FPO: 113,748,377 shares Market Cap (only): $24.4 mio
URANIUM
• Uranium JV partner - Toro Energy announce commencement of a major regional drilling program with plans to test five (5) priority palaeo-channel uranium targets on Helix’s Lake Everard tenements 2nd quarter 2007. (n = 1000 holes!!!)
CORPORATE
The exercise of over 93% of the 31 March 2007 options at 14 cents raised $2.5 million for the Company, which results in sufficient cash reserves of $3.3 million to meet Helix’s on-going exploration programs and initial calls on any of our Joint Venture Projects.
IRON
• Significant channel iron deposit (CID) mineralisation intersected at the 1st target area of the Yalleen Iron Ore Project. API drilling confirms a mineralised zone of 2.7 km by 900 metres, with a mineralised channel iron deposit up to 30 metres thick, grading up to 60% Fe.
• API, 50% owned by Aquila Resources Limited and Manager of the project, have planned and prioritised drilling for the 2007 field campaign to test an additional six (6) CID targets identified from the 2006 Hoist EM survey. The drilling program is scheduled to commence 2nd quarter 2007.
GOLD
• Glenburgh Project – drilling targets defined from regional geochemical sampling. The Company is presently securing relevant approvals from Statutory Authorities for a 5,000m aircore and slimline RC drilling program scheduled for 2nd quarter 2007.
• Tunkillia Project - JV partner and manager Minotaur Exploration continues additional shallow resource drilling (81 holes for 4,866m) and economic studies on Area 223 resource.
GENERATIVE
• Field examination and ground magnetics confirm potential for Radio Hill style nickel target on Helix’s West Pilbara tenements; additional VMS/VHMS style base metal models being targeted in other areas of the project.
• Northampton reconnaissance field visit included the historical mines on the Company’s applications. Rockchips returned up to 17.4% Cu, 9.1% Zn, 41.7%Pb and 56 g/t Ag. Once granted, Helix will examine the potential for large hydrothermal and strata-bound mineralised systems under shallow cover in this region.
• The Adelaide Geosyncline exploration application areas in South Australia were reviewed in the field during the quarter.
Helix has recently updated the company website at www.helix.net.au, and encourages interested parties to register their email address
FPO: 113,748,377 shares Market Cap (only): $24.4 mio
WTN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
