Helio Resource (HRC-V) has intersected gold mineralization in the first three drill holes from its 2009 program at the SMP gold project in southwestern Tanzania.
The focus right now is on the Porcupine target where the majority of Helio’s efforts have been so far. Of 44 holes drilled at SMP since June 2006, 37 have been at Porcupine.
Hole 42 returned a 42-metre intercept grading 2.3 grams gold per tonne from 230 metres depth. Included was a 1-metre section grading 52.7 grams gold per tonne from 260 metres depth.
Hole 44 returned 45 metres grading 2.1 grams gold per tonne from 207 metres depth including 1 metre grading 21.8 grams gold per tonne from 209 metres depth.
Hole 43 was not completed but it stopped in mineralization. Helio says it will continue where it left off at a later date. The company plans to begin follow-up drilling in August.
The SMP project area covers a 35-km strike length of the Saza shear zone, and includes the New Saza gold mine, which produced 270,000 oz. gold averaging 7.5 grams gold per tonne between 1939 and 1956.
At Porcupine, Helio has confirmed 450 metres of continuous gold mineralization. It’s tested 11 different targets and has identified Porcupine and another shear zone, Kenge, as the major gold targets.
As of the end of 2008, Helio had completed 37,000 metres of diamond drilling and 11,500 metres of reverse-circulation drilling.
Helio shares were trading up 1¢ today at 65¢ apiece on a trading volume of 95,000 shares.
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