What's Happening?
Helix Resources has received backing to enhance its resource estimate at the Gold Basin Project in Arizona, following a recent drilling program. The company reported 66 gold intercepts with drilled interval widths exceeding 15 meters, indicating significant scale potential. Executive Chairman Mike Povey highlighted the clean nature of the near-surface oxide gold and its excellent heap leach recovery, which are advantageous for future development. The project includes six targets with an inferred resource of 8.35 million tonnes containing 299,800 ounces of gold. Helix is also exploring the White Hills Project, which may extend the detachment zone and copper potential.
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Why It's Important?
The support for Helix Resources' Gold Basin Project could lead to a substantial resource upgrade, enhancing the project's viability and attractiveness to investors. The project's favorable jurisdiction and excellent metallurgical test results suggest potential for low-cost development, which is crucial for economic feasibility. The expansion of the resource estimate could bolster Helix's position in the mining industry, particularly in the copper and gold sectors. This development may also contribute to the local economy in Arizona, providing job opportunities and boosting regional mining activities.
What's Next?
Helix Resources plans to continue drilling to further explore the Gold Basin and White Hills Projects. The company aims to consolidate its findings and potentially expand its resource estimate, which could lead to increased investment and development activities. Stakeholders, including investors and local communities, will likely monitor the project's progress and its impact on the regional economy.
