| | 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
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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 |
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51.7m @ 2.1g/t Au from 142.1m |
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|
Incl. 32.42m @ 2.92g/t Au from 142.1m |
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Which incl. 1.74m @ 20.7g/t Au from 158.4m |
GPD16 |
Porcupine |
35.5m @ 2.3g/t Au from 165.1m |
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|
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 |
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|
Incl. 1.6m @ 19.2g/t Au from 161.2m |
GPD19 |
Porcupine |
44.3m @ 1.8g/t Au from 140.6m |
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|
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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Annual reports of Helio Resource Corp |
Financings of Helio Resource Corp |
5/9/2013 | Announces Closing of First Tranche of Non-Brokered Private P... |
4/22/2013 | Announces Private Placement for up to $1.75 Million |
2/15/2011 | Closes Private Placements for $10.0 Million |
1/28/2010 | enters into $6,210,000 Private Placement Financing Agreement... |
6/17/2008 | Closes $5,100,000 Bought-Deal Brokered Private Placement |
1/21/2008 | Closes $5,250,000 Private Placement |
12/5/2007 | to Raise $5,250,000 by Way of Private Placement |
2/26/2007 | Closes $4,900,000 Private Placement |
Nominations of Helio Resource Corp |
Project news of Helio Resource Corp |
2/25/2013 | Owns a 100% Interest in the SMP Gold Project in Tanzania Aft... |
9/13/2012 | Reports PEA of SMP Gold Project, Tanzania |
5/28/2012 | Reports Exploration Update On The Dgp Gold Project, Namibia |
5/11/2012 | again included in Haywood Securities' Quarterly Junior Explo... |
6/15/2011 | Haywood Securities features Helio Resource Corp. in mining f... |
3/9/2011 | Commences 20,000m Drill Programme on the SMP Gold Project, T... |
2/28/2011 | (Damara)Drilling, Geochemical and Geophysical Surveys Commence on th... |
3/2/2009 | Intersects Widest Zones of Mineralisation to date from Porcu... |
1/26/2009 | (Saza Makongolosi (smp))Drills 46 m of 2.1 g/t Au at Porcupine Target, SMP Gold Proj... |
1/26/2009 | (Saza Makongolosi (smp))(HRC:TSX-V) Reports Drill Results from Porcupine Target - SM... |
9/3/2008 | (Saza Makongolosi (smp))Adds Two Drill Rigs to SMP Gold Project, Tanzania; JV Partne... |
7/22/2008 | (Saza Makongolosi (smp))Reports 52.2m@3.3g/t Au from Porcupine Target - SMP Gold Pro... |
7/2/2008 | (Saza Makongolosi (smp))Reports Further Drill Results from Kenge Target, SMP Gold Pr... |
6/23/2008 | (Saza Makongolosi (smp))Reports 42.3m @ 4.0g/t Au from Porcupine Target, SMP Gold Pr... |
4/30/2008 | (Saza Makongolosi (smp))Starts Drilling at the Porcupine Target, SMP Gold Project, T... |
4/14/2008 | (Saza Makongolosi (smp))REPORTS FURTHER DRILL RESULTS FROM THE KENGE TARGET =?iso-88... |
1/31/2008 | Reports Remainder of 2007 Drilling Results - SMP Gold Projec... |
11/19/2007 | First Drill Hole from Porcupine Target on the SMP Gold Proje... |
10/15/2007 | Drilling Intersects 32m @ 2.35g/t Au at SMP Gold Project Tan... |
9/18/2007 | Intersects 19.4m @ 3g/t Au at SMP Gold Project in Tanzania |
5/23/2007 | Intersects 6.9G/T Gold Over 21.95M At The Kenge Target On Th... |
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Corporate news of Helio Resource Corp |
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6/20/2016 | Shareholder Update |
5/31/2016 | Helio and Damara Merge Namibian Interests into Osino Resourc... |
11/5/2015 | Helio Announces Exercise of Warrants |
11/5/2015 | Helio (TSX-V:HRC) Announces Exercise of Warrants |
9/22/2015 | Helio Reports AGM Results |
9/22/2015 | Helio (TSX-V:HRC) Reports AGM Results |
7/8/2015 | Helio Announces Exercise of Warrants |
7/8/2015 | Helio (TSX-V:HRC) Announces Exercise of Warrants |
3/26/2015 | Helio Increases Gold Grade of and Confidence in Mineral Reso... |
3/26/2015 | Helio (TSX-V:HRC) Increases Gold Grade of and Confidence in ... |
3/25/2015 | Helio Technical Disclosure Review |
3/13/2015 | Helio (TSX-V:HRC) Technical Disclosure Review |
2/10/2015 | Helio (TSX-V:HRC) Reports Drill Results from the Konokono an... |
1/29/2015 | Helio (TSX-V:HRC) Reports Multiple High Grade Intercepts fro... |
12/11/2014 | Helio (TSX-V:HRC) Intersects High-Grade Gold Mineralisation ... |
10/28/2014 | Damara Gold (TSX-V:DMR) and Helio (TSX-V:HRC) Discover Four ... |
10/3/2014 | Helio (TSX-V:HRC) Grants Incentive Stock Options and Retains... |
9/9/2014 | Helio (TSX-V:HRC) Announces $1.5 Million Drill Program at SM... |
9/9/2014 | (TSX-V:HRC) Announces $1.5 Million Drill Program at SMP Gold... |
8/29/2014 | Helio (TSX-V:HRC) Reports AGM Results |
7/28/2014 | Helio Announces Result of Special General Meeting, Closing o... |
6/13/2014 | Helio (TSX-V:HRC) Completes First Tranche of Non-Brokered Pr... |
5/29/2014 | Helio (TSX-V:HRC) Announces $4,000,000 Non-Brokered Private ... |
5/14/2014 | Three Additional Retention Licences Granted at the SMP Gold ... |
5/14/2014 | Helio: Three Additional Retention Licences Granted at the SM... |
4/11/2014 | Retention Licence Granted at the SMP Gold Project, Tanzania |
4/11/2014 | Helio: Retention Licence Granted at the SMP Gold Project, Ta... |
3/27/2014 | Helio and Solomon Sign a Letter of Intent on the Damara Gold... |
3/27/2014 | Helio and Solomon Sign a Letter of Intent on the Damara Gold... |
3/21/2014 | Helio Files NI 43-101 Resource Report on SEDAR |
3/21/2014 | Helio Files NI 43-101 Resource Report on SEDAR |
2/3/2014 | Reports Updated Higher-Grade Resource for the Kenge and Porc... |
11/29/2013 | Confirms Extension of High-Grade Shoot at Kenge Resource Are... |
10/18/2013 | Commences Drill Programme at Kenge Resource Area, SMP Gold P... |
8/28/2013 | Announces Results of its Annual General Meeting |
10/30/2012 | Files Preliminary Economic Assessment of the Porcupine and K... |
10/5/2012 | Clarifies Information for Public Disclosure |
5/10/2012 | Grants Incentive Stock Options |
4/3/2012 | Files NI 43-101 Mineral Resource Report for SMP Gold Project... |
2/14/2012 | Announces Updated Mineral Resource Estimate at SMP Gold Proj... |
2/6/2012 | Reports Drill Results from DGP Gold Project, Namibia, includ... |
1/23/2012 | (Damara)Reports Results from a Soil Sampling Survey at the Gold Kop ... |
1/17/2012 | Latest Drill Results Discover Multiple Zones of Mineralisati... |
1/13/2012 | Interview with Jay Taylor |
1/10/2012 | Drill Results Confirm Mineralisation over 1.4km Strike Lengt... |
12/7/2011 | Intersects 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... |
9/22/2011 | discovers new gold mineralization over 1km strike length at ... |
9/15/2011 | Corporate Update Alert |
8/24/2011 | (Damara)Reports First Rc Drill Results from the Gold Kop Target, Dam... |
7/12/2011 | Discovers 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... |
11/10/2008 | Reports Additional Excellent Drill Results from Porcupine Ta... |
8/11/2008 | Reports Excellent Metallurgical Testwork Results from SMP Go... |
8/2/2008 | Terminates Agreement with TransAfrican Minerals Ltd. |
3/13/2008 | OPTIONS EIGHT NAMIBIAN LICENCES TO TRANSAFRICAN MINERALS |
11/13/2007 | 21.53m grading 3.62g/t Au Included in Additional Drill Resu... |
11/6/2007 | 16.75m grading 3.93g/t Au included in latest drill results f... |
10/29/2007 | Discovers Another New Gold Zone at the SMP Gold Project in T... |
10/23/2007 | Discovers New Gold Zone on the SMP Gold Project, Tanzania |
9/24/2007 | Options 9 Namibian Licences to Desert Minerals (UK) Ltd. |
9/14/2007 | Update on Namibia Exploration Activities |
9/11/2007 | Report on AGM and Update on Tanzania Drilling Activities |
6/5/2007 | June 1/Helio announces warrant triggering event |
3/21/2007 | reports more well-mineralised drill intercepts at the SMP go... |
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