High-Grade Results at New Gold Discovery
- First-pass aircore drilling at the previously un-tested Battery Tank Gold Prospect, has returned spectacular initial results:
o 43m @ 2.3 g/t Au from surface to end of hole.
o Including: 11m @ 5.1g/t Au to EOH, finishing in high-grade gold mineralisation.
- This project is part of the Company's Cobar Gold Project in NSW and is completely open in all directions.
- The Battery Tank Prospect is now the fourth prospect in the historic goldfield to return a wide, high-grade gold intercept and confirms potential for the area to host a significant gold deposit or deposits.
- Diamond drilling in late 2016 at nearby prospects had returned excellent 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 is planning follow-up drill programs to advance these exciting high-grade gold discoveries.
HRAC018 returned 43m @ 2.3g/t Au from surface to end of hole with the bottom of the intercept returning 11m @ 5.1 g/t Au from 32m finishing in high-grade gold mineralisation.
The discovery hole at the Battery Tank Prospect was drilled to blade refusal, with significant quartz and siliceous alteration noted throughout the hole, increasing in abundance at the bottom of the hole.
The 20 hole aircore program was testing a large 500m x 500m gold-in-soil anomaly, that remains open in several directions. The Battery Tank Prospect is an area which is scattered with historic (early 1900's) pits and trenches.
Several other holes have returned highly encouraging thick zones of lower-order gold mineralisation in the wide-spaced aircore drilling to blade refusal (hard rock) , refer to Table 1 (see the link below) for significant results. It should be expected that additional gold mineralisation will be intersected at depth at many of these locations, given the strong relationship between the presence of hard quartz veins and high-grade gold.
Recent diamond drilling had 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. Importantly the diamond drilling at the Boundary Prospect had provided invaluable information about the controls of high-grade gold and the distribution of quartz vein/silica alteration that appears consistent through the goldfield.
Four prospects Battery Tank, Boundary, Good Friday and Sunrise have now all returned wide high-grade gold results, suggesting a significant gold system is present in the goldfield. The Cobar region is a multi-million ounce gold producer, typically from high-grade deposits such as The Peak, New Cobar and the nearby Mt Boppy mine, which has produced circa 500,000 ounces of gold at an average grade of 10g/t Au from a 300m long deposit.
Also at the Boundary Prospect, a small three hole slim-line RC program was conducted to assist in defining the geometry of the gold mineralisation present.
Drilling has confirmed an approximate E-W strike and a sub-vertical dip to the gold mineralisation. Hole HRRC101 returned 20m @ 1g/t from 72m to EOH, including 4m @ 3.2g/t Au from 92m to EOH and Hole HRRC103 returning 48m @ 0.6g/t from surface including 20m @ 1.2g/t Au, refer to figure 2 and table 1 (see the link below). Note: All sampling was 4m composite spear sampling, with more accurate riffle split 1m samples to be collected.
The information from this small program will now allow for more comprehensive drill testing, with RC and diamond drilling targeting the full extent of gold mineralisation at Boundary. The Boundary Prospect remains an open, gold in soil anomaly with at least 300m of strike to be tested.
Drilling programs are currently being designed and prepared for the Cobar Gold Project as part of a broader exploration program for the 2017 field season. These gold results are a welcome addition to the ongoing focus on both copper and gold in this highly prospective district.
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