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Helix Resources gears up to take it first ever drilling at Samuel Copper Project (Chile) as requested by the funding partner Japan Oil, Gas and Metals National Corporation (JOGMEC).
In the market update dated 29 March 2019, Helix Resources Limited (ASX: HLX) told that it's Joint Venture partner JOGMEC is fully funding the Samuel drilling program and has requested the joint venture move immediately to drill test a priority copper target.
To proceed with the plan, the company stated that remaining funds from Stage 1, amounting to approximately US$400,000 would be directed immediately to drilling the first target area, with diamond drilling expected to commence by the end of March 2019.
The fast track drilling follows the positive outcomes from the field surveys in the initial phase of geophysics and surface sampling at Samuel Copper Project JV in Chile.
Helix Managing Director, Mick Wilson, said: âThe company is excited to see positive results returned from the initial field campaign at the Samuel Copper Project JV in Chile. Helixâs JV Partner, the highly regarded Japanese organisation JOGMEC, has requested the JV to move immediately to drilling and is fully-funding the programs.â
The company has planned to test the high-priority target for primary copper mineralisation in its first ever hole at Samuel. The first hole is expected to be drilled to a depth of 400m to pass under the copper workings, continuing into fresh rock to test for manto-style copper or porphyry style copper mineralisation at depth.
Helix completed an aeromagnetic survey last quarter using a UAV based GeoMagDrone⢠system from local Chilean provider GFDas. Under the expertise of geology and structural consultant Mr Leigh Rankin, the company undertook an interpretation of the magnetic and ground-truthed to build a geological and structural model for the area. The work returned a series of priority targets which were being assessed and ranked, with the majority expected to be drill tested as part of the Stage 2 exploration drilling program.
ASX-listed Helix Resources executed a binding Interim Joint Venture Agreement (IJVA) with JOGMEC in relation to Helixâs 100% owned Samuel Copper Project located in Chile, announced 5th September 2018. The IJVA provides for the exploration of the copper mineralisation prospects and large-scale Samuel Project from a conceptual target without financial contribution from Helix through the earn-in period.
It underscores the term of IJVA under which JOGMEC has an avenue to earn up to a 60% interest in the Samuel Project by funding a 3 stage US$2.4 million program to 31 March 2021. In Stage 2 and Stage 3 exploration program, JOGMEC has agreed to contribute US$0.8 million by 31 March 2020 and US$1.2 million by 31 March 2021.
At the time of writing, 29 March 2019 (1: 07 PM AEST), HLX is trading flat with the daily volume change of 50,000 shares. The stock price stands at $0.023 with a market capitalisation of $9.76 million.
Over the past 12 months, HLX stock price has witnessed a negative performance change of 46.51% including a plunge of 23.33% recorded in the past three months.
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