TSX-V Trading Symbol: HRC
VANCOUVER, April 3, 2012 /CNW/ - Helio Resource Corp (TSX-V: HRC) is pleased to report that it has received, and filed on SEDAR, the NI 43-101 compliant updated Mineral Resource estimate for the SMP Gold Project in Tanzania (please refer to Company news release dated February 14, 2012). A copy of the full report can be found at http://www.helioresource.com/i/pdf/SMP-43101-10feb2012.pdf.
The estimate was completed by SRK Consulting (Australia) Pty. Ltd., of Perth, Australia (SRK). This is an update on the maiden Mineral Resource for the SMP Gold Project, previously reported in the Company's press release dated November 30, 2010.
In Summary, highlights from the Resource Report:
- SRK recommend the use of the 0.5g/t Au cut off grade when evaluating the Mineral Resource.
- Measured and Indicated Mineral Resources of 1,020,000 ounces at 1.32g/t Au plus an Inferred Mineral Resource of 240,000 ounces at 1.05g/t Au at a cut-off grade of 0.5g/t. Compared to the maiden Mineral Resource estimate, these figures represent a 104% increase in metal in the Measured and Indicated category, and an 11% decrease in metal in the Inferred category.
- Robust resource - at a 0.9g/t Au cut-off the Measured and Indicated Mineral Resources are 860,000 ounces at 1.54g/t Au and the Inferred Mineral Resources are 170,000 ounces at 1.33g/t Au.
- The resource is open along strike and at depth in all targets.
- Initial Whittle pit optimisation for the Porcupine and Kenge Targets indicates that a total of 890,000 ounces (approximately 87% of their Measured and Indicated Mineral Resources) are included within the pit shells.
The Mineral Resource Estimate for the SMP was completed by Qualified Person Robin Simpson (MSc, MAIG) of SRK Consulting (Australia) Pty. Ltd. who has provided written permission for the release of this resource estimate.
About the SMP Gold Project
The SMP Gold Project covers an area of 238km2. Gold mineralisation has been identified in 30 targets within the project area. Four of these targets, Porcupine, Kenge, Konokono and Tumbili have been advanced to the resource stage and all still have potential to grow significantly. In February 2012, SRK Consulting (Australia) Pty. Ltd. produced an independent NI 43-101 compliant Mineral Resource estimate for the SMP gold project. The estimate reports 1,020,000 ounces in the Measured and Indicated category (24.1Mt grading 1.32g/t Au), plus 240,000 ounces in the Inferred category (7.2Mt grading 1.05g/t Au).
In November 2010, Golder Associates (UK) Ltd. provided an initial NI 43-101 compliant Mineral Resource estimate for the SMP. The restrained estimate at a 0.5g/t Au cut-off reports 498,075 ounces (10.94MT grading 1.41g/t Au) in the Measured and Indicated category, plus 273,847 ounces (7.06MT grading 1.2g/t Au) in the inferred category.
Mineralisation at all 30 targets outcrops at surface, and varies from narrow, high-grade gold mineralisation hosted in quartz veins and shear zones, to wide zones (up to 110m+ in width) of lower grade, bulk mineable / open pittable mineralisation.
Helio owns a 100% interest in four of five licences, subject to a 2% NSR to the vendors (Tanzanian small mining companies), and the Company is in the process of earning a 100% interest in the fifth licence. The Company has the right and option to purchase half of the royalty for a cash payment of $1,000,000 on each licence that goes into commercial production, and holds a right of first refusal on the remaining royalty interest.
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 and approved 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.|
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
For further information: