AIS
Aeris Resources Limited
ASX
HLX:New IP ExtendsTarget Zone For New Copper Lodes-Canbelego
Sentiment:
Exploration Update
7 May 2024 6:22 PM
Helix Resources identifies a significant new copper target zone at Canbelego, larger than the existing Main Lode, and plans to commence drilling this month.
Better than expected
The new IP anomaly is larger than the one associated with the existing Canbelego Main Lode, suggesting the potential for a larger copper deposit.
Summary
- Helix Resources has identified a new, large-scale Induced Polarisation (IP) geophysical target at Canbelego.
- The target zone is 625 meters long, exceeding the 350-meter IP anomaly associated with the Canbelego Main Lode.
- Drilling is scheduled to begin later this month to test the target, which could represent a parallel zone of copper lodes.
- The new anomaly, located 600m west of the Canbelego Main Lode, was detected at 135m below surface and is open to depth.
- The Canbelego Project is a joint venture with Aeris Resources Ltd, with Helix holding 70% and Aeris 30%.
- The company believes that the Canbelego copper deposit is analogous to the CSA copper deposit.
- Up to three, 300m deep RC holes will be drilled into the peak of the anomaly.
- Assays are anticipated in mid-June.
Sentiment
Score: 7
Explanation: The announcement is positive due to the identification of a new, large-scale copper target and the planned drilling program. However, the success of the project depends on the drilling results, introducing some uncertainty.
Highlights
- A new IP geophysical survey has significantly extended the target zone for copper lodes at Canbelego.
- The extended zone is 625 meters long, larger than the 350m IP anomaly over the Canbelego Main Lode.
- Drilling is planned to commence later this month to test the target.
- The new anomaly is located 600m west of the Canbelego Main Lode and was detected at 135m below surface.
- Helix holds 70% of the Canbelego Project, with Aeris Resources holding the remaining 30%.
Positives
- The new IP target zone is larger than the existing Canbelego Main Lode anomaly, suggesting a potentially larger copper deposit.
- The target zone has not been previously drilled, representing a new exploration opportunity.
- Multiple copper lodes are a feature of Cobar-style copper deposits, increasing the prospectivity of the area.
- The company is moving quickly to drill test the new target, with drilling planned to commence later this month.
- The Canbelego copper deposit is analogous to the CSA copper deposit.
Risks
- Drilling results are needed to confirm the presence and grade of copper mineralisation within the new IP target zone.
- There is no guarantee that the drilling will intersect economic copper mineralisation.
- The company's interpretation of the IP anomaly as representing a new zone of copper mineralisation may be incorrect.
Future Outlook
The company plans to commence drilling in mid-May to test the new Western PDIP anomaly, with assays expected in mid-June. Further drilling will depend on the results of the initial program.
Management Comments
- Helix believes that the Canbelego copper deposit is analogous to the CSA copper deposit.
Industry Context
The announcement highlights Helix Resources' focus on copper exploration in the Cobar region of NSW, a prolific copper-producing area. The company is using IP geophysics, a common exploration technique, to identify new targets and expand its resource base. The reference to Cobar-style copper deposits and the CSA mine places the project in a well-established geological context.
Comparison to Industry Standards
- The document compares the Canbelego copper deposit to Metal Acquisition Limited's large CSA copper deposit, suggesting a similar geological style and potential scale.
- The IP anomaly size is compared to the existing Canbelego Main Lode anomaly, providing a relative measure of its significance.
Stakeholder Impact
- Shareholders: Positive news with the potential for increased copper resources.
- Employees: Potential for increased exploration and development activity.
- Local Community: Potential for economic benefits from a successful copper discovery.
- Aeris Resources: As a joint venture partner, Aeris will benefit from any positive drilling results.
Next Steps
- Commence drilling of the Western PDIP anomaly in mid-May 2024.
- Complete assays of drill samples, expected in mid-June.
- Plan future drill programs based on the results of the initial drilling.
Key Dates
- 29 February 2024: Referenced ASX report
- 11 April 30 April: PDIP Survey completed by Fender Geophysics
- Mid May 2024: Planned commencement of initial drilling of the Western PDIP anomaly
- Mid-June: Anticipated assays from drilling
Keywords
AIS
Aeris Resources Limited
ASX
Sector: Materials
Filings with Classifications
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Delay expected
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Missing type for ID: 3564
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10 July 2024 7:20 PM
Missing type for ID: 3564
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Better than expected
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Exploration Update
- The new IP anomaly is larger than the one associated with the existing Canbelego Main Lode, suggesting the potential for a larger copper deposit.
Worse than expected
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Delay expected
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Quarterly Activities Report
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Better than expected
8 April 2024 7:05 PM
Exploration Update
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