Helio Resource Corp

Published : November 10th, 2008

Reports Additional Excellent Drill Results from Porcupine Target, SMP Gold Project, Tanzania

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Monday, November 10, 2008

Helio Reports Additional Excellent Drill Results From The Porcupine Target, SMP Gold Project, Tanzania


 

51.7m @ 2.1g/t Au
35.5m @ 2.3g/t Au
54.2m @ 1.0g/t Au
39.7m @ 2.3g/t Au
44.3m @ 1.8g/t Au

View News Release in PDF Format


Porcupine Target Drilling Update

Helio Resource Corp. ("Helio" or the "Company") (TSX-V: HRC) is very pleased to report the latest drill results from five 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 very significant open-pittable gold resource.

Highlights

  • All five drill holes intersected wide zones of gold mineralisation, adding further confidence to the continuity of mineralisation both to depth and along strike laterally.
  • Mineralisation extended to a down-dip depth of approximately 250m from surface.
  • Mineralisation is still open to depth and along strike.
  • A further 21 Diamond drill holes have been completed - results are pending.
  • The 2008 Diamond drilling has been completed.
  • A 3,000m RC (reverse circulation) drill programme is due to commence, and should be completed before year-end. This programme will test a 1.5km strike length of the Porcupine Target, the objective being to demonstrate the potential for Porcupine to host a large open-pittable gold resource.

These results are from drill holes GPD 15 to GPD19, inclusive. Results are presented in more detail in the table below. Two new drill sections and updated long sections and plans are available below and have also been posted on the Company's website at www.helioresource.com.

Holes GPD15, 16 and 17 were drilled on the same section line as holes GPD1 (42.3m @ 4g/t Au) and GPD2 (49.8m @ 1.7g/t Au). The average true thickness of the mineralised zone along this section is 41 metres.

Holes GPD18 and GPD19 were drilled 50m away to the NE of holes GPD15, 16 and 17 on the same section line as hole GPD5 (52.2m @ 3.3g/t Au).


2008 Porcupine Diamond Drilling Programme Completed

All of the planned 2008 Diamond drilling at the Porcupine Target has been completed. A total of 41 drill holes, totalling 8,380m, were completed on the Porcupine target this year. The Company is waiting for results from 21 drill holes from the Porcupine Target; results from the outstanding drill holes will be released once they are available.


3,000m RC Drill Programme Commences at Porcupine

A 3,000m RC drill programme is expected to commence within the next few days at the Porcupine Target. The programme will test a 1,500m strike length in order to demonstrate the resource potential of Porcupine. This programme is expected to be completed before the year-end.

Geological mapping has confirmed that the Porcupine target continues over a strike length of at least 1,000m. Furthermore, the historical Gap Mine is located approximately 2,000m away to the NE along strike from Porcupine. Soil geochemistry and airborne magnetic data indicates the Porcupine structure is continuous to Gap.

Correction

The Company made an error in the reporting of the drill intercept from GPD020. On October 6, 2008 the Company reported that GPD020 intersected 39.7m grading 2.3g/t Au. The correct result is 39.7m grading 1.9g/t Au. The table below and the updated long section for the Porcupine target show the correct results.


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).

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 64-99%+ 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

Intersection

GPD15

Porcupine

1.9m @ 9.4g/t Au from 25.5m

51.7m @ 2.1g/t Au from 142.1m

Incl. 32.42m @ 2.92g/t Au from 142.1m

Which incl. 1.74m @ 20.7g/t Au from 158.4m

GPD16

Porcupine

35.5m @ 2.3g/t Au from 165.1m

Incl. 0.9m @ 20.3g/t Au from 168.9m

GPD17

Porcupine

54.2m @ 1.0g/t Au from 198.8m

GPD18

Porcupine

39.7m @ 2.3g/t Au from 130.3m

Incl. 1.6m @ 19.2g/t Au from 161.2m

GPD19

Porcupine

44.3m @ 1.8g/t Au from 140.6m

Incl. 1.2m @ 21.9g/t Au from 151.4m

GPD20*

Porcupine

39.7m @ 1.9g/t Au from 67.7m

*Previously incorrectly reported

 

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Monday, November 10, 2008

Helio Reports Additional Excellent Drill Results From The Porcupine Target, SMP Gold Project, Tanzania


 

51.7m @ 2.1g/t Au
35.5m @ 2.3g/t Au
54.2m @ 1.0g/t Au
39.7m @ 2.3g/t Au
44.3m @ 1.8g/t Au

View News Release in PDF Format


Porcupine Target Drilling Update

Helio Resource Corp. ("Helio" or the "Company") (TSX-V: HRC) is very pleased to report the latest drill results from five 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 very significant open-pittable gold resource.

Highlights

  • All five drill holes intersected wide zones of gold mineralisation, adding further confidence to the continuity of mineralisation both to depth and along strike laterally.
  • Mineralisation extended to a down-dip depth of approximately 250m from surface.
  • Mineralisation is still open to depth and along strike.
  • A further 21 Diamond drill holes have been completed - results are pending.
  • The 2008 Diamond drilling has been completed.
  • A 3,000m RC (reverse circulation) drill programme is due to commence, and should be completed before year-end. This programme will test a 1.5km strike length of the Porcupine Target, the objective being to demonstrate the potential for Porcupine to host a large open-pittable gold resource.

These results are from drill holes GPD 15 to GPD19, inclusive. Results are presented in more detail in the table below. Two new drill sections and updated long sections and plans are available below and have also been posted on the Company's website at www.helioresource.com.

Holes GPD15, 16 and 17 were drilled on the same section line as holes GPD1 (42.3m @ 4g/t Au) and GPD2 (49.8m @ 1.7g/t Au). The average true thickness of the mineralised zone along this section is 41 metres.

Holes GPD18 and GPD19 were drilled 50m away to the NE of holes GPD15, 16 and 17 on the same section line as hole GPD5 (52.2m @ 3.3g/t Au).


2008 Porcupine Diamond Drilling Programme Completed

All of the planned 2008 Diamond drilling at the Porcupine Target has been completed. A total of 41 drill holes, totalling 8,380m, were completed on the Porcupine target this year. The Company is waiting for results from 21 drill holes from the Porcupine Target; results from the outstanding drill holes will be released once they are available.


3,000m RC Drill Programme Commences at Porcupine

A 3,000m RC drill programme is expected to commence within the next few days at the Porcupine Target. The programme will test a 1,500m strike length in order to demonstrate the resource potential of Porcupine. This programme is expected to be completed before the year-end.

Geological mapping has confirmed that the Porcupine target continues over a strike length of at least 1,000m. Furthermore, the historical Gap Mine is located approximately 2,000m away to the NE along strike from Porcupine. Soil geochemistry and airborne magnetic data indicates the Porcupine structure is continuous to Gap.

Correction

The Company made an error in the reporting of the drill intercept from GPD020. On October 6, 2008 the Company reported that GPD020 intersected 39.7m grading 2.3g/t Au. The correct result is 39.7m grading 1.9g/t Au. The table below and the updated long section for the Porcupine target show the correct results.


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).

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 64-99%+ 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

Intersection

GPD15

Porcupine

1.9m @ 9.4g/t Au from 25.5m

51.7m @ 2.1g/t Au from 142.1m

Incl. 32.42m @ 2.92g/t Au from 142.1m

Which incl. 1.74m @ 20.7g/t Au from 158.4m

GPD16

Porcupine

35.5m @ 2.3g/t Au from 165.1m

Incl. 0.9m @ 20.3g/t Au from 168.9m

GPD17

Porcupine

54.2m @ 1.0g/t Au from 198.8m

GPD18

Porcupine

39.7m @ 2.3g/t Au from 130.3m

Incl. 1.6m @ 19.2g/t Au from 161.2m

GPD19

Porcupine

44.3m @ 1.8g/t Au from 140.6m

Incl. 1.2m @ 21.9g/t Au from 151.4m

GPD20*

Porcupine

39.7m @ 1.9g/t Au from 67.7m

*Previously incorrectly reported

 

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Data and Statistics for these countries : Namibia | Tanzania | All
Gold and Silver Prices for these countries : Namibia | Tanzania | All

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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5/10/2012Grants Incentive Stock Options
4/3/2012Files NI 43-101 Mineral Resource Report for SMP Gold Project...
2/14/2012Announces Updated Mineral Resource Estimate at SMP Gold Proj...
2/6/2012Reports Drill Results from DGP Gold Project, Namibia, includ...
1/23/2012(Damara)Reports Results from a Soil Sampling Survey at the Gold Kop ...
1/17/2012Latest Drill Results Discover Multiple Zones of Mineralisati...
1/13/2012Interview with Jay Taylor
1/10/2012Drill Results Confirm Mineralisation over 1.4km Strike Lengt...
12/7/2011Intersects 7.4m Grading 6.1g/t Au at the Quill Zone, SMP Gol...
11/28/2011(Damara)Reports Additional Diamond Drill Results from the Gold Kop T...
9/22/2011discovers new gold mineralization over 1km strike length at ...
9/15/2011Corporate Update Alert
8/24/2011(Damara)Reports First Rc Drill Results from the Gold Kop Target, Dam...
7/12/2011Discovers Multiple Zones of Gold Mineralisation at SMP Gold ...
6/13/2011(Damara)Makes a Significant New Gold-Copper-Silver Discovery at the ...
4/14/2011(Damara)Commences 5,000m Drill Programme on the Gold Kop Target, Dam...
3/22/2011(Damara)Discovers New Targets at the Damara Gold Project in Namibia
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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