ASX Stock That Went 2X Post Important Announcement

Summary

  • Helix Resources has unveiled an exciting hit at its 70% owned Canbelego Copper Project.
  • The second hole has encountered a massive copper sulphide mineralisation.
  • This is a follow-up hole to the first hole, which encountered an encouraging chalcopyrite (copper sulphide) mineralisation in early May.
  • The assay results for both the holes are expected in June.

Exploration activities are going from strength to strength for Helix Resources Limited (ASX: HLX) at the Canbelego Copper Project.

In an upbeat market update on Wednesday, 12 May, the minerals exploration company announced a massive copper sulphide mineralisation at Canbelego. Diamond drill hole CANDD002 has intersected 29.5m of copper sulphide mineralisation. This is the second diamond drillhole of the 2021 program.  

The market reacted strongly to the update as the stock of HLX surged 2X yesterday. The stock was trading higher by 5.263% to AU$ 0.040 on 13 May 2021 (AEST 11:34 AM).  

Image source: © Charon | Megapixl.com

Other ASX-listed copper players to watch out for are OZ Minerals Ltd. (ASX:OZL), Castillo Copper Limited (ASX: CCZ), Copper Mountain Mining Corporation (ASX: C6C), and Sandfire Resources Ltd. (ASX:SFR).

Must Read: Six ASX Stocks To Watch As Copper Hits An All-Time-High

Massive Copper Sulphides Intersected

The second hole intersected the mineralisation ~80m below the 24m of copper sulphide encountered in CANDD001 reported in early May and successfully extended copper mineralisation ~90m down-dip from the existing Canbelego mineralisation.

Notably, the second hole hit discrete zones of massive and semi-massive chalcopyrite along with veins and disseminated chalcopyrite within the overall 29.5m interval. The chalcopyrite mineralisation is estimated to have a width of 22m.

Additionally, the Company unveiled a second ‘copper position’ in the hanging wall of the hole (90-120m downhole).

Image source: © Gana123 | Megapixl.com

The Company has prioritised the two copper sulphide zones for sampling. The Company is expecting assay results for both drill holes in June.

“This is an exciting hit – notably there is more massive copper mineralisation in this drill hole which is very encouraging for a high-grade copper zone when the assays come in. As a bonus, there is the possibility of a second copper position emerging after we intersected chalcopyrite veins much higher in this hole,” Helix’s Managing Director, Mike Rosenstreich commented.

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Third Diamond Drill Hole Underway

As part of the 2021 program at the project, a third diamond drill hole is underway. This hole is designed to test extensions to the copper mineralisation approximately 200m to the north.

Helix holds the project in a joint venture (JV) with Aeris Resources Limited (ASX:AIS). Under the JV, Helix holds a 70% stake in the advanced Canbelego Copper Project, which has an Inferred Mineral Resource of 1.5Mt at 1.2% copper.

Must Read: Copper, Nickel & Platinum on fire: What’s fanning the triple boom?


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