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    HLX   AU000000HLX7

HELIX RESOURCES LIMITED

(HLX)
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Helix Resources Limited Provides CZ Copper Drilling Update

10/13/2021 | 10:45pm EST

Helix Resources Limited provided an update on the Company's copper exploration activities on its wholly owned tenements along the Collerina Copper trend, located in the prolific copper-endowed Cobar region of NSW. The objectives of the drilling in and around the CZ Mineral Resource 3 are: Recover large volumes of metallurgical samples representing oxide, transitional and fresh copper mineralisation styles; Test for potential extensions of shallow copper oxide mineralisation; and Test for extensions to the deeper, fresh copper sulphide mineralisation. Under challenging circumstances due to COVID-19 restrictions and replacement of several long-term exploration personnel, Helix has drilled eighteen holes in the current program, for a total of nearly 2,000 metres as outlined below and presented in Figure 2, `Drill Hole Location Plan'. Diamond core drilling of approximately 1,400 metres has started on 14 October 2021. Metallurgical sample drilling ­ completed four diamond core holes for 663.3 metres with significant oxide and fresh copper mineralisation intersected at the planned intervals. CZ Resource, shallow extension drilling - testing for oxide mineralisation extensions has been completed with seven RC holes completed for 599 metres. The copper oxide drilling has been successful with new zones of up to 21 metres of visible copper mineralisation intersected in four of the seven holes. The holes were testing for potential extensions to the current oxide Mineral Resource. CZ Resource, deeper extension drilling - to be undertaken with combined RC pre-collars and diamond core tails. To date seven RC pre collars were completed for 721 metres and diamond core tails on the pre-collars of approximately 1,400 metres drilling commenced on 14 October 2021. In a technical sense, the drilling rig is `aimed at what the geologists can see' and not focused on historical, interpreted geological models. This `back to fundamentals' approach is necessary as Helix geologists are continuing to assess gaps in the database with no geological or assay data from various historical holes. Whilst time consuming, this creates positive opportunities to significantly refine the geological model to optimise and enhance the exploration outlook at both the CZ Deposit and also for the new prospects along the Collerina Trend. Drilling is currently in progress at the CZ Deposit, on the Collerina Trend. The current CZ drilling program comprises diamond core to provide samples for metallurgical test work and a mixture of RC and diamond core for copper resource extension and definition. The following section includes descriptions of visual estimates of copper and zinc mineralisation intersected in the new drilling. Various RC and diamond core samples are being prepared for assay With results expected sometime in November 2021. Four large diameter (PQ) diamond holes (CODD0132 to CODD0135) for metallurgical test work were drilled for 663.3 metres. The holes were designed to target oxide, transition and sulphide copper mineralisation. One hole (CODD0134) was extended with HQ core to test a modelled Fixed Loop EM (FLEM) conductor plate at depth; however, no significant sulphide was intersected. Logging of these holes has been completed and core cutting is in progress. The core will be submitted to the laboratory for assay and metallurgical test work next week. Initial assay results are expected in early November. The metallurgical test work holes intersected a hanging wall succession of mica (phlogopite) schist and chlorite schist with irregular anastomosing quartz veins and faults. The depth of weathering ranges from 27 to 58 metres downhole (14 to 29 metres vertically). Oxide mineralisation comprises purple and dark brown hematite rich gossan with trace chalcocite and copper hydroxide (malachite and azurite), and locally native copper. Sulphide mineralisation comprises massive stratiform fine-grained pyrite (FeS2) with chalcopyrite (CuFeS2) ± sphalerite (ZnS) in laminae or agglomeration. The footwall succession comprises chlorite-quartz schist (locally laminated) and ultramafic rocks with sheared margins. The ultramafic layer is generally between 40 and 50 metres below the massive sulphide mineralisation, apart from CODD0132 where it occurs in faulted contact with oxide mineralisation. In general, stratigraphy is northwest-southeast trending with variable dips to the northeast of 350 to 450. Each of the four holes intersected copper mineralisation, as summarised below: CODD0132 intersected 10 metres of copper oxide mineralisation from 32 metres down hole; CODD0133 intersected 18 metres of copper oxide mineralisation from 39 metres down hole; CODD0134 intersected two massive sulphide intervals, with an upper interval 3.3 metres from 84.7 metres down hole, and a lower 3.2 metre interval from 102.3 metres down hole; CODD0135 intersected a 2.4 metre massive sulphide interval from 156.6 metres down hole.


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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 13,5 M 13,4 M
EV / Sales 2020 50,9x
EV / Sales 2021 129x
Nbr of Employees -
Free-Float -
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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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