Perth, Feb 2, 2017 AEST (ABN Newswire) - Helix Resources (ASX:HLX) is pleased to advise that a 600 line-kilometre VTEM-Max helicopter-borne geophysical survey has been completed over the 25km of strike on the Collerina tenement. Helix controls an additional 60km of contiguous prospective VMS trend.

- A 600 line kilometre VTEM-Max helicopter-borne geophysics survey has been completed over the 25 kilometres of strike on the Collerina Tenement in NSW.

- This survey has fast-tracked the advancement of the Collerina Project, with multiple near-prospect and regional targets identified in this highly prospective VMS belt.

- At the main Collerina Prospect, a late-time EM anomaly has been identified adjacent to and immediately south-east of previous drilling. This is coincident with surface copper anomalism and is considered a priority drill target.

- The survey has also highlighted multiple regional late-time EM anomalies, many relating to the untested historic copper workings. Several new discrete anomalies have also been identified along the prospective trend. All priority targets will be modelled and followed up.

Helix had previously identified a series of targets along the trend from historic records, mapping and aeromagnetics. The VTEM-Max survey has fast-tracked Helix's exploration program by identifying multiple late-time EM conductors associated with these areas, as well as numerous brand new anomalies. The copper deposits in this region are known to form in clusters, as is evident in the Tritton-Girilambone mining camp.

At the Collerina discovery, a late-time EM anomaly has been identified adjacent to and immediately south-east of previous drilling. This is coincident with surface copper anomalism and is considered a priority drill target.

Regional targets modelled from this survey will be followed-up with detailed close-spaced surface geochemistry sampling and prioritised for first-pass drilling.

When combined with Helix's ongoing exploration, this survey provides further evidence of multiple copper systems, both nearby to the Collerina discovery and along this prospective VMS trend.

COLLERINA PROSPECT AREA

The VTEM survey has highlighted multiple anomalies proximal to the Collerina discovery. An immediate focus is a discrete EM anomaly adjacent to and south-east of the drilling to date. This target appears to relate to a continuation of the copper-in-soil anomalism at surface and is a possible fault off-set extension of the mineralised main zone (refer figure 1 in the link below). This target has never been drill tested.

A new discrete anomaly (approximately 700m north-west of the main Collerina Prospect) was identified and is located on the regional VMS trend. A line of broad-spaced auger soil sampling near this target area returned an elevated copper response. Additional soil sampling is planned over this new anomaly.

The northern anomaly previously identified in Helix's moving loop EM is present in this survey. The additional data from the airborne survey will assist in better defining the depth and orientation of this anomaly.

There are numerous other EM anomalies that are being assessed in the vicinity of the Collerina discovery.

REGIONAL TARGETS

On the regional scale, the VTEM survey has identified multiple discrete late-time EM anomalies. The Company's geophysical consultants are currently modelling these targets for follow-up.

Several regional anaomalies are coincident with known, but untested, historic copper workings; including Widgelands, Yathella, Tindalls and Max's Folly (refer to figure 2 & 3 in the link below). Other new discrete anomalies have also been identified along the regional trend (refer figure 2 in the link below).

Surface geochemistry (auger soil sampling) will be used to confirm and define copper anomalism at these priority targets prior to drill testing.

SURVEY DETAILS

The VTEM-Max survey was flown on 200m line spacing over the 25km prospective trend (refer figure 4 in the link below). The EM survey has delivered high-quality data over the extent of the survey area, with only minor cover effects in the middle of the survey area where conductive cover is present.

In addition, the cost of this survey was substantially reduced by collaborating with several other companies operating in the region.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/5I79T31L


About Helix Resources Ltd

Helix Resources ASX:HLXHelix 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.

 


Contact

Mick Wilson
Managing Director
E: mick.wilson@helix.net.au
T: +61-8-9321-2644

Dale Hanna
CFO/Company Secretary
E: dale.hanna@helix.net.au
T: +61-8-9321-2644

Helix Resources Limited
F: +61-8-9321-3909
WWW: www.helix.net.au



Related Companies

Helix Resources Ltd      

ABN Newswire This Page Viewed:  (Last 7 Days: 25) (Last 30 Days: 99) (Since Published: 1632) 
ANALYTICS: LOGIN HERE

Helix Resources Ltd NEWS: RECENT VISITS (2165)