|Thu Mar 4, 2010|
2010 Drill Programme Commences at the SMP Gold Project
Helio Resource Corp. ("Helio" or the "Company") (TSX-V: HRC) is pleased to report that it has commenced its 2010 drill programme with one diamond drill and one RC drill. The 2010 programme will be funded from the recently closed $6.2million private placement, placed completely with IFC, a member of the World Bank Group.
The diamond drill is working at the Porcupine Target, testing strike extensions to known mineralisation and also testing the structural controls to higher-grade mineralisation.
The Porcupine Target is open for over 500m to the NE towards hole GPR35 (18m @ 0.9g/t Au) and for over 800m to the WNW through hole GPR10 (54m @ 0.3g/t Au). See Company press releases dated June 1, 2009 and November 24, 2009 for more details.
The RC (reverse circulation) drill programme is aimed at testing new targets identified in the detailed magnetic survey conducted late in 2009 (see news release dated December 1, 2009). The drill targets are structural intersections and buried magnetic anomalies with similar characteristics to targets already successfully tested by Helio. Some of these targets have previously been tested at the reconnaissance level (Reefski and Panya) but new structural interpretations from the latest magnetic data have identified other targets to test in the vicinity of the known mineralisation.
A plan map showing targets planned for drilling in 2010 is shown below.
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 35km strike length of the Saza Shear Zone.
Since June 2006, the Company has drill-tested thirteen targets, nine of which are hosted along the Saza Shear Zone. Twelve of the targets have intersected bedrock-hosted gold mineralisation, the most advanced being the Porcupine and Kenge Targets (see the Corporate Presentation on the Home Page of the Company's website at www.helioresource.com).
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.
For additional information, please contact Richard Williams +1 604 638 8005 or by e-mail to firstname.lastname@example.org.
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.
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