Helio Files NI 43-101 Technical Report for Initial Resource Estimate at SMP Gold Project in Tanzania on SEDAR

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 intercepts.

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"     "Chris MacKenzie"
Richard D. Williams, P.Geo   Christopher J. MacKenzie, C.Geol.
CEO       COO

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 richard@helioresource.com or Chris MacKenzie at +44 789 4237424 or by e-mail to chris@helioresource.com


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