Helix Resources Limited reported on new results from its diamond core drilling activities at the advanced Canbelego Copper Project located southeast of Cobar in central NSW, Australia. Diamond core drillhole (CANDD017), intersected two copper intervals in the Canbelego Main Lode position including 8m at 2.83% Cu. This hole was designed to follow-up on recent shallow Reverse Circulation (RC) drilling results 3 which mapped out a high-grade copper zone from near surface to over 120m down-dip.

These new results have confirmed that zone at least another 40m to over 150m vertical depth and remains open at depth. Initial estimates of the true thickness of the copper mineralisation are between 15m to 20m, consistent with the interpretation illustrated Cross section. High-grade assay results were also recorded from the first `effective' drill test (CANDD016C) 4 of the conductive targets interpreted to be high-grade copper shoots, comprising 3.1m at 2.19% Cu (from 373m) and 5m at 3.59% Cu (from 603m).

Follow-up drilling (CANDD019A) successfully intersected copper sulphide mineralisation approximately 150m `up- plunge' from the `016C-intercept' at the predicted position of the conductive targets. Geologists observed 5 an upper 9.6m zone of medium intensity chalcopyrite mineralisation from 496.4m and a lower 7m zone of weak to strong intensity chalcopyrite mineralisation from 509m. Assays are pending.

Diamond drilling is continuing to complete an initial 3-hole test of this discrete high-grade copper shoot extension represented by the modelled conductive target plates from a series of downhole electromagnetic (DHEM) surveys. Drilling at Canbelego will be paused on completion of this drillhole (CANDD020) and on receipt of all assays, an updated estimate of the Mineral Resource at Canbelego will be completed. Technical consulting group, MEC Mining has been engaged to undertake the estimate and an initial review of the data and site visit has already been completed.

Timing of the updated resource estimate is dependent on assay results. However, turnaround times for assay results have been improving and the update is planned for completion in the June quarter of this year. Recent shallow drilling results confirmed that near-surface oxide and sulphide copper mineralisation within the Canbelego Main Lode extends for over 130m south along strike from the historic workings with true widths based on sectional interpretations ranging from 15m to 20m at a 0.1% Cu cut-off, which includes shallow intercepts such as 5m at 5.35% Cu from 18m.

The Main Lode oxide copper mineralisation transitions to sulphide mineralisation between 50m and 70m below surface, with similar mineralised drill widths in both the oxide and sulphide zones. Diamond core hole CANDD017 targeted down-dip of a significant copper intersection returned last year from CBLRC057 (16m at 3.21% Cu, including 11m at 4.58% Cu 7). Assay results have now been received for CANDD017, which returned the following copper intercepts.

11m at 0.66% Cu from 155m, including 4m at 1.44% Cu from 158m. 8m at 2.83% Cu from 169m, including 5m at 4.23% Cu from 172m.