 2,000 metres, since restarting exploration drilling around and beneath the Canbelego Mineral Resource3 after an 8-year exploration hiatus.

This report provides preliminary observations for drillhole CANDD006 which commenced late in 2021 and was completed in mid-January 2022. It is important to note that observations are preliminary but given the generally visual nature of copper mineralisation these observations are potentially material.

A drill hole location plan and schematic Long-Section are presented in Figures 2 and 3 respectively. Table 1 presents drill hole details for CANDD006 and Table 2 provides a summary of the preliminary geological observations supporting the initial thoughts, outlined below:

use

Main Zone - the intercept is approximately 50 metres down dip and north of the high-grade intercept in

CANDD002 which hit 18 metres at 3.4% Cu. It is also 30 metres up dip of the weakly mineralised zones hit

in CANDD005 which targeted the high-grade shoot but only hit narrow mineralised or anomalous

intervals. Whilst not as intensely mineralised as CANDD002, the presence of the massive chalcopyrite

interval and peripheral veins, extends known massive mineralisation depth and is regarded as

personal

encouraging for the continuation of the mineralised structure laterally and opens targets at depth to the

north and south.

Upper Zones - the upper mineralised zones were also intersected in CANDD005, but the mineralisation tenor looks

better in CANDD006, and they may represent a new mineralised zone to the west that has not been

systematically tested by drilling.

Please note the Cautionary Statement above on the issues related to reporting visual estimates of

mineralisation. Refer Appendix 2 for JORC Table 1.

Forward Program for Canbelego JV

A 12 to 15 hole RC drill program has commenced to test for parallel lode positions to the south-west as summarised in Figure 2. This initial program is focused on the northern portions of the western 'lode' targets where there is existing geochemical data at surface and from historic drilling to step out from. VTEM and soil geochemistry also indicate potential for lodes to the north-east, but with denser vegetation cover further target definition work is planned here prior to clearing access for drilling.

The key current work elements comprise:

For

  • A 12-to-15-hole RC drill program to test shallower mineralised positions at the Main Zone and potential en-echelon, parallel lode positions to the west of the Main Zone;
  • Detailed logging, cutting and sampling of the CANDD006 drill core and submission of samples to the assay lab.
  • Surface Moving Loop EM survey at Canbelego to better define VTEM anomalies to the northeast.
  • Downhole EM surveying of CANDD006 to determine if EM can assist in vectoring deeper and lateral target positions.

Work is ongoing to update the geological model based on the recent drill and geophysical data as well as review of the historical data with the aim of better resolving the geological controls on the higher-grade copper zones. Helix is also working on its more regional prospects along the Rochford trend.

3 Refer Appendix 1 for details.

Page 3

For personal use only

Figure 2: Canbelego Deposit Drill Hole Location Plan (1st draft)

Figure 3: Canbelego Deposit Schematic 'Long-Section'

Page 4

Table 2: Drill Hole Details

For personal use only

Hole ID

Type

Easting

Northing

Start

Azimuth

RL

Total Depth

(mE)

(mN)

Dip

CANDD006

HQ

0-198.6m

434141

6500769

-70

078

308

561.7

NQ

198.6-561.7m

Grid:

MGA94 Zone

55

Table 3: CANDD006 Preliminary Geological Observations

Downhole

Width

Preliminary Observations

Interval

Shallow copper oxide mineralisation with visible patches of malachite, gossanous textures -

60-80m

20m

maybe chalcocite

Scattered chalcopyrite veins including:

100 - 200m

100m

106-110m and 188 to 192m - silicification and chalcopyrite (stringer/vein)

  • with Bornite with coarse grained chalcopyrite in sugary quartz, 142m - 142.05m and again at 150.3-150.35m (refer figure 4)

Main Zone target - includes:

405-425.2m - chlorite altered, minor sphalerite (zinc-sulphide) with patchy

405 - c.434m

29m

chalcopyrite veins

425.2 - 426.5m massive to semi massive chalcopyrite with subordinate pyrite

426.5-434m Scattered weak chalcopyrite veins +/- pyrite

Below the target mineralised zone the hole intersected the footwall marker, a mafic

intrusive. Drilling was continued and unexpectedly the hole exited the mafic unit and more

Cobar-like shaley and sandy, chlorite and sericite altered sediments were intersected.

There was a broad, weak halo containing sulphide mineralisation, consisting of

c.457m

76m

disseminated and blebs of pyrite, subordinate chalcopyrite occasionally within the pyrite

blebs, and scattered weak pyrrhotite. Rare veins containing traces of galena and sphalerite

were also observed. The rock's alteration and weak sulphide mineralisation warranted

continuation of drilling toward the east in case further blind massive sulphide lenses were

hit within reasonable distance of the main zone. The hole was terminated approximately

30m beyond the last mineralised signs at 561.7m.

Figure 4: Bornite (Grey-purple) with coarse grained chalcopyrite (brassy) in sugary quartz, 142m - 142.05m (CANDD006)

Page 5

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Disclaimer

Aeris Resources Limited published this content on 19 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2022 00:21:06 UTC.


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