Home Electromagnetic Aeris Resources Ltd welcomes further strong results as Helix Resources Ltd increases copper potential of Canbelego JV

Aeris Resources Ltd welcomes further strong results as Helix Resources Ltd increases copper potential of Canbelego JV


Aeris Resources Ltd (ASX:AIS) continues to be encouraged by copper results returned by joint venture partner Helix Resources Ltd at the Canbelego project in the copper-rich Cobar Basin in New South Wales, where new high-grade results support a bold and expansive diamond drilling program.

Helix, which owns 70% of the project and is the operator with Aeris owning the remainder, returned 16 meters at 3.21% copper from 117 meters downhole, this is the copper intercept of the highest quality ever returned in the upper 150 meters of the Main Filon.

This confirms the potential for high grade copper mineralization at shallower depths.

The deposit remains open

In addition, the deposit remains open at depth and to the south with a new result of 10.8 meters at 0.52% copper from 153 meters including 1.3 meters at 4.0% copper returning from the probable edge of the grows demonstrating it.

At the North Shoot, extensions below the Main Lode Mineral Resource were identified with results of 14.3 meters at 1.96% from 417 meters downhole, including 8.3 meters at 2.82%.

Daring diamond drilling

The continued positive results prompted Helix to undertake bold and expansive diamond drilling at Canbelego Main Lode.

This drilling, which is ongoing, is testing 200 meters below currently known mineralization to ‘map’ the extent of the copper veins and establish a downhole electromagnetic drilling platform.

Helix Managing Director, Mike Rosenstreich, said: “Last week, Helix was delighted to announce the results of extensive drill testing on early stage copper targets and the identification of a new prospect. emerging, Caballero.

“This week, we are also pleased to provide high-grade copper results from our advanced Canbelego Main Lode project, which consists of wide high-grade intervals, with copper assays from two to nearly five percent.”

“Highest quality interception” to date

“The results also included the highest grade intersection to date within the upper 150 meters of the main vein, confirming the potential for high grade copper mineralization at shallower depths,” he said.

“These results are significant as they extend known high grade shoots and with new higher grades from infill drilling, both aspects potentially adding tonnes of copper.

“This motivated us to drill deep and test our ‘Cobar model’ for major increases in copper potential by advancing 200 meters.”

Potential for Cobar-type deposits

The Canbelego copper project lies along the regional Rochford Copper Trend. This is a 70/30 “contributory” JV.

The Rochford trend has the potential to host ‘Cobar style’ copper deposits analogous to the large-scale, high-grade mineralization found at the nearby CSA copper mine, owned by Glencore Ltd.

“There is no doubt that if we are successful, the results will have a major impact on how we and our stakeholders view Canbelego’s potential for scale,” Rosenstreich added.

“This drilling has just started and although we are facing unusually wet weather, I look forward to updating you on our progress.”

Aeris is watching progress closely as Canbelego has strong potential to add to the company’s copper premium in western New South Wales, centered on its Tritton operations in the northeast.