|Mon Feb 23, 2009|
Helio Reports Initial Drill Results from the Konokono Target, SMP Gold Project, Tanzania
13.1m @ 3.7g/t Au
Helio Resource Corp. ("Helio" or the "Company") (TSX-V: HRC) is pleased to report the first diamond drill results from the Konokono Target at the SMP Gold Project, Lupa Goldfields, SW Tanzania.
The Konokono target is located approximately 8km west of Porcupine and 5km east of Kenge - see the project map below and on the Company website at www.helioresource.com.
The nearest drilling to the west is approximately 1,400m away, where RC drilling at the Kipanga target intersected 8m @ 1.44g/t Au (Company Press Release dated January 31, 2008). Drilling by Anglo American in 1998 confirmed gold mineralisation occurring over a 300m strike length to the east.
Management is very pleased with these results, and notes that this first-pass diamond drill testing of the kilometre-long Konokono Target has returned comparable results to those initially received from the SMP project's two most advanced targets; Porcupine and Kenge. Both Porcupine and Kenge have the potential to host significant open-pittable gold deposits (see Company Press Releases dated January 26 and February 2, 2009).
A table of the drill results is presented below, together with a plan map of the SMP gold project showing the locations of all of the targets identified and drill tested to date.
ABOUT THE SMP GOLD PROJECT
Helio, through its 100% owned subsidiary BAFEX Tanzania Ltd., can earn a 100% interest in five contiguous licences, which cover a 34km strike length of the Saza Shear Zone (see news releases dated December 19, 2005, September 11, 2006, and October 16, 2008). The project covers 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). A plan map of the project area, showing the respective locations of all of the targets generated to date is attached.
The Company is awaiting further drill results from the Porcupine Target (10 drill holes), the Kenge Target (34 drill holes). Results are expected in the next few weeks.
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. 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 70-90% of drilled width. Core was halved with a rock saw and sample lengths between 0.3m and 2.0m 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 at +1 604 638 8007 or by e-mail to .
ON BEHALF OF THE BOARD OF DIRECTORS
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Table of Drill Intercepts
* 0.2 g/t Cut-off
View News Release in PDF:
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