VANCOUVER, March 9 /PRNewswire/ - Helio Resource Corp (TSX-V: HRC) is pleased to report it has begun a 20,000m drill programme on the SMP Gold Project in Tanzania.
The objectives for the drill programme are as follows:
- To significantly increase the initial SMP Gold Project resource calculation released in November 2010 (see the NI 43-101 technical report on Helio's website at www.helioresource.com)
- To focus on resource expansion at the Porcupine and Kenge Targets
- To test the Konokono, Tumbili and Kasuku targets to continually add to the resource base.
One diamond drill has started work at the Kenge Target, with the aim of expanding the resource around the Mbenge Zone (where the Company has drilled intercepts up to 48m grading 2.1g/t Au), and upgrading the Snakebite Zone (where the company has drilled intercepts up to 8m grading 20.8g/t Au) to resource status.
Map with zones for resource expansion at the Kenge target, SMP, is presented in the following link: www.helioresource.com/i/pdf/2011-03-09_NRM1.pdf
A second diamond drill rig is scheduled to commence drilling at the Porcupine target to test the Quill and Footwall zones in early April.
Map with zones for resource expansion at the Porcupine target, SMP, is presented in the following link: www.helioresource.com/i/pdf/2011-03-09_NRM2.pdf.
Quill (up to 14m at 4.5g/t Au) is inferred to link up to the NE Zone, representing a potential addition of an 800m strike length extension of mineralisation. The Footwall Zone, 44m at 2.0g/t Au and 19m at 2.6g/t Au, was discovered in 2010 and is open in all directions.
About the SMP Gold Project
The SMP Gold Project covers an area of 238km2. Gold mineralisation has been identified in 30 targets within the project area. Two of these targets, Porcupine and Kenge, have been advanced to the resource stage and both still have potential to grow significantly. The unrestrained resource calculation as released in November 2010 reported a Measured and Indicated Resource of 589,497 ounces at 1.51g/t Au plus an Inferred Resource of 353,097 ounces at 1.12g/t Au at a cut off grade of 0.3g/t, for a total of approximately 940,000 ounces.
Mineralisation at all 30 targets outcrops at surface, and varies from narrow, high grade gold mineralisation hosted in quartz veins and shear zones, to wide zones (up to 90m in width) of lower grade, bulk mineable / open pittable mineralisation.
Helio owns a 100% interest in four of five licences, subject to a 2% NSR to the vendors (Tanzanian small mining companies), and the Company is in the process of earning a 100% interest in the fifth licence
Chris MacKenzie, M.Sc., C.Geol., Helio's COO and a Qualified Person as designated by NI 43-101, supervises the exploration on Helio's projects, including the sampling and quality assurance / quality control programmes, and has reviewed the contents of this news release.
|ON BEHALF OF THE BOARD OF DIRECTORS|
|"Richard D. Williams"||"Chris MacKenzie"|
|Richard D. Williams, P.Geo||Christopher J. MacKenzie, C.Geol.|
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.