TSX-V Trading Symbol: HRC
VANCOUVER, March 21, 2014 /CNW/ - Helio Resource Corp (TSX-V: HRC), ("Helio" or the "Company") reports that it has filed on SEDAR the NI 43-101 Report for the updated mineral resource estimate for its SMP Gold Project, Tanzania (see Company news release dated February 3, 2014).
The updated resource is summarised below:
|Cut off grade (g/t Au)||Resource Classification||Average grade (g/t Au)||Tonnes (Millions)||Contained Gold (oz)|
Table 1. Summary of the Resource Estimate at different cut-off grades.
This resource estimate is from the Kenge and Porcupine areas only. A map showing the location of the Kenge and Porcupine Resource Areas is provided here http://www.helioresource.com.map.
In 2013 the Company identified the orientation of high-grade shoots within the Kenge and Porcupine resource areas. These shoots were successfully drill tested in October and November, 2013 (see Company news release dated November 29, 2013). The new interpretation and additional drill hole data provides the basis for the updated resource.
- Using a 1.0 g/t cut-off, the Indicated Resource category contains 627,000 ounces grading 2.07 g/t Au, plus an additional 180,000 ounces at 1.54 g/t Au in the Inferred Resource category. This represents a 34% and 15% increase in grade compared to the respective categories from the 2012 resource estimate.
- Identification of a high-grade resource potentially amenable to underground mining; at a 3.0g/t cut-off, the Indicated Resource category contains 332,000 ounces grading 5.0 g/t Au, plus a further 16,000 ounces grading 5.21 g/t Au in the Inferred Resource category.
- Using a $1,250 gold price, 491,000 Indicated Resource ounces grading 2.1 g/t Au plus 30,000 Inferred Resource ounces grading 1.9 g/t Au reports into an open pit shell. An additional 27,900 ounces grading 5.26 g/t Au lie outside the pits and are potentially mineable by underground methods.
The increase in grade compared to the previous resource estimate can be attributed to the following:
- Better constraining of the mineralisation zones;
- Inclusion of a high grade core domain for Kenge;
- New drilling at the Kenge Resource Area to confirm the new geological model;
- Use of 3D kriging at Kenge, as opposed to 2D kriging used by SRK, which is considered a more appropriate method of resource estimation for a narrow, shear-hosted gold system;
- Directional search ellipses and revised semi-variograms based on the revised model.
- New differential GPS (DGPS) survey of borehole collars and the use of a more accurate digital topography model (DTM) than previously.
Mr. Desmond Subramani of CCIC MinRes (Pty) Ltd. of Johannesburg, South Africa compiled the resource estimate. Mr. Subramani is the Principal Geologist - Mineral Estimation for CCIC (Caracle Creek International Consulting), South Africa and is based in Johannesburg. He is a professional member of the South African Council for Natural Scientific Professions, the Geological Society of South Africa and the Geostatistical Association of South Africa. Mr. Subramani has expert knowledge in Geostatistical Resource Estimation, due diligence, audits, risk assessment, feasibility studies and Competent Person's Reports and training, and meets the requirements of a Qualified Person under NI43-101 guidelines. Mr Subramani has reviewed and approved the contents of this press release.
Chris MacKenzie, M.Sc., C.Geol., Helio's COO and a Qualified Person as designated by NI 43-101, is based in Africa 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.
The Company further reports that at the Annual General Meeting held on August 27, 2013 its shareholders voted to ratify, confirm and approve the adoption of an advance notice policy (the "Policy"), following which the Board of Directors also adopted and approved the Policy. A copy of the Policy is available under the Company's profile on SEDAR at www.sedar.com, as Schedule "C" to the Management Information Circular as at July 29, 2013.
About Helio Resource Corp.
Helio Resource Corp. is a resource company focused on advancing the 100% owned SMP Gold Project in Tanzania to a production decision, and outlining the resource potential at the DGP Gold Project in Namibia.
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.
Statements Regarding Forward-Looking Information
Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and include, without limitation, statements regarding the company's plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE: Helio Resource Corp.
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