Helio Intersects 7.4m Grading 6.1g/t Au at the Quill Zone, SMP Gold Project, Tanzania
TSX-V Trading Symbol: HRC
VANCOUVER, Dec. 7, 2011 /PRNewswire/ - Helio Resource Corp.
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.
Highlights:
-- Multiple zones of mineralisation at the Gap Target over a 1.2km
strike length, open along strike;
-- High grade intercepts at the east end of Gap (e.g. 3m at 7.2g/t
Au) occur north of any previous drilling and open a new area
for resource expansion;
-- Up to 7.4m grading 6.1g/t Au at the Quill Zone at Porcupine
highlight the presence of higher grade sections new to the
Porcupine resource model.
At the Gap Target, the holes reported are all on a fence drilled on the same section as GPD128, which intercepted 8m grading 1.5g/t Au. Three additional zones of significant mineralisation were intercepted, in holes GPD130, GPD132 and GPD135. All zones are associated with shearing, quartz veining with pyrite, and sericite alteration along granite-diorite contacts, and are related to the continuation of the Porcupine magnetic structure and its intercept with a prominent NW trending magnetic anomaly that covers a 5km strike length.
A plan map of the SMP Gold Project is presented in the following link:
http://www.helioresource.com/i/pdf/2011-12-07_NRM1.pdf
A map showing the location of the holes at Gap Target is shown below:
http://www.helioresource.com/i/pdf/2011-12-07_NRM2.pdf
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:
_____________________________________________________
|Hole #| Target |From (m)|Width (m) |Au Grade (g/t)|
|______|___________|________|__________|______________|
|GPD113| Porcupine | 136 | 3 | 1.1 |
|______|___________|________|__________|______________|
| and | Porcupine | 162 | 1 | 3.3 |
|______|___________|________|__________|______________|
|GPD115| Porcupine | 39 | 1 | 1.6 |
|______|___________|________|__________|______________|
| and | Porcupine | 52 | 3 | 3.7 |
|______|___________|________|__________|______________|
| and | Porcupine | 79 | 1 | 1 |
|______|___________|________|__________|______________|
|GPD121|Porcupine W| 39 | 1 | 1.5 |
|______|___________|________|__________|______________|
|GPD124|Porcupine W| 135 | 1 | 1.5 |
|______|___________|________|__________|______________|
|GPD126| Quill | 7 | 3 | 1.3 |
|______|___________|________|__________|______________|
| and | Quill | 98 | 1 | 2.7 |
|______|___________|________|__________|______________|
| and | Quill | 147 |7.4 (open)| 6.1 |
|______|___________|________|__________|______________|
| inc | Quill | 147 | 2 | 20.9 |
|______|___________|________|__________|______________|
|GPD127| Quill | 41 | 1 | 1 |
|______|___________|________|__________|______________|
| and | Quill | 47 | 1 | 1.6 |
|______|___________|________|__________|______________|
|GPD129| Quill | 21 | 1 | 1.9 |
|______|___________|________|__________|______________|
| and | Quill | 74 | 1 | 1.9 |
|______|___________|________|__________|______________|
| and | Quill | 79 | 1 | 1.4 |
|______|___________|________|__________|______________|
|GPD130| Gap | 54 | 1 | 8.2 |
|______|___________|________|__________|______________|
|GPD131| Quill | 28 | 1 | 1.2 |
|______|___________|________|__________|______________|
|GPD132| Gap | 40 | 10 | 0.5 |
|______|___________|________|__________|______________|
|GPD135| Gap | 48 | 3 | 7.2 |
|______|___________|________|__________|______________|
The results of the drilling are available on the Company's website www.helioresource.com and at www.corebox.net.
Drilling Update
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 238km(2). 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.
ON BEHALF OF THE BOARD OF DIRECTORS
'Richard D. Williams' 'Chris MacKenzie'
Richard D. Williams, Christopher J. MacKenzie,
P.Geo C.Geol.
CEO COO
Neither the 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
Helio Resource Corp.
CONTACT: For additional information, please contact Richard Williams or
Irene
Dorsman at 1 604 638 8007 or by e-mail to richard@helioresource.com
or irene@helioresource.com.