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Helix Resources partner doubles size of copper sulphide-bearing porphyry at Chilean project

Proactive Investors Monday, 17 December 2018
Helix Resources Ltd (ASX:HLX) partner Manhattan Corporation (ASX:MHC) has doubled the footprint of the copper sulphide-bearing porphyry system at the Joshua Porphyry Copper Project in Chile. The known extent of the copper-bearing system now exceeds 1.5 square kilometres in area and remains open in all directions with less than 25% of the IP-defined system drill tested. A stage I, five-hole drilling program of 3,000 metres has also led to the development of a robust geological model for targeting mineralisation with higher copper grades in the broader target area. READ: Helix Resources begins JOGMEC-funded exploration program at Samuel Copper Project Manhattan Corporation is funding the cost of this exploration program as part of its $1 million option commitment under a Heads of Agreement entered into with Helix earlier this year. The drilling identified multiple phases of overprinting porphyry (magmatic and hydrothermal) events, illustrating that a dynamic porphyry system is present at Joshua. An important observation of the drilling is that the proportion of molybdenum associated with the copper is increasing to the east and northeast. Helix’s project locations in the world-class Chilean copper jurisdiction. One hole intersected more than 100 metres of disseminated- and vein-style molybdenite in strongly silicified dacite porphyry. Peak results include 4 metres at 174ppm molybdenum from 298 metres and 178 metres at 0.19% copper and 35ppm moly from 222 metres, including 26 metres at 0.29% copper and 25ppm moly from 222 metres. Assay results for the remaining 55% of this hole are awaited. READ: Helix Resources confirms sulphides continuity with high-grade copper intersections at Collerina An updated strategic plan will be developed on-site in Chile next month once all assay results have been received. The Joshua project is 350 kilometres north of Santiago in Chile’s coastal porphyry copper belt. The 50 square kilometres project area has all-year-round access and is favourably situated at low altitude, and close to infrastructure including ports, rail, roads and possible power and water solutions for any future mining scenarios.
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