Helix Resources Limited providing an update on the recently completed daughter hole' testing a large DHEM anomaly at its Canbelego Joint Venture (JV) Project located in the Cobar region of NSW. Significant DHEM, conductive targets were discovered from two, deep `Parent' holes, CANDD015 and 016 which successfully demonstrated the down-dip continuity of the Canbelego Main Lode for a further 400m below the base of the 2010 Mineral Resource. These large-scale, highly conductive targets are interpreted as high-grade copper shoots plunging within the overall shear zone hosting the Canbelego copper mineralisation.

Two `daughter' holes (CANDD015A and 16A) were designed to test these targets. The results summarised above and described fully in the following "Technical Report" section, demonstrate drill hole CANDD015A has `narrowly' missed the target conductor. The scale and prospectivity of these targets has not changed.

In challenging conditions for tight directional drilling, utilising three Navi-cuts and various other measures to steer the hole trajectory, this first test appears to have just clipped the shoot. At the target position, disseminated and vein copper sulphides (chalcopyrite) was observed in drill core ­ which is not consistent with the intensity of the conductive responses from the DHEM surveys in holes CANDD015 or 016 and the targets remain untested. The other daughter hole, CANDD016 was suspended due to a mechanical failure approximately 80m off the target.

Drilling will resume on the 9 January 2023 to complete this hole, undertake DHEM of the `near-miss' in CANDD015A and continue to test these highly significant targets for high-grade copper mineralisation.