Drilling Commences at Cobar Gold Project, NSW
The 20 hole program, for approximately 1,000m, will be testing a large 500m x 500m gold-in-soil anomaly associated with a series of historic pits and trenches scattered throughout the Prospect area. The program is targeting high-grade gold structures.
- A 20 hole Aircore drilling program commences today at the Battery Tank Gold Prospect, Cobar NSW.
- The 1,000m program will be testing a large 500m x 500m gold in soil anomaly scattered with historic pits and trenches.
- Helix is targeting high-grade gold mineralisation associated with quartz-rich structures and altered sediments within multiple prospects identified throughout a 5km wide historic goldfield.
- Recent diamond drilling at nearby prospects have returned excellent high grade gold results including 45m @ 3.4g/t Au at the Boundary Prospect and 28m @ 3g/t Au to EOH at the Good Friday Prospect.
- The Company plans to complete first-pass drilling at the Battery Tank Prospect and then prioritise additional drilling to advance these exciting high grade gold discoveries.
Results from the recent diamond drilling at the nearby Good Friday and Boundary Prospects have provided a clearer understanding of the high-grade gold controls within structures in this goldfield (refer figure 1 in the link below).
Intercepts included from shallow depths:
Boundary Prospect : HRDD002: 45m @ 3.4g/t Au from 46m, incl. 5m @ 9.3g/t Au from 51m and 11.4m @ 5.1g/t Au from 71m.
Good Friday Prospect: HRDD003: 28.8m @ 3.0g/t Au from 29m incl. 8m @ 4.9g/t Au from 31m and 7.8m @ 4.0g/t Au from 50m to EOH.
Helix has submitted additional plans for approval with the Mines Department for further drilling and is planning diamond and RC programs to follow-up these exciting high grade gold results.
Regionally, Helix is targeting multiple gold-rich structures within the broader goldfield. Additional targets will continue to be worked-up using the company's soil auger rig to define gold anomalies to be tested in future drilling programs.
The historic goldfield being targeted by Helix was actively mined in the late 1800's before a multi-year drought forced the area to be abandoned. Historic records report that during its producing years, gold grades exceeding 3kg per tonne were produced from this goldfield.
The gold systems present are thought to be similar to the nearby Mt Boppy gold mine where 500,000 ounces at an average grade of 10g/t Au was produced from a deposit less than 300m in length.
To view tables and figures, please visit:
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.
Helix Resources Ltd