RC Drilling Program to be Undertaken in Emerging Gold Camp
New Gold Target Identified at Cobar Gold Project
Perth, May 11, 2017 AEST (ABN Newswire) - Helix Resources Limited (
ASX:HLX) is pleased to provide an update regarding its exploration activities at the Cobar Gold Project in NSW.
Highlights
- Results from regional auger soil sampling have identified a new gold in soil anomaly at the Republic Prospect. The robust gold anomaly remains open to the northeast, southwest and southeast.
- Identification of the Republic Prospect confirms the geological model being targeted.
- Planning for a reverse circulation (RC) drilling program has been finalised. The program is designed to expand on recent significant gold intercepts at the Battery Tank, Good Friday, Sunrise and Boundary Prospects, and provide initial drill testing at the new Republic Prospect and other regional prospects.
- The drilling program is expected to commence once approvals have been secured.
- The 30 hole RC program will be testing the strike and dip extent of gold structures which previously returned significant gold drill results including:
o Battery Tank Prospect:
Aircore: 14m @ 2.8g/t Au and 4m @ 13.3g/t Au within 43m @ 2.3g/t Au from surface to EOH.
DDH: 10m @ 3.3 g/t Au (incl. 3.3m @ 5.2g/t Au) and 5m @ 2.4g/t Au within 54.5m @ 1g/t Au.
o Good Friday Prospect:
DDH: 39m @ 2.4g/t Au (incl. 8m @ 4.9g/t Au& 7.8m @ 4.0g/t Au) within 66m @ 1.5g/t Au.
RC: 25m @ 25.5g/t Au and 18m @ 3.2g/t Au.
o Sunrise Prospect:
DDH: 8m @ 3.3g/t Au (incl. 3m @ 6.1g/t Au), 2m @ 3.5 g/t Au, 7m @ 1.3g/t Au and 7m @ 1.2g/t Au within 88m @ 0.7g/t Au.
RC: 11m @ 3.5g/t Au within 28m @ 2.3g/t Au and 13m @ 4.2g/t Au.
o Boundary Prospect:
DDH: 5m @ 9.3g/t Au, 11.4m @ 5.1g/t Au within 45m @ 3.4g/t Au.
RC: 15m @ 2.3g/t Au within 70m @ 1.1g/t Au and 5m @ 2.7g/t Au.
- A new geological model and structural interpretation is driving the recent and planned exploration programs and these exploration results highlight the potential for further identification of linkage between prospects and additional gold mineralisation throughout this prospective and emerging gold camp.
Cobar Gold Project
The Cobar Gold Project is located approximately 40km southeast of the mining hub of Cobar in Central NSW. Helix's 750km2 of tenements cover an entire goldfield hosted in a regionally significant anticline, where northwest regional trends appear to control gold-bearing structures in highly altered sediments. Gold mineralisation was targeted by a series of historic shafts and pits when the area was mined in the late 1800's. The goldfield was only abandoned due to a lack of water to process the gold ore at the time. The goldfield has small historic gold workings scattered over a 13km x 5km area, demonstrating the potentially extensive gold mineralised systems present in the area. The area has had only limited drilling to a maximum depth of 120m from surface at four of the prospects (Battery Tank, Good Friday, Sunrise and Boundary).
Republic Prospect - New Gold Geochemical Anomaly
Helix recently carried out soil auger sampling on a 20m x 20m soil grid, using the Company's hydraulic auger rig at the Republic Prospect, a priority target area approximately three kilometres northwest of the four known prospects.
The Republic Prospect sits on a regionally significant northsouth structure, intersected by northwest lineaments and local northeast sub-structures (refer figure 2). The area has historic trenching, dry-blowing piles and an abandoned mine shaft nearby.
The geochemical survey has identified a robust gold in soil anomaly in the targeted area. A total of 421 samples were collected, with assays highlighting a coherent greater than 10ppb gold in soil anomaly peaking at 138ppb gold with coincident pathfinder element anomalism also present. Higher tenor results (>20ppb gold) follow a northeasterly trend within the broader anomaly. Note: Background gold anomalism in this area is less than 1ppb gold.
The gold in soil anomaly is located in an open woodland, abutting, then continuing southeast of the historic gold workings. The bedrock in this area is completely untested and is a priority target in the upcoming regional drilling planned on the project.
The new geological and structural interpretation provides scope for potential linkage between the known prospects, both along strike and under shallow cover in drainage channels. Consequently, additional soil sampling will be conducted northeast, southwest and southeast of the Republic Prospect anomaly to cover the full extent of the target zone as well as target other areas identified in the regional structural review.
Existing Prospects - Planned Drilling
In addition, Helix has finalised plans for further RC drilling at Battery Tank, Good Friday, Sunrise and Boundary. Helix plans to drill 6-8 RC holes at each prospect targeting dip and strike extensions of the recently identified northeast high grade gold mineralised structures. Drilling will commence upon receipt of statutory approvals.
Drilling will be targeting extensions around the previously reported significant gold results including:
- Battery Tank Prospect:
Aircore: 14m @ 2.8g/t Au and 4m @ 13.3g/t Au within 43m @ 2.3g/t Au from surface to EOH.
DDH: 10m @ 3.3 g/t Au (incl. 3.3m @ 5.2g/t Au) and 5m @ 2.4g/t Au within 54.5m @ 1g/t Au.
- Good Friday Prospect:
DDH: 39m @ 2.4g/t Au (incl. 8m @ 4.9g/t Au), 7.8m @ 4.0g/t Au within 66m @ 1.5g/t Au.
RC: 25m @ 25.5g/t Au and 18m @ 3.2g/t Au.
- Sunrise Prospect:
DDH: 8m @ 3.3g/t Au (incl. 3m @ 6.1g/t Au), 2m @ 3.5 g/t Au, 7m @ 1.3g/t Au and 7m @ 1.2g/t Au within 88m @ 0.7g/t Au.
RC: 11m @ 3.5g/t Au within 28m @ 2.3g/t Au and 13m @ 4.2g/t Au.
- Boundary Prospect:
DDH: 5m @ 9.3g/t Au, 11.4m @ 5.1g/t Au within 45m @ 3.4g/t Au.
RC: 15m @ 2.3g/t Au within 70m @ 1.1g/t Au and 5m @ 2.7g/t Au.
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About Helix Resources Ltd
Helix Resources Limited (ASX:HLX) is a successful minerals exploration company focused on the identification, acquisition and development of projects in prospective jurisdictions with established infrastructure.
The Company's main focus is the exciting Collerina Copper-Zinc & Cobar Gold Projects both located in Central NSW. The Company's key objective for 2017 is to advance these discoveries.
Helix's Board and Management team are focused on creating opportunities to increase shareholder value from the quality assets in the Company's project portfolio.
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