Helix Resources Limited (ASX: HLX) today announced that Japanese organisation and JV Partner JOGMEC has given its approval to funding the Stage 2 exploration drilling phase, over an aggressive (6 month) timeframe at the Samuel Copper Project - Chile.
As a result, the JV Management Committee directed Helix’s Chile technical team to progress immediately onto Stage 2, with an approved budget of US$800,000. This contribution from JOGMEC will sole-fund a minimum 3,000m of diamond drilling in an additional 8-10 holes, fulfilling their funding commitment to Stage 2 of the Samuel Joint Venture Agreement.
Helix Managing Director, Mick Wilson, said: “Helix’ JV Partner, the highly regarded Japanese organisation JOGMEC, informed it of their desire to immediately commit to the exploration drilling phase of the Samuel JV on a shortened timeframe. This commitment to this drilling-focused phase of the JV is an exciting development, with drilling news flow expected throughout the second and third quarters of 2019 from the Samuel Copper Project.”
The Stage 2 Program will reportedly be completed over a shortened six month period to the end of September 2019. Helix stated that this aggressive timeframe and program commitment ensures early drill testing of up to 10 priority target areas derived from the Stage 1 field activities, and maximises copper exploration at the Samuel Project over the coming months.
Samuel Copper Project is prospective for both Mantostyle and Porphyry-style copper (+gold) systems. The company has completed the first ever hole at the Project on the back of funding received from the Stage 1 Program. Further, assays are expected later this month and the second hole has already been commenced.
The maiden hole first planned for a depth of 400m was extended to 450m which has returned encouraging visual signs for primary copper mineralisation with copper sulphides in both the highly altered and variably brecciated volcanic as well as the altered monzonitic intrusive intersected from 369m downhole. Currently, this hole is being logged, photographed and sampled. Moreover, the company intends to consider the hole for a follow-up down-hole IP survey.
The JV Management Committee has prioritised drill hole locations at the target areas identified from the Stage 1 geophysics, mapping and surface sampling. Drilling is reportedly underway on hole 2 (SA19-02) with the drill rig expected to remain onsite now for the entire Stage 2 drilling campaign.
Helix is acting as manager during the early stages of the JV based on its extensive exploration experience and 8 years of operational knowledge working in Chile. It aims to maximise value for the JV participants by delivering an optimal outcome from the programs from funding made available by JOGMEC.
HLX last traded at $0.022. There has been no daily price change in HLX on 7 May 2019; however, the daily volume stood at 147,254 shares. Over the past 12 months, the stock has declined by 38.89% including a negative price change of 12.00% in the past three months.
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