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HELIX RESOURCES LIMITED — Interim / Quarterly Report 2017
Apr 27, 2017
65059_rns_2017-04-27_453dc6b6-e37b-4481-a2cc-4f933f71d83c.pdf
Interim / Quarterly Report
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Quarterly Report March 2017
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HIGHLIGHTS
Cobar Gold Project (NSW)
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Diamond drilling was completed at Battery Tank, Good Friday, Sunrise and Boundary Prospects . Eight (8) holes were drilled for 710m tested for northeast trending structures at each prospect and returned significant gold intercepts from shallow depths at all four prospects.
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Battery Tank Prospect: HRDD005: 10m @ 3.3 g/t Au (incl. 3.3m @ 5.2g/t Au) and 5m @ 2.4g/t Au within an overall intercept of 54.5m @ 1g/t Au[ 1] . The discovery hole (HRAC018) single metre re‐sampling has returned 14m @ 2.8g/t Au and 4m @ 13.3g/t Au within 43m @ 2.3g/t Au from surface to EOH[ 1] . The gold structure is open along strike and down‐ dip.
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Good Friday Prospect: HRDD003: Intercepted 39m @ 2.4g/t Au within a broader interval of 66m @ 1.5g/t Au from surface [1] . This interval includes two zones of high‐grade gold located higher in the hole, 8m @ 4.9g/t Au and 7.8m @ 4.0g/t Au[2] , reported last quarter. The strike and plunge at Good Friday remains open.
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Sunrise Prospect : HRDD006 has intersected multiple gold bearing structures including: 8m @ 3.3g/t Au (incl. 3m @ 6.1g/t Au) , 2m @ 3.5 g/t Au, 7m @ 1.3g/t Au and 7m @ 1.2g/t Au within an overall 88m @ 0.7g/t Au[1] intercept of gold mineralisation from surface. Multiple northeast trends require follow‐up at Sunrise.
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Boundary Prospect : HRDD002 intersected 43m @ 3.4g/t Au incl. 5m @ 9.3g/t Au and 11.4m @ 5.1g/t Au[1] , a zone down dip of this intersection is the priority target for further drill testing at Boundary.
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A comprehensive structural review has put regional context to these results and identified similarities between the gold mineralising controls at the Cobar Gold Project and the nearby Peak gold trend (approx. 4 million ounce gold endowment).
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Identification of gold bearing quartz vein arrays and breccia zones perpendicular to the regional northwest trends is an important geological breakthrough for the project. This indicates that the size extent and grade of the known gold mineralisation has the potential to increase significantly with further drill testing.
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Follow‐up RC drilling programs are being formulated to further test this emerging gold camp.
Collerina Copper Project (NSW)
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During the quarter, final data from the VTEM‐Max helicopter‐borne geophysics survey , covering 25 kilometres of strike at the Collerina Project, was received and analysed .
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Multiple near‐prospect and regional targets have been identified , several anomalies have been ear‐ marked for modelling and follow‐up ground based EM surveys.
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A detailed prospect‐scale and regional structural review covering the Collerina Project was also completed during the quarter. Findings from this study and modelling of the VTEM are expected shortly and will be released in a separate announcement.
Corporate
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Helix completed a placement during the quarter, raising $2.21m , which funds the Company’s 2017 exploration and working capital requirements.
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Mr Gary Lethridge was appointed the Company’s new Non‐Executive Chairman , effective from 9 March 2017.
For Further Information please contact: Mick Wilson ‐ Managing Director Email: [email protected]
Helix Resources Limited 78 Churchill Ave. Subiaco WA 6008 Telephone: +61 8 9321 2644 Fax: +61 9321 3909 www.helix.net.au
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Project Activities
NSW ‐ Copper and Gold
Cobar Gold Project
The Cobar Gold Project is located approximately 40km southeast of the mining hub of Cobar in Central NSW. Helix’s 750km² of tenements cover an entire goldfield hosted in a regionally significant anticline, where northwest regional trends appear to control gold‐bearing structures in highly altered sediments. Gold mineralisation was targeted by a series of historic shafts and pits when the area was mined in the late 1800’s. The goldfield was only abandoned due to a lack of water to process the gold ore at the time. The goldfield has small historic gold workings scattered over a 13km x 5km area, demonstrating the potentially extensive gold mineralised system present in the area. The area has had only limited drilling to a maximum depth of 120m from surface at four prospects (Battery Tank, Good Friday, Sunrise and Boundary).
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Figure 1: Location of the Cobar Gold Project which has a similar geological and structural setting to the Peak Gold Trend and also showing the wider district with several nearby long‐life operations and significant new discoveries; including Helix’s Collerina Copper Project.
Activities During the Quarter
Diamond drilling completed during the quarter has intersected gold bearing structures, with associated quartz vein arrays and breccias, within wide zones of gold mineralisation commencing from surface or very near surface.
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These encouraging gold drill results have been returned from a direction perpendicular to the northwest regional trends now at all four prospects ( Battery Tank, Good Friday, Sunrise and Boundary ) that have been subject to initial drill testing to date.
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Figure 2: Diamond drill hole locations at the Battery Tank, Good Friday, Sunrise and Boundary Prospects showing associated anomalism in soil geochemistry
This new geological and structural interpretation provides scope for potential linkage between these prospects, both along strike and under shallow cover in drainage channels.
It also assists in planning drilling targeting dip/plunge extents, particularly where northwest and northeast structures intersect.
A regional structural review has highlighted similarities between the mineralising controls in the nearby (30km northwest) Peak gold trend, which has an approximate 4 million ounce gold endowment over an 8 kilometre strike length, and the gold mineralising structural controls present within the Cobar Gold Project.
A schematic long section ( refer Figure 3 ) demonstrates the exploration potential of this relatively underexplored goldfield; with existing prospects currently only limited by the lack of exploration drilling . A comparison long section of the Peak Trend is also shown ( refer Figure 3 ).
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Figure 3: Schematic longsection comparison between the Cobar Gold Project gold field and the nearby producing Peak Trend which hosts approximately 4 million ounces of gold (looking south west).
Diamond Drilling Program
The recent drill program was designed to assess controls for gold mineralisation at the known prospects and confirm the presence of perpendicular (northeast trending) gold bearing structures in the broader regional northwest trends seen in the goldfield.
The 710m diamond drill program ( refer Tables 1 and 2 below ) comprised:
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four new diamond holes (two at the Battery Tank and two at the Sunrise Prospects); and
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four diamond tail extensions of previous holes (two at the Good Friday and two at the Boundary Prospects).
In addition, selected portions of sample intercepts from the December 2016 aircore drilling at Battery Tank, including discover hole HRCA0018, were re‐sampled on a 1 metre basis ( refer Table 3 below ). The initial sampling was undertaken on the basis of 4 metre composites and was reported in January.
Following detailed geological and structural logging of the holes, the significant assays received from the program are described below.
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Battery Tank Prospect
HRDD004: 1.3m @ 4.3g/t Au within 7.6m @ 1.5g/t Au from 29m, within a broader zone of 45m @ 0.4g/t Au from 0m [1] . The hole was collared nearby and drilled at an oblique angle to the discovery hole. The hole has intersected the discovery zone up‐dip.
HRDD005: 10m @ 3.3g/t Au from 23m incl. 3.3m @ 5.2g/t Au from 28m and 5m @ 2.4g/t Au from 54m within 54m @ 1g/t Au from 9.2m [1] . The hole was drilled down‐dip of HRAC018 and shows good vertical continuity of gold bearing structures within the holes, grade tenor in this hole may also be affected by core recovery and winnowing.
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Figure 4: Battery Tank Schematic Cross Section looking northwest
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Sunrise Prospect
HRDD006: 7m @ 1.2g/t Au from 8m, 2m @ 3.5g/t Au from 39m and 7m @ 1.3g/t Au from 54m and 8m @ 3.3g/t Au incl. 3m @ 6.1g/t Au from 80m within 88m @ 0.7g/t Au from Surface [1] .
HRDD007 : It is interpreted that this hole drilled over the top of the targeted structure with anomalous gold at the top of the hole (6m @ 0.2g/t from surface [1] ). This interpretation is based upon the lithologies and limited structure intersected within the hole, and the zone behind and down dip of HRDD007 previously returning strong gold mineralisation including 11m @ 3.5g/t Au within 28m @ 2.3g/t Au , in HRRC008 [3] .
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Figure 5: Sunrise Prospect Schematic Cross Section looking northwest
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Good Friday Prospect
The extended diamond tail assay results from HRDD003 have expanded the gold interval to 39m @ 2.4g/t Au[1] from 29m (from 28.8m @ 3.0g/t Au reported November 2016), within a broader interval of 66m @ 1.5g/t Au[1] from 2m.
This interval includes two zones of high‐grade gold located higher in the hole that were previously reported. The high‐grade gold zones included 8m @ 4.9g/t Au from 30m and 7.8m @ 4.0g/t Au from 50m [2] .
The extensional drilling of HRDD003 has increased the high‐grade zone at the Good Friday Prospect by approximately 10m, whilst HRDD001 extension is interpreted to be drilled underneath the mineralised shoot ( refer figure 5 ). The new structural interpretation provides scope for this zone to extend along a north‐easterly strike with a possible plunge component to the higher grade gold.
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Figure 6: Good Friday Prospect Schematic Cross Section looking northwest
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Boundary Prospect
Results are best in the previously released RC holes ( HRRC101 – 19m @ 1g/t Au incl. 2m @ 3.2g/t Au and HRRC103 – 20m @ 1.2g/t Au[3] ). A strongly brecciated zone in the diamond tail returned anomalous gold (>0.1g/t Au) over 7m from 106m.
Based on the structures intersected in HRDD002 ( 43m @ 3.4g/t Au[1] ) and the geology identified in the cored tails of these holes, the better target zones are likely to be behind and down dip of these holes. This target zone is planned to be tested down dip and along strike in a follow‐up RC drilling program.
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Figure 7: Boundary Prospect Schematic Cross Section looking northwest
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Table 1: Drill Collar Details – Cobar Gold Project
| Project | Site_ID | Northing | Easting | Dip | Azi | TotalDepth | HoleType |
|---|---|---|---|---|---|---|---|
| EL6140 | HRDD001Ext | 6485903 | 427021 | ‐60 | 227 | 173.6m (frm 93.8)m | DDH (NQ) |
| EL6140 | HRDD003Ext | 6485894 | 427013 | ‐60 | 228 | 137.8m (frm 57.8m) | DDH(NQ) |
| EL6140 | HRDD004 | 6486130 | 426050 | ‐60 | 290 | 112m | DDH (HQ & NQ) |
| EL6140 | HRDD005 | 6486125 | 426055 | ‐60 | 270 | 109m | DDH (HQ & NQ) |
| EL6140 | HRDD006 | 6485825 | 427545 | ‐60 | 020 | 133m | DDH (HQ & NQ) |
| EL6140 | HRDD007 | 6485833 | 427518 | ‐60 | 020 | 101.6m | DDH (HQ & NQ) |
| EL8433 | HRRC101Ext | 6485920 | 428955 | ‐60 | 70 | 136m (frm 94.5m) | DDH (NQ) |
| EL8433 | HRRC103Ext | 6485905 | 428970 | ‐60 | 70 | 152.4m (98.5m) | DDH (NQ) |
Table 2: Diamond Drilling significant intercepts – Cobar Gold Project
| Hole ID | From | Intercept |
|---|---|---|
| HRDD001 | NSR | hole drilled underneath target zone |
| HRDD0032 | 29m | 39m @ 2.4g/t Au |
| Incl. | 30m | 8m @ 4.9g/t Au |
| Incl. | 50m | 7.8m @ 4.0g/t Au |
| Within | 2m | 66m @ 1.5g/t Au |
| HRDD004 | 29m | 7.6m @ 1.5g/t Au |
| Incl. | 35.3m | 1.3m @ 4.3g/t Au |
| Within | Surface | 45m @ 0.4g/t Au |
| HRDD005 | 23m | 10m @ 3.3g/t Au (incl 3.3m @ 5.2g/t Au) |
| And | 55m | 5m @ 2.4g/t Au |
| Within | 9.2m | 54.5m @ 1g/t Au |
| HRDD006 | 8m | 7m @ 1.2g/t Au |
| And | 39m | 2m @ 3.5g/t Au |
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| Hole ID | From | Intercept |
|---|---|---|
| And | 54m | 7m @ 1.3g/t Au |
| And | 80m | 8m @ 3.3g/t Au (incl. 3m @ 6.1g/t Au) |
| Within | Surface | 88m @ 0.7g/t Au |
| HRDD007 | Drilled over the top of the targeted structure with anomalous gold at the top of the hole and significant results (28m @ 2.3g/t Au3) in previous drilling HRRC008. |
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| HRRC101Ext | Anomalous gold 106.0‐113.0m associated with breccias. Results were best in the previously released RC hole portion (19.5m @ 1g/t Au from3) |
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| HRRC103Ext | Anomalous gold 98.5‐102.0m associated with vein breccias. Results were best in the previously released RC hole portion (20m @ 1.2g/t Au from3) |
Intervals reported are based on a 0.1g/t Au Cut‐off grade with a maximum of 6m of internal dilution. DDH core (HQ & NQ) was sampled as half core over nominal 1m intervals. Samples were dried, pulverised and assayed for gold using a lead collection fire assay method.
‐ Battery Tank Aircore 1m Re Sampling
Selected 1m re‐sampling from the December 2016 aircore drilling at Battery Tank confirmed the initial 4m composites reported in January ( refer Table 3 below ).
The Battery Tank discovery aircore hole HRCA0018, was re‐sampled at 1m intervals. The re‐splits from HRAC018 returned 14m @ 2.8g/t Au from surface and 4m @ 13.3g/t Au to EOH within 43m @ 2.3g/t Au to EOH[1] . This results shows good consistency with the original result of 43m @ 2.3g/t Au including 11m @ 5.1g/t to EOH [2] .
The maximum 1m sample returned was an outstanding 19.5g/t Au at 39‐40m downhole[1] .
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Table 3: Aircore Drilling 1m Sampling significant intercepts – Cobar Gold Project
| Hole ID | From | Intercept |
|---|---|---|
| HRAC009 3 | 29m | 3m @ 1.3g/t Au |
| HRAC011 3 | 33m | 1m @ 1.6g/t Au |
| HRAC018 3 | 0m | 14m @ 2.8g/t Au |
| 39m | 4m @ 13.3g/t Au | |
| Within | 0m | 43m @ 2.3g/t Au to EOH |
Planned Work
A follow‐up RC drilling program is being formulated and planned. It is likely to include:
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Infill drilling at Sunrise and Good Friday targeting the high‐grade in northeast trending gold structures.
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Step‐out drilling at Battery Tank, Good Friday and Boundary to test extent of strike and dip of gold bearing structures.
3. First‐pass drill testing of several recently identified regional targets.
New Structural Framework
At the Prospect scale, the recent structural review at the Cobar Gold Project carried out with the assistance of an experienced structural geological consultant has also observed the northeast trending structures perpendicular to the main northwest trends, the direction that appears to control high grade gold within the prospects ( Battery Tank, Good Friday, Sunrise and Boundary ) tested to date ( refer Figure 8 ).
This geological interpretation provides scope for potential linkage between these prospects, both along strike and under shallow drainage. It will assist in targeting dip/plunge extent also, particularly where northwest and northeast structures intersect.
Multiple targets at these Prospects have now been identified and with further drill testing, this reinterpretation of the gold controls has the potential to increase the gold grades and volume of mineralisation across the known prospects significantly and increase potential deposit scale.
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Figure 8: Position of existing Prospects in plan view with a schematic overlay of soil geochemistry and the new structural interpretation being targeted. Northeast trending quartz vein arrays and brecciation in northwest bounded corridors.
Regional Targets
Findings from the regional structural review indicates that potential exists for a large gold system to be present at the Cobar Gold Project.
The review also reinforces the idea of a common genetic relationship between gold mineralisation in the Peak Gold Trend, which has an approximate 4 million ounce gold endowment over an 8 kilometre strike length, and the Restdown‐Canbelego‐Mt Boppy region, which hosts the Cobar Gold Project ( refer Figure 3 ).
Soil geochemistry sampling is ongoing, targeting new areas identified from the work this quarter, an initial grid of 480 samples collected on a 20m x 20m grid around a series of historic working 3km northwest of the main prospects have been collected and sent to the laboratory for assay. Results are pending.
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Gold Mineralisation
Below shows a typical example of the Cobar Gold Project gold mineralisation, from 78.8m in HRDD006. This high grade intersection is one of the deeper gold intercepts in the goldfield to date in relatively competent rock. The gold mineralisation in this intercept is associated with quartz and iron‐rich veinlets/veins and breccias, in a highly deformed structural zone hosted in strongly sericite altered sediments ( refer Photo 1 ).
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Photo 1: Diamond core from HRDD006 showing high‐grade gold results from 78.8m ‐87.8m (ppm =g/t Au)
Collerina Copper Project
The Collerina Prospect is located within a VMS prospective belt between the Tritton Mine to the North and Tottenham deposits to the south in Central NSW.
The Prospect is defined by an open‐ended large base metal and gold soil anomaly and associated EM response and lies within a regionally significant VMS trend.
The main mineralisation at Collerina is dominated by massive pyrite and chalcopyrite in the primary zone. A strong zone of high grade copper mineralisation has been defined with individual peak values in the sulphide zone of 12% Cu, 1.5g/t Au and 4.6% Zn [5] .
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Figure 9 | Tenement scale prospectivity along strike from the Collerina discovery
The regional project area is highly prospective for copper (evidenced by multiple groups of additional un‐ tested workings to the northwest of the Project) and gold mineralisation which remains largely unexplored ( refer figure 9 ).
Geological modelling of drilling has highlighted a remarkable continuity of the sulphide system from the gossan at surface down dip/plunge, however localised folding and faulting is causing variation in dip directions and distribution of mineralisation.
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Activities during the Quarter
During the quarter final data was received from the 600 line‐kilometre VTEM‐Max helicopter‐borne geophysical survey completed over the 25km of strike on the Collerina tenement ( Note: Helix controls an additional 60km of contiguous prospective VMS trend ).
The copper deposits in this region are known to form in clusters, as is evident in the Tritton‐Girilambone mining camp. Helix had previously identified a series of targets along the trend from historic records, mapping and aeromagnetics. The VTEM‐Max survey has complemented this work well and will influence the priority areas targeted by Helix’s 2017 exploration program.
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.
Several regional targets were identified from this survey will be prioritized and followed‐up with surface EM surveys prior to first‐pass drilling.
Surface geochemistry (auger soil sampling) will also be used to confirm copper anomalism over those regional targets not directly associated with historic copper workings, prior to drill testing.
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Figure 10: Priority anomalies identified from VTEM‐Max survey.
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Regional and Prospect Scale Structural Review
As part of the broader geological and structural review, completed with the assistance of an experienced consultant, the Collerina Trend and immediate Collerina Prospect area were also reviewed and assessed. Findings from this study and modelling of the VTEM are expected shortly and will be released in a separate announcement.
Planned Work
Follow‐up programs at Collerina in the coming months are likely to include:
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Fixed Loop EM surveys over several regional EM anomalies to finesse and assist in modelling targets. 2. Near Prospect RC drilling at Collerina targeting mineralisation extensions highlighted by the structural review and geophysical survey.
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Regional Soil auger programs and first‐pass drilling to test regional prospects.
Mundarlo Project (EL8096)
Helix has entered an earn‐in joint venture with private vendors covering the Mundarlo Project (EL8096), located 20km west south‐west of Gundagai in the Riverina District of NSW. Helix has the right to earn 60% by funding $100,000 of exploration by February 2018.
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Figure 11: Location map for Mundarlo Project‐ located in a northwest trend along the highly prospective Gilmore Suture, NSW.
The Mundarlo Project is located in a highly prospective mineral belt, which hosts significant gold and nearby copper deposits along strike. The local geology is located in a sub‐basin, dominated by volcanics, sediments and multiple localised cherty units.
The area was subject to soil sampling by previous explorers in the 1980’s, identifying a large copper in soil anomaly coincident with the trend of the cherty horizons. Previous surface geophysics by the vendors has confirmed an EM response associated with the copper‐in‐soil anomalism and cherty horizons. No drilling has tested this area to date.
Helix is targeting VMS style precious and base metal mineralisation and will execute a program to assess the project during the 2017 field season.
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Other Assets
Canbelego Project ‐ NSW
(HLX 70% Manager: Aeris 30% Contributing) An Inferred Resource of 1.5Mt @ 1.2% (refer to resources table below) Copper from surface at the Canbelego Prospect with further potential for oxide copper from surface on 3 advancing prospects (Canbelego, Canbelego West & Caballero). There also remains untested VMS‐style mineralisation associated with a strong DHEM conductor below the Canbelego deposit, directly below intercepts including 2m @ 6.8% Cu & 5m @2.4% Cu [6] . No work was completed during the quarter
Chile
No field work was completed during quarter. The Company has received approaches by third parties under Confidentiality Agreements that are interested in the assets and Helix will keep the market informed of any material developments to these discussions.
Joshua Project
The drilling to date has identified the presence of at least three porphyry events including: Andesitic, Dacitic and Dioritic porphyry events, associated with the copper mineralisation at the Joshua Project.
The main Joshua porphyry target is at least 3 kilometres by 1 kilometre comprising a large copper in soil anomaly coincident with a large IP anomaly, continuing to a depth in excess of 500m from surface. The main Joshua porphyry target comprises Target 1, the Carmelita Mine zone and Target 4.
The Joshua Project is located in Region IV Chile, 40km East of Ovalle, at low altitude (less than 1,700m), nearby to infrastructure. Four porphyry targets have so far been identified in a regionally significant north‐ west structural corridor within the total project area of 100km².
No fieldwork was completed on this or the other Chile assets during the quarter.
Yalleen Iron Ore Project – Western Australia
Yalleen Project has a resource 84Mt @ 57% Iron ore in Indicated and Inferred Resources (refer to resources table below) on 575km² of tenements in the West Pilbara owned by Helix Resources ‐ API JV: iron ore rights only Helix is diluting to a royalty over iron ore production from the tenements.
No work was completed during the quarter.
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Figure 5: Company Project Location Map
Corporate
$2.21m Placement
During the quarter Helix completed a placement of 46,000,000 shares at an issue price of $0.048 to raise $2.21m before costs. Euroz Securities Limited acted as the Sole Lead Manager to the Placement. Helix issued the shares using the Company’s available capacity under ASX listing rule 7.1.
Funds raised will be used to fund exploration programs at the Collerina Copper and Cobar Gold Projects in NSW along with working capital requirements.
Appointment of Gary Lethridge as Non‐ Executive Chairman
During the quarter Gary Lethridge joined the Board of Helix as non‐executive Chairman. Mr Lethridge brings extensive experience to the Helix Board. He is a Chartered Accountant and Chartered Secretary with significant experience in corporate strategy, capital & debt markets, transaction origination and execution, mining operations, project development and exploration.
Most recently, Mr Lethridge was the Managing Director of Talisman Mining Limited; a role that he held for in excess of seven years. Prior to this he held the position of Executive General Manager – Corporate, Chief Financial Officer & Company Secretary at Jubilee Mines NL, where he was part of the highly successful senior executive management team from 2003 until that company’s acquisition by Xstrata Plc for $3.1 billion in early 2008. Preceding that role, Mr Lethridge held senior executive positions with LionOre Mining International Limited.
Mr Lethridge brings invaluable knowledge and skills that will complement the Helix management team as the Company continues to advance its quality asset portfolio.
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Quarterly Report March 2017
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| AS AT 31 MARCH 2017: | ||
|---|---|---|
| Capital Structure | ||
| ASX Ticker Code | HLX | |
| Share Price | AU$0.048 | |
| Market Cap | $18M | |
| Fully Paid Shares | 354M | |
| Directors and Management | ||
| Gary Lethridge | Non‐Executive Chairman | |
| Michael Wilson | Managing Director | |
| Jason Macdonald | Non‐Executive Director | |
| Michael Naylor | Non‐Executive Director | |
| Assets | ||
| Cash | $2.52 million | |
| NSW ‐ Collerina Project | New Copper discovery | |
| NSW – Cobar Gold | High‐grade gold intercepts at four advancing prospects | |
| NSW ‐ Canbelego JV (70% ) | 1.5Mt @ 1.2% Cu (100%) – (JORC 2004)* | |
| Chile ‐ Joshua Project | Significant Cu‐Au porphyry | |
| Chile ‐ Huallillinga Project | Blanco Y Negro: 1.5Mt @ 1.4% Cu, 0.5g/t Au (JORC 2012) – Samuel PorphyryProspect: Large Cuporphyrytarget |
*Refer to Resource Inventory table below and previous ASX releases or at www.helix.net.au
Resource Inventory
| Commodity | Category | Project | Interest | Resource |
|---|---|---|---|---|
| Copper (+Gold) |
Indicated Inferred Total |
ByN, Chile | 100% Helix | 0.8Mt @ 1.5%Cu + 0.5g/tAu 0.7Mt @ 1.3%Cu + 0.6g/tAu 1.5Mt @ 1.5%Cu + 0.5g/tAu(at 0.5% Cu Cut‐off)– 2012JORC** |
| Copper | Inferred | Canbelego JV, NSW |
70% (Aeris Contributing30%) |
1.5Mt @ 1.2% Cu for 18,000t* Contained Cu (at 0.3%Cu Cut‐off) |
| Gold | Inferred | Cobar Gold | 78% (Glencore diluting 22%) |
2.6Mt @ 1.2g/t Au for 100,000oz (0.3 g/t Au cut off)*** |
| Iron Ore | Indicated Inferred |
Yalleen JV, WA |
30% (Diluting) |
47.9Mt @ 57.3% Fe (Channel Iron)* *36.4Mt@ 57.1% Fe(Channel Iron) |
| Joint ventured with API Management Pty Ltd (50% Boasteel, 50% AMCI) and forms part of their West Pilbara Iron Ore Project[WPIOP]which comprises multipleJV’s. |
* Refer to ASX announcement 7 October 2010[3]
** Refer to ASX announcement 13 August 2015[3 ]
*** Refer to ASX announcement 17 August 2011[3 ]
**** Refer to ASX announcement 24 April 2009[3]
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Quarterly Report March 2017
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Helix Resources Tenements
| Tenement | Name | Mineral | Ownership |
|---|---|---|---|
| NSW COPPER & GOLD PROJECTS (INCL. CANBELEGO AND RESTDOWN JV's) | |||
| EL6105 | Canbelego | Copper/Gold | Helix 70%, Aeris 30% |
| EL6140 | Restdown | Gold/Copper | Helix 80%, Glencore diluting |
| EL6336 | Collerina | Copper/Gold | HLX 100% precious and base metals |
| EL6501 | South Restdown | Copper/Gold | Helix 80%, Glencore diluting |
| EL6739 | Muriel Tank | Gold/Copper | Helix 80%, Glencore diluting |
| EL7438 | Quanda | Copper/Gold | HLX 100% |
| EL7439 | Fiveways | Copper/Gold | HLX 100% |
| EL7482 | Little Boppy | Copper/Gold | HLX 100% |
| EL5241 | Boundary | Gold/Copper | HLX 100% |
| ELA5394 | Yanda Creek | Gold/Copper | HLX 100% |
| ELA8096 | Mundarlo | Gold/Copper | HLX earning 60% |
| YALLEEN IRON ORE PROJECT | |||
| E47/1169‐I | Yalleen | Iron ore/Base metals | HLX 100%, API Management Pty Ltd 70% iron ore rights |
| E47/1170‐I | Yalleen | Iron ore/Base metals | HLX 100%, API Management Pty Ltd 70% iron ore rights |
| E47/1171‐I | Yalleen | Iron ore/Base metals | HLX 100%, API Management Pty Ltd 70% iron ore rights |
| CHILE PROJECTS | |||
| EXPLORATION CONCESSIONS | |||
| Joshua 1‐17 | Joshua | Copper/Gold | HLX 100% |
| Bogarin 1‐26 | Huallillinga | Copper/Gold | HLX 100% |
| EXPLOITATION CONCESSIONS | |||
| Blanco Y Negro 1/20 |
Blanco Y Negro | Copper/Gold | HLX 100% |
| La Cana 11/20 | Blanco Y Negro | Copper/Gold | HLX 100% |
| Joshua A1/150 | Joshua | Copper/Gold | HLX 100% |
Mining Tenements disposed
Nil
Beneficial percentage interests held in farm‐in or farm‐out agreements
Nil
Beneficial percentage interests in farm‐in or farm‐out agreements acquired or disposed
Nil
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Notes
¹ For full details of exploration results refer to ASX announcement dated 26 April 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 3 April 2017. 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 7 April 2011. Helix Resources is not aware of any new information or data that materially effects the information in this announcement.
4 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.
5 For full details of exploration results refer to ASX announcement dated 18 February 2016. Helix Resources is not aware of any new information or data that materially effects the information in this announcement.
6 For full details of exploration results refer to ASX announcement dated 26 September 2013. Helix Resources is not aware of any new information or data that materially effects the information in this announcement.
1 For full details of exploration results refer to ASX announcements dated25 November 2010, 2 February 2011, 24 May 2011, 13 July 2011, 17 August 2011, 4 October 2012. Helix Resources is not aware of any new information or data that materially effects the information in these announcements
Competent Persons Statement
The information in this announcement that relating to previous reported 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 2004 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
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