VANCOUVER, March 6, 2012 /CNW/ - Helio Resource Corp. (TSX-V: HRC - "Helio" or the "Company") is pleased to announce that drilling has commenced at the Gold Kop Target, Damara Gold Project (DGP) in Namibia.
Previous drilling by the Company during 2011 included the discovery of Navachab-style gold mineralisation at the Gold Kop Target. Drill testing over a 1.3km strike length intersected the following:
- Massive sulphide zones up to 7m grading 9.0g/t Au, 4.4% Cu and 75g/t Ag;
- Narrow high-grade quartz veins up to 1m grading 33g/t Au;
- High-grade metasomatic replacements up to 2m grading 15g/t Au and 60g/t Ag;
- Broad zones of low-grade bulk tonnage gold mineralisation hosted in dolomitic marbles (e.g. 50m grading 0.6g/t Au and 38m grading 0.8g/t Au).
Mineralisation outcrops at surface, has been drilled to a downhole depth of 150m, and is open to depth and along strike.
The current work, part of a planned 6,000m programme of reverse circulation (RC) drilling, will test recently discovered gold-in-soil soil anomalies close to the area of previous drilling (see map at http://www.helioresource.com/i/maps/2012-03-06_NRM1.pdf). Initial drilling will be focussed on Target 6, and results will be reported once available.
The DGP Gold Project
The DGP comprises four licences (covering 318,500ha or 3,185km2), namely Etjo South, Okakango, Wilhelmstal and Otjimbojo. Helio holds a 100% interest in the project through its wholly-owned Namibian subsidiary, BAFEX Exploration (Pty.) Ltd.
The DGP is located between AngloGold Asanti's (AGA) Navachab Mine to the southwest and B2Gold's Otjikoto Project to the northeast.
The Navachab mine has been in production since 1989 and, as of December 2009, and has produced approximately 1.5 Moz of gold and has a non-NI 43-101 compliant resource of 5.1 Moz grading 1.15g/t Au (source AngloGold Ashanti Resource Report, 30 June, 2011).
B2Gold's Otjikoto Gold Project, located approximately 150km northeast of Helio's licences has a NI43-101 indicated resource (February, 2011) of 15.78Mt grading 1.94g/t Au and an inferred resource of 8.37Mt grading 1.94g/t Au for a total of 1.5 Moz at a 0.8g/t cut-off.
Chris MacKenzie, M.Sc., C.Geol., Helio's COO and a Qualified Person as designated by NI 43-101, is based in Namibia and supervises the exploration at Helio's projects, including the sampling and quality assurance / quality control (QA-QC) programmes, and has reviewed and approved the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
| "Richard D. Williams"
Richard D. Williams, P.Geo
|| "Chris MacKenzie"
Christopher J. MacKenzie, C.Geol.
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