VANCOUVER, April 14 /PRNewswire/ - Helio Resource Corp (TSXV: 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.
A 5,000m drill programme has commenced on the Gold Kop Target on the Otjimbojo licence - one of the four licences that comprises the DGP - where recent geophysical surveys have defined several high-priority targets.
The DGP licence map showing the exact location of the Gold Kop Target is presented in the following link: www.helioresource.com/i/pdf/2011-04-14_NRM1.pdf.
This drill programme is part of the 10,000m of drilling outlined in the Company's news release dated January 13, 2011. Initial diamond drilling has already been completed on the Wilhelmstal licence, immediately south of the Otjimbojo Licence - results are pending.
Gold Kop Target
Gold Kop is a 4km-long Au ± As ± Cu soil anomaly which was drilled in a number of places by AGA in the late 1980s and early 2000s. Drilling results from the previous campaigns include:
- 1m at 71g/t Au;
- 7m @ 5.6g/t Au (open);
- 4m @ 8.6 g/t Au (open);
- 8m @ 3.0g/t Au;
- 34m @ 0.9 g/t Au.
Significant drill intercepts (>3m @ >2.0g/t Au) were recorded in AGA drill holes over a 2.2km strike extent of altered marble. The mineralisation is open along strike to the northeast and southwest and to depth.
Helio has previously conducted rock sampling over the Gold Kop anomaly, and confirmed the same Au + Ag + As + Bi + Cu + Fe ± Sb association that is found at both the Navachab gold mine and on the Company's Wilhelmstal licence which was recently drilled (see Company press release dated March 22, 2011).
Mineralisation is associated with sulphides (pyrrhotite-pyrite-chalcopyrite) and with tremolite alteration.
Recently completed geophysical surveys (ground magnetics and induced polarisation [IP]) over the core of the Gold Kop target have defined numerous large, continuous anomalies (magnetic, resistivity and chargeability) representing priorities for immediate drilling. The anomalies are associated with a broadly NE-SW striking, SE-dipping folded bed of sulphidised marble.
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. Both projects have drill programmes running at present.
In November 2010, Helio released an encouraging initial resource estimate for the SMP: 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 (QA-QC) programmes, and has reviewed the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
| "Richard D. Williams"
Richard D. Williams, P.Geo
| "Chris MacKenzie"
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.