Helio Announces Updated Mineral Resource Estimate at
posted on
Feb 14, 2012 09:54AM
A Gold Exploration Company with Aggressive Drill Programs; Expanding the NI 43-101 Compliant Resource for the SMP Project, Tanzania and Defining Multiple Targets in the Damara Project, Namibia
Measured and Indicated Ounces increase 104% to 1,020,000 ounces at 1.32g/t Au at a 0.5g/t Au Cut off
TSX-V Trading Symbol: HRC Toll Free: +1 888 955 4728
E-mail: [email protected] Website: www.helioresource.com
VANCOUVER, Feb. 14, 2012 /PRNewswire/ - Helio Resource Corp (TSX-V: HRC) is pleased to report that it has received an independent NI 43-101 compliant updated Mineral Resource estimate for the SMP Gold Project in Tanzania, effective date February 10th, 2012.
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. As required, the full NI 43-101 technical report will be published within 45 days of this news release
Highlights from the Resource Memorandum:
Porcupine Target
Konokono and Tumbili Targets
The following table summarizes the Mineral Resource estimate (all contained gold values are rounded to the nearest 10,000 ounces):
Cut off grade (g/t Au) |
Resource Classification |
Mean grade (g/t Au) |
Tonnes (Millions) |
Contained Gold ('000 oz) |
0.3 | Measured | 1.38 | 14.8 | 660 |
0.3 | Indicated | 1.20 | 9.5 | 370 |
0.3 | Measured+Indicated | 1.31 | 24.3 | 1,020 |
0.3 | Inferred | 0.97 | 8.3 | 260 |
0.5 | Measured | 1.38 | 14.8 | 660 |
0.5 | Indicated | 1.22 | 9.2 | 360 |
0.5 | Measured+Indicated | 1.32 | 24.1 | 1,020 |
0.5 | Inferred | 1.05 | 7.2 | 240 |
0.7 | Measured | 1.44 | 13.8 | 640 |
0.7 | Indicated | 1.30 | 8.2 | 340 |
0.7 | Measured+Indicated | 1.39 | 21.9 | 980 |
0.7 | Inferred | 1.18 | 5.7 | 210 |
0.9 | Measured | 1.60 | 10.9 | 560 |
0.9 | Indicated | 1.43 | 6.4 | 300 |
0.9 | Measured+Indicated | 1.54 | 17.3 | 860 |
0.9 | Inferred | 1.33 | 4.0 | 170 |
SRK recommend the use of the 0.5g/t Au cut off grade when evaluating the resource. The estimate was prepared using the following estimation strategy and assumptions:
On a target by target basis, the Mineral Resource is reported as follows:
Porcupine Target Mineral Resource Estimate | ||||
Cut off grade (g/t Au) |
Resource Classification |
Mean grade (g/t Au) |
Tonnes (Millions) |
Contained Gold ('000 oz) |
0.3 | Measured | 1.35 | 12.3 | 530 |
0.3 | Indicated | 1.16 | 3.1 | 120 |
0.3 | Measured+Indicated | 1.31 | 15.4 | 650 |
0.3 | Inferred | 0.85 | 3.6 | 100 |
0.5 | Measured | 1.35 | 12.3 | 530 |
0.5 | Indicated | 1.16 | 3.1 | 120 |
0.5 | Measured+Indicated | 1.31 | 15.4 | 650 |
0.5 | Inferred | 0.89 | 3.3 | 90 |
0.7 | Measured | 1.41 | 11.3 | 510 |
0.7 | Indicated | 1.19 | 2.9 | 110 |
0.7 | Measured+Indicated | 1.37 | 14.3 | 630 |
0.7 | Inferred | 1.01 | 2.3 | 70 |
0.9 | Measured | 1.61 | 8.6 | 440 |
0.9 | Indicated | 1.32 | 2.2 | 90 |
0.9 | Measured+Indicated | 1.55 | 10.8 | 530 |
0.9 | Inferred | 1.15 | 1.4 | 50 |
Kenge Target Mineral Resource Estimate | ||||
Cut off grade (g/t Au) |
Resource Classification |
Mean grade (g/t Au) |
Tonnes (Millions) |
Contained Gold ('000 oz) |
0.3 | Measured | 1.51 | 2.6 | 120 |
0.3 | Indicated | 1.22 | 6.3 | 250 |
0.3 | Measured+Indicated | 1.30 | 8.9 | 370 |
0.3 | Inferred | 1.07 | 3.2 | 110 |
0.5 | Measured | 1.51 | 2.6 | 120 |
0.5 | Indicated | 1.25 | 6.1 | 250 |
0.5 | Measured+Indicated | 1.33 | 8.7 | 370 |
0.5 | Inferred | 1.28 | 2.5 | 100 |
0.7 | Measured | 1.55 | 2.4 | 120 |
0.7 | Indicated | 1.36 | 5.2 | 230 |
0.7 | Measured+Indicated | 1.42 | 7.7 | 350 |
0.7 | Inferred | 1.45 | 2.0 | 90 |
0.9 | Measured | 1.59 | 2.3 | 120 |
0.9 | Indicated | 1.49 | 4.2 | 200 |
0.9 | Measured+Indicated | 1.53 | 6.6 | 320 |
0.9 | Inferred | 1.55 | 1.7 | 90 |
Konokono Target Mineral Resource Estimate | ||||
Cut off grade (g/t Au) |
Resource Classification |
Mean grade (g/t Au) |
Tonnes (Millions) |
Contained Gold ('000 oz) |
0.3 | Inferred | 1.06 | 1.0 | 30 |
0.5 | Inferred | 1.06 | 1.0 | 30 |
0.7 | Inferred | 1.09 | 0.9 | 30 |
0.9 | Inferred | 1.25 | 0.6 | 20 |
Tumbili Target Mineral Resource Estimate | ||||
Cut off grade (g/t Au) |
Resource Classification |
Mean grade (g/t Au) |
Tonnes (Millions) |
Contained Gold ('000 oz) |
0.3 | Inferred | 0.99 | 0.5 | 10 |
0.5 | Inferred | 0.99 | 0.5 | 10 |
0.7 | Inferred | 0.99 | 0.5 | 10 |
0.9 | Inferred | 1.08 | 0.3 | 10 |
A plan map showing the locations of the Porcupine, Kenge, Konokono and Tumbili resource areas is represented in the following link: http://www.helioresource.com/i/maps/2012-02-14_NRM1.pdf
All drilling targets are open along strike and at depth. Helio has confirmed mineralisation at each of the Konokono and Tumbili targets over 1.5km+ strike lengths at 200 - 300m drillhole spacing (see Helio press releases dated January 17, 2012 and January 10, 2012, respectively). However, only a small proportion (10%) of the strike extents of each target has been sufficiently drilled to allow for the calculation of an NI43-101 compliant resource. The Company therefore sees excellent potential to quickly increase the size and grade of the resource base.
Helio also sees the potential to add further resource ounces in the near term at the Gap target, where drilling at 100m spacing has likewise confirmed continuity of mineralisation over a 1km strike length, but current drill spacing is insufficient to allow a resource to be estimated.
Whittle Pit Optimisation
Whittle pit optimisation was conducted on the Kenge and Porcupine Mineral Resource block models by Duncan Pratt of SRK. The parameters of the study, as specified by Helio, are as follows:
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 in the form and context in which it is provided here. The Company will issue a NI 43-101 compliant technical report for this resource within 45 days of the date of this news release. Helio has informed SRK that there are no known environmental, socio-political, marketing or other relevant issues that may materially affect the mineral resource estimate.
Helio's CEO, Richard Williams stated "We are very encouraged by the steady progress the Company has made at our flagship SMP gold Project. The resource base continues to grow and has excellent potential to double in the near term"
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 NI43-101 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.
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" Richard D. Williams, P.Geo CEO |
"Chris MacKenzie" Christopher J. MacKenzie, C.Geol. COO |
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.
SOURCE Helio Resource Corp.