Ann: Copper Exploration Update, page-16

11up - agreed. Although I found the announcement hard to decipher, my main impressions were:

Scale breakthrough confirmed

• a 'scale breakthrough' in the Collerina Cu JORC. resource is likely, with suitably located drilling.
• This was foreshadowed in that important announcement of 24 March 2020, the significance of which the market under-estimated. It bears re-reading.
• The recent announcement of 21 January 2021 importantly says (in bold by me, for emphasis):

• (1) "Geological logging indicates the presence of shallow oxide copper mineralisation over widths consistent with the Central Zone oxide zones - potentially extending the indicated and inferred copper resource (see Appendix 1) along strike to the west..."
• (2) "Fresh, sulphide copper mineralisation was intersected in the holes targeting new parallel shoot positions.Preliminary interpretations suggest that this extends the mineralised horizon further down dip/plunge and that the drill holes have intersected the margin of a potential new shoot position..."

Publish XRF results

• It is infuriating how long it is all taking. Other peers seem to get their assay results much quicker than Helix. This should be an important action for the new MD. It has more than one negative connotation each of which is harmful to shareholders' interests;
• The frustration is not limited to the Collerina assay results (or the gold assay results). It also extends to Bijoux (which may contain gold). If that's a potential company maker - as it might be - it deserves far quicker results.
• If Helix cannot secure assay results in good time - and chooses not to release any drilling observations than the above conclusions - it should publish XRF results - e.g. for Collerina, pending the assay results. The rock chips will be in safe custody somewhere, and could be XRF'd at any time if they have not been already. Shareholders should be provided with this information.