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Halo
Resources Ltd. (TSX VENTURE:HLO - News; FRANKFURT:HRLN - News; "Halo" or
the "Company") is pleased to announce that the Company has
commenced drilling at its' 200 square kilometer Sherridon
VMS Property in Manitoba. A contract has been awarded to Gateway Drilling
Ltd. for 1,500 meters of diamond drilling to be completed in February.
The
planned 8-hole program is in addition to the drilling currently in progress
by Hudson Bay Mining and Smelting Co., Limited ("HudBay"),
an affiliate of HudBay Minerals Inc. (TSX:HBM - News; NYSE:HBM - News), that is focused at the
Cold-Lost property, a 1.1 square kilometer area of Halo's in which HudBay can earn up to a to earn up to a 67.5% joint
venture interest.
"We
look forward to learning more about the mineralized trend between the
Cold-Lost and Bob deposits," stated Lynda Bloom, Halo's President&
CEO. "Spread out along 4.5 kilometers of prospective "Mine
Horizon" geology, the geophysical targets are in areas with little
historical drilling and where we have the possibility of locating new
deposits at the Sherridon VMS Property."
Halo
plans 8 drill holes to provide preliminary testing of three new targets that
include (see map: http://media3.marketwire.com/docs/halo.pdf):
1.
Second Lens at Bob: The Bob Deposit has been traced from surface for over
1,000 meters down plunge. Historical assays, up to 3.3% Cu over 2.8m, indicate
that a possible second lens projecting to surface is located to the east.
Halo discovered the preferred orientation for drilling the Bob deposit in
2008 and will apply the same approach, with similar success anticipated at
Bob East.
2.
Fidelity South/Jonah: The prospective horizon that hosts the Cold-Lost
mineralization wraps around the Sheila Lake Fold enroute
to the Bob Deposit. At Fidelity, historical intersections up to 2.6% Cu over
7 meters were reported and Halo had intersections up to 2.4% Cu over 2.4
meters in 2008. The proposed targets are located south of previous drilling
and focus on plunging structural features within a large alteration zone that
stretches eastwards to Bob. Maxwell modeling of geophysical anomalies and
recently developed geological interpretations were
used to orient drill holes.
3.
Sherlett area: New ground Time Domain EM
geophysical targets located approximately 1 km along strike from and east of
the Lost deposit. This is an area with no historical drilling within the same
trend as the high grade Cold - Lost mineralization and is parallel to nearby
underground workings.
Halo
remains committed to mineral resource investigation and evaluation of its 200
square kilometer Sherridon VMS Property in
Manitoba. A program of target generation, definition and drilling is planned
for 2011.
The
above information has been prepared under the supervision of Lynda Bloom, P.Geo.,
who is designated as a "Qualified Person" with the ability and
authority to verify the authenticity and validity of the data.
ON
BEHALF OF THE BOARD OF DIRECTORS
Marc
Cernovitch, Chairman
About
Halo Resources Ltd.
Halo
is a Canadian-based resource company focused on the acquisition of near
production base and precious base metal deposits. The Company's focus is the
200 sq. km. Sherridon VMS Property, a combination
of mature and grassroots volcanogenic massive sulphide
(VMS) copper, zinc and gold exploration opportunities. A 2010 NI43-101
compliant copper-zinc resource, for four of the known deposits in the
district, is available at www.sedar.com. The Company has a
joint venture interest in the Duport Property, an
advanced gold property near Kenora, Ontario and is
the operator for Goldcorp joint venture properties in West Red Lake covering
26 sq. km. The Company is operated by an experienced management team with a
growth strategy to develop a diversified portfolio of advanced mining
projects.
Forward
Looking Statements
This
Company Press Release may contain certain "forward-looking"
statements and information relating to the Company that are based on the
beliefs of the Company's management as well as assumptions made by and
information currently available to the Company's management. Such statements
reflect the current risks, uncertainties and assumptions related to certain
factors including, without limitations, competitive factors, general economic
conditions, customer relations, relationships with vendors and strategic
partners, the interest rate environment, governmental regulation and
supervision, seasonality, technological change, changes in industry
practices, and one-time events. Should any one or more of these risks or
uncertainties materialize, or should any underlying assumptions prove
incorrect, actual results may vary materially from those described herein.
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.
Contact:
Michael Joyner
Halo Resources Ltd.
IR
416-619-7539
416-601-9046 (FAX)
ir@halores.com
www.halores.com
416-742-5600 or Toll Free: 1-866-580-8891
First Canadian Capital Corp.
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