VANCOUVER, April 28, 2015 /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 mineral resource estimate for its SMP Gold Project, Tanzania (see Company news release dated March 26, 2015 for full details). The report was compiled by Snowden Mining Industry Consultants ("Snowden").
- The total Indicated Resource is 7.5 million tonnes ("Mt") grading 2.4 grams per tonne ("g/t") gold (Au) for 590,000 ounces (oz) Au contained.
- This can be broken down into 5.9 Mt grading 1.8 g/t Au for 332,000 oz inside a pit constrained shell at US$1,400/oz gold price and 1.6 Mt grading 4.9 g/t for 258,000 ounces of potentially underground mineable material.
- The total Inferred Resource is 0.56 Mt at 2.5 g/t Au containing 45,000 oz Au in the same pit constrained shell and underground configurations.
- The higher-grade underground resource bodies are all open at depth.
- The new high-grade zones at Gap encourage further follow-up, especially the western shoot, which returned an intercept of 4m grading 30 g/t Au (see news release dated January 29, 2015).
Pit envelope constrained resources are reported at a 0.5 g/t Au cut-off within a pit shell using a $1,400/oz gold price. Underground potential was constrained within wireframes at a minimum mining width of 2.5 m and at a cut-off of 2.5 g/t Au.
Mr. Roderick Carlson, MAIG (RPGeo (Mining and Exploration)), MAusIMM, of Snowden Mining Industry Consultants Pty Ltd, at the time of the estimate, is the independent Qualified Person ("QP") responsible for the Mineral Resource for the SMP Gold Project and has reviewed and approved the contents of this news 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.
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"
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.
For further information: Richard Williams, [email protected], T: +1 604 638 8005