335 Drillholes Confirm 66 Wide Gold Intercepts at Gold Basin Project
Helix Resources reports significant new drilling results from its Gold Basin Project in Arizona, confirming wide intervals of oxide-gold mineralisation suitable for open-pit mining and supporting potential resource upgrades.
- 335 new drillholes totaling 35,157m with 66 significant gold intercepts over 15m width
- Oxide-gold mineralisation continuous from surface to 150m depth, ideal for open-pit mining
- Preliminary metallurgical tests indicate excellent gold recoveries with low-cost heap leach potential
- Current Mineral Resource Estimate (2019) stands at 299,800 ounces at 1.12 g/t Au, new drilling not yet included
- Helix to earn 40% interest in Gold Basin with plans for further drilling and resource updates
Significant Drilling Advances at Gold Basin
Helix Resources Limited (ASX – HLX) has announced a substantial update on its Gold Basin Project in Arizona, revealing results from 335 new drillholes totaling over 35,000 metres. These drillholes have yielded 66 significant gold intercepts with widths exceeding 15 metres, underscoring the project's scale and potential. Notably, these results are not yet incorporated into the existing Mineral Resource Estimate from 2019, which reported an inferred resource of approximately 299,800 ounces of gold at an average grade of 1.12 grams per tonne.
Oxide-Gold Mineralisation and Mining Potential
The drilling confirms continuous oxide-gold mineralisation extending from surface down to 150 metres depth, a geological setting highly amenable to open-pit mining methods. This near-surface mineralisation is particularly attractive due to its oxidised nature, which typically allows for simpler and more cost-effective extraction techniques. Preliminary metallurgical testwork supports this, demonstrating excellent gold recoveries and low cyanide consumption, key factors that could enable future low capital and operating expenditure heap-leach development scenarios.
Strategic Location within a Renowned Gold Trend
Gold Basin sits within the southernmost extent of the Walker Lane gold trend, a prolific geological corridor hosting several multi-million-ounce gold deposits. The project area also benefits from proximity to world-class porphyry copper deposits within the Arizona Arc. Helix's recent agreements to earn a 40% interest in Gold Basin complement its existing White Hills Copper-Gold Project joint venture with Newmont, further consolidating its position in this favourable jurisdiction.
Exploration Upside and Future Plans
Helix's Executive Chairman, Mike Povey, highlighted the clear growth opportunities at Gold Basin, noting that the known deposits remain open along strike and at depth. The company plans to undertake a resource upgrade incorporating the new drilling data, alongside further drilling programs aimed at expanding and confirming mineralisation continuity. The extensive historical workings and numerous untested targets within the project area add to the exploration upside, with potential for both gold and copper discoveries.
Technical Confidence and Governance
The reported drilling and assay results have been compiled and verified by competent persons with relevant experience, adhering to the JORC Code (2012) standards. Helix has maintained rigorous quality control and assurance protocols throughout its exploration activities, ensuring the reliability of the data underpinning its resource assessments and development plans.
Bottom Line?
With robust drilling results and promising metallurgy, Helix Resources is poised to unlock significant value at Gold Basin, but key technical and market factors remain to be tested.
Questions in the middle?
- How will the upcoming resource upgrade reflect the new drilling results in terms of ounces and grade?
- What are the timelines and capital requirements for advancing heap-leach development at Gold Basin?
- How might fluctuations in gold and copper prices impact the project's economic viability and Helix's strategic plans?
