Halo Update for Sherridon VMS Property, Manitoba
14 Abril 2011 - 2:00AM
Marketwired
Halo Resources Ltd. (TSX VENTURE: HLO)(FRANKFURT: HRLN) ("Halo" or
the "Company") announces that it intends to re-evaluate the
aggregate mineral resource for the Sherridon VMS Property, Manitoba
to incorporate recent drill results provided to Halo by HudBay
Minerals Inc. ("HudBay") (TSX: HBM)(NYSE: HBM) (see Halo's press
release dated March 30, 2011). The 20,000 hectare Sherridon VMS
Property includes the Cold, Lost, Jungle and Bob copper-zinc
deposits.
In summary, the recent drilling at the Lost deposit
included:
-- The results of 4 holes (HLL001, 002, 003 and 006), reported February 21,
2011, extended the previously identified Lost mineralization northwards
approximately 100 meters from the previously identified high grade
envelope. These results included an 11.9 m intersection of 1.54% copper
and 5.42% zinc in HLL003.
-- Six infill holes (HLL016, 017, 004, 013, 014 and 005), confirmed the
continuity of the copper-zinc mineralization within this 100 m strike
extension zone. HLL016 reported 1.43% copper and 1.51% zinc over 12.07 m
at a depth of approximately 75 m below surface.
-- High grade gold and silver intersections were reported approximately 25
meters north of the copper-zinc mineralized zone including 8.75 g/t gold
and 46.39 g/t silver over 5.50 meters in Hole HLL013 that included 24.68
g/t gold and 130.67 g/t silver over 1.35 meters and 3.60 g/t gold and
98.62 g/t silver over 1.30 meters in Hole HLL014.
HudBay had described the Lost deposit as a high-grade plunging
feature over a strike length of approximately 390 meters, and
mineralization has now been extended an additional 100 meters in
strike length based on the recent drill program. HudBay has
indicated that a resource estimate was generated for the Lost
deposit based on 2010 drilling and an underground mining model that
assumes direct shipping to the Flin Flon mill. HudBay stated that
it intends to prepare a pre-feasibility study during 2011 to
determine how the project fits with HudBay's long term production
plans.
The resource estimate, shown in Table 1, was presented by HudBay
in its March 31, 2011 news release. It does not include the 2011
results from an additional 1,794 meters of diamond drilling,
equivalent to an increase of 30% in project meterage since the end
of 2010.
Table 1
----------------------------------------------------------------------------
Category Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%)
----------------------------------------------------------------------------
Indicated 411,000 1.0 20.0 1.8 6.1
Inferred 69,000 0.8 16.5 1.5 6.2
----------------------------------------------------------------------------
Notes:
1. CIM definitions were followed for the estimation of mineral resources.
Includes drilling up to the end of 2010.
2. Mineral resources are estimated at a ZNEQ cut-off of 4% (ZNEQ% equals
Zn% + Cu% x 2.771 + Au g/t x 1.028 + Ag g/t x 0.015) and a minimum two
metre core length.
3. Long term $US metal prices of $900/oz gold, $15.00/oz silver, $2.50/lb
copper and $1.00/lb zinc were used for the estimation of ZNEQ.
4. Metal recovery assumptions of 65% gold, 57% silver, 92% copper and 83%
zinc were used for the estimation of ZNEQ.
5. Specific gravity measurements were taken on a portion of the samples,
where actual measurements were not available average SG values were
used.
Mr. David Garofalo, President and CEO of HudBay, is quoted in
HudBay's March 31 news release as saying, "The high grade and near
surface deposit confirms our belief that the Lost property has the
potential to be a future source of feed for our concentrator in
Flin Flon."
Halo included the Cold and Lost mineralization plus its 100%
owned Jungle and Bob deposits in the Sherridon VMS Property NI
43-101 compliant resource estimate dated November 24, 2010. All the
deposits are within a 5-kilomter radius and the Halo mineral
resources are estimated using net smelter return (NSR) assumptions
and both surface and underground mining methods.
Halo also completed a drill program in March on ground held 100%
by Halo and assays are pending. Halo is planning additional
exploration work on selected targets within the 20,000 hectare
Sherridon VMS Property for the summer field season (see following
figure showing relationship of Cold-Lost earn-in area and remaining
ground held by Halo).
Background
An option agreement announced December 21, 2009 allows HudBay to
earn up to a 67.5% joint venture interest in a 1.1 square kilometer
area of the 200 square kilometer Sherridon VMS Property in Manitoba
(To see a map of the property, please visit the following link:
http://media3.marketwire.com/docs/hlo414.jpg). HudBay made the
required first-anniversary cash payment of $150,000 and completed
over $820,000 of expenditures as of January 2011. A total work
commitment of $1.35 million and additional $400,000 cash payment
are required by December 21, 2011 for the option to remain in good
standing. HudBay also has exercised its back-in rights for the
Jungle deposit and must spend $2.025 million to earn a 51%
interest.
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
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
WestRedLake 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: First Canadian Capital Corp 416-742-5600 or Toll Free:
1-866-580-8891 ir@halores.com www.halores.com
Halo Resources Ltd. (TSXV:HLO)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Halo Resources Ltd. (TSXV:HLO)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024