HELIX RESOURCES LIMITED Helix holds a 70% JV interest and is Manager, with Aeris currently holding 30%. Helix, as JV Manager, is planning an aggressive FY24 work program aimed at testing several promising early-stage targets, conducting further assessment of the resource growth potential around the current 2023 Canbelego Mineral Resource estimate2 (MRE) and undertaking preliminary economic assessments and test work of the MRE. Exploration work since early 2021, when the JV recommenced exploration following an 8-year hiatus, has significantly expanded the 2010 MRE and identified a range of new targets to increase that copper inventory to the current 32,000 tonnes of contained copper. Aeris has elected not to contribute to the FY24 work program. Helix will sole fund the FY24 exploration efforts, diluting Aeris' equity interest in the JV project. Aeris remains supportive of the project and of continuing to advance the Canbelego Mineral Resource to a preliminary mining study
Commenting on the FY24 Canbelego work program, Managing Director
Key Outcomes
From the restart of exploration activities at Canbelego in early 2021, key outcomes included major drilling campaigns which extended the mineralisation approximately 400m vertically and delineated high-grade copper shoots culminating in a new, robust MRE of 1.83 million tonnes grading 1.74% copper for 31,800 tonnes of contained copper.3 Opportunities for new discoveries were also enhanced with the identification of the Western Lodes just 'hundreds' of metres to the west of the Main Lode - these are potential Main Lode 'look a likes'. As well as generating several new aerial electromagnetic (EM) targets prospective for new copper deposits.
Planned Exploration FY24 exploration is principally aimed at adding substantial copper tonnes to the current resource base for EL6105 and to gain a preliminary assessment on the economics of mining that resource. At the advanced Main Lode project, Helix plans to undertake a high-level preliminary economic assessment of the new MRE to gain an understanding of open pit and underground mining opportunities and how this might fit into several local potential processing options. This work will be supported by preliminary metallurgical test work on the different mineralisation styles identified at Canbelego. The advanced project work links neatly into the geological assessment of the Western Lodes which, if developed into similar mineralised bodies to the Main Lode, could enhance the economics and development options in the greater Canbelego area. A detailed geological review including structural and lithogeochemical modelling is well advanced and is critical to understand and better predict potential extensions and repeat deposit positions, regionally. The licence area is considered by Helix to be highly prospective for new copper discoveries with several early-stage targets emerging from recent and ongoing geophysical and geochemical survey work. Further sampling work is required because the historical geochemical sampling data is incomplete and highly variable in its effectiveness. Note the existing Canbelego MRE is associated with historical mine workings which drew early exploration interest. A significant work program is underway across the Rochford Trend, including EL6105 to close gaps with high-quality, multi-element geochemical surface data. On EL6105, this provides valuable technical context and support for three priority aerial EM targets (VTEM - refer Background Note page 2) which the Company plans to follow-up with further ground geophysics and, subject to results, drilling. Notwithstanding Aeris' decision to allow its JV equity to dilute through FY24, Helix has a major work program planned and underway at Canbelego and the wider JV licence area.
Contact Details: Helix Resources Limited Level 13, 191
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