|
52.2m @ 3.3g/t Au and 49.63m
@ 3.3g/t Au
PORCUPINE TARGET
Helio Resource Corp. ("Helio" or the "Company")
(TSX-V: HRC) is very pleased to report further diamond drill results from
ongoing drill programme at the Porcupine target; part of the 20,000m+
2008 drill programme at the SMP Gold Project, SW Tanzania (Company press
release dated April 30, 2008). Results are now available for all five of
the original planned holes mentioned in the Company press release dated
June 23, 2008.
The best hole, GPD5, intersected 52.2m grading 3.3g/t Au from 15.8m
(including 0.9m grading 21.3g/t Au from 32.3m and 0.8m grading 71.5g/t Au
from 49.5m). All other holes intersected thick zones of mineralisation
as tabulated below.
GPD001*
|
42.3m @ 4.0g/t Au from 16.6m
|
|
incl. 0.9m @
43.6g/t Au from 53.4m and 0.45m @ 105g/t Au from 57.7m
|
|
and 7.3m @ 1.3g/t
Au from 85.9m
|
GPD002*
|
49.8m @ 1.7g/t Au from 23.1m
|
GPD003
|
49.1m @ 0.74g/t Au from 8.15m
|
GPD004
|
49.6m @ 3.3g/t Au from 52.8m
|
|
incl. 0.6m @
33.2g/t Au from 66.1m
|
|
and incl. 1.8m @
39.1g/t Au from 69.4m
|
GPD005
|
52.2m @ 3.3g/t Au from 15.8m
|
|
incl. 0.9m @
21.3g/t Au from 32.3m
|
|
and incl. 0.8m @
71.5g/t Au from 49.5m
|
* denotes previously
reported holes
Management is very encouraged
by these results, which indicate the strong potential of the Porcupine
target to host a significant open-pittable gold resource. A cross section
and a long section depicting these drill results is included below and
has been posted on the Company's website at www.helioresource.com.
Four of the five holes were drilled on an offset 50x50m grid pattern on
the main target at Porcupine, after which the drill rig moved away to
test other targets in the near vicinity. The rig will soon be moved back
to test lateral and down-dip continuity of this robust mineralised zone,
and another drill rig will be sourced to fast-track the exploration
effort at Porcupine.
Porcupine is a new discovery; one of eleven targets at the SMP project
where Helio has drilled bedrock gold mineralisation. Mapping at the
Porcupine target confirms the presence of gold mineralisation over a 1km+
strike extent. The mineralised zone drilled outcrops on surface and
remains open to depth and along strike in both directions.
Gold mineralisation at Porcupine occurs with disseminated sulphide
together with narrow sulphidised quartz veins and is hosted by an altered
granitoid. The main zone of mineralisation strikes NE and dips at 45-55?
to the SE.
The Company is also drilling concurrently at the Kenge Target (comprising
the NW, Main, SE, Mbenge and Snakebite Zones) where a resource statement
should be published before the end of 2008.
Metallurgical testwork on Kenge is ongoing and should be available within
the next few weeks.
ABOUT THE SMP GOLD PROJECT
Helio, through its 100% owned subsidiary BAFEX Tanzania Ltd., can earn a
100% interest in four contiguous licences, which cover a 27km strike
length of the Saza Shear Zone (see news releases dated December 19, 2005
and September 11, 2006). The project covers the eastern part of 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
(Company press release dated May 23, 2007). Prior to the recent drilling
at Porcupine, the previous thickest mineralised intercept was drilled at
the Mbenge Zone of the Kenge target (39.2m @ 2.6g/t Au - Company press
release dated March 25, 2008).
Chris MacKenzie, M.Sc., C.Geol., Helio's COO and a Qualified Person as
designated by NI 43-101, supervises the sampling and quality assurance /
quality control programmes at the SMP Programme, and has reviewed the
contents of this news release. All drill holes were oriented at -48?
(except GPD2 which was -70?) and were drilled perpendicular towards the
main structural trend. In the light of new data, intercepts are reported
as drilled widths, and estimated true widths for the -48? holes are
90-95%+ of drilled width, and 36.5m for GPD-2. Core was halved with a
rock saw and sample lengths between 0.3m and 1.5m 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.
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 is a dynamic, technically-driven mineral exploration company,
focused on high-quality project generation in southern Africa. 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
25 of its Namibian licences to two partners [Desert Minerals (UK) Ltd.
and TransAfrican Minerals Ltd.]. Helio continues to pursue joint venture
partners for its other projects in Namibia and Mozambique.
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.
Click to enlarge
Click to enlarge
ON BEHALF OF THE BOARD OF DIRECTORS
HELIO RESOURCE CORP
"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.
|