Athabasca Work Commences/Margarita Gold Project Overview
HELLIX VENTURES INC. (HEL:TSX.V / HLLXF:OTC) -Vancouver, BC- Frank Underhill, President, announces that the work program on the Athabasca has been initiated in the Nelson area of British Columbia. In addition, an overview of the recently optioned Margarita gold project is detailed.
ATHABASCA Gold Project- NELSON, BC
The first phase of the work program involves mapping the surface surrounding the historic Athabasca Gold Mine and accessible portion of the underground. Rock sampling from surface and underground is to be carried out by a professional geologist and sent for analysis at an ISO certified laboratory. If warranted, a magnetometer survey will be performed in the immediate area. These measures are being undertaken to assist Hellix in the spotting of drill holes for our next phase of work.
Hellix has an option to purchase 100% of the Athabasca Mine, a former high-grade gold producer in the Nelson Gold Camp in British Columbia.
MARGARITA Gold Project - SOUTHERN ARIZONA
Hellix has recently signed an agreement to option up to 95% of 41 unpatented lode claims SW of Tucson, Arizona. The historic Margarita Gold Mine documented in USGS files is hosted within this claim block.
The property has many old workings including numerous test pits and adits. It was mined intermittently from the late 1800's to 1941. Prior to 1886, an unknown amount of gold was recovered from placers. From the late 1890's to 1930, an estimated 25,000 tons was mined. Grade is approximated at 0.4 ounces per ton gold.
In the claim area, the underlying rocks are mainly felsic volcanoclastics and quartz monzonite. Mineralization consists of pyrite, gold and silver with abundant iron oxides occurring in flat-lying zones with intense silicification and argillic alteration. It is possible that the steeply dipping, gold-bearing quartz-rich veins present are feeders to the flat-lying siliceous mineralized zones.
Between the years 1976 and 1987, a number of companies tested the flat-lying mineralized zones including Homestake, Dekalb and La Teko (now Kinross), but little drilling was done to test the possibility of gold bearing feeder veins. Hellix is planning an exploration program to test for these feeders.
The property has an extensive recent history of near surface, heap leachable lower-grade gold exploration. Mining methods have advanced and gold prices have risen to such an extent as to warrant the exploration and development of these lower grade gold projects.
Hellix has engaged an Arizona mining exploration company to assist in the Margarita exploration and development work program. The company principals include a professional engineer with expertise in heap leach situation management and an experienced professional geologist. An outline of the initial work program is forthcoming.
The technical portion of this release has been reviewed by 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
Frank Underhill, President
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 NI43-101 compliant and therefore may not be relied upon.