fyi mt venn helix quarterly 2004

Preliminary geological mapping and rock chip sampling of the Mt Venn mafic/ultramafic intrusion located nickel, copper and PGM rich gossanous horizons along the western margin of the intrusion (Fig. 2). The gossans which were found over six kilometres of strike length are located within the more pyroxenite rich basal sequence of the intrusion. A total of 68 rock chip samples were collected during the quarter, the more gossanous of which produced highly anomalous results up to 8.7% Cu, 0.34% Ni and 0.14g/t pgm (Pt + Pd). This recent sampling is the first to recognise anomalous PGMs within the Mt Venn Intrusion.
The work by Helix is the first exploration carried out on the project since 1972 when Tasminex NL drilled a limited number of shallow percussion holes below some of the outcropping gossans at the southern end of the intrusion. In a follow up phase to the earlier percussion drilling program, several deeper holes intersected disseminated and massive sulphides within coarse pyroxenites. Assays returned anomalous results for copper and nickel and no PGM assays were carried out. Evaluation of the Mt Venn intrusion by drilling appears to have been inconsistent, and there is no reported drilling on the gossanous outcrops from the central and northern part of the intrusion.
Further exploration by Helix is planned to commence in late January, and will include mapping, gossan sampling and airborne magnetics to outline the total extent of the gossans. This will be followed by electrical surveys to target prospective more sulphide rich accumulations for Ni, Cu and PGMs. Drilling of the priority targets is planned to commence in March.