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    HLX   AU000000HLX7

HELIX RESOURCES LIMITED

(HLX)
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Helix Resources Limited : - Cobar Region Copper Exploration Update

09/23/2021 | 08:23am EST

Helix Resources Limited (ASX: HLX) ('Helix' or 'the Company') is pleased to provide an update on the Company's copper-gold exploration activities at its Canbelego Joint Venture project (Helix 70% and Aeris Resources Ltd ASX.AIS 30%), its wholly owned CZ deposit1 and regional work underway along the Collerina Copper Trend, all located in the prolific Cobar region of NSW.

Final assay results from hole CANDD005 at the Canbelego JV have been received, confirming the presence of further copper mineralisation, including narrow, 1 metre, high grade intervals (up to 3.5% Cu), surrounding the high-grade massive copper sulphides detected in CANDD002 2 (14 metres at 4.2% Cu). While continuation of the copper-sulphide (chalcopyrite) shoots intersected in CANDD002 were not intersected within this complexly deformed and folded host sequence, the results provide further information on both the associated rock units and geological controls which determine the position of the higher-grade shoots.

In addition, a down-hole electromagnetic survey (DHEM) conducted on CANDD005 has identified a conductor which aligns with the down-dip position of the CANDD002 intersection, suggesting the massive chalcopyrite shoot may remain open at depth to the south of the intercept in CANDD005. The mineralisation drilled at Canbelego to date outlines a broad zone of potentially economic oxide and fresh copper mineralisation, punctuated by discrete high-grade shoots as intersected in CANDD002. Future work will be directed at extending the broad mineralisation envelope and targeting potential high-grade shoots within, ahead of any resource modelling and development studies

Meanwhile, Helix has continued to progress drilling at the CZ deposit1, completing a metallurgical sampling program and commencing drilling for resource extensions. Commenting on the ongoing activities, Helix Managing Director Mike Rosenstreich said: 'Helix continues to be a highly active copper-gold exploration company in the Cobar region of NSW, with works only recently being completed at the Canbelego JV and a combination of both RC and diamond drilling well underway at CZ. 'Final assays from Canbelego confirm further copper mineralisation surrounds the intersected high-grade massive sulphides, providing vital details for future drilling and resource modelling. This drilling campaign was the first diamond drilling activity at Canbelego since 2013 and to have already hit high-grade, massive copper is a fantastic success. We will now look to review and compile the data to model and better understand the controls on the higher grade, thicker copper zones. 'I am also pleased to see the activity at CZ progressing in rapid time with metallurgical drilling completed and resource expansion drilling underway. We are very much looking forward to providing a more detailed update on that drilling imminently.'

Contact:

Mike Rosenstreich

Tel: +61 (0)8 9321 2644

Email: helix@helixresources.com.au

Web: www.helixresources.com.au

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 0,20 M 0,14 M 0,14 M
Net income 2021 -1,17 M -0,83 M -0,83 M
Net cash 2021 5,37 M 3,82 M 3,82 M
P/E ratio 2021 -19,3x
Yield 2021 -
Capitalization 18,9 M 13,4 M 13,4 M
EV / Sales 2020 50,9x
EV / Sales 2021 129x
Nbr of Employees -
Free-Float 74,3%
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Managers and Directors
Michael Benjamin Rosenstreich Managing Director & Director
Peter Robert Lester Non-Executive Chairman
Jason Macdonald Independent Non-Executive Director
Timothy Kennedy Non-Executive Director
Benjamin Patrick Donovan Secretary
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