|Thu Sep 22, 2011|
First Phase Drilling at Chura Target, SMP Gold Project, Tanzania, Discovers Gold Mineralisation over 1km+ Strike Length
Helio Resource Corp (TSX-V: HRC) is pleased to report the discovery of a new zone of bedrock gold mineralisation at the Chura target, SMP Gold Project, in south-western Tanzania. The zone appears to be at least 1km long.
Small scale artisanal mining activity has focussed on narrow high grade veins outcropping at surface. Sampling of these veins by Helio has returned assays up to 150g/t Au.
Gold mineralisation occurs in a zone of disseminated sulphides (principally pyrite) and sheeted quartz veining hosted by a granitic unit close to a geological contact with a dioritic footwall unit. In this respect the mineralisation is analogous to that at Porcupine. On Line 1, the zone dips north-east at -25º.
Twelve drill holes (1,280m) were completed on three north-south drill fences covering a 1km strike length (see Map 2). The best holes on each line were as follows:
It is important to note that the surface footprint of the Porcupine resource area is only 350m long, so the Chura target has the potential to host a similar or larger resource (see Map 2).
More drilling is required in the area to determine the true potential of the zone, but the Company believes the target has the potential to add to the global resource at the SMP project. A full table of the results from the Chura drilling is presented below.
The company has recently completed a programme of infill and extension holes at the Porcupine, Quill and Gap Mine targets.
An RC rig has been secured and is currently completing a programme to define the resource potential of the Tumbili target (see Map 1).
Then, the RC rig will be moved to explore the newly-granted Saza East Licence, where the company aims to add to the resource potential of the Kipanga-Konokono-Chura corridor (Map 1).
Results from all the drilling mentioned above will be released as soon as they are available.
About the SMP Gold Project
The SMP Gold Project covers an area of 238km2. Gold mineralisation has been identified in 30 targets within the project area. Two of these targets, Porcupine and Kenge, have been advanced to the resource stage and both, especially Porcupine, still have potential to grow significantly. The unrestrained resource calculation as released in November 30th, 2010 reported a Measured and Indicated Resource of 589,497 ounces at 1.51g/t Au plus an Inferred Resource of 353,097 ounces at 1.12g/t Au at a cut off grade of 0.3g/t.
Mineralisation at all 30 targets outcrops at surface, and varies from narrow, high grade gold mineralisation hosted in quartz veins and shear zones, to wide zones (up to 90m in width) of lower grade, bulk mineable / open pittable mineralisation.
Helio owns a 100% interest in four of five licences, subject to a 2% NSR to the vendors (Tanzanian small mining companies), and the Company is in the process of earning a 100% interest in the fifth licence
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 and approved the contents of this news release. Drill holes were drilled at -48º either north- or southwards. Intercepts are reported as drilled widths, more drilling is required to confirm true widths. Continuous 1m samples were taken every through the main mineralised zones, and 2m samples were taken outside this. Samples were split with a core saw and one half was retained on site. All samples were submitted to the lab with internal QA/QC checks including the use of blanks and standards (ave. 1 every 17 samples) and duplicates (ave. 1 every 25 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. Weighted average intercepts are calculated using a 0.5g/t Au cut-off, unless otherwise stated and may include some mineralised waste.
For additional information, please contact Richard Williams or Irene Dorsman at +1 604 638 8007 or by e-mail to email@example.com or firstname.lastname@example.org.
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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