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Helio Commences Drill Programme at Kenge Resource Area, SMP Gold Project, Tanzania

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Helio Commences Drill Programme at Kenge Resource Area, SMP Gold Project, Tanzania

 

 

 

 

 

 

Helio Resource Corp (TSX-V: HRC), is pleased announce that it has commenced a diamond drill programme to test the down plunge extensions of three high-grade zones identified within the Kenge resource at the Company’s 100%-owned SMP Gold Project in Tanzania. The Kenge resource area is located 6 km east of Shanta Gold’s high-grade New Luika mine.

 

 

The Company intends to drill four holes to confirm and expand the new geological model, and identify potential to rapidly increase the size and overall grade of the deposit.  Holes will test the Main, SE and Mbenge Zones of the Kenge resource area. Results of the programme are anticipated within the next 4-6 weeks.

 

 

SMP Gold Project

 

 

On February 14, 2012 the Company announced an updated NI 43-101 compliant resource statement for the SMP project, as follows:

 

  • SRK was tasked with      assessing the open pit resource and recommended using a 0.5 g/t Au cut-off      grade.
  • SRK calculated a Measured      and Indicated Mineral Resource of 1,020,000 ounces (24.1Mt grading 1.32g/t      Au) plus an Inferred Mineral Resource of 240,000 ounces (7.2Mt grading      1.05g/t Au).

 

 

As a result of the ongoing relative weakness in the gold price and difficult market conditions, the Company has focused on the high-grade drill intercepts within the resource to determine if:

 

  1. High-grade shoots exist      within the resource blocks;
  2. There is good continuity      to the high-grade shoots;
  3. There is sufficient      tonnage within the high-grade shoots to assess the potential for      underground mining

 

 

The assessment has identified 5 high-grade shoots within the Kenge resource area – see long section above.  Some very encouraging features have been identified:

 

  • All five high-grade      shoots have the same orientation – i.e. plunging at a shallow angle to the      northwest;
  • Three of the high-grade      shoots are open to depth;
  • The grades and widths of      the intercepts within the shoots indicate promising potential for      underground resource ounces.

 

 

About Helio Resource Corp.

 

 

Helio Resource Corp. is an exploration company focused on increasing the size of the NI 43-101 compliant resource at its 100% owned SMP Gold Project in Tanzania and outlining the resource potential at the DGP Gold Project in Namibia.

 

 

In February 2012, SRK Consulting (Australia) Pty. Ltd. provided an updated NI 43-101 compliant resource estimate for the SMP.  The estimate at a 0.5g/t Au cut-off reports 1,020,000 ounces (24.1MT grading 1.32g/t Au) in the Measured and Indicated category, plus 240,000 ounces (7.3MT grading 1.05g/t Au) in the Inferred category.

 

Posted October 18, 2013

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