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 Mon Oct 6, 2008
Latest Drill Results from the Porcupine Target Confirm Bedrock Mineralization Over a 500m Strike Length: Mineralization Remains Open to the West and East

 
Highlights:

40.1m @ 2.2g/t Au
39.7m @ 2.3g/t Au


PORCUPINE DRILLING UPDATE

Helio Resource Corp. ("Helio" or the "Company") (TSX-V: HRC) is pleased to report the latest drill results from 10 drillholes from the Porcupine Target at the SMP Gold Project, in the Lupa Goldfields of SW Tanzania, including:

  • 40.1m @ 2.2g/t Au in GPD10
  • 39.7m @ 2.3g/t Au in GPD20
The Company is very encouraged by the continuing good results from the Porcupine target, which support management's view that Porcupine - in addition to the Kenge target - has the potential to host a significant open-pittable gold resource.

These results are from drillholes GPD6 to GPD14, inclusive, and GPD20. Results are presented in the table below. An updated long section and plan map are available below and have also been posted on the Company's website at http://www.helioresource.com.

Hole GPD10 was drilled 50m ENE along strike from GPD4 (49.6m @ 3.3g/t Au, see Company press release dated July 21, 2008). GPD20 was drilled 50m ENE of GPD10. Hole GPD9 was drilled 50m West of GPD4.

Holes GPD11 to GPD14 were drilled along a north-south oriented fence line, located 450m to the West of GPD4. The objective of this drilling was to confirm the location of the main mineralised zone in this area, where outcrop is limited. A thick zone of mineralisation was intersected in GPD12 (30m+ grading 0.9g/t Au from surface [open]). The mineralised zone in GPD12 is of the same style as that found further east (in drillholes GPD1 to GPD5 and GPD9 to GPD20), and is open in all directions.

Holes GPD6 to GPD8 were reconnaissance drillholes drilled to the NNW of hole GPD5 (52.2m @ 3.3g/t Au, see Company press release dated July 21, 2008) and intersected narrow, lower-grade mineralised zones in the footwall of the main mineralized zone.

Geological mapping has confirmed that the Porcupine target continues over a strike length of at least 1,000m, extending 350m to the west of GPD12 and over 200m to the east of GPD20.

The historical Gap Mine is located approximately 1,900m away to the NE along strike from GPD20. Soil geochemistry and airborne magnetic data indicates the structure is continuous between Gap and Porcupine. The only hole drilled by Helio at Gap, an RC hole, returned 8 metres grading 1.2g/t Au (see Company press release dated November 19, 2007).

Drilling continues at the Porcupine Target and additional drill results will be released as they become available.

ABOUT THE SMP GOLD PROJECT

Helio, through its 100% owned subsidiary BAFEX Tanzania Ltd., can earn a 100% interest in four contiguous licences, which cover a 27km strike length of the Saza Shear Zone (see news releases dated December 19, 2005 and dated September 11, 2006). The project covers the eastern part of the New Saza Gold Mine, which operated between 1939 - 1956, producing approximately 270,000 ounces of gold at an average grade of 7.5g/t Au.

Since June 2006, the Company has drill-tested eleven targets, nine of which are hosted by the Saza Shear Zone. All eleven targets have intersected bedrock-hosted gold mineralisation, the most advanced being the Kenge Target, which has returned up to 22.0m grading 6.9g/t gold in the Main Zone (Company press release dated May 23, 2007).The thickest mineralised intercept at Kenge is from the Mbenge Zone (48.7m @ 2.1g/t Au - Company press release dated September 8, 2008). The thickest mineralised intercept to date at the SMP was drilled at the Porcupine target (52.2m grading 3.3g/t Au - Company press release dated July 21, 2008).

Recently, the Company announced excellent metallurgical results from the SMP project, where recoveries of up to 96% were achieved by conventional processes at the Kenge target (Company press release dated August 11, 2008).


Chris MacKenzie, M.Sc., C.Geol., Helio's COO and a Qualified Person as designated by NI 43-101, supervises the exploration at the SMP project, including the sampling and quality assurance / quality control programmes, and has reviewed the contents of this news release. Unless otherwise stated all drill holes were oriented at -48º and were drilled perpendicular towards the main structural trend. Intercepts are reported as drilled widths, and estimated true widths vary from 65-95%+ of drilled width. Core was halved with a rock saw and sample lengths between 0.3m and 1.5m within the mineralised zone were submitted to the lab (with the duplicate half being retained). QA/QC includes the use of blanks and standards (ave. 1 every 15 samples) and duplicates (ave. 1 every 24 samples). Samples were assayed at the SGS Laboratory in Mwanza, Tanzania by 50g gold fire assay. As well as the Company's internal QA/QC programme, SGS also applied their own internal QA/QC programme, consisting of insertion of standards and duplicates. Unless otherwise stated weighted average intercepts are calculated between the uppermost and lowermost samples within the main mineralised zone using a 0.5g/t cut-off and may include some internal waste.


Helio's main focus is the development of the SMP Gold Project in Tanzania. As part of its strategic approach to project development, Helio has optioned 9 of its Namibian licences to Desert Minerals (UK) Ltd. and continues to pursue joint venture partners for its other projects in Namibia.

For additional information, please contact Richard Williams or Irene Dorsman at +1 604 638 8007 or by e-mail to or .

ON BEHALF OF THE BOARD OF DIRECTORS

"Richard D. Williams"
Richard D. Williams, P.Geo
CEO
"Chris MacKenzie"
Christopher J. MacKenzie, C.Geol.
COO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.


Table of Drill Intercepts

Hole
Target Intersection Comments
GPD006 Reconnaissance 0.9m @ 2.9g/t Au from 25.3m *
Reconnaissance and 5.7m @ 0.5g/t Au from 44.1m *
GPD007 Reconnaissance 11.3m @ 0.4g/t Au from 48.3m *
GPD008 Reconnaissance 7.6m @ 1.6g/t Au from 5.1m (Open)  
GPD009 Porcupine 43.4m @ 0.5g/t Au from 32.3m *
GPD010 Porcupine 40.1m @ 2.2g/t Au from 62.8m  
Porcupine incl. 0.5m @ 46.8g/t Au from 85.5m  
GPD011 Porcupine 2.4m @ 1.0g/t Au from 193.8m  
GPD012 Porcupine 30m @ 0.9g/t Au from 3.0m (Open) Open from surface
GPD013 Porcupine 2.6m @ 0.7g/t Au from 113.1m  
GPD014 Porcupine 16.2m @ 0.6g/t Au from 166.2m  
GPD020 Porcupine 39.7m @ 2.3g/t Au from 67.7m  
*Cut off grade less than 0.5g/t Au

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