VANCOUVER –With three rounds and two months worth of drilling results from its SMP gold property 100 km northwest of Mbeya, Tanzania, Helio Resource (HRC-V, HELOF-O) keeps growing its three main targets: Porcupine, Mbenge and Kenge.
At Porcupine, Helio has drilled a mineralized area that is about 200 metres long and deep and between 20 and 40 metres wide.
Still open at depth and along strike, Helio drilled the more promising of 12 drill holes on Porcupine’s western extent. Hole 31 returned 46 metres grading 2.1 grams gold starting 115 metres below the surface. Two dozen metres above it, hole 30 cut 37 metres grading 1.6 grams gold.
At a depth of about 100 metres, these two holes extended the western extent of gold mineralization that Helio previously encountered in holes 15 and 16. Hole 15 hit 52 metres grading 2.1 grams gold about 50 metres east of hole 31.
Other promising results in the west included 43 near-surface metres grading 0.5 gram gold in hole 9.
On the eastern edge of known mineralization, intercepts were less lengthy. For example hole 25, the easternmost, hit 6.6 metres grading 0.2 gram gold starting 130 metres down-hole.
To get a handle on the potential size of Porcupine’s mineralized area –in the hopes of generating a million- oz.-plus gold resource on the property — Helio had said in November it planned a reverse-circulation drilling campaign over 1.5 km of strike length.
But the company now reports the program has been suspended because of “mechanical issues, drill rig breakdowns, and the onset of the rainy season.”
Helio says it will restart the campaign in April.
About 15 km west of Porcupine are Helio’s two other main targets: Kenge and Mbenge. The company believes Mbenge is an extension of Kenge that has been faulted about 200 metres northeast of the southeastern end of Kenge.
At Kenge, hole 123 hit as much as 16 metres grading 1.9 grams gold on the eastern extent and at Mbenge, hole 160 returned 32 metres grading 2 grams gold at a depth of about 70 metres.
Testing Mbenge at its deepest, about 200 metres below surface, hole 171 cut 16 metres grading 1.2 grams gold. Mbenge remains open to the east and at depth.
On news of the intercepts, Helio’s share price gained 1¢ to close at 38¢. The company has about 50 million shares outstanding.
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