HELIO RESOURCE CORP. : http://www.helioresource.com/ : QwikReport

News Releases

#Thu Sep 19, 2019
Helio Receives Tsx Venture Exchange Approval For The Acquisition Of Two Projects In Peru, A $900,000 Private Placement, Shares For Debt Settlement And Announces The Appointment Of A New Director

 Helio Resource Corp ("Helio" or the "Company"; TSX-V: HRC) is pleased to announce that it has received TSX Venture Exchange ("TSXV") approval in respect of the following:
  • Acquisition of the Gaban Gold project and the Tinka Iron Oxide Copper Gold project, both located in Peru, from Palamina Corp. (TSX-V: PA) (the “Transaction”).
  • A $900,000 non-brokered private placement financing to cover initial working capital and the first phase of exploration on the Gaban Gold Project.
  • Settlement of $90,000 in debt through the issuance of 1,500,000 common shares.
Private Placement Terms

The $900,000 non-brokered private placement financing was fully subscribed, and comprises 15,000,000 Units priced at 6c per Unit, whereby each Unit is comprised of one (1) common share of the Company and one half (1/2) warrant, whereby one full warrant entitles the holder to purchase one common share of the Company for 10c per common share at any time within 12 months of closing the financing. Shares issued in connection with the closing of the financing will be subject to a 4 month plus one day hold period. Part of the proceeds will be used to pay off existing liabilities of the Company. This private placement and the shares for debt described below are, in part, related party transactions and are both exempt from the valuation and shareholder exemption requirements of Multilateral Instrument 61-101 pursuant to, in addition to other sections, ss. 5.5(a) and 5.7(1)(a) respectively of that Instrument. The related material change report will not be filed more than 21 days prior to Closing of the placement and debt settlement due to the uncertainty of knowing, in advance, when and if final TSXV approval would be obtained.

Project Acquisition Terms

In return for the acquisition of the Gaban Gold Project and the Tinka IOCG project, Helio will issue to Palamina a total of 10 million common shares of the Company as follows:
  • 5 Million shares immediately upon receipt of TSXV approval for the Transaction; and
  • The balance of 5 million shares is to be issued within 24 months of TSXV approval of the Transaction, either through disinterested shareholder approval for such issuance or via the issuance of no greater than 19.9% of any future share issuance made by the Company.
Palamina will retain a 2% Net Smelter Return (NSR) royalty on each property. Helio will have the right to purchase 50% of each royalty by making a cash payment of $1,000,000 to Palamina at any time prior to the commencement of commercial production. All shares issued will be subject to a 4 month plus one day hold period from the date of issuance.

Helio will make an Advance Royalty Payment ("ARP") of $25,000 to Palamina on the first and second anniversaries of closing the Transaction. The ARP will double every two years until such time that Helio has either completed a total of 5,000m of drilling or has abandoned the properties.

Upon closing of the Transaction, Palamina held the right to nominate one Director to the Board of Helio and can nominate a second Director to stand for election at Helio's next annual general meeting.

New Director

In conjunction with the Transaction, Palamina has nominated Mr. Alistair Waddell to Helio's Board of Directors. Mr. Waddell is a geologist with over 25 years of diverse resource industry experience, including senior roles with both junior and senior mining companies providing a broad knowledge of the industry. He was a founder and former President and CEO of TSX-V listed GoldQuest Mining Corp. principally focused on exploration in the Dominican Republic. More recently, he was Vice President -- Greenfields Exploration for Kinross Gold Corp. responsible for global greenfields exploration, which included working across Latin America, including Peru, where he lived and worked for over three years. The Company welcomes Mr. Waddell to its Board of Directors and looks forward to working with him in the advancement of the Company's projects.

The Gaban Gold Project

The Gaban Gold Project covers an area of 18,700 hectares and surrounds the town of San Gaban in the Puno orogenic gold belt. San Gaban, sitting at an elevation of 550m above sea level, is served by excellent infrastructure and is a 4 hour drive via the Trans-oceanic highway to the Puerto Maldonado airport. A nearby 206MW hydro-electric dam provides power to the town.

Palamina staked Gaban to locate the bedrock source of alluvial gold being exploited along the Yanamayo river, which lies wholly within the Gaban project area. At least 10 sets of alluvial mineworkings are known to exist within the project area.

Palamina conducted a stream sediment sampling programme over the Gaban property, collecting a total of 75 samples. Twenty one samples returned assays above detection (5 ppb). Of the 21 samples containing detectable gold, eleven originate from a 5km-long section of the Yanamayo River catchment basin, with assays ranging from 5ppb to 4,891ppb Au (median value of 117ppb Au). In 2018 Palamina completed a heli-borne magnetic / radiometric survey over the property to identify the possible structural controls for bedrock hosted gold mineralisation. See Palamina's news release of October 29, 2018 on their website at www.palamina.com/news. Palamina has spent approximately US$500,000 to date on the project. The Gaban Gold Project is the subject of an NI 43-101 compliant technical report titled "NI 43-101 Technical Report Gaban Property Puno, Peru" with the effective date of August 27, 2019. The Report was prepared for the Company by Mr. David Seers, AusIMM CP(Geo), and is available on SEDAR.

The Tinka IOCG Project

The Tinka IOCG Project is an early stage exploration target that covers an area of 1,800 hectares. It is located 45 km southeast of the town of Ica (population 280,000) at an elevation of 2,000m, and is 300km southeast of Lima along the Pan-American highway.

Shares for Debt Settlement

The Company has reached agreement with certain creditors including insiders to settle a total of $90,000 in debts by way of issuance of 1,500,000 common shares of the Company at a deemed price of 6c per share. Of that total amount, Insiders were issued a total of 600,000 shares to settle $36,000 of debt and also agreed to write off an additional $43,000 in debts owed to them.
Mr. Richard Williams, M.Sc. (MinEx), P.Geo, is a Qualified Person as defined by National Instrument 43-101 and has supervised the preparation, compilation and review of the geological and technical contents of this press release.

Enquiries:

Helio Resource Corp.

Richard Williams (CEO)
+1 604 210 8753

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.

Statements Regarding Forward-Looking Information

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "anticipated", "estimates", "intends", "expected", "believes", "may", "will", "wants to" and include, without limitation, statements regarding the Government of Tanzania's future actions or their undisclosed past actions, the Company's Retention Licences, plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, actions of the Government of Tanzania, or other governments, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
File: http://www.helioresource.com/i/pdf/2019-09-19_NR-auytas9823i.pdf
 150 KB, approx. 29 seconds at 56.6Kbps
 
#Thu Aug 1, 2019
Helio Increases Private Placement Financing To $900,000

 Helio Resource Corp ("Helio" or the "Company"; TSX-V: HRC) is pleased to announce that, pursuant to the news release dated May 15, 2019, it has increased the previously announced non-brokered private placement financing to $900,000. Proceeds from the financing will be used to cover the first phase of exploration work on the Gaban Gold Property in Peru and to cover initial working capital.

Completion of the Private Placement financing is subject to TSX Venture Exchange approval of the transaction, including acceptance of a NI 43-101 Technical Report for the Gaban Gold Property, Peru, which has been submitted for review. The Company's shares will remain halted until TSX approval has been received.

Private Placement Terms

The financing will consist of up to 15,000,000 Units priced at 6c per Unit, whereby each Unit is comprised of one (1) common share of the Company and one half (1/2) warrant, whereby one full warrant entitles the holder to purchase one common share of the Company for 10c per common share at any time within 12 months of closing the financing. All shares issued will be subject to a 4 month plus one day hold period from the date of issuance.

Enquiries:

Helio Resource Corp.

Richard Williams (CEO)
+1 604 210 8753

ON BEHALF OF THE BOARD OF DIRECTORS

"Richard D. Williams"
Richard D. Williams, P.Geo


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.

Statements Regarding Forward-Looking Information

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "anticipated", "estimates", "intends", "expected", "believes", "may", "will", "wants to" and include, without limitation, statements regarding the Company's plan of business operations (including plans for progressing assets). There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
File: http://www.helioresource.com/i/pdf/2019-08-01_NR-h89a6wh34.pdf
 112 KB, approx. 22 seconds at 56.6Kbps
 
#Wed May 15, 2019
Helio to Raise a Minimum of $600,000, Acquire Two Projects in Peru, Shares for Debt Settlement and Provides Tanzania Update

 

Helio Resource Corp (“Helio” or the “Company”; TSX-V: HRC) is pleased to announce that, subject to TSX Venture Exchange (“TSXV”) approval, it has signed a Letter of Intent (LOI) on May 14, 2019, with Palamina Corp (TSX-V : PA) to acquire the Gaban gold project and the Tinka Iron Oxide Copper Gold project, both located in Peru. In conjunction with the acquisition, Helio plans to raise between $600,000 and $800,000 through a non-brokered private placement financing to cover the first phase of exploration on the properties and to cover initial working capital (together, with the other matters referenced herein, the “Transaction”). This is an arm’s length transaction and no finders fee is payable.

Private Placement Terms

The proposed financing will consist of up to 10,000,000 Units priced at 6c per Unit, whereby each Unit is comprised of one (1) common share of the Company and one half (1/2) warrant, whereby one full warrant entitles the holder to purchase one common share of the Company for 10c per common share at any time within 12 months of closing the financing.

Project Acquisition Terms

This acquisition of the Gaban and Tinka projects is subject to, in addition to other items, the Company raising a minimum of $600,000.

Subject to successful completion of a 30-day due diligence period, and receipt of TSXV approval, Helio will issue to Palamina a total of 10 million common shares of the Company as follows:

  • 5 Million shares immediately upon receipt of TSXV approval for the Transaction; and
  • The balance of 5 million shares is to be issued within 24 months of TSXV approval of the Transaction, either through disinterested shareholder approval for such issuance or via the issuance of no greater that 19.9% of any future share issuance made by the Company.

Palamina will retain a 2% Net Smelter Return (NSR) royalty on each property. Helio will have the right to purchase 50% of each royalty by making a cash payment of $1,000,000 to Palamina at any time prior to the commencement of commercial production. All shares issued will be subject to a 4 month plus one day hold period from the date of issuance.

Helio will make an Advance Royalty Payment (ARP) of $25,000 to Palamina on the first and second anniversaries of closing the Transaction. The ARP will double every two years until such time that Helio has either completed a total of 5,000m of drilling or has abandoned the properties.

Upon closing of the Transaction, Palamina has the right to nominate one Director to the Board of Helio and can nominate a second Director to stand for election at Helio’s next annual general meeting.

The Gaban Project

The Gaban Gold Project covers an area of 17,400 hectares, and surrounds the town of San Gaban in the Puno orogenic gold belt. San Gaban, sitting at an elevation of 550m above sea level, is served by excellent infrastructure and is a 4 hour drive via the Trans-oceanic highway to the Puerto Maldonado airport. A nearby 206MW hydro-electric dam provides power to the town.

Palamina staked Gaban to locate the bedrock source of alluvial gold being exploited along the Yanamayo river, which lies wholly within the Gaban project area. At least 10 sets of alluvial mineworkings are known to be exist within the project area.

Palamina conducted a stream sediment sampling programme over the Gaban property, collecting a total of 75 samples. Twenty one samples returned assays above detection (5 ppb). Of the 21 samples showing a gold presence, eleven originate from a 5km-long section of the Yanamayo River catchment basin, with assays ranging from 5ppb to 4,891ppb Au (median value of 117ppb Au). In addition, in 2018 Palamina completed a heli-borne magnetic / radiometric survey over the property to identify the possible structural controls for bedrock hosted gold mineralisation. See Palamina’s news release of October 29, 2018 on their website at www.palamina.com/news. Palamina has spent approximately US$500,000 to date on the project.

The Tinka IOCG Project

The Tinka IOCG Project is an early stage exploration target that covers an area of 1,800 hectares. It is located 45 km southeast of the town of Ica (population 280,000) at an elevation of 2,000m, and is 300km southeast of Lima along the Pan-American highway.

Shares for Debt Settlement

The Company has reached agreement with certain creditors including insiders to settle a total of $90,000 in debts by way of issuance of 1,500,000 common shares of the Company at a deemed price of 6c per share. The shares will be issued, subject to TSXV approval, upon closing of the Transaction.

Tanzania (SMP Gold Project) Update

The Company continues to work with the Ministry of Mines in Tanzania to find a sensible solution to the Retention Licence issue. Helio’s SMP project comprises 8 Prospecting Licenses (PLs), 4 Retention Licences (RLs), and one licence under application (see map below). The four Retention Licences are RL 0009 (Saza), RL 0010 (Gap), RL 0011 (Kwaheri), and RL 0012 (Illunga). Under the Tanzanian Mining Act, 2010, Retention Licences were issued to projects where a mineral resource had been identified, but the projects could not be developed to mine status by reason of technical constraints, or other economic factors which are temporary in nature.

Changes made in 2017 to the Mining Act (2010) resulted in the Retention Licence classification being abolished and ownership transferred to the Government of Tanzania. The Company has been assured verbally by government officials that the Tanzanian government is not expropriating the ground covered by the Retention Licences and wants to work with the Retention Licence holders to ensure that projects are advanced to the point where a mining licence can be applied for.

The Tanzanian government has formed a Mining Commission which will make recommendations for the way forward with regards to the ground covered by Retention Licences. After consultation with ministers from the Ministry of Minerals, Helio has applied for the ground covered by the Retention Licences to be re-issued as Prospecting licences to allow the project to be advanced. However, the Commission has yet to make any recommendations.

The SMP Gold Project covers a 200km2 area in the Lupa Goldfields, SW Tanzania and is adjacent to the New Luika Gold Mine, operated by Shanta Gold Limited, an AIM-listed company. On March 26, 2015, Helio released a mineral resource estimate for the SMP Gold Project, comprising an Indicated Resource of 7.5 MT grading 2.4 g/t Au for 590,000 oz Au contained, and an Inferred Resource of 0.56 Mt at 2.5 g/t Au containing 45,000 oz Au. The Indicated Resource is broken down into 5.9 Mt grading 1.8 g/t Au for 332,000 oz inside a pit constrained shell at US$1,400/oz gold price and 1.6 Mt grading 4.9 g/t for 258,000 ounces underground. A NI 43-101 Technical Report for the Mineral Resource Estimate can be viewed here - click here for full details.


Map of the SMP Gold Project

Mr. Richard Williams, M.Sc. (MinEx), P.Geo, is a Qualified Person as defined by National Instrument 43-101 and has supervised the preparation, compilation and review of the geological and technical contents of this press release.

Enquiries:

Helio Resource Corp

Richard Williams (CEO)
+1 604 210 8753

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.

Statements Regarding Forward-Looking Information

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as “anticipated”, "estimates", "intends", "expected", "believes", "may", "will", “wants to” and include, without limitation, statements regarding the Government of Tanzania’s future actions or their undisclosed past actions, the Company's Retention Licences, plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, actions of the Government of Tanzania, or other governments, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.


View News in PDF Format
File: http://www.helioresource.com/i/pdf/2019-05-15-nr-hrc-7h2hz8.pdf
 197 KB, approx. 38 seconds at 56.6Kbps
 
#Fri Jul 27, 2018
Helio Provides Tanzania Update

 

Helio Resource Corp. (“Helio” or the “Company”; TSX-V: HRC) hereby provides an update of the SMP Gold Project located in Tanzania.

Helio’s SMP project comprises 8 Prospecting Licenses (PLs), 4 Retention Licences (RLs), and one licence under application (see map below). The four Retention Licences are RL 0009 (Saza), RL 0010 (Gap), RL 0011 (Kwaheri), and RL 0012 (Illunga). Under the Tanzanian Mining Act, 2010, Retention Licences were issued to projects at which a mineral resource had been identified, but the projects could not be developed to mine status by reason of technical constraints, or other economic factors which are temporary in nature. 

Changes to the Mining Act 2010 were announced by the Tanzanian government in June 2017, and have resulted in the Retention Licence classification being abolished and ownership transferred to the government. The Company has been assured verbally by government officials that the Tanzanian government will not expropriate the ground covered by the Retention Licences and wants to work with the Retention Licence holders to ensure that projects are advanced to the point where a mining licence can be applied for. 

The Tanzanian government has formed a Mining Commission which will make recommendations for the way forward with regards to the ground covered by Retention Licences. After consultation with ministers from the Ministry of Minerals, Helio has applied for the ground covered by the Retention Licences to be re-issued as Prospecting licences to allow the project to be advanced.  However, the Commission has yet to make any recommendations or any commitment as to a date by which its recommendations will be made.

About the SMP Gold Project

The SMP Gold Project covers a 200km2 area in the Lupa Goldfields, SW Tanzania and is adjacent to the New Luika Gold Mine, operated by Shanta Gold Limited, an AIM-listed company. On March 26, 2015, Helio released a mineral resource estimate for the SMP Gold Project, comprising an Indicated Resource of 7.5 MT grading 2.4 g/t Au for 590,000 oz Au contained, and an Inferred Resource of 0.56 Mt at 2.5 g/t Au containing 45,000 oz Au. The Indicated Resource is broken down into 5.9 Mt grading 1.8 g/t Au for 332,000 oz inside a pit-constrained shell at a gold price of US$1,400/oz and 1.6 Mt grading 4.9 g/t for 258,000 ounces of potentially underground mineable material.  A NI 43-101 Technical Report for the Mineral Resource Estimate can be viewed here - click here for full details.

Richard Williams, M.Sc., P.Geo., Helio’s CEO and a Qualified Person as designated by NI 43-101, has reviewed and approved the contents of this news release. 

For further information please contact Richard Williams at +1 604 210 8753.

ON BEHALF OF THE BOARD OF DIRECTORS

"Richard D. Williams"
Richard D. Williams, P.Geo, CEO & President



Map of the SMP Gold Project

 

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.

 

Statements Regarding Forward-Looking Information

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as “anticipated”, "estimates", "intends", "expected", "believes", "may", "will" and include, without limitation, statements regarding the company's plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

File: http://www.helioresource.com/i/pdf/2018-07-27-NR.pdf
 101 KB, approx. 20 seconds at 56.6Kbps
 
#Mon May 14, 2018
Helio Announces Shares for Debt Transaction

 

Helio Resource Corp. (“Helio” or the “Company”; TSX-V: HRC) reports that the Company has entered into a debt settlement agreement (the “Agreement”) with an arm’s length creditor (the “Creditor”) of the Company to settle an outstanding account for drilling services. Pursuant to the Agreement, the Company will settle an outstanding debt of approximately C$250,000 with the Creditor through the issuance of 500,000 common shares and a cash payment of C$25,000.

The issuance of the common shares to the Creditor is subject to the approval of the TSX Venture Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.

About Helio Resource Corp.

Helio Resource Corp. is a resource company focused on advancing the 100% owned SMP Gold Project in Tanzania to a production decision.

For further information please contact Richard Williams at +1 604 210 8753.

ON BEHALF OF THE BOARD OF DIRECTORS

"Richard D. Williams"
Richard D. Williams, P.Geo, CEO & President

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.


Statements Regarding Forward-Looking Information

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as “anticipated”, "estimates", "intends", "expected", "believes", "may", "will" and include, without limitation, statements regarding the company's plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

View News Release in PDF Format:
File: http://www.helioresource.com/i/pdf/20180514-Sharesfordebt.pdf
 59 KB, approx. 12 seconds at 56.6Kbps
 

Copyright © 2019 by Helio Resource Corp.   All rights reserved worldwide.
For more information, send questions and comments to
This page was created on Mon Oct 21, 2019 at 2:44:36 AM Pacific Time.