Helix Resources Limited (ASX: HLX) is a metal and mining company based out in Perth, Australia. The company aims towards identifying, acquiring and developing new projects in the region with an established infrastructure. The company has many projects in its portfolio including five projects in Australia, three projects in Chile and two royalty projects in Australia. But its primary focus is on Collerina Copper-Zinc Project based out in Cobar-Girilambone district in Central New South Wales with high copper mineralization. The company acquired this project in early 2014. This region in Central New South Wales has an established infrastructure with operating mines having VMS style copper systems and related hydrothermal gold.
Today, the company has provided an update over its flagship project, the Collerina Copper-Zinc Project. The area is being drilled through the reverse circulation (RC) and diamond drill (DD) program. The project is expected to have high-grade Central Zone massive sulphide mineralization. A total of 3 holes were reported.
The company has received the second batch of assays stating high-grade copper with an intercept of 4m @ 5.2% Copper, 0.3g/t Gold, 1.0% Zinc from 278m, incl. 1m @ 10.1% Copper, 0.9g/t Gold, 2.7% Zinc being returned from zones of chalcopyrite (hole CORC096) with massive and semi-massive sulphide mineralization. An intercept of 4m @ 3.4% Copper was also returned from a nearby hole CORC088.
Further, two intercepts of 4m @ 2.5% Copper, from 195m, incl. 1m @ 9.2% Copper, 0.2g/t Gold and 4m @ 2.4% Copper, 0.2g/t Gold, 1% Zinc from 222m incl. 1m @ 6.1% Copper, 0.4g/t Gold, 3.3% Zinc with high-grade copper mineralization was found from the hole CORC100. This reflected another important intercept between the Central Zone mineralization and the deeper plunge plane with a gap of 180m, the results of which were declared in mid-2018. These intercepts show an emerging linkage between localized zones of active EM conductance and higher grades of copper.
The third hole, i.e., CORC091 with a high pyritic (iron sulphide) mineralization, up dip of the high-grade copper-rich zones, returned 3m @ 0.5% Copper from 249m.
The diamond tails on RC pre-collars are starting from this week after many delays due to the weather conditions as well as contractor scheduling in December. The remaining drill holes are targeting towards the continuation of the Central Zone copper mineralization at a depth approximately 450m from the surface and 1,100m down plunge. Electromagnetics and a refined modelling method have been successful in the deeper drilling at Collerina.
The current program is expected to end in the last week of January 2019 with the remaining results to be included in a first JORC resource which is expected to be reported by the end of the first quarter of 2019.
The share of Helix Resources Limited are currently trading at $0.027 with a fall of 6.897% during the day’s trade (as on 9 January 2019, 15:25 EST). During the past year, the stock generated a negative return of 30.95. The company has 424.47 million shares outstanding with the market cap of circa $12.31 million.