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HELIX RESOURCES LIMITED — Capital/Financing Update 2017
Feb 15, 2017
65059_rns_2017-02-15_29526d65-f257-42cc-b87a-a9a4007ee940.pdf
Capital/Financing Update
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ASX Announcement
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16 February 2017
DRILLING COMMENCES AT COBAR GOLD PROJECT NSW
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Helix is pleased to announce diamond drilling has commenced at the Cobar Gold Project in NSW.
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Drilling is targeting high-grade gold at four advancing gold prospects being Battery Tank, Good Friday, Sunrise and Boundary.
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Diamond drilling will follow up recent discoveries including at Battery Tank:
- where visible gold was panned from samples at the end of the intercept (refer figure 2).
- The drilling program is expected to take 2-3 weeks to complete and will see 5 holes and 2 tails drilled for a total of approximately 600 metres.
Helix Resources Limited (ASX:HLX) is pleased to advise that a diamond drilling program has commenced at the Cobar Gold Project in the Central Western region of NSW.
Drilling is targeting the structural controls of high-grade gold mineralisation at the Battery Tank, Good Friday, Sunrise and Boundary Prospects (refer figure 1).
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Figure 1: Location of four advancing prospects at the Cobar Gold Project (Yellow stars represent location of diamond holes in current program).
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: [email protected]
Battery Tank Prospect
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The diamond drilling program has initially commenced at the Battery Tank Prospect. The first hole is designed to follow-up the recent discovery hole, HRAC018. This air core hole was drilled to blade refusal and returned 43m @ 2.3g/t Au from surface to the end of hole (EOH), including 11m @ 5.1g/t Au from 38m to EOH¹.
Visible gold was panned from a grab sample of drill cuttings from the last 3 samples from HRAC018 (refer figure 2). These samples were dominated by increasing amounts of silica alteration, and quartz veining was also noted. The follow-up diamond hole at Battery Tank will twin this intercept and continue at depth to test the full thickness of mineralisation at this Prospect. Further drilling will be contemplated toward the end of the program, after the orientations and controls of the high-grade gold mineralisation are identified and confirmed.
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Figure 2: Photo of fine visible gold in panned material from the bottom of discovery hole HRAC018
Good Friday Prospect
At Good Friday, the Company plans to continue drilling HRDD003 to test the full thickness of the high-grade mineralisation identified from previous drilling. HRDD003 returned 28.8m @ 3.0g/t Au incl. 8m @ 4.9g/t Au and 7.8m @ 4.0g/t Au to EOH at 57.8m². Helix also plans to extend HRDD001 to test below HRDD003 after a detailed review of the geology suggested HRDD001 was drilled within the mineralisation related alteration zone, yet had not intersected the main high-grade structure within the depth drilled (93.8m).
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: [email protected]
Sunrise Prospect
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An initial diamond hole at the Sunrise Prospect will target gold mineralisation identified during previous RC drilling, which included intercepts of 18m @ 2.3g/t Au and 4m @ 4.4g/t Au in HRRC008³. The mineralisation controls identified in last year’s initial diamond drilling program at Good Friday and Boundary, suggests the highgrade gold controls at Sunrise may be running sub-parallel to the previous RC drilling direction and therefore the high-grade zones were not well tested. Results from this diamond hole will confirm this strike direction and confirm priority targets for high-grade gold mineralisation elsewhere in this prospect.
Boundary Prospect
Two diamond tails are planned to extend two of the recently reported slim-line RC holes at the Boundary Prospect. HRRC101 returned 19m @ 1.0g/t Au to EOH (95m), incl. 3m @ 3.2g/t Au from 92m to EOH¹. HRRC103 also ended into anomalous gold mineralisation, returning 12m @ 0.2g/t Au to EOH¹. Diamond tails on these holes will extend into zones where additional gold mineralization may be intersected.
Future Programs at the Cobar Gold Project
It is anticipated that the current diamond drilling program at the Cobar Gold Project will provide the necessary geological and structural information needed to target high-grade gold at each of the four Prospects and will increase confidence in the geological model being pursued.
The Company expects to then be in a position to rapidly carry out follow-up programs of RC drilling to scope out the size potential of the system(s) and deeper diamond drilling to test the depth potential of this emerging gold province.
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For further information:
Mick Wilson Dale Hanna Managing Director Company Secretary [email protected] [email protected] Ph: +61 8 9321 2644 Ph: +61 8 9321 2644
¹ For full details of exploration results refer to ASX announcement dated 24 January 2017. Helix Resources is not aware of any new information or data that materially effects the information in this announcement.
² For full details of exploration results refer to ASX announcement dated 17 November 2016. Helix Resources is not aware of any new information or data that materially effects the information in this announcement.
³ For full details of exploration results refer to ASX announcement dated 15 February 2011. Helix Resources is not aware of any new information or data that materially effects the information in this announcement.
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
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: [email protected]