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PRESS RELEASE
May 11, 2012
Hellix Margarita HVM12-05 Drill Hole Check Assay Results
HELLIX VENTURES INC. (HEL:TSX.V / HLLXF:OTC) -Vancouver, BC- Frank Underhill, President, announces check assay results received from an independent assay laboratory on Hole HVM12-05 from the drill program completed this year on its Margarita gold project in southern Arizona. Initial results on all twelve holes were received from Skyline Laboratories in Tucson, Arizona and announced on April 18, 2012.
The check assays were prompted by doubts expressed by Hellix technical personnel at the lack of anomalous gold values from the original assays of Hole HVM12-05 in which the split core showed strong similarities to the near surface core from other holes drilled on the Main Margarita zone which returned higher gold values.
The values in Table 1 below show one gold mineralized five foot interval of Hole HVM12-05 from the initial testing of the core by Skyline. The values in Table 2 utilize check assays from ALS Minerals in Reno of the same hole showing a twenty-five foot interval from surface averaging 3.70 grams gold per metric tonne.
TABLE 1
ASSAY FROM INITIAL LABORATORY TESTING
|
Hole ID |
From (ft) |
To (ft) |
Length (ft) |
Length (m) |
Au (g/Mt) Au oz/t |
|
HVM12-05 |
0 |
5 |
5 |
1.5 |
0.45 0.013 |
TABLE 2
CHECK ASSAYS FROM SECOND LABORATORY TESTING
|
Hole ID |
From (ft) |
To (ft) |
Length (ft) |
Length (m) |
Au (g/Mt) |
Au oz/t |
|
HVM12-05 |
0 |
25 |
25 |
7.6 |
3.70 |
.108 |
|
Including |
0 |
5 |
5 |
1.5 |
1.60 |
.047 |
|
Including |
5 |
10 |
5 |
1.5 |
6.20 |
.181 |
|
Including |
10 |
15 |
5 |
1.5 |
4.37 |
.127 |
|
Including |
15 |
20 |
5 |
1.5 |
5.33 |
.155 |
|
Including |
20 |
25 |
5 |
1.5 |
1.00 |
.029 |
For the check assays, select pulp samples from HVM12-05 were shipped from Skyline Laboratories in Tucson, Arizona directly to ALS Minerals in Reno, Nevada by Skyline employees as requested by Hellix. ALS Minerals in Reno, Nevada (an ISO accredited lab) tested the pulps for gold via fire assay with gravimetric finish. Two standards and one blank were included for QA/QC purposes.
The Company intends to re-assay select pulps from mineralized intersections on all the holes by a third independent assay lab as an audit confirmation of the originally reported assays.
Management is pleased with the results so far, particularly on the Main Margarita zone. As at this date, all holes in this zone show a minimum of twenty feet of continuous anomalous gold at or near surface. All results from the latest check assays will be announced when received.
The technical portion of this release has been reviewed by Qualified Person Laurence Sookochoff, P. Eng.
HELLIX VENTURES (HEL – TSX.V) is engaged in the identification, acquisition, exploration and development of gold and silver properties in North America. Hellix has no debt (other than short-term trade payables), and has positive cash flow from fossil fuel production in Western Canada. All transactions stated or referred to herein are expressly subject to TSX Venture Exchange approval as well as all other applicable regulatory body approvals.
ON BEHALF OF THE BOARD OF DIRECTORS
HELLIX VENTURES INC.
Frank Underhill
President
Website: www.hellixventures.com Email: info@hellixventures.com
Toll Free: 1-877-430-3113 Phone: (604) 683-6657 Fax: (604) 684-4407
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. The forgoing is for informational purposes only, and is not to be construed as an offer to buy or sell securities in any jurisdiction. It may contain forward-looking statements. While the data compiled by management is from sources deemed to be reliable, actual future results may vary materially. Hellix Ventures Inc. does not assume the obligation to update any forward-looking statement and will not be responsible for any loss arising from the use of this information. Historically reported results may not be NI 43-101 compliant and therefore caution should be used in relying on such statements.
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