Multiple gold-in-soil and bedrock anomalies over a 35km length of the Saza Shear Zone (SSZ) and related structures. Six old gold mines within the project area, including the New Saza Mine which was Tanzania's second largest goldmine, producing 270,000 ounces of gold at an average grade of 7.5g/t Au between 1939 and 1956.
100% owned, subject to royalty.
On July 23, 2014, Plinian became the operator.
Lupa Goldfield, southwestern Tanzania.
Early Proterozoic Lupa Block - mineralisation is dated at around 1.94Ga.
Adjacent to the New Luika Gold Mine, operated by Shanta Gold Limited, an AIM-listed company. The New Luika Gold Mine has a JORC compliant Probable Reserve of 4.95Mt grading 4.33g/t Au (690,000 ounces) - see Shanta news release dated October 20, 2014 (Note: Helio's QP has been unable to verify the information and the information is not necessarily indicative of the mineralization on Helio's property).
Identification of high grade zones at the Kenge and Porcupine Target Areas on SMP Gold Project
Most recent NI 43-101 compliant resource estimate puts the total Indicated Resource at 7.5 Mt grading 2.4 g/t Au for 590,000 oz Au contained
4 Retention Licences granted in the first half of 2014, which allows for 5 years of development work before conversion to a Mining Licence
Results from 2014 drill program (Porcupine, Konokono and Gap) demonstrate the potential to add near-surface and higher-grade underground resources and grow resource base
On March 26, 2015, Helio released a new NI 43-101 compliant resource calculation for the SMP Gold Project. The purpose of the resource was to estimate new Mineral Resources at the Konokono and Gap deposits and update previous estimates for the Kenge, Mbenge, Porcupine and Snakebite deposits, where additional drilling and/or updated resource estimation methodologies have been applied (for exact location, see map above).
The total Indicated Resource is 7.5 million tonnes ("Mt") grading 2.4 grams per tonne ("g/t") gold (Au) for 590,000 ounces (oz) Au contained
This can be 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 of potentially underground mineable material
The total Inferred Resource is 0.56 Mt at 2.5 g/t Au containing 45,000 oz Au in the same pit constrained shell and underground configurations
The higher-grade underground resource bodies are all open at depth
The new high-grade zones at Gap encourage further follow-up, especially the western shoot, which returned an intercept of 4m grading 30 g/t Au (see news release dated January 29, 2015).
Focus on adding to the open pit inventory through next phase of a 9 month drilling programme (at a cost of about US$1.5million) including MRE update scheduled for 2016-2017. Targets are Chura, Gap, Mbenge, Konokono, Porcupine: Main, Quill & NE, Reefski, Snakebite and Tumbili.
Completion of drilling and resulting MRE update is expected to support the undertaking of a Preliminary Economic Assessment (PEA) - expected completion end 2017
Additional funding required to advance through PEA