TSX-V Trading Symbol: HRC
VANCOUVER, Jan. 17 /CNW/ - Helio Resource Corp (TSX-V: HRC) is pleased
to report that it has received and filed on SEDAR the independent NI
43-101 technical report concerning the Mineral Resource Estimate for
the Porcupine and Kenge targets at the SMP Gold Project in Tanzania
(see news release dated November 30, 2010). The technical report is
also available on the Company's website at: http://www.helioresource.com/i/pdf/SMP-43101-13Jan2011.pdf.
The Mineral Resource Estimate was completed under the supervision of
qualified person Alexandra Harrison (MSc, CSci MIMMM) of Golder
Associates (UK) Ltd (Golder).
The resource estimate is the first one calculated for the SMP Gold
Project. Golder reported both a "restrained" and "unrestrained"
resource, where the restrained resource has used spatial restrictions
during estimation to limit the influence of certain high grade
Highlights from the Resource Report
Unrestrained Measured and Indicated Resource of 589,000 ounces at
1.54g/t Au plus an Inferred Resource of 352,000 ounces at 1.10g/t Au at
a cut off grade of 0.3g/t. The restrained estimate at the same cut-off
reports 511,000 ounces grading 1.34g/t Au in the Measured and Indicated
category plus 308,000 ounces at 0.98g/t Au in the Inferred category.
Unrestrained Measured and Indicated Resource of 575,000 ounces at
1.65g/t Au plus an Inferred Resource of 321,000 ounces at 1.32g/t Au at
a cut off grade of 0.5g/t. The restrained estimate at the same cut-off
reports 497,000 ounces grading 1.43g/t Au in the Measured and Indicated
category plus 273,000 ounces at 1.19g/t Au in the Inferred category.
The Company has planned a significant drill programme for 2011, with the
objective to substantially grow the SMP resource.
At the Porcupine target, the Main, Footwall, Quill and NE Zones are all
still open along strike and to depth. At the Kenge target, the SE,
Mbenge and Snakebite targets are open for expansion (see Shareholder
Update, January 13, 2011)
ABOUT THE SMP GOLD PROJECT
Helio, through its 100% owned subsidiary BAFEX Tanzania Ltd., has
completed the earn-in requirements on 4 out of 5 contiguous licences,
which cover a 238km2 area within the Lupa Goldfield, SW Tanzania. The earn-in on the fifth
licence is scheduled for completion in January 2013.
The SMP Gold Project covers a 35km of the Saza Shear Zone, the main
known gold bearing structure in the region. Gold mineralisation is
associated with brittle fracture zones and ductile shear zones that cut
through intrusive rocks of Lower Proterozoic age. Mineralisation has
been dated at 1.93Ga, making it equivalent in age to the mineralised
systems in West Africa.
Since June 2006, the Company has drill-tested twenty five discrete
targets. Twenty two 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.
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
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:
Richard Williams at +1 604 638 8005 or by e-mail to email@example.com or Chris MacKenzie at +44 789 4237424 or by e-mail to firstname.lastname@example.org