Helio Resource Corp. (HRC:TSX-V) is a well-financed Canadian based junior gold exploration company focused on substantially growing the resource at its 238kmē SMP Gold Project in Tanzania and outlining the resource potential at the 100%-owned 3,185kmē Damara Gold Project in Namibia.
In November 2010, Golder Associates (UK) Ltd provided an initial resource estimate for the SMP: The restrained estimate at 0.5g/t cut-off reports 498,075 ounces grading 1.41g/t Au in the Measured and Indicated category plus 273,847 ounces at 1.2g/t Au in the Inferred category (Click here for full details).
The resource comes from 2 out of 30 known mineralised targets identified on the SMP Project to date, namely Porcupine and Kenge. Both targets have very strong potential for resource expansion. Resource expansion of the Porcupine Target was part of the focus of the 2011 16,000m drill programme; a resource update is anticipated in Q1, 2012.
2012 drilling will focus on delineating the resource potential at the Gap, Tumbili and Konokono targets. In addition, Helio expects to complete an initial scoping study on the updated resource by June 2012.
Metallurgical testwork on mineralised rock from the Kenge and Porcupine targets shows recoveries of up to 96% through conventional grinding, cyanidation and/or flotation.
Helio also completed a 10,000m drill programme testing numerous targets at its Damara Gold Project in central Namibia, east of and on strike from AngloGold Ashanti's Navachab gold mine. The discovery of the Gold Kop target (50m @ 2.1g/t Au, 0.8% Cu and 14g/t Ag (June 13, 2011)) was a significant event in 2011, and will be the focus of ongoing drilling in 2012, the objective being to outline the resource potential as quickly as possible.
