TSX-V Trading Symbol: HRC
VANCOUVER, March 22 /CNW/ - Helio Resource Corp. ("Helio" or the "Company") (TSX-V: HRC) is pleased to report the first results from the 2010 reconnaissance reverse circulation (RC) drill programme which is testing new targets within the SMP Gold Project in the Lupa Goldfields, Tanzania.
The Company is currently conducting a three-rig (two diamond drills and one RC drill) drill programme using the proceeds of a recently completed financing with the IFC (see Company press release dated February 9, 2010).
RC drilling was recently completed at the Tumbili prospect, located approximately 6km southeast of the Kenge Target (for exact location see project plan map at www.helioresource.com/i/pdf/2010-03-22_NRM1.pdf).
The programme consisted of 16 holes (for 1,531m) drilled on two 400m long, N-S oriented lines of scissor holes. The lines were spaced 1,000m apart and crossed the main geochemical-geophysical anomaly identified by Helio. A number of zones of mineralisation were intersected on each of the lines. Results have been returned for the first 12 holes, SSR1 to SSR12 inclusive.
The best hole on the western line was SSR11, which intersected 16m @ 1.9g/t Au from 36m. The zone is open, since it is truncated at the footwall by a post-mineralisation dyke.
On the eastern line, the best hole was SSR7, which intersected 12m @ 1.4g/t Au from 10m. Results are shown in the following link: www.helioresource.com/i/pdf/2010-03-22_NRM2.pdf.
These two holes are located over 1,000m apart. Mineralisation is hosted in an altered granitoid, and gold is associated with quartz veining, sericite and pyrite. Therefore mineralisation at Tumbili is similar to that at Porcupine where drilling has intersected over 52m grading 3.3g/t Au.
The Company is very encouraged by the results from Tumbili, which clearly demonstrate the potential for the discovery of further zones of extensive gold mineralisation at the SMP to add to those already defined at Kenge and Porcupine.
Follow up drilling of the Tumbili prospect is planned in the near future.
Tumbili was discovered by Helio's regional soil sampling programme. A detailed grid using a line spacing of 100m E-W with a sample spacing (N-S) of 25m along the lines was sampled. The grid covered an area of 2,000 x 1,500m.
In the central portion of the grid, a coincident Au +/- Mo geochemical anomaly was discovered. The E-W trending anomaly (which had a peak value of 773ppb Au) is at least 2,000m long and is open in both directions along strike. The main anomaly is underlain by a major magnetic anomaly, as shown on the attached map.
Other geochemical anomalies were also discovered away from the main anomaly, generally following a Kenge-trend (NW-SE) with strike lengths up to 700m and a peak value of 2,802ppb Au. These anomalies have not yet been tested by drilling.
Tumbili is an area of low-lying drainage, where there is limited outcrop, and a number of streams traverse the main anomaly. There is evidence of historical, small-scale artisanal mining activity in the vicinity. Recent mapping and interpretation of geophysical data indicates that the gold mineralisation at Tumbili is located abound the margins of a granitic plug along a major structure.
ABOUT THE SMP GOLD PROJECT
Helio, through its 100% owned subsidiary BAFEX Tanzania Ltd., can earn a 100% interest in five contiguous licences, which cover a 35km strike length of the Saza Shear Zone.
Since June 2006, the Company has drill-tested sixteen targets. Fifteen of the targets have intersected bedrock-hosted gold mineralisation, the most advanced being the Porcupine and Kenge Targets (see the Corporate Presentation on the Home Page of the Company's website at www.helioresource.com).
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 the contents of this news release. Drill holes were oriented perpendicular to the main mineralised trend. Intercepts are reported as drilled widths, true width is estimated to be 80-95% of reported width. RC drill holes were oriented across the main mapped structural trend. Samples were riffle split and made up into 2m composites, and split, with a counterpart sample being retained for reference. 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. Unless otherwise stated, weighted average intercepts are calculated between the uppermost and lowermost samples within the main mineralised zone using a 0.5g/t Au cut-off and may include some internal waste. The highest grade sample was 2m @ 7.1g/t Au in SSR11.
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams" "Chris MacKenzie"
Richard D. Williams, P.Geo Christopher J. MacKenzie, C.Geol.
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.
SOURCE Helio Resource Corp.
For further information: For further information: Richard Williams, (604) 638-8005 or by e-mail to firstname.lastname@example.org or Chris MacKenzie +44 789 423 7424 or by email to email@example.com