Halo Announces Drilling Resumes at Cold-Lost Project, Manitoba
27 Enero 2011 - 10:00AM
Marketwired
Halo Resources Ltd. (TSX VENTURE: HLO)(FRANKFURT: HRLN) ("Halo" or
the "Company") is pleased to announce that Hudson Bay Mining and
Smelting Co., Limited ("HudBay"), an affiliate of HudBay Minerals
Inc., has resumed drilling at the Cold-Lost property, a 1.1 square
kilometer area of Halo's 200 square kilometer Sherridon VMS
Property in Manitoba, in which HudBay can earn up to a to earn up
to a 67.5% joint venture interest.
HudBay plans a staged exploration drill program in the area
between the Cold and Lost deposits which, depending on results, may
expand up to approximately 20 holes and 2000 meters.
Lynda Bloom, Halo's President & CEO, stated, "Drilling has
commenced at the northern extremity of the Lost deposit and will
continue into the 750 meter gap between the two deposits that has
not been previously drilled. Halo is excited about the possibility
of extending the known Lost deposit further north to where surface
chip samples assayed up to 5% zinc and 0.4% copper. Positive
results in this area could be a significant "game-changer" for Halo
and management has been looking forward to the time when the right
ice conditions and funding allows this important work to
commence."
The Lost deposit has been outlined as a high-grade plunging
feature over a strike length of more than 300 meters (see map that
follows this release). Of particular significance is the fact that
this zone extends from near surface in the south to approximately
85 meters below surface in the north and is amenable to
exploitation by low cost mining methods. Halo is optimistic that
Lost has the potential to be quickly brought into production, with
ore from the deposit able to be shipped by truck to HudBay's
concentrator in Flin Flon.
Halo remains committed to mineral resource investigation and
evaluation of its 200 square kilometer Sherridon VMS Property in
Manitoba. Halo is planning its own drill program to begin in
February, testing targets along strike from the Cold-Lost
trend.
HudBay has advised that metallurgical test work on the Lost
mineralization is underway at G&T Metallurgical Services Ltd.
with results expected in March. HudBay also made the required
first-anniversary cash payment of $150,000 and has completed about
$820,000 towards the total work commitment of $1.35 million
required to be completed by December 21, 2011 for the option to
remain in good standing.
The above information has been prepared under the supervision of
Lynda Bloom, P.Geo., who is designated as a "Qualified Person" with
the ability and authority to verify the authenticity and validity
of the data.
ON BEHALF OF THE BOARD OF DIRECTORS
Marc Cernovitch, Chairman
To view the map accompanying this press release please visit the
following link:
http://media3.marketwire.com/docs/halormap127.gif
About Halo Resources Ltd.
Halo is a Canadian-based resource company focused on the
acquisition of near production base and precious base metal
deposits. The Company's focus is the 200 sq. km. Sherridon VMS
Property, a combination of mature and grassroots volcanogenic
massive sulphide (VMS) copper, zinc and gold exploration
opportunities. A 2008 NI43-101 compliant copper-zinc resource, for
four of the known deposits in the district, was completed in less
than 18 months. The Company has a joint venture interest in the
Duport Property, an advanced gold property near Kenora, Ontario and
is the operator for contiguous joint venture properties in West Red
Lake covering 26 sq. km. The Company is operated by an experienced
management team with a growth strategy to develop a diversified
portfolio of advanced mining projects.
Forward Looking Statements
This Company Press Release may contain certain "forward-looking"
statements and information relating to the Company that are based
on the beliefs of the Company's management as well as assumptions
made by and information currently available to the Company's
management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, competitive factors, general economic
conditions, customer relations, relationships with vendors and
strategic partners, the interest rate environment, governmental
regulation and supervision, seasonality, technological change,
changes in industry practices, and one-time events. Should any one
or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
Neither 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.
Contacts: Halo Resources Ltd. Michael Joyner IR 416-619-7539
416-601-9046 (FAX) ir@halores.com First Canadian Capital Corp.
416-742-5600 or Toll Free: 1-866-580-8891
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