Halo Commences Drilling at West Red Lake
TORONTO, ONTARIO -- (Marketwire) -- 10/14/10 -- Lynda Bloom, President and CEO of Halo Resources Ltd. ('Halo', the 'Company') (TSX VENTURE: HLO)(FRANKFURT: HRLN) is pleased to announce that a drill program has commenced at the West Red Lake Property, on claims held in joint venture with both Red Lake Gold Mines Partnership (the 'Partnership'), a partnership between Goldcorp Canada Ltd. and Goldcorp Inc. (TSX: G; NYSE: GG) ('Goldcorp').
The drill program of up to 1,400 meters will target the possible eastward extension of the formation which hosts the higher grade mineralization intersected on the Bridget Lake claims, held by Tribute Minerals and Halo.
The 2010 winter drilling program intersected 7.1 g/t gold over 5.8 meters within siliceous dolomitic breccia at 390 to 395.8 meters down hole; this included 68 g/t gold over 0.4 meters. The drill intersection underlies central Bridget Lake and occurs between two known zones of visible gold mineralization associated with narrow quartz veins that outcrop on both the north and west shores of Bridget Lake (see accompanying map, http://media3.marketwire.com/docs/hlo1014.pdf), and assay up to 161 g/t gold.
The gold mineralization in outcrop and drill intersection is hosted in a thick unit of chemical metasediments that underlie and extend several kilometers east and west of Bridget Lake. The current drill program will test the area east of Bridget Lake on claims held in joint venture with the Partnership where concurrent EM, magnetic and IP geophysical anomalies have been identified.
The above information has been prepared under the supervision of Lynda Bloom, P.Geo., who is designated as a 'Qualified Person' with the ability and authority to verify the authenticity and validity of the data.
ON BEHALF OF THE BOARD OF DIRECTORS
Marc Cernovitch, Chairman
About Halo Resources Ltd.
Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. The Company's main focus is the 200 sq. km. Sherridon VMS Property, a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities. A 2008 NI43-101 compliant copper-zinc resource, for four of the known deposits in the district, was completed in less than 18 months. The Company has a joint venture interest in the Duport Property, an advanced gold property near Kenora, Ontario and is the operator for contiguous joint venture properties in West Red Lake covering 30 sq. km. The Company is operated by an experienced management team with a growth strategy to develop a diversified portfolio of advanced mining projects.
Forward Looking Statements
This Company Press Release may contain certain 'forward-looking' statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Halo Resources Ltd.
Michael Joyner
IR
416-619-7539
416-601-9046 (FAX)
ir@halores.com
www.halores.com