Helix Resources Limited (ASX: HLX) (Helix or the Company) is pleased to provide an exploration update for the Cobar Gold Project.
HIGHLIGHTS
First ever reverse circulation (RC) drilling (4 scout holes) on a 1.7km corridor of Rochford Trend; Highly anomalous portable XRF (pXRF) base metal readings recorded in weathered bedrock in 3 out of the 4 scout holes; BJRC003 returned pXRF readings of 38m @ 0.22% Cu from surface, (peak reading 0.54%Cu); BJRC004 returned 33m @ 0.13% Cu (peak reading 0.50% Cu) These early pXRF readings indicate the potential for a polymetallic mineral system, with a similar geological setting to deposits like Aurelia's recent Federation discovery.
Samples from these holes being sent to a laboratory for gold and base metal assay; In response to these encouraging results a moving loop EM (MLEM) survey will be fast-tracked, using survey crews currently in the district; The drill rig has moved to continue the current round of drilling on gold targets elsewhere on the leases.
pXRF readings are semi-quantitative and are deemed to only provide an indication of base metal mineralisation. In addition, the pXRF device is not able to detect gold that may be present in the samples. The samples will be sent to a commercial laboratory for gold and base metal assay.
Helix Executive Chairman, Peter Lester, said: 'Although it is early days for the Rochford Trend, we are very encouraged by these initial field results from the Bijoux Prospect. These broad zones of pXRF copper (and zinc) readings in scout holes, in what is possibly a depletion zone in the weathering profile, are significant exploration results, particularly given the location of the prospect, along trend from other known gold bearing polymetallic mineral deposits. With samples heading to the labs, we will now fast-track a surface EM Survey over the trend'.
Scout RC drilling of four holes in two locations along the Rochford Trend have been undertaken as part of the current Cobar Gold Project drilling program. The 12km long Rochford Trend lies on the eastern edge of the Cobar Gold Project, between the polymetallic Pipeline Ridge Deposit (Southeast) and the Canbelego/Mt Boppy copper and gold deposits (Northwest). Of significance, the two southern holes at the Bijoux Prospect have returned broad zones of copper in pXRF readings, in heavily weathered and strongly altered bedrock. Whilst elevated in copper, this may also represent a depletion zone in this mineral system.
Contact:
Peter Lester
Tel: +61 8 9321 2644
Email: helix@helix.net.au
Forward-Looking Statements
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