Helio Resource Corp

Published : January 26th, 2009

(HRC:TSX-V) Reports Drill Results from Porcupine Target - SMP Gold Project, Tanzania

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Keywords :   Diamond | Gold | Gold Mine | Namibia | Tanzania |

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Monday, January 26, 2009

Helio Reports Drill Results from the Porcupine Target, SMP Gold Project, Tanzania


 

View News Release in PDF Format

 

46.0m @ 2.1g/t Au
44.1m @ 2.1g/t Au
37.0m @ 1.6g/t Au
31.7m @ 1.2g/t Au
27.5m @ 1.0g/t Au
16.8m @ 1.0g/t Au


January 26, 2009

Porcupine Target Drilling Update


Helio Resource Corp. ("Helio" or the "Company") (TSX-V: HRC) is pleased to report the latest drill results from eleven Diamond drill holes from the Porcupine Target at the SMP Gold Project, Lupa Goldfields, SW Tanzania. The results confirm management's view that Porcupine has the potential to host a significant open-pittable gold resource, in addition to the potential significant gold resource the company is testing at the Kenge Target (Company Press Release dated January 15, 2009).

Highlights

  • All eleven drill holes intersected gold mineralisation.
  • The new results confirm the continuity of robust mineralisation over a 250m+ strike length from surface to a depth of 200m.
  • Mineralisation is still open to depth and along strike.

A table of the drill results is presented below, together with a revised long section of the Porcupine Target. A further ten Diamond drill holes from Porcupine have been submitted to the laboratory and results are expected within the next month.


2008 Reverse Circulation Drilling Programme Summary

As mentioned previously (Company Press Release November 10, 2008) a limited RC drill programme was initiated to test the Porcupine Target over a 1.5km strike length. Due to mechanical issues, drill rig breakdowns, and the onset of the rainy season, the programme has been suspended, and is planned to resume in April.


GPD2

Original sampling of hole GPD2 returned an intersection of 49.8m @ 1.7g/t Au (Company Press Release dated July 21, 2008). The Company recently re-sampled the remaining half-core from this mineralised intercept as it comprised extensively fractured and broken core. This exercise was undertaken to give an indication of the potential grade variation. The re-sampled intersection value is 49.8m @ 2.0g/t Au, an increase in gold content of 18%.


ABOUT THE SMP GOLD PROJECT

Helio, through its 100% owned subsidiary BAFEX Tanzania Ltd., can earn a 100% interest in five contiguous licences, which cover a 34km strike length of the Saza Shear Zone (see news releases dated December 19, 2005, September 11, 2006, and October 16, 2008). The project covers the New Saza Gold Mine, which operated between 1939 - 1956, producing approximately 270,000 ounces of gold at an average grade of 7.5g/t Au.

Since June 2006, the Company has drill-tested eleven targets, nine of which are hosted by the Saza Shear Zone. All eleven targets have intersected bedrock-hosted gold mineralisation, the most advanced being the Kenge Target, which has returned up to 22.0m grading 6.9g/t gold in the Main Zone (Company press release dated May 23, 2007). The thickest mineralised intercept at Kenge is from the Mbenge Zone (48.7m @ 2.1g/t Au - Company press release dated September 8, 2008). The thickest mineralised intercept to date at the SMP was drilled at the Porcupine target (52.2m grading 3.3g/t Au - Company press release dated July 21, 2008). A plan map of the project area, showing the respective locations of all of the targets generated to date is attached. The Company is awaiting further drill results from the Porcupine Target (10 drill holes), the Kenge Target (43 drill holes) and the Konokono Target (5 drill holes). All three of these targets are highlighted on the attached map.

Recently, the Company announced excellent metallurgical results from the SMP project, where recoveries of up to 96% were achieved by conventional processes at the Kenge target (Company press release August 11, 2008).

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 the contents of this news release. Unless otherwise stated all drill holes were oriented at -48� or -60� and were drilled perpendicular towards the main structural trend. Intercepts are reported as drilled widths, and estimated true widths vary from 65-98%+ of drilled width. Core was halved with a rock saw and sample lengths between 0.3m and 2.0m within the mineralised zone were submitted to the lab (with the duplicate half being retained). QA/QC includes the use of blanks and standards (ave. 1 every 15 samples) and duplicates (ave. 1 every 24 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. Unless otherwise stated weighted average intercepts are calculated between the uppermost and lowermost samples within the main mineralised zone using a 0.5g/t cut-off and may include some internal waste.

Helio's main focus is the development of the SMP Gold Project in Tanzania. As part of its strategic approach to project development, Helio has optioned 9 of its Namibian licences to Desert Minerals (UK) Ltd. and continues to pursue joint venture partners for its other projects in Namibia.

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.

ON BEHALF OF THE BOARD OF DIRECTORS

 

"Richard D. Williams"
Richard D. Williams, P.Geo
CEO

"Chris MacKenzie"
Christopher J. MacKenzie, C.Geol.
COO

 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

 

Table of Drill Intercepts

Hole

Target

Intercept

GPD021

Porcupine

44.1m @ 2.15g/t Au from 77.0m (open)

 

 

incl. 1.4m @ 28.6g/t Au from 118.5m

GPD022

Porcupine

10.0m @ 1.0g/t Au from 109.0m (open)

GPD023

Porcupine

27.5m @ 1.0g/t Au from 145.7m (open)

GPD024

Porcupine

2.7m @ 1.3g/t Au from 109.8m

GPD025*

Porcupine

6.6m @ 0.2g/t Au from 130.2m

GPD026

Porcupine

31.7m @ 1.2g/t Au from 155.1m

GPD027

Porcupine

1.0.m @ 1.8g/t Au from 163.4m

GPD028

Porcupine

15.8m @ 0.8g/t Au from 170.8m

GPD029

Porcupine

16.8m @ 1.0g/t Au from 52.9m (open)

GPD030

Porcupine

37m @ 1.6g/t Au from 104m

GPD030

Porcupine

incl. 21m @ 2.1g/t Au from 120m

GPD031

Porcupine

46m @ 2.1g/t Au from 115m

 

 

incl. 1m @ 45.9g/t Au from 122m

* Not 0.5g/t cut-off

http://www.helioresource.com/i/maps/2009-01-26_NRM2sm.jpg

http://www.helioresource.com/i/maps/2009-01-26_NRM3sm.jpg
Plan Map of the SMP Gold Project showing the Locations of the Porcupine, Kenge and Konokono Targets.



 

 

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Monday, January 26, 2009

Helio Reports Drill Results from the Porcupine Target, SMP Gold Project, Tanzania


 

View News Release in PDF Format

 

46.0m @ 2.1g/t Au
44.1m @ 2.1g/t Au
37.0m @ 1.6g/t Au
31.7m @ 1.2g/t Au
27.5m @ 1.0g/t Au
16.8m @ 1.0g/t Au


January 26, 2009

Porcupine Target Drilling Update


Helio Resource Corp. ("Helio" or the "Company") (TSX-V: HRC) is pleased to report the latest drill results from eleven Diamond drill holes from the Porcupine Target at the SMP Gold Project, Lupa Goldfields, SW Tanzania. The results confirm management's view that Porcupine has the potential to host a significant open-pittable gold resource, in addition to the potential significant gold resource the company is testing at the Kenge Target (Company Press Release dated January 15, 2009).

Highlights

  • All eleven drill holes intersected gold mineralisation.
  • The new results confirm the continuity of robust mineralisation over a 250m+ strike length from surface to a depth of 200m.
  • Mineralisation is still open to depth and along strike.

A table of the drill results is presented below, together with a revised long section of the Porcupine Target. A further ten Diamond drill holes from Porcupine have been submitted to the laboratory and results are expected within the next month.


2008 Reverse Circulation Drilling Programme Summary

As mentioned previously (Company Press Release November 10, 2008) a limited RC drill programme was initiated to test the Porcupine Target over a 1.5km strike length. Due to mechanical issues, drill rig breakdowns, and the onset of the rainy season, the programme has been suspended, and is planned to resume in April.


GPD2

Original sampling of hole GPD2 returned an intersection of 49.8m @ 1.7g/t Au (Company Press Release dated July 21, 2008). The Company recently re-sampled the remaining half-core from this mineralised intercept as it comprised extensively fractured and broken core. This exercise was undertaken to give an indication of the potential grade variation. The re-sampled intersection value is 49.8m @ 2.0g/t Au, an increase in gold content of 18%.


ABOUT THE SMP GOLD PROJECT

Helio, through its 100% owned subsidiary BAFEX Tanzania Ltd., can earn a 100% interest in five contiguous licences, which cover a 34km strike length of the Saza Shear Zone (see news releases dated December 19, 2005, September 11, 2006, and October 16, 2008). The project covers the New Saza Gold Mine, which operated between 1939 - 1956, producing approximately 270,000 ounces of gold at an average grade of 7.5g/t Au.

Since June 2006, the Company has drill-tested eleven targets, nine of which are hosted by the Saza Shear Zone. All eleven targets have intersected bedrock-hosted gold mineralisation, the most advanced being the Kenge Target, which has returned up to 22.0m grading 6.9g/t gold in the Main Zone (Company press release dated May 23, 2007). The thickest mineralised intercept at Kenge is from the Mbenge Zone (48.7m @ 2.1g/t Au - Company press release dated September 8, 2008). The thickest mineralised intercept to date at the SMP was drilled at the Porcupine target (52.2m grading 3.3g/t Au - Company press release dated July 21, 2008). A plan map of the project area, showing the respective locations of all of the targets generated to date is attached. The Company is awaiting further drill results from the Porcupine Target (10 drill holes), the Kenge Target (43 drill holes) and the Konokono Target (5 drill holes). All three of these targets are highlighted on the attached map.

Recently, the Company announced excellent metallurgical results from the SMP project, where recoveries of up to 96% were achieved by conventional processes at the Kenge target (Company press release August 11, 2008).

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 the contents of this news release. Unless otherwise stated all drill holes were oriented at -48� or -60� and were drilled perpendicular towards the main structural trend. Intercepts are reported as drilled widths, and estimated true widths vary from 65-98%+ of drilled width. Core was halved with a rock saw and sample lengths between 0.3m and 2.0m within the mineralised zone were submitted to the lab (with the duplicate half being retained). QA/QC includes the use of blanks and standards (ave. 1 every 15 samples) and duplicates (ave. 1 every 24 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. Unless otherwise stated weighted average intercepts are calculated between the uppermost and lowermost samples within the main mineralised zone using a 0.5g/t cut-off and may include some internal waste.

Helio's main focus is the development of the SMP Gold Project in Tanzania. As part of its strategic approach to project development, Helio has optioned 9 of its Namibian licences to Desert Minerals (UK) Ltd. and continues to pursue joint venture partners for its other projects in Namibia.

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.

ON BEHALF OF THE BOARD OF DIRECTORS

 

"Richard D. Williams"
Richard D. Williams, P.Geo
CEO

"Chris MacKenzie"
Christopher J. MacKenzie, C.Geol.
COO

 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

 

Table of Drill Intercepts

Hole

Target

Intercept

GPD021

Porcupine

44.1m @ 2.15g/t Au from 77.0m (open)

 

 

incl. 1.4m @ 28.6g/t Au from 118.5m

GPD022

Porcupine

10.0m @ 1.0g/t Au from 109.0m (open)

GPD023

Porcupine

27.5m @ 1.0g/t Au from 145.7m (open)

GPD024

Porcupine

2.7m @ 1.3g/t Au from 109.8m

GPD025*

Porcupine

6.6m @ 0.2g/t Au from 130.2m

GPD026

Porcupine

31.7m @ 1.2g/t Au from 155.1m

GPD027

Porcupine

1.0.m @ 1.8g/t Au from 163.4m

GPD028

Porcupine

15.8m @ 0.8g/t Au from 170.8m

GPD029

Porcupine

16.8m @ 1.0g/t Au from 52.9m (open)

GPD030

Porcupine

37m @ 1.6g/t Au from 104m

GPD030

Porcupine

incl. 21m @ 2.1g/t Au from 120m

GPD031

Porcupine

46m @ 2.1g/t Au from 115m

 

 

incl. 1m @ 45.9g/t Au from 122m

* Not 0.5g/t cut-off

http://www.helioresource.com/i/maps/2009-01-26_NRM2sm.jpg

http://www.helioresource.com/i/maps/2009-01-26_NRM3sm.jpg
Plan Map of the SMP Gold Project showing the Locations of the Porcupine, Kenge and Konokono Targets.



 

 

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Helio Resource Corp

EXPLORATION STAGE
CODE : HRC.V
ISIN : CA4232741096
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Helio is a silver and gold exploration company based in Canada.

Helio holds various exploration projects in Namibia.

Its main exploration properties are OTJITOMBO, OTJITOMBO SOUTH, TEVREDE NORTH, ETJO NORTH, ETJO SOUTH, OTJIMBOJO, WILHELMSTAL, KUNJAS, MAKURU, VREDELUS and DAMARA in Namibia and SAZA MAKONGOLOSI (SMP) in Tanzania.

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7/26/2010(HRC:TSX-V): Latest Drill Results Confirm Main Zone Extensio...
11/10/2008Reports Additional Excellent Drill Results from Porcupine Ta...
8/11/2008Reports Excellent Metallurgical Testwork Results from SMP Go...
8/2/2008Terminates Agreement with TransAfrican Minerals Ltd.
3/13/2008OPTIONS EIGHT NAMIBIAN LICENCES TO TRANSAFRICAN MINERALS
11/13/2007 21.53m grading 3.62g/t Au Included in Additional Drill Resu...
11/6/200716.75m grading 3.93g/t Au included in latest drill results f...
10/29/2007Discovers Another New Gold Zone at the SMP Gold Project in T...
10/23/2007Discovers New Gold Zone on the SMP Gold Project, Tanzania
9/24/2007Options 9 Namibian Licences to Desert Minerals (UK) Ltd.
9/14/2007Update on Namibia Exploration Activities
9/11/2007Report on AGM and Update on Tanzania Drilling Activities
6/5/2007June 1/Helio announces warrant triggering event
3/21/2007reports more well-mineralised drill intercepts at the SMP go...
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TSX-V (HRC.V)
0.140+16.67%
TSX-V
CA$ 0.140
01/03 13:06 0.020
16.67%
Prev close Open
0.120 0.135
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0.135 0.140
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.140 -%
Volume 1 month var.
26,500 -%
24hGold TrendPower© : -21
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