TSX-V Trading Symbol: HRC
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VANCOUVER, March 22 /PRNewswire/ - Helio Resource Corp (TSX-V: HRC) is pleased to provide an exploration update on its 100%-owned Damara Gold Project (DGP) in Namibia situated 25km - 130km east of AngloGold-Ashanti's (AGA) Navachab gold mine.
Helio has identified eight new, high-priority targets on the Wilhelmstal
licence, one of four licences comprising the DGP (see the following
map: www.helioresource.com/i/pdf/2011-03-22_NRM1.pdf). These were defined using a combination of geophysics, geochemistry,
mapping and historical drilling.
A reconnaissance drilling programme consisting of eight diamond drill
holes (497m of oriented core out of the initial 5,000m+ planned for the
DGP) has been completed on the Wilhelmstal licence and results are
expected within the next six weeks.
- Helio has completed detailed geophysical surveys over two of these targets, Cheshire Cat and B1.
Cheshire Cat is an arcuate target trending E-W to NNE-SSW. It consists of a 1.5km long Au ± Cu soil anomaly overlying a tremolite-altered zone of dolomitic marble with discordant quartz veining and sulphidation. Previous drilling of this target by AGA subsidiaries in the late 1980s intersected up to 17m grading 2.8g/t Au. Rock grab sampling recently conducted by Helio some 300m SE of where AGA drilled has recorded grades of up to 6.5g/t Au and 0.48% Cu.
Induced polarisation (IP) surveys confirm that the mineralised horizon identified in soil and rock sampling is underlain by a coincident chargeability anomaly, indicating the presence of disseminated sulphides. The IP anomaly is 600m+ long and is open along strike (see map at www.helioresource.com/i/pdf/2011-03-22_NRM2.pdf).
B1 is a large (1,500m x 500m), disjointed geochemical anomaly developed over a folded sequence of marbles, with local tremolite-sulphide alteration. A number of mineralised occurrences were identified, and rock sampling over these has returned grab-sample results up to 2.4g/t Au and 11.8% Cu.
IP surveys conducted over the B1 grid resulted in the identification of a chargeability anomaly, with a coincident Au-Cu soil anomaly. The NE-trending anomaly covers approximately 1,000m x 250m - see map at www.helioresource.com/i/pdf/2011-03-22_NRM3.pdf.
A total of eight diamond drill holes (497m of oriented core out of the initial 5,000m+ planned for the DGP) were drilled on the Wilhelmstal licence. Of these, four holes were drilled on the B1 target, two on Cheshire Cat and two on Bird's Nest. Results are expected within the next six weeks.
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.
The DGP is located between AGA's Navachab Mine to the southwest and Auryx Gold Corp.'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 4.48 Moz grading 1.17g/t Au (source AngloGold Ashanti Quarterly Report, December, 2010).
Auryx's Otjikoto Gold Project, located approximately 150km northeast of Helio's licences has a NI 43-101 indicated resource (February 2011) of 15.78Mt grading 1.94g/t Au and an inferred resource of 8.37Mt grading 1.94g/t Au for total of 1.5 Moz at a 0.8g/t cut-off.
Helio Resource Corp. is a well financed gold exploration company focused on increasing the initial 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 November 2010, Helio released an encouraging initial resource estimate for the SMP: Unrestrained Measured and Indicated Resource of 588,749 ounces (11.82Mt grading 1.54g/t Au) plus an Inferred Resource of 352,354 ounces (9.9Mt grading 1.10g/t Au) at a cut off grade of 0.3g/t Au.
Chris MacKenzie, M.Sc., C.Geol., Helio's COO and a Qualified Person as designated by NI 43-101, supervises the exploration at 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.|
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SOURCE Helio Resource Corp.