|Tue Mar 22, 2011|
New Targets Discovered at the Damara Gold Project, Namibia
Vancouver, March 22, 2011
Helio Resource Corp (TSX-V: 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.
Induced polarisation (IP) surveys confirm that the mineralised horizon identified in soil and rock sampling is underlain by a coincident chargeability anomaly, indicating the presence of disseminated sulphides. The IP anomaly is 600m+ long and is open along strike (see attached Map 2).
B1 is a large (1,500m x 500m), disjointed geochemical anomaly developed over a folded sequence of marbles, with local tremolite-sulphide alteration. A number of mineralised occurrences were identified, and rock sampling over these has returned grab-sample results up to 2.4g/t Au and 11.8% Cu.
IP surveys conducted over the B1 grid resulted in the identification of a chargeability anomaly, with a coincident Au-Cu soil anomaly. The NE-trending anomaly covers approximately 1,000m x 250m -- see Map 3.
A total of eight diamond drill holes (497m of oriented core out of the initial 5,000m+ planned for the DGP) were drilled on the Wilhelmstal licence. Of these, four holes were drilled on the B1 target, two on Cheshire Cat and two on Bird's Nest. Results are expected within the next six weeks.
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.
In November 2010, Helio released an encouraging initial resource estimate for the SMP: Unrestrained 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 programmes, and has reviewed the contents of this news release.
For additional information, please contact Richard Williams or Irene Dorsman at +1 604 638 8007 or by e-mail to firstname.lastname@example.org or email@example.com.
ON BEHALF OF THE BOARD OF DIRECTORS
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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