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Helio Commences Drill Programme at Kenge Resource Area, SMP Gold Project, Tanzania
TSX-V Trading Symbol: HRC Toll Free: +1 888 955 4728 E-mail: [email protected] W...
About this update from Winshear Metals Corp.
[{"type":"text","content":"\n\n\n\n\n\nTSX-V Trading Symbol: HRC\nToll Free: +1 888 955 4728\nE-mail: [email protected]\nWebsite: www.helioresource.com\n\n\n\nVANCOUVER, Oct. 18, 2013 /CNW/ - Helio Resource Corp (TSX-V: HRC),\n (\"Helio\" or the \"Company\") is pleased announce that it has commenced a\n diamond drill programme to test the down plunge extensions of three\n high-grade zones identified within the Kenge resource at the Company's\n 100%-owned SMP Gold Project in Tanzania. The Kenge resource area is\n located 6 km east of Shanta Gold's high-grade New Luika mine.\n\n\nThe Company intends to drill four holes to confirm and expand the new\n geological model, and identify potential to rapidly increase the size\n and overall grade of the deposit.  Holes will test the Main, SE and\n Mbenge Zones of the Kenge resource area. Results of the programme are\n anticipated within the next 4-6 weeks.\n\n\nSMP Gold Project\n\n\nOn February 14, 2012 the Company announced an updated NI 43-101\n compliant resource statement for the SMP project, as follows:\n\n\n\nThe Resource statement was prepared by SRK Consulting (Australia) Pty.\n Ltd., of Perth, Australia (http://www.helioresource.com/i/pdf/SMP-43101-10feb2012.pdf);\n\n\n\n\nSRK was tasked with assessing the open pit resource and recommended\n using a 0.5 g/t Au cut-off grade.\n\n\n\n\nSRK calculated a Measured and Indicated Mineral Resource of 1,020,000\n ounces (24.1Mt grading 1.32g/t Au) plus an Inferred Mineral Resource of\n 240,000 ounces (7.2Mt grading 1.05g/t Au).\n\n\n\n\n\n\nAs a result of the ongoing relative weakness in the gold price and\n difficult market conditions, the Company has focused on the high-grade\n drill intercepts within the resource to determine if:\n\n\n\nHigh-grade shoots exist within the resource blocks;\n\n\nThere is good continuity to the high-grade shoots;\n\n\nThere is sufficient tonnage within the high-grade shoots to assess the\n potential for underground mining\n\n\n\n\n\n\nThe assessment has identified 5 high-grade shoots within the Kenge\n resource area - see long section above.  Some very encouraging features\n have been identified:\n\n\n\nAll five high-grade shoots have the same orientation - i.e. plunging at\n a shallow angle to the northwest;\n\n\nThree of the high-grade shoots are open to depth;\n\n\nThe grades and widths of the intercepts within the...