AIS
Aeris Resources Limited
ASX
HLX: Canbelego Downhole Geophysics Update
Sentiment:
Exploration Update
2 July 2024 6:21 PM
Helix Resources' downhole geophysics at Canbelego indicates potential copper lodes lie deeper than initially anticipated, shifting focus to the Bijoux copper anomaly.
Worse than expected
The DHEM results suggest that the targeted copper lodes are deeper than initially anticipated, which could increase exploration costs and delay potential production.
Summary
- Helix Resources completed downhole electromagnetic (DHEM) geophysics on two drillholes at the Canbelego copper project.
- The DHEM surveys did not detect significant massive sulphides within 100 to 200m of the drillholes, despite the presence of a copper mineralised structure.
- The interpreted copper lodes are likely at a depth greater than 400m vertical.
- The focus will shift to the Bijoux copper anomaly, with infill auger programs planned to identify zones for drill testing.
- Assay and petrophysical results from the drillholes are pending and will be assessed to evaluate the prospectivity of the mineralised structure.
- Helix continues to progress other priority prospects including at the Eastern Group Tenements.
Sentiment
Score: 5
Explanation: The sentiment is neutral. While a mineralized structure was found, the targeted lodes are deeper than expected, shifting focus to another prospect. Further results are pending.
Highlights
- DHEM geophysics was completed on two drillholes (CBLRCDD065 and CBLRCDD066) at Canbelego.
- The DHEM did not detect significant massive sulphides within approximately 100 to 200m of the drillholes.
- Interpreted copper lodes are likely at a depth greater than 400m vertical.
- The focus will now move to the 1.6km long Bijoux copper anomaly.
- Infill auger program will be undertaken at Bijoux to identify zones of strongest copper mineralisation for drill testing.
Positives
- A copper mineralised structure was present in both drillholes.
- The newly drilled structural zone is considered prospective for massive sulphide copper lodes.
- The company has a large 1.6km long Bijoux copper anomaly to explore.
- Helix continues to progress other priority prospects including at the Eastern Group Tenements.
Negatives
- DHEM did not detect significant massive sulphides within approximately 100 to 200m of the drillholes.
- Interpreted copper lodes are likely at a depth greater than 400m vertical.
Risks
- The interpreted copper lodes are likely at a depth greater than 400m vertical, increasing drilling costs.
- Assay and petrophysical results from the drillholes are pending and may not be favorable.
- Exploration success at Bijoux is not guaranteed.
Future Outlook
The company plans to evaluate assay and petrophysical results from recent drillholes and conduct infill auger drilling at the Bijoux copper prospect. Exploration programs are continuing at the Company's Eastern Group Tenements.
Management Comments
- Kylie Prendergast, Managing Director: 'Despite a mineralised structure being intercepted where predicted, deployment of downhole EM geophysics leads us to believe further copper sulphide lodes in the Canbelego far west position will be deeper than 400m depth below surface or more than 200m along strike.'
- Kylie Prendergast, Managing Director: 'While we are waiting for final results, the focus will now shift back to Bijoux, where a well-developed surficial copper anomaly has seen very limited drill testing.'
Industry Context
This announcement reflects the ongoing exploration activities in the Cobar region of NSW, a prolific copper producing area. Companies like Aeris Resources (ASX:AIS), a joint venture partner in the Canbelego project, are also active in the region, highlighting the area's potential for copper discoveries.
Comparison to Industry Standards
- The exploration approach, including DHEM geophysics and auger drilling, is standard practice in the mining industry.
- The reported mineral resource estimate for the Canbelego Main Lode (1,830,000 tonnes at 1.74% Cu) is a benchmark for similar projects in the region.
- Companies like Sandfire Resources (ASX:SFR) and Glencore operate significant copper mines in similar geological settings, providing a basis for comparison.
Stakeholder Impact
- Shareholders may experience short-term uncertainty due to the shift in exploration focus.
- Employees will be involved in the Bijoux exploration program.
- The local community may benefit from potential future mining activities.
Next Steps
- Evaluate assay results and petrophysical results for drillholes CBLRCDD065 and CBLRCDD066.
- Conduct auger infill drilling at the Bijoux copper prospect.
- Continue exploration programs at the Company's Eastern Group Tenements.
Key Dates
- 15 January 2024: Referenced ASX report regarding the Bijoux copper anomaly.
- 12 June 2024: Referenced ASX report.
Keywords
copper, Canbelego, Bijoux, DHEM, geophysics, exploration, Helix Resources, drillholes, mineralisation
AIS
Aeris Resources Limited
ASX
Sector: Materials
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