HELIX RESOURCES LIMITED — Capital/Financing Update 2017

Jul 12, 2017

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ASX Announcement

13 July 2017

SHALLOW DRILLING IDENTIFIES NEW COPPER ZONES AT COLLERINA

• Reverse Circulation (RC) drilling has identified four new near‐surface oxide copper zones expanding the Collerina Copper Deposit footprint.

• Scale and tenor of results are consistent with previous oxide intersections over the Central Zone of the Collerina Deposit.

• These new zones expand the known aggregate strike of copper mineralisation approximately threefold to more than 500m.

• The drilling results confirm the new geological and structural interpretation at Collerina.

• Geophysical surveys (DHEM) targeting primary copper sulphides in the dip and plunge extensions of these new zones are underway.

• A follow‐up drilling program is being planned to target these down dip/plunge extensions this quarter.

Helix Resources Limited (ASX:HLX) ( Helix or the Company ) is pleased to advise that the recent RC drilling program at the Collerina Copper Deposit has been completed and assay results received.

This program has successfully identified four additional near‐surface oxide copper zones adjacent to the existing Central Zone mineralisation. The identification of these new zones has expanded the known Collerina aggregate strike extent to in excess of 500 metres, an approximate threefold increase.

It is encouraging that the scale and tenor of the assay results from the newly identified oxide copper zones are consistent with previous oxide drill intersections over the Central Zone of the Collerina Deposit.

A new drill program is currently being planned, with the assistance of downhole electromagnetics (DHEM), to target copper sulphide extensions to these newly identified copper oxide zones.

Helix Managing Director, Mick Wilson, commented:

“The identification of four new copper oxide zones and the extension of the aggregate strike of copper mineralisation at Collerina to more than 500m is extremely encouraging and validates the potential of the project.

The scale and tenor of the oxide mineralisation of the new zones is consistent with the shallower oxide portion of the Central Zone where massive sulphide mineralisation has been confirmed down plunge for more than 500m.

Today’s results from the new zones and the upcoming downhole geophysical surveys will be key to define drill targets for our next program, targeting copper sulphide mineralisation in potential depth extensions.”

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia 78 Churchill Ave, Subiaco WA 6008

P: +61 8 9321 2644 F: +61 8 9321 3909 www.helix.net.au

Email: mick.wilson@helix.net.au

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Collerina Project Background

The Collerina Project is located in Central NSW, within a 150km long prospective copper belt between Aeris Resources’ Tritton Operations to the north (refer Figure 1) and Mincor Resources’ Tottenham deposits approximately 30km to the south.

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Figure 1: Regional location map ‐ Collerina sits in a 150km long copper prospective belt

Helix controls approximately 80km of this highly prospective belt. Within the Collerina tenement, there are several historic copper and gold workings along a 25km portion of the belt. These regional prospects remain largely unexplored (refer Figure 2).

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Figure 2: Location Plan showing the Collerina Deposit and regional prospects which remain largely unexplored

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia 78 Churchill Ave, Subiaco WA 6008

P: +61 8 9321 2644 F: +61 8 9321 3909 www.helix.net.au

Email: mick.wilson@helix.net.au

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Collerina Deposit

The most advanced prospect at Collerina is the Collerina Copper Deposit. The Collerina Copper Deposit is defined by an open‐ended large copper‐gold soil anomaly. At surface, the central portion of the mineralised zone hosts one of three known historic shafts. The shaft is located in the hanging wall of a semi‐exposed gossan. The overall system trends in a north‐westerly direction.

Earlier drilling of the Collerina Deposit by Helix focussed on targeting the down plunge extent of the Central Zone mineralisation. Central Zone mineralisation has been identified along approximately 150m of strike at surface and is characterised by broad zones of low‐grade copper in oxides to approximately 60m below surface. Higher grade mixed oxides, chalcocite and patches of native copper are present in previous drilling results in the transition zone (approximately 60‐80m from surface). In fresh rock (approximately 80m below surface), high‐grade copper sulphide mineralisation has been intersected and is dominated by chalcopyrite, chalcocite and massive pyrite, with coincident sphalerite (zinc sulphide).

Previous drilling highlighted the remarkable local plunge continuity of the Central Zone mineralised system, commencing from the semi‐exposed gossan at surface. In particular, a zone of massive sulphides bearing high grade copper mineralisation was defined over a plunge extent of in excess of 500m. Individual peak values in 1m samples were up to 12% Cu, 1.5g/t Au and 4.6% Zn¹.

Subsequent drilling by Helix in late 2016 targeted further depth extensions of the Central Zone plunge in an east north‐easterly direction (see green shaded area in Figure 3). Intersected mineralisation transitioned from a massive/semi‐massive copper zone with coincident zinc to a stringer copper‐only style of mineralisation within the plunge plane. Closer to surface, RC drilling continued to show evidence for strike extensions beyond the Central Zone, however it was not clear how local folding and faulting was influencing the copper lenses and their distribution.

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Figure 3: Schematic plan showing target zones surrounding the Central Zone of the Collerina Deposit.

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia 78 Churchill Ave, Subiaco WA 6008

P: +61 8 9321 2644 F: +61 8 9321 3909 www.helix.net.au

Email: mick.wilson@helix.net.au

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Earlier this year Helix commissioned an independent geological consultant to undertake a detailed structural review of the Collerina Deposit and surrounding region. This review concluded that locally the system had been kink folded and reverse faulted resulting in extensions of the Central Zone being variably offset. These extensions were interpreted to most likely be present nearby and located south, southeast and northwest of the positions in the system that had been targeted by drilling to that point.

This interpretation formed the basis of the geological model that was tested with the recent shallow RC drilling program. The commencement of this program was announced by Helix on 15 May 2017 ( “Drilling underway at Collerina Copper Project” ).

Recent RC Drill Program

The recent exploration program was focussed on areas up‐dip of a footwall marker horizon. Drilling targeted the identification of new oxide zones of copper mineralisation surrounding the Central Zone (see pink shaded areas in Figure 3).

This drill program consisted of shallow slim‐line RC drilling to a maximum downhole depth of 114m. It was designed and constructed on the basis of the revised geological and structural model for the Collerina Deposit. The program saw 21 holes drilled for a total of approximately 1,900m with some weather delays during the program.

Drilling was designed to test for potential copper mineralised positions above the footwall marker horizon. The marker horizon had been mapped and its extensions interpreted from magnetics during the geological and structural review. The marker horizon showed evidence for kink folding and fault off‐sets, suggesting a similar orientation was likely for the extensions of the Collerina copper mineralisation (refer Figure 3).

Key results

The drilling successfully identified four new zones of oxide copper mineralisation. The new mineralised zones are shown in Figure 4 and identified as:

• Southeast offset (Zones 3 and 4);

• South extension (Zone 2); and

• Northwest extension (Zone 1).

Key drill intercepts in each new zone are as follows.

Southeast offset (Zones 3 and 4)

CORC060 returned 13m @ 0.3% Cu and 7m @ 2.4g/t Ag before intersecting an historic stope at 46m. Nearby CORC061 returned 10m @ 0.3% Cu from 51m. Approximately 50m along strike to the southeast CORC062 returned a thick intercept of 28m @ 0.2% Cu from 28m.

The Southeast offset has a current strike extent of at least 120m. The zone remains open along strike and is completely untested down plunge.

South extension (Zone 2)

Holes in the South extension (Zone 2) included 6m @ 0.2% Cu from 21m in CORC049 and 8m @ 0.2% Cu from 32m in CORC064. This zone abuts the Central Zone, but is poorly drill tested along the plunge plane. This zone has a strong copper‐in‐soil anomaly peaking at 2610ppm Cu¹.

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia 78 Churchill Ave, Subiaco WA 6008

P: +61 8 9321 2644 F: +61 8 9321 3909 www.helix.net.au

Email: mick.wilson@helix.net.au

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To clearly illustrate the importance between the recent oxide results and the potential for additional primary copper sulphides at depth, the direct plunge position of this particular zone hosts two previously drilled holes. The results include 4m @ 2.4% Cu¹ from 54m in an historic CRA drill hole and 8m @ 2.4% Cu¹ from 123m in CORC022, which located approximately 220m down plunge from CORC064.

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Figure 4: New target zones surrounding the Central Zone at Collerina. Zones identified in recent drilling relate to four >400ppm copper in soil anomalies at surface.

Northwest extension (Zone 1)

The Northwest extension (Zone 1) returned 16m @ 0.2% Cu from 3m in CORC047 and 3m @ 0.6g/t Au and 13g/t Ag from 19m, before intersecting another historic stope. CORC063 returned 40m @ 0.1% Cu approximately 20m west and south of this position.

This zone is likely to be related to the western‐most known historic shaft. Nearby sub‐cropping gossan has returned rock chip samples up to 1.3% Cu and 8.4g/t Au¹. This zone has a current strike extent of 110m and remains open to the west.

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia 78 Churchill Ave, Subiaco WA 6008

P: +61 8 9321 2644 F: +61 8 9321 3909 www.helix.net.au

Email: mick.wilson@helix.net.au

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Significance

The scale and tenor of the assay results in these newly identified oxide copper zones are consistent with previous oxide drill intersections over the Central Zone of the Collerina Deposit. Examples of oxide results above the high grade Central Zone include: 15m @ 0.1% Cu from 21m (CORC004), 20m @ 0.2% Cu from 18m (CORC023) and 50m @ 0.2% Cu from 8m (CORC024)¹.

The new zones have expanded the aggregate known strike extent at surface of the Collerina copper system to over 500m (a three‐fold increase) and provide a vector to potential copper sulphide mineralisation down plunge.

Critically, the new zones are all open down plunge as illustrated in the schematic long section shown below in Figure 5.

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Figure 5: Collerina Deposit long‐section showing the known extent of the Central Zone plunge and position of the new zones.

Collar locations are detailed in Table 1 and assay results are contained in Table 2.

Next Steps

Geophysical surveys (DHEM) are currently underway at Collerina in order to assist in targeting potential high‐ grade primary sulphide mineralisation in the dip and plunge plane of the new zones. Details of these surveys will be released in a separate announcement.

Once the results of the geophysical surveys have been processed and assessed, a follow up drilling program targeting the down plunge/dip planes of the new zones is planned to be undertaken during the current quarter, subject to the receipt of necessary approvals.

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia 78 Churchill Ave, Subiaco WA 6008

P: +61 8 9321 2644 F: +61 8 9321 3909 www.helix.net.au

Email: mick.wilson@helix.net.au

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Regional Prospects

As part of the current program four shallow holes were recently drilled at the Max’s Folly Prospect. Drilling intersected historic workings evidenced by stope material and substantial water flow at approximately 30m downhole in the initial two holes drilled (approximately 50m apart). This suggests the historic workings present are more extensive than anticipated and appear to be of similar size and depth to the existing workings at the Collerina Deposit. Assay results for this drilling are awaited.

Planned exploration drilling at regional prospects, Yathella and Tindalls, where VTEM targets have been identified nearby to historic copper workings, has not been completed due to winter cropping in the paddocks hosting the prospects.

‐ ENDS ‐

For further information:

Mick Wilson Dale Hanna Managing Director CFO/Company Secretary mick.wilson@helix.net.au dale.hanna@helix.net.au Ph: +61 8 9321 2644 Ph: +61 8 9321 2644

Competent Persons Statement

The information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr M Wilson who is a full time employee of Helix Resources Limited and a Member of The Australasian Institute of Mining and Metallurgy. Mr M Wilson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr M Wilson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Details of the assumptions underlying any Resource estimations are contained in previous ASX releases or at www.helix.net.au

¹ For full details of exploration results refer to ASX announcements dated 1 April 2015, 10 November 2015, 18 February 2016, 24 May 2016, 29 June 2016 2 November 2016, 1 December 2016. Helix Resources is not aware of any new information or data that materially effects the information in these announcements.

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia 78 Churchill Ave, Subiaco WA 6008

P: +61 8 9321 2644 F: +61 8 9321 3909 www.helix.net.au

Email: mick.wilson@helix.net.au

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Table 1: Collerina Deposit drill collar details

Project	Site_ID	Site_Type	Northing	Easting	RL	TotalDepth	HoleType	Comment
EL6336	CORC047	DH	6455000	505160	215	22	SLRC	Abandoned in Stope
EL6336	CORC048	DH	6454950	505210	215	71	SLRC
EL6336	CORC049	DH	6454886	505330	215	100	SLRC
EL6336	CORC050	DH	6454835	505410	215	70	SLRC
EL6336	CORC051	DH	6454780	505532	215	88	SLRC
EL6336	CORC052	DH	6454739	505532	215	85	SLRC
EL6336	CORC053	DH	6454620	505590	215	70	SLRC
EL6336	CORC054	DH	6454683	505583	215	100	SLRC
EL6336	CORC055	DH	6454830	505596	215	114	SLRC
EL6336	CORC056	DH	6454740	505532	215	103	SLRC
EL6336	CORC057	DH	6454925	505485	215	112	SLRC
EL6336	CORC058	DH	6454820	505660	215	100	SLRC
EL6336	CORC059	DH	6454750	505630	215	100	SLRC
EL6336	CORC060	DH	6454870	505530	215	46	SLRC	Abandoned in Stope
EL6336	CORC061	DH	6454875	505535	215	100	SLRC
EL6336	CORC062	DH	6454858	505552	215	100	SLRC
EL6336	CORC063	DH	6455015	505140	215	100	SLRC
EL6336	CORC064	DH	6454886	505330	215	100	SLRC
EL6336	CORC065	DH	6455185	505190	215	100	SLRC
EL6336	CORC066	DH	6455230	505180	215	100	SLRC
EL6336	CORC067	DH	6455265	505135	215	100	SLRC
EL6336	CORC068	DH	6455310	505100	215	100	SLRC

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia 78 Churchill Ave, Subiaco WA 6008

P: +61 8 9321 2644 F: +61 8 9321 3909 www.helix.net.au

Email: mick.wilson@helix.net.au

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Table 2: Key Collerina drilling results (0.1% Cu cut‐off) from recent program

Hole ID	From	Result	Comment	Location
CORC047	3m	16m@0.2%Cu		Northwest
and	19m	3m@0.6g/t Au & 13g/t Ag	EOH(Stope)
CORC048	39m	2m@0.1 % Cu		South
CORC049	21m	6m@0.2% Cu		South
CORC050	13m	1m@1.7g/t Au & 0.2% Cu		South
CORC051	62m	1m@0.1% Cu		South‐East Ext
CORC052	62m	1m@0.1g/t Au		South‐East Ext
CORC053		Not sampled		South‐East Ext
CORC054		No significant result		South‐East Ext
CORC055		No significant result		South‐East Ext
CORC056	67m	3m@0.1% Cu		South‐East Ext
CORC057	66m	2m@0.7% Cu & 0.2g/t Au		South‐East
CORC060	29m	13m 0.3% Cu		South‐East
and	39m	7m@2.4g/t Ag	EOH(Stope)
CORC061	51m	10m@0.3% Cu		South‐East
CORC062	28m	28m@0.2% Cu		South‐East
CORC063	12m	40m@0.1% Cu		Northwest
CORC064	32m	8m@0.2% Cu		South
and	56m	4m@0.1% Cu
CORC065	94m	1m@0.4% Cu		Northwest
CORC066	73m	2m@0.4% Cu		Northwest
and	81m	1m@0.4% Cu
CORC067	81m	1m@0.5% Cu		Northwest
CORC068		No significant result		Northwest

Reported Intercepts are based on 1m split samples or 4m composite samples assayed for base metals via a mixed acid digest and MS finish, Gold via fire assay. Intercepts are calculated on a 0.1% Cu cut‐off.

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia 78 Churchill Ave, Subiaco WA 6008

P: +61 8 9321 2644 F: +61 8 9321 3909 www.helix.net.au

Email: mick.wilson@helix.net.au

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JORC Code – Table 1

Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random	The Collerina drilling used a commercial contractor for Slim line RC
techniques	chips, or specific specialised industry standard	drilling. A total of 21 holes were drilled (refer Table 1 & 2 in body of
	measurement tools appropriate to the minerals under	announcement). Holes were orientated generally to grid 215 grid
	investigation, such as down hole gamma sondes, or	directions, and were drilled at dips of 60°.
	handheld XRF instruments, etc). These examples should	The drill hole locations were located by handheld GPS. No down hole
	not be taken as limiting the broad meaning of sampling.	surveys were conducted during drilling, using an in-rod down-hole
	 Include reference to measures taken to ensure sample	system.
	representivity and the appropriate calibration of any	Slin-line RC Drilling was used to obtain 1m split samples from selected
	measurement tools or systems used.	intervals. Some sampling was completed as 4m composites. RC was
	 Aspects of the determination of mineralisation that are	collected at the rig as a split sample from each metre with selected
	Material to the Public Report.	metres collected by Helix staff for assay.
	 In cases where ‘industry standard’ work has been done
	this would be relatively simple (eg ‘reverse circulation
	drilling was used to obtain 1 m samples from which 3 kg
	was pulverised to produce a 30 g charge for fire assay’).
	In other cases more explanation may be required, such as
	where there is coarse gold that has inherent sampling
	problems. Unusual commodities or mineralisation types
	(eg submarine nodules) may warrant disclosure of
	detailed information.
Drilling	 Drill type (eg core, reverse circulation, open-hole hammer,	Slim line RC was the method chosen for the holes drilled and was
techniques	rotary air blast, auger, Bangka, sonic, etc) and details (eg	drilled with a 80mm face sampling hammer using industry practice
	core diameter, triple or standard tube, depth of diamond	drilling methods.
	tails, face-sampling bit or other type, whether core is
	_oriented and ifso, by what method, etc). _
Drill sample	 Method of recording and assessing core and chip sample	Sample weight and recoveries are observed during the drilling and any
recovery	recoveries and results assessed.	sample under-sized or over-sized was noted the geological logs.
	 Measures taken to maximise sample recovery and ensure	Samples were checked by the geologist for volume, moisture content,
	representative nature of the samples.	possible contamination and recoveries. Any issues are discussed with
	 Whether a relationship exists between sample recovery	the drilling contractor.
	and grade and whether sample bias may have occurred
	due to preferential loss/gainof fine/coarse material.

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Criteria	JORC Code explanation	Commentary
Logging	 Whether core and chip samples have been geologically	All RC samples have a representative sieved amount of drill chips
	and geotechnically logged to a level of detail to support	collected in trays for future reference.
	appropriate Mineral Resource estimation, mining studies	Logging of RC recorded lithology, alteration, degree of oxidation, fabric
	and metallurgical studies.	and colour.
	 Whether logging is qualitative or quantitative in nature.	All holes were/are to be logged in full.
	Core (or costean, channel, etc) photography.
	 The total length and percentage of the relevant
	_intersections logged. _
Sub-	 If core, whether cut or sawn and whether quarter, half or	The preparation of RC samples follow industry practice. This involves
sampling	all core taken.	oven drying, pulverization of total sample using LM5 mills until 85%
techniques	 If non-core, whether riffled, tube sampled, rotary split, etc	passes 75 micron.
and sample	and whether sampled wet or dry.	Field QA_QC involved repeat sampling and the laboratories standard
preparation	 For all sample types, the nature, quality and	QA_QC procedures.
	appropriateness of the sample preparation technique.	The sample sizes are considered appropriate to the grain size of the
	 Quality control procedures adopted for all sub-sampling	material being sampled. Repeatability of assays was good.
	stages to maximise representivity of samples.
	 Measures taken to ensure that the sampling is
	representative of the in situ material collected, including for
	instance results for field duplicate/second-half sampling.
	 Whether sample sizes are appropriate to the grain size of
	_the material being sampled. _
Quality of	 The nature, quality and appropriateness of the assaying	All assays were conducted at accredited assay laboratory. The
assay data	and laboratory procedures used and whether the	analytical technique used for base metals is a mixed acid digest with a
and	technique is considered partial or total.	MS collection. Gold was assayed via the fire assay method.
laboratory	 For geophysical tools, spectrometers, handheld XRF	Laboratory QA/QC samples involving the use of blanks, duplicates,
tests	instruments, etc, the parameters used in determining the	standards (certified reference materials), replicates as part of in-house
	analysis including instrument make and model, reading	procedures.
	times, calibrations factors applied and their derivation, etc.
	 Nature of quality control procedures adopted (eg
	standards, blanks, duplicates, external laboratory checks)
	and whether acceptable levels of accuracy (ie lack of bias)
	_and precision have been established. _
Verification	 The verification of significant intersections by either	Results have been verified by Company management.
of sampling	independent or alternative company personnel.	Geological data was collected using handwritten log sheets which
and	 The use of twinned holes.	detailed geology (weathering, structure, alteration, mineralisation),
assaying		sampling quality and intervals, sample numbers, QA/QC and survey

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Criteria	JORC Code explanation	Commentary
	 Documentation of primary data, data entry procedures,	data. This data, together with the assay data received from the
	data verification, data storage (physical and electronic)	laboratory and subsequent survey data were entered into a secure
	protocols.	Access databases and verified.
	 _Discuss any adjustment to assay data. _
Location of	 Accuracy and quality of surveys used to locate drill holes	The drill collar positions were picked-up using GPS.
data points	(collar and down-hole surveys), trenches, mine workings	Grid system is GDA94 Zone 55.
	and other locations used in Mineral Resource estimation.	Surface RL data collected using GPS. Topography around the drilled
	 Specification of the grid system used.	area is a slight slope grading from Grid North-East to drainage west of
	 Quality and adequacy of topographic control.	the main drilled area. Variation in topography is less than 5m across
		the drilled area.
Data spacing	 Data spacing for reporting of Exploration Results.	Drill holes at the Collerina Project were targeting various geological and
and	 Whether the data spacing and distribution is sufficient to	structural targets.
distribution	establish the degree of geological and grade continuity	This was a step-out drilling program conducted by Helix for the Project
	appropriate for the Mineral Resource and Ore Reserve	and therefore the amount of drilling remains insufficient to establish a
	estimation procedure(s) and classifications applied.	JORC compliant resource.
	 Whether sample compositing has been applied.	Sampling involved 1m or less interval samples. Some sampling in
		areas of low-prioritywere subject to4mcomposite samplingassay.
Orientation	 Whether the orientation of sampling achieves unbiased	Inclined RC drilling and two diamond holes have been previously
of data in	sampling of possible structures and the extent to which	completed within the central mineralised zone with good correlation
relation to	this is known, considering the deposit type.	observed between data sets.
geological	 If the relationship between the drilling orientation and the	No orientation based sampling bias has been identified in the data to
structure	orientation of key mineralised structures is considered to	date.
	have introduced a sampling bias, this should be assessed	High grade base metals and associated gold was intersected in many
	and reported if material.	oftheholes drilled.
Sample	 The measures taken to ensure sample security.	Chain of Custody is managed by the Company. The samples were
security		freighted directly to the laboratory with appropriate documentation
		listing sample numbers intervals and/or cut, with analytical methods
		requested.
Audits or	 The results of any audits or reviews of sampling	No additional QA/QC has been conducted for the drilling to date.
reviews	techniques and data.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location and ownership	The Collerina Project is on EL6336.Helix has secured the precious
tenement	including agreements or material issues with third parties	and base metal rights under a split commodity agreement with the
and land	such as joint ventures, partnerships, overriding royalties,	owners Augur minerals Limited. The tenement is in good standing,
tenure status	native title interests, historical sites, wilderness or national	with a renewal due in October 2018.There are no known impediments
	park and environmental settings.	to operating in this area.
	 The security of the tenure held at the time of reporting
	along with any known impediments to obtaining a licence
	_to operate inthe area. _
Exploration	 Acknowledgment and appraisal of exploration by other	Previous modern exploration on the Collerina was limited to 3 holes
done by	parties.	drilled by CRA in the 1980’s all three holes intersected copper
other parties		mineralisation. Historic shafts and pits are present in the area, which
		date backto smallscalemining activitiesinthe early1900’s.
Geology	 Deposit type, geological setting and style of mineralisation.	The prospect is considered to be a hybrid VMS style system similar to
		theTrittonstyle systemsintheregion.
Drill hole	 A summary of all information material to the understanding	Refer to table 2 in the body of the text
Information	of the exploration results including a tabulation of the	No material information was excluded from the results listed
	following information for all Material drill holes:
	 If the exclusion of this information is justified on the basis
	that the information is not Material and this exclusion does
	not detract from the understanding of the report, the
	Competent Person should clearly explain why this is the
	_case. _
Data	 In reporting Exploration Results, weighting averaging	Results were reported from 1m intervals on a 0.1% Cu cut-off, with
aggregation	techniques, maximum and/or minimum grade truncations	max 4m of internal dilution.
methods	(eg cutting of high grades) and cut-off grades are usually	No weighting has been used
	Material and should be stated.	No metal equivalent results were reported.
	 Where aggregate intercepts incorporate short lengths of
	high grade results and longer lengths of low grade results,
	the procedure used for such aggregation should be stated
	and some typical examples of such aggregations should
	be shown indetail.

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
 The assumptions used for any reporting of metal _equivalent values should be clearly stated. _
Relationship between mineralisatio n widths and intercept lengths  These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).  	The program was designed to intersect various targets of base metal mineralisation . From our understanding of the Prospect, drilling is designed to intersect target mineralisation as close to perpendicular as practical.
Diagrams  Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. 	Refer to figure 1 and 2
Balanced reporting  Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. 	Refer to Table 2, remaining results have not been received at the time of release and will be release as soon as they become available
Other substantive exploration data  Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. 	Previously reported activities Refer to ASX announcements on www.helix.net.aufor details
Further work  The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step- out drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. 	Additional geophysics, geochemistry and drilling will be undertaken to further assess the potential of the Collerina prospect and overall Collerina Project.