|Wednesday, December 07, 2011 |
Helio Resource Corp (TSX-V: HRC) is pleased to report additional results from the 2011 diamond drill programme at the SMP Gold Project in Tanzania. Results are from the Porcupine (Quill Zone) and Gap Targets, and confirm the presence of multiple new zones of mineralisation which are open in all directions. The presence of high grade zones at both the Gap Target and the Quill Zone is very encouraging. These new zones of mineralisation will be incorporated into an updated NI 43-101 resource statement for the SMP Gold Project expected in early 2012.
Further drilling to test the strike continuation of these zones is planned for 2012.
A plan map of the SMP Gold Project and a map showing the location of the holes at Gap Target are shown below.
The Quill zone is located approximately 250m NW of the Main Zone at the Porcupine target, and is also associated with sulphidised, quartz-veined, sericite-altered, granitic rock. The mineralised zones are all open to depth -- little drilling beneath 100m has been conducted at Quill.
The 14 holes (1,980m) reported herein conclude the balance of the 2011 diamond drilling programme at SMP. Highlights are presented in the table below:
The results of the drilling are available on the Company's website www.helioresource.com and at www.corebox.net.
Reverse Circulation (RC) drilling was completed at the Tumbili and Konokono targets during November - the results will be reported in due course.
About the SMP Gold Project
The SMP Gold Project covers an area of 238km2. Gold mineralisation has been identified in 30 targets within the project area. Two of these targets, Porcupine and Kenge, have been advanced to the resource stage and both, especially Porcupine, still have potential to grow significantly. The unrestrained resource calculation as released in November 2010 reported a Measured and Indicated Resource of 588,749 ounces (11.82Mt grading 1.54g/t Au) plus an Inferred Resource of 352,354 ounces (9.9Mt grading 1.10g/t Au) at a cut off grade of 0.3g/t Au.
Mineralisation at all 30 targets outcrops at surface, and varies from narrow, high grade gold mineralisation hosted in quartz veins and shear zones, to wide zones (up to 90m in width) of lower grade, bulk mineable / open pittable mineralisation.
Helio owns a 100% interest in four of five licences, subject to a 2% NSR to the vendors (Tanzanian small mining companies), and the Company is in the process of earning a 100% interest in the fifth licence.
Chris MacKenzie, M.Sc., C.Geol., Helio's COO and a Qualified Person as designated by NI 43-101, supervises the exploration at the SMP project, including the sampling and quality assurance / quality control programmes, and has reviewed and approved the contents of this news release. Intercepts are reported as drilled widths, more drilling is required to confirm true widths. Continuous 1m and 2m samples were taken through the main mineralised zones, with variable sampling outside this. Samples were split with a core saw and one half was retained on site. All samples were submitted to the lab with internal QA/QC checks including the use of blanks and standards (ave. 1 every 17 samples) and duplicates (ave. 1 every 25 samples). Samples were assayed at the SGS Laboratory in Mwanza, Tanzania by 50g gold fire assay. As well as the Company's internal QA/QC programme, SGS also applied their own internal QA/QC programme, consisting of insertion of standards and duplicates. Weighted average intercepts are calculated using a 0.5g/t Au cut-off, unless otherwise stated and may include some mineralised waste. Any individual assays over 20g/t Au are highlighted.
For additional information, please contact Richard Williams or Irene Dorsman at +1 604 638 8007 or by e-mail to firstname.lastname@example.org or email@example.com.
ON BEHALF OF THE BOARD OF DIRECTORS
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