Vancouver – Drilling at Helio Resource’s (HRC-V) Porcupine target in southwestern Tanzania continues to return intercepts of about 2 grams gold per tonne over 40 to 50 metres.
The latest five holes at the Porcupine target go deeper than previous holes, extending known mineralization to about 200 metres below surface. Mineralization is open along strike.
The best result came from hole 15 with 52 metres grading 2.1 grams gold starting 142 metres downhole.
Other notable results were 40 metres grading 2.3 grams gold in hole 18 starting 130 metres downhole and 44 metres grading 1.8 grams gold in hole 19 starting 141 metres downhole.
Closer to surface Helio has cut as much as 52.2 metres grading 3.3 grams gold starting at a depth of about 15 metres in hole 5.
The Porcupine target is one of nine Helio has tested on the 34-km-long, gold-hosting Saza shear zone that snakes southwest to northeast across 23,000 ha. of land Helio has so far optioned from Thonrtree Minerals, a private Tanzanian company.
Helio has focused much of its drilling on Porcupine located roughly in the middle of the Saza shear zone and on one other target, Kenge, which is closer to the southwestern extent of the property.
Helio CEO Richard Williams says the company designed its drill program to demonstrate both the quality of mineralization – as at Porcupine – but also its potential extent. Helio has hit decent gold mineralization in every single one of nine targets drilled over about 20 km of the Saza shear zone.
“From our perspective it’s a district-scale project with multi-million ounce potential,” Williams says.
On news of the drill results Helio’s share price shed 3¢ to close at 27¢. Helio has about 50 million shares issued.
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