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In February 2012, SRK Consulting (Australia) Pty. Ltd. of Perth, Australia provided a NI 43-101 compliant updated mineral resource estimate for the SMP: at 0.5g/t cut-off reports 1,020,000 ounces grading 1.32g/t Au in the Measured and Indicated category plus 240,000 ounces at 1.05g/t Au in the Inferred category, an increase of 104% in the M&I category from the maiden resource released in November 2010 (Click here for full details).
The resource comes from 4 out of 30 known mineralized targets identified on the SMP Gold Project to date, namely Porcupine, Kenge, and only 4% from new targets called Konokono and Tumbili. The ounces from these targets are completely new to the resource base and represent only 100-150m of strike length at each of those targets. Recent drill testing of the Konokono and Tumbili targets indicate a strike length potential of 3,200m, implying excellent potential to significantly increase the resource base in these areas.
At Porcupine, recent drill results not included in the resource upgrade, represent excellent potential to add higher grade material to the resource and ounces at depth, beneath the current resource.
2012 drilling will focus on further delineating the resource potential at the Tumbili, Konokono and Gap targets. In addition, Helio expects to complete an initial scoping study on the updated resource by June 2012.
Metallurgical testwork on mineralised rock from the Kenge and Porcupine targets shows recoveries of up to 96% through conventional grinding, cyanidation and/or flotation.
Helio also completed a 10,000m drill programme testing numerous targets at its Damara Gold Project in central Namibia, east of and on strike from AngloGold Ashanti's Navachab gold mine. The discovery of the Gold Kop target (50m @ 2.1g/t Au, 0.8% Cu and 14g/t Ag (June 13, 2011)) was a significant event in 2011, and will be the focus of ongoing drilling in 2012, the objective being to outline the resource potential as quickly as possible.
