Helix Resources operates as an exploration company. It focuses on gold, iron ore and base metal mineral exploration in Australia and Chile. The firm also focuses on acquiring and developing assets within the bulk commodities, base metals and precious metals sectors. Its projects include Cobar Gold, Canbelego JV, Quanda, Little Boppy, Blanco Y Negro, Haullillinga and Joshua.
Earlier today, Helix Resources announced results of their second diamond drillhole program for 2021. Helix has intersected 29.5 metres of copper sulphide mineralisation at Canbelego. Canbelego is a joint venture with Aeris Resources Limited (ASX:AIS) with Helix holding 70% and Manger and AIS holding 30% and contributing to exploration expenditure and planning. Helix reported that the diamond drill hole, CANDD002, has successfully extended its copper mineralisation by approximately 90 metres down-dip from the existing Canbelego mineralisation and a further 80 metres below the 24 metres of copper sulphide intersected in drill hold CANDD001 earlier this month..
Now a second mineralised position was intersected from 90 to 120 metres indicated by regular chalcopyrite veins up to 10cm wide. Downhole EM (DHEM) surveys from both drill holes have indicated presence of off-hole conductors and target modelling is now underway at the location. A third diamond drill hole is also now underway, testing for extensions to the copper mineralisation approximately 200 metres to the north.
The announcement was greeted exceptionally by the market this morning as investors drove the HLX stock price up to $0.038 a share – marking a 171% increase.
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