Reserves and Resources
Restdown JV Resource August 2011
(Helix 70%, Glencore 30%)
| Restdown Prospect - Inferred |
||||
| Domain | Au Cut Off Grade |
Tonnes | Au Grade (g/t) |
Contained Au (oz) |
| Sunrise | 0.3 | 2,100,000 | 1.3 | 85,000 |
| 1.0 | 1,100,000 | 1.9 | 66,000 | |
| Good Friday | 0.3 | 470,000 | 0.9 | 13,000 |
| 1.0 | 80,000 | 1.6 | 4,000 | |
| Total | 0.3 | 2,600,000 | 1.2 | 100,000 |
| Total |
1.0 | 1,200,000 | 1.8 | 70,000 |
Canbelego Copper Resource October 2010
(Helix 51%, earning 70% from Straits Resources)
The total copper resource for the Canbelego Copper Deposit at a 0.3% Cu cutoff is classified according to the JORC Code (2004) as:
| JORC Category | Million tonnes | Grade % Cu | Contained Tonnes |
| Inferred | 1.5 | 1.2 | 18,000 |
| TOTAL | 1.5 | 1.2 | 18,000 |
Tunkillia Resource August 2009
(Munga Goldmines Ltd 55% , Helix 45%)
The total oxide gold resource for Area 223 at a 0.5g/t Au cutoff is classified according to the JORC code (2004) as:
| JORC Category | Million tonnes | Grade g/t Au | Ounces |
| Measured |
1.2 | 1.8 | 66,000 |
| Indicated | 2.0 | 1.3 | 86,000 |
| Inferred | 2.5 | 1.0 |
77,000 |
| TOTAL | 5.7 | 1.3 | 230,000 |
The total primary gold resource for Area 223 at a 1.0g/t Au cutoff to an approximate depth of 200 metres below ground level is classified according to the JORC code (2004) as:
| JORC Category | Million tonnes | Grade g/t Au |
Ounces |
| Indicated | 4.2 | 2.0 |
270,000 |
| Inferred | 4.4 | 2.1 | 300,000 |
| TOTAL | 8.6 | 2.1 | 570,000 |
Within the primary zone, silver is associated with gold in the approximate ratio 3:1 The silver resource for primary zone blocks with cutoff grade 1.0g/t Au and based on unrestricted gold with an inverse distance power of 1 is:
| JORC Category | Million Tonnes | Grade g/t Ag | Ounces |
| Indicated | 4.2 | 5.7 | 770,000 |
| Inferred | 4.4 | 5.7 | 810,000 |
| TOTAL | 8.6 | 5.7 | 1,600,000 |
Mungana Gold Mines Ltd [ASX code: MUX] purchased Minotaur Ventures Pty Ltd, the Tunkillia JV Manager and 55% equity holder in January 2012.
The JV has approved a $3M exploration budget for 2012 and Mungana has said it wants the Project to be production ready in 2014 with initial scope for a conventional open-pit operation and 2Mtpa CIP plant.
Helix has elected to dilute with our equity position expected to be around 35% at the end of the 2012 program spend.
Yalleen JV Resource* – April 2009
(*Helix maintains 30% interest in Iron Ore)
Table A: Yalleen Project April 2009 Inferred and Indicated Mineral Resource| Deposit | Tonnes | Fe | SiO2 | Al2O3 | P | S | LOI | Mn | MgO |
| MT | % | % | % | % | % | % | % | % | |
| Kumina Creek Deposit |
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| Indicated | 34.96 | 57.53 | 5.18 | 3.70 | 0.060 | 0.015 | 8.24 | 0.06 | 0.11 |
| Inferred | 23.61 | 57.53 | 5.19 | 3.77 | 0.060 | 0.015 | 8.15 | 0.07 | 0.11 |
| Total | 58.57 | 57.53 | 5.18 | 3.73 | 0.060 | 0.15 | 8.20 | 0.06 | 0.11 |
| Robe Exit Deposit |
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| Indicated | 12.91 | 56.50 | 5.52 | 3.74 | 0.053 | 0.018 | 9.41 | 0.05 | 0.14 |
| Inferred | 12.82 | 56.32 | 5.45 | 3.89 | 0.064 | 0.016 | 9.31 | 0.03 | 0.11 |
| Total | 25.73 | 56.41 | 5.49 | 3.81 | 0.058 | 0.017 | 9.36 | 0.04 | 0.12 |
| Total Resource - CID | |||||||||
| Indicated | 47.87 | 57.25 | 5.27 | 3.71 | 0.058 | 0.016 | 8.56 | 0.06 | 0.12 |
| Inferred | 36.43 | 57.10 | 5.28 | 3.81 | 0.061 | 0.015 | 8.56 | 0.06 | 0.11 |
| Total | 84.30 | 57.19 | 5.28 | 3.75 | 0.060 | 0.016 | 8.56 | 0.06 | 0.11 |
The information in this report that relates to Resource estimations is based on information compiled by Mr M Wilson who is a full time employee of Helix Resources Limited and a Member of The Australasian Institute of Mining and Metallurgy. Mr M Wilson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr M Wilson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.