Helix Resources Ltd (ASX:HLX, Helix or the Company) has successfully trialed the use of an Induced Polarisation (IP) geophysical survey technique at the Canbelego Main Lode Mineral Resource.

The results received clearly identify the 'known' Canbelego copper deposit and highlight two new chargeable IP anomalies that have never been drilled

Helix's Executive Technical Director, Kylie Prendergast commented: 'While it is still early days, the application of IP geophysics is looking like a game-changer for Helix and our exploration of the Rochford Trend. Copper mineralisation occurs as 'sulphide' minerals in either disseminated, vein stockworks or sometimes massivesulphide textures. The latter can be conductive and to date we have relied on measuring that massive, conductive feature utilising 'electromagnetic' or 'EM' survey techniques to identify potential deposits. However, at Bijoux we intersected copper sulphides at grades well above 1% copper but occurring as veins and disseminations and hence unlikely to give an EM response

IP detects 'sulphide' minerals regardless of the textures and we think this technique offers a very cost effective, direct detection method for finding new copper deposits in the Cobar district. With our multi-disciplinary approach including pathfinder geochemistry, we think IP can identity quite 'refined' drill targets or eliminate targets, which offers significant savings on drilling expenditure and time. We will now move on to build a fuller picture of the Rochford Trend copper potential by expanding to a wide coverage 'gradient array IP' geophysical survey over known surface copper anomalies and where drillholes have intersected copper sulphide mineralisation, such as the Cabellero and Bijoux prospects. This is an exciting development; fast-tracking Helix on a discovery pathway while saving money and optimising our drill targeting

Introduction

The Company has completed an orientation induced polarisation (IP) survey over the Canbelego copper deposit and the Bijoux copper prospect. The aim of the survey was to investigate whether IP could detect known mineralised zones at Canbelego, and whether previously detected electromagnetic (VTEM) anomalies within the regionally significant Rochford Trend have an associated IP response. The Canbelego project area falls with EL6105 a joint venture with Aeris Resources Ltd (ASX:AIS); Helix holds 70% and manages the JV, Aeris 30%. The Bijoux prospect, as with the rest of Helix's Cobar regional tenements are 100% held by Helix. At Canbelego the survey consisted of five 1.5km long survey lines over the Main Lode Mineral Resource3 and Western Lodes mineralisation. Four of those lines were parallel across the mineralisation spaced at 200m (170m for the southern line). The fifth line was northeast of the Main Lode across two VTEM anomalies4 . The Bijoux survey consisted of one 1.5km long line across recently discovered significant oxide and copper sulphide mineralisation in RC drillholes5. A pole-dipole (PDIP) array was used for all lines, using 100m receiver dipoles. The PDIP data has been modelled using 2D inversion techniques, and a 3D inversion model for the five Canbelego PDIP lines. The PDIP results confirm that the Main Lode copper mineralisation at Canbelego is detectable by IP and therefore a broader scale gradient array IP (GAIP) survey is being planned for the Canbelego to Bijoux corridor in the Rochford Trend.

Canbelego IP

results The Canbelego PDIP survey generated high-quality and low noise data and has defined three discrete IP chargeability anomalies at a threshold of 30mV/V. The 350m long eastern chargeable anomaly coincides with the known Canbelego Main Lode mineralisation. The top of the chargeable zone is from 125m vertical, deeper than the observed mineralisation which starts near surface. This is partly due to nonchargeable, or poorly chargeable oxide and transition copper mineralisation near surface, and partly due to the 100m dipole size of survey, which was designed to emphasise deeper, rather than shallow, chargeable anomalies. The central chargeable anomaly corresponds to the southern end of the Western Lodes, however the 3D inversion model indicates that the widest part of this anomaly has not been drilled. The western chargeable anomaly is NNW-trending with approximately 300m of strike length. The depth to the top of the chargeable zone is approximately 130m vertical. This anomaly is coincident with a farm track with electric fencing in the south, however interrogation of the data shows no obvious fence effects. Significantly, this anomaly is well outside of the drilled area at Canbelego and represents a new drill target. Similarly, the depth to the top of 30mV/V shell in central and western chargeable anomalies is approximately 140m vertical, and both these anomalies have not been drilled previously. Further refining of these chargeable anomalies will be undertaken after the proposed gradient array IP surveys are completed in the next month. This will include quantifying the impact of the electric fence on the western chargeability anomaly.

Next Steps

Two GAIP surveys are planned; the first covering a 16km2 area from north of Canbelego to south of Caballero, and the second covering a 5km2 area over the Bijoux prospect. A GAIP survey is a cost-effective method surveying large areas to detect chargeability and resistivity anomalies, however GAIP will not provide a depth constraint on any identified anomalies. GAIP anomalies will need to be followed-up with PDIP surveys to accurately define the depth and geometry of the anomalies. Utilisation of GAIP to detect sulphide mineralisation and then PDIP to better define the target ahead of drilling will fast track drill testing and, optimise the drill success rate - saving drill metres and hence expenditure. The GAIP surveys will commence in early March 2024, with the surveys expected to be completed in late-March. Follow-up PDIP surveys will be undertaken after that to define drill targets.

COMPETENT PERSON STATEMENT

The information in this report that relates to exploration results, Mineral Resource estimates and geological data for the Cobar projects is based on information generated and compiled by Mr. Gordon Barnes and Dr. Kylie Prendergast who are both employees and shareholders of the Company. Mr. Barnes and Dr. Prendergast are Members of the Australian Institute of Geoscientists. They both have sufficient experience that is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to each qualify as Competent Person(s) as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Barnes and Dr. Prendergast have consented to the inclusion of this information in the form and context in which it appears in this report.

Contact:

Tel: +61 (0)8 9321 2644

Email: helix@helixresources.com.au

David Tasker

Chapter One Advisers

Tel: 0433 112 936

Email: dtasker@chapteroneadvisors.com.au

About Helix Resources

Helix Resources is an ASX-listed resources company which is 'all-in on copper' exploration in the prolific copper producing region of Cobar, NSW. The strategy is to generate new copper targets on its large, underexplored ground position and test them through drilling to make new discoveries. The Company possesses a sizable ground position across three tenement groups which are largely untested despite being located within 50km of significant copper producing operations. The western tenements consist of 30km of contiguous strike and the Company is advancing a pipeline of wholly owned copper opportunities, as well as the Canbelego JV Project (70% owned and operated by Helix and 30% owned by Aeris Resources) where a Mineral Resource of 32.8kt of contained copper has been estimated (refer Appendix A). The eastern tenement group encompasses more than 150km of prospective strike and includes the 100% owned high-grade CZ copper project.

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