HLX - Helix Resources

[noirua]

Helix Resources (ASX:HLX) delivers high-grade copper assays from Canbelego

Helix Resources (ASX:HLX) has received assays from a further two diamond and one reverse circulation (RC) hole at its Canbelego joint venture project in the Cobar region of NSW.

themarketherald.com.au

Helix Resources (HLX) has received assays from a further two diamond and one reverse circulation (RC) hole at its Canbelego joint venture project in the Cobar region of NSW.

The company had undertaken a “bold, expansive” diamond drilling program at the Canbelego Main Lode to map the extent of the copper lodes and establish a downhole electromagnetic (DHEM) survey platform.

At South Shoot, drilling returned a significant intercept of 16 metres at 3.21 per cent copper from 117 metres downhole including 11 metres at 4.58 per cent copper.

 

[barney]

At South Shoot, drilling returned a significant intercept of 16 metres at 3.21 per cent copper from 117 metres downhole including 11 metres at 4.58 per cent copper.

Long time between drinks for this little battler ..... Watching!

 

[barney]

Watching!

No longer watching, lol.

I am now the proud owner of 1M HLX shares. Nothing ventured nothing gained at the Spec end of the market

I like the potential. (In at .008)

High Cash position relative to Market Cap (My favorite "indicator")

Plenty of overhead Supply to get through but there was definitely interest from "off screen" today. See what eventuates over the next month or two.

 

[debtfree]

You made me have a look at the chart @barney so I thought I'd put it up for viewing, all the best with HLX .

 

[Dona Ferentes]

Still shuffling, around 0.6c

Helix Resources sees promising copper results at Canbelego JV ahead of resource update

Helix Resources Ltd (ASX:HLX) has unearthed new high-grade copper hits ahead of a resource update at the Canbelego joint venture project in central New South Wales.

 

[barney]

Still shuffling, around 0.6c Helix Resources sees promising copper results at Canbelego JV ahead of resource update Helix Resources Ltd (ASX:HLX) has unearthed new high-grade copper hits ahead of a resource update at the Canbelego joint venture project in central New South Wales.

I hold few of these still. (Patience required )

The News yesterday has sparked (another) little flurry of buying. I just noticed the wall of Sellers at .006 has been wiped today. This is not the first time recently that level has been taken out, but it always seems to "re-stock" Maybe this recent news will be the catalyst for it to move higher? We live in hope!

Lol ... By the time I had copied and pasted the above, the Sellers had re-stocked the .006 sell side again ....

Feels a bit like this:

 

[barney]

Been a tough hold this one, but todays Announcement looks potentially interesting

In for a penny in for a pound they say ...... I bought a few more at .004

Not exactly confident, but quietly hopeful. Any decent result it could run hard from these levels.

 

[barney]

This little battler hasn't been one of my better purchases unfortunately but apparently good things come to those who wait

Still meandering near the lows but they seem to be honing in on some promising drill targets ... slowly!

Bit of positivity after todays announcement ...... Drilling a month away and results probably a minimum of 2 months away.

It is a punt but a better punt than when I first bought in ..... it is at a punters price however.

 

[barney]

SP has snuck up and testing the .006 level again off the back of a couple of interesting news announcements on their GAIP surveys which are "backing up" the previous drill results over a pretty decent area.

The copper grades in previous drilling are actually pretty good ... If they can get some decent width into them with the upcoming drill campaign (May??), the SP certainly has plenty of room to move with a Market Cap of $14M

Previous scout drilling .... 36 metres at 1% copper oxide/sulphide is definitely promising

1 Year Chart

 

[Dona Ferentes]

$0.004 now

Regarding its proportional off-market takeover offer for 25% of your shareholding at $0.005 per share. The Offer will open on 29 October 2024 and close on 15 January 2025, unless otherwise extended or withdrawn by Acta. Helix shareholders (as 15 October 2024) will soon be receiving a bidder’s statement from Acta regarding the Offer.

The Board re-iterates its advice to shareholders to take no action in response to this unsolicited and highly conditional offer at this time, until shareholders receive a Target’s Statement from Helix. The Board re-iterates its concerns about the implications of the Offer and the future direction of the Company.

Key Concerns:
1. Control Without a Premium: Acta's offer aims to acquire 25% of Helix shares, but their proposal includes a condition that a majority of the directors on the board of Helix are nominees of Acta or its associates. If successful, this would give Acta effective control of the company with a relatively small shareholding (~16.87%), without paying the standard control premium that shareholders would expect in such a situation.
2. Onerous Conditions: The Offer includes restrictive conditions, such as limiting Helix from making any material expenditure above $50,000, which directly conflicts with our current exploration objectives and drill programs. These conditions risk hampering the Company's ability to operate effectively and to continue the exciting copper-gold exploration projects we have underway in the Cobar region.
3. No Long-Term Commitment: Acta and its associates, including Mr. Michael Povey, have only recently become substantial shareholders, and Acta itself was formed as a special-purpose vehicle in July 2024. Their limited track record with Helix and lack of transparency about their long-term strategy raises further concerns about their true intentions for the Company.
4. Limited or No Information on Proposed Directors: Acta has only provided very limited information on Michael Povey and no information on the two other nominees in the Bidder’s Statement. The Board reiterates the view that was outlined in its announcement on 16 October 2024 and the corporate update letter that the proposed directors do not add to the effectiveness of the Board to execute strategy and would simply increase director’s fees.

 

[Black Eugene]

definitely some points to consider