ASX Announcement 13 September 2016
NSW Copper and Gold Drilling Programs
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Helix is undertaking drilling programs to test new EM targets at the Collerina Copper-Zinc Project and high-grade gold at the Cobar Gold Project in Central NSW.
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Drilling has been disrupted and delayed by heavy rainfall during August and September in Central NSW. NSW has recorded the wettest August in 13 years.
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The first diamond hole at the Cobar Gold Project has been drilled and dispatched to the laboratory, assays are pending.
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Drilling had re-commenced on the second diamond hole at the Cobar Gold Project, however further rain has blocked access to the site, drilling will recommence as soon as practical.
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Commencement of drilling at Collerina Copper-Zinc Project has been delayed due to road closures. Access will be re-assessed later this week.
Helix Resources Limited (ASX:HLX) wishes to advise that the drilling programs the Company is undertaking to test extensions and new EM targets at the Collerina Copper-Zinc Project and high-grade gold at the Cobar Gold Project have been subject to delays due to further rainfall and flooding during August and September in the Central Western region of NSW.
According to the Bureau of Meteorology several rain events have contributed to well above average rainfall in NSW. Rainfall was 44% above average for NSW, the wettest August since 2003. Recorded rainfall is the highest in at least 20 years at several locations in western NSW.
The Company has completed the first diamond hole at the Good Friday Prospect at the Cobar Gold Project. The hole was drilled to 93.8m and the core has been transported to the lab, where it was cut and sampled. Assays are pending. Drilling was then disrupted by rain and re-commenced early last week.
The second diamond hole at the Boundary Prospect was started, however drilling ceased at 53m after another rain event, which has blocked access to the site. The Company is reviewing conditions daily and will return to site to complete the hole as soon as practical.
The Collerina Copper-Zinc Project RC and diamond drilling was due to commence early this week, however rain and subsequent flooding of the Bogan River catchment has resulted in road closures delaying the mobilisation of the drilling rigs. Conditions are being monitored and drilling will commence as soon as access is available.
Drilling at the Collerina Project is targeting extensions to the high-grade copper-zinc main zone of mineralisation and two new, completely untested EM targets.
For further information:
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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