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VANCOUVER, May 28, 2012 /PRNewswire/ – Helio Resource Corp. (TSX-V: HRC) is pleased to provide an update of the recent drilling conducted at the Gold Kop Target and also to report the results of a second-phase geochemical soil sampling survey over the Otjimbojo Licence, adjacent to the Gold Kop target, part of the Damara Gold Project in central Namibia.
Drilling Update
Previous drilling by the Company during 2011 included the discovery of Navachab-style gold mineralisation at the Gold Kop Target. Drill testing over a 1.3km strike length intersected the following styles of mineralisation (see news releases dated June 13, August 24, October 11, and November 28, 2011, and February 6, 2012):
Mineralisation outcrops at surface, has been drilled to a downhole depth of 150m, and is open to depth and along strike.
Helio recently completed an RC drilling programme on the Oasis target (part of the Target 6 anomaly), located 800m southwest and on trend from the Gold Kop Target. A total of 39 shallow reconnaissance holes (for 1,962m) were completed. Results will be released once received.
Regional Soil Sampling Programme
On January 23, 2012, the Company announced results of a soil-sampling programme covering a 10km2 area over and adjacent to the Gold Kop Target. Following these results, two infill grids over the Gold Kop target were completed, together with a third grid over a newly identified target, Bull’s Eye. The location of the new grids is represented in the following link:http://www.helioresource.com/i/maps/2012-05-28_NRM1.pdf.
A total of 728 soil samples were collected on three grids as described below. The samples (including 52 standards and 82 duplicates) were analysed by 37 element ICP-MS.
Bull’s Eye
The Bull’s Eye anomaly is located approximately 5km NW of the Gold Kop target, and was identified by in-house regional geophysical interpretation.
No exploration had previously been conducted in this area.
The target, which lies under a thin layer of Quaternary cover, is a strong magnetic anomaly covering 1,500m x 700m, and is interpreted to be a magnetic skarn. A total of 247 samples were taken on a 200m x 50m grid covering 1.5km x 1.6km. Results confirm the presence of a Au-Bi-Cu-Fe-Mg anomaly with maximum dimensions of 1,000 x 500m. The copper response, which is a reliable pathfinder for gold in the area, is significantly higher than that at Gold Kop (see map at http://www.helioresource.com/i/maps/2012-05-28_NRM2.pdf). This is highly significant given the lower sampling density at Bull’s Eye, and the fact that the target is under cover.
Dead Oryx
The Dead Oryx grid (formerly the Gold Kop NE target) covers an 800m x 350m area using a 50m x 20m grid. A total of 297 samples were taken. The grid discovered a 500m long NE-trending Au-Cu-As anomaly hosted by carbonates. The peak gold value was 205ppb Au against a threshold of 20ppb.
Horned Adder
The Horned Adder grid (formerly the Gold Kop SE target), covers a 500m x 300m area on a 50m x 20m sample spacing. 184 samples were taken. The grid was designed to confirm a 300m long polymetallic anomaly with values of 495ppb Au, +1% Cu, 154ppm Mo, 2g/t Ag and 30% Fe (see Company press release dated January 23, 2012). No significant gold or base metal values were received from the follow-up work and it is thought that the original results are spurious (possibly from laboratory contamination) and should be discounted.
The DGP Gold Project
The DGP comprises four licences (covering 318,500ha or 3,185km2), namely Etjo South, Okakango, Wilhelmstal and Otjimbojo. Helio holds a 100% interest in the project through its wholly-owned Namibian subsidiary, BAFEX Exploration (Pty.) Ltd.
The DGP is located between AngloGold Ashanti’s Navachab Mine to the southwest and B2Gold’s Otjikoto Project to the northeast.
The Navachab mine has been in production since 1989 and, as of December 2009, has produced approximately 1.5 Moz of gold and has a non-NI 43-101 compliant resource of 5.1 Moz grading 1.15g/t Au (source AngloGold Ashanti Resource Report, 30 June, 2011).
B2Gold’s Otjikoto Gold Project, located approximately 150km northeast of Helio’s licences has an updated indicated resource (April 5 2012) of 24.93Mt grading 1.74g/t Au for a total of 1.4 Moz at a 0.4g/t cut-off.
About Helio
Helio Resource Corp. is an exploration company focused on increasing the size of the NI 43-101 compliant resource at the SMP Gold Project in Tanzania and outlining the resource potential at the Damara Gold Project in Namibia.
In February 2012, SRK Consulting (Australia) Pty. Ltd. provided an updated NI 43-101 compliant resource estimate for the SMP. The estimate at a 0.5g/t Au cut-off reports 1,020,000 ounces (24.1MT grading 1.32g/t Au) in the Measured and Indicated category, plus 250,000 ounces (7.3MT grading 1.05g/t Au) in the inferred category.
Chris MacKenzie, M.Sc., C.Geol., Helio’s COO and a Qualified Person as designated by NI 43-101, is based in Namibia and supervises the exploration at Helio’s projects, including the sampling and quality assurance / quality control (QA-QC) programmes, and has reviewed and approved the contents of this news release. All samples were submitted to the Acme Analytical Laboratories Ltd. facility in Vancouver, Canada. Samples were assayed by the 30g 1DX ICP-MS method. As well as the Company’s internal QA/QC programme (standards blanks and duplicates), Acme also applied their own internal QA/QC programme, consisting of standards, blanks and replicates.
ON BEHALF OF THE BOARD OF DIRECTORS
| “Richard D. Williams” | “Chris MacKenzie” | |
| Richard D. Williams, P.Geo | Christopher J. MacKenzie, C.Geol. | |
| CEO | COO |
Neither the 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
SOURCE Helio Resource Corp.
Source: PR Newswire (http://s.tt/1cRvp)
