Helix unlocking potential in Cobar

RELATIVELY new Helix Resources managing director Mike Rosenstreich says his aim is to unlock the potential of the company’s Cobar copper ground.
Helix unlocking potential in Cobar Helix unlocking potential in Cobar Helix unlocking potential in Cobar Helix unlocking potential in Cobar Helix unlocking potential in Cobar

Copper sulphide core from Canbelego

Speaking at the RIU Sydney Resources Round-up yesterday, Rosenstreich said he was attracted to the company due to its portfolio.

Helix has 52,000 tonnes of copper metal in resource, which Rosenstreich is aiming to grow.

"We're in a great neighbourhood - just look at the quality of our neighbours," he said.

The company's neighbours include Aeris Resources' Tritton mine, Glencore's CSA mine and emerging projects like Peel Mining's ground.

"And we want to be part of that emerging producer group," Rosenstreich said.

The Cobar region has produced more than 3 million tonnes of copper and 7 million ounces of gold over the past 150 years.

"I think it's got a terrific bright future," Rosenstreich said.

Rosenstreich said Helix's ground was underexplored with only 20% ever being subject to electromagnetics.

Helix flew a VTEM survey in March, increasing the regional EM coverage from 25km to 120km of prospective copper trends.

"That survey has completely unlocked the potential of our ground," Rosenstreich said.

"The EM is saying ‘you've gotta do more work here'."

Rosenstreich said the survey allowed Helix to rank the 24 high-priority targets uncovered by the survey.

The company has three project areas: the 65km-long Collerina trend, the 30km-long Rochford trend and the earlier stage 25km-long Meryula trend.

The CZ deposit at Collerina is along strike from Aeris' high-grade Constellation discovery.

Rosenstreich said the core from both projects looked the same.

"We're very confident our geological model has very strong analogies with what they've been drilling along strike," he said.

On Monday, Helix reported it hit copper sulphides at Canbelego, along the Rochford trend.

Assays for the 24m hit are due in June.

Canbelego happens to be a joint venture with Aeris, with Helix holding 70%.

Helix had A$2.7 million in cash and receivables at the end of March, which Rosenstreich said was enough to fund activities.

Mark Creasy's Yandal Investments is the largest shareholder with 4.5%.

Helix shares jumped 15% to 1.5c yesterday, valuing the company at $21 million. Rosenstreich said the stock remained undervalued.