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Helix Resources Paves Way For Gold Resource Increase At Restdown With Discovery Of Multiple Targets

Helix Resources (ASX: HLX) is continuing to identify robust gold-in-soil anomalies through soil sampling at its Restdown Gold Project in New South Wales with multiple targets a look-alike to the 80,000 ounce Sunrise Prospect.

The Restdown Project is 15 kilometres from the historic Mt Boppy Gold Mine, which produced 500,000 ounces at plus-10 grams per tonne (g/t) gold, and is now owned by Polymetals Mining (ASX: PLY), and 30 kilometres from YTC Resources' (ASX: YTC) Nymagee and Hera development projects.

Importantly, drill confirmation of the mineralisation model is expected to lead to additional resource definition drilling in the second half of 2012 to increase the existing 100,000 ounce gold inventory.

Work approvals and tenders have been received for a reverse circulation drilling program, set to begin in July, to test the multiple targets.

The project hosts an Inferred JORC Resource of 2.6 million tonnes at 1.2g/t for 100,000 ounces of contained gold.

Exploration upside is evident with the mineralisation open in all directions and additional gold prospects identified along strike.

Helix is targeting the definition of around 500,000 ounces of gold for the Restdown Project.

Exploration on the company's other three projects in New South Wales, where Helix has defined an exploration target of 5 to 20 million tonnes, is also well underway, with rapid progress being made.

Quanda & Fiveways

At Quanda & Fiveways auger geochemical sampling is underway using a company owned auger rig to define target zones for follow up electromagnetic surveys.

Helix has confirmed the continuation of both the Tritton and Kurrajong volcanogenic massive sulphide (VMS) trends onto its landholding south of Straits Resources' (ASX: SRQ) recent discoveries.

The company is now planning a small drill program to test for gold and copper beneath the "Quanda" historic mine shafts on a copper VMS horizon representing the continuation of the Tritton Trend.

Canbelego Copper Project

Two reverse circulation holes are planned below the current copper Resource at the Canbelego Mine Prospect, with down-hole electromagnetic surveys targeting down plunge on the high grade sulphide lode system.

The electromagnetic surveys will cover three priority areas - west of the Canbelego copper mine, the Caballero Prospect and the Mullen Prospect.

Canbelego hosts an Inferred JORC Resource of 1.5 million tonnes at 1.2% copper, with mineralisation open along strike and down dip.

Little Boppy

An electromagnetic survey is planned to test for massive sulphide conductors in an over 500 metre by 450 metres copper plus gold soil anomaly at the Boppy Broken Hill Prospect.

A small drill program is also planned to test an epithermal vein system for gold near historic prospecting pits.

Anomalous gold rock chips with grades of 0.5g/t and greater than 60 parts per million antimony have been identified, along with other supporting base metal anomalism.

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