Halo Announces North Extension of Lost Deposit, Manitoba
23 2월 2011 - 5:00PM
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. (TSX: HBM)(NYSE: HBM), has reported new results for drilling
at the Cold-Lost property, part of Halo's 200 square kilometer
Sherridon VMS Property in Manitoba.
Hole HLL003 (To see Figure 1, please go to the following link:
http://media3.marketwire.com/docs/hrln223.pdf.) intersected an
11.90 meter mineralized zone that assayed 1.54% copper and 5.42%
zinc. This includes an interval with significant precious metal
credits of 0.99 g/t gold and 24.06 g/t silver over 7.97 meters
which also contains 2.06% copper and 7.74% zinc. All reported
intersections (see table below) are within 100 meters of
surface.
Lynda Bloom, Halo's President and CEO, stated, "Although similar
exciting grades and widths have been reported before for the Lost
deposit, the location of these new mineralized holes expands the
known mineralization northwards about 100 meters. This is
significant for a mineralized zone that currently is being modeled
with a strike length of approximately 400 meters."
HudBay has advised the Company that the mineralized wireframe
used to estimate mineral resources will need to be expanded to the
north as a result of this drilling. HudBay is awaiting final
metallurgical test results and is preparing a National Instrument
43-101 compliant resource estimate, which is expected by the end of
the first quarter of 2011.
Halo is also mid-way through a 1,500 meter drill program testing
targets along strike from the Cold-Lost trend on properties held
100% by Halo. Assays are pending for both the Halo and remaining
HudBay drill holes and are expected to be released over the next
month.
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
which hosts the Cold and Lost mineralization. HudBay made the
required first-anniversary cash payment of $150,000 and completed
over $820,000 of expenditures. A total work commitment of $1.35
million and additional $400,000 cash payment are required to be
completed by December 21, 2011 in order for HudBay to exercise the
option.
Technical Highlights
The objective of the HudBay drill program was to test the
horizon between the Lost and Cold deposit and to define the
northern extent of the Lost mineral resource. The winter drill
program has completed 15 holes for a total of 1,631 meters to date
and two holes, approximately 170 meters, remain to be drilled.
Assays are pending for the remaining drill holes. Results for four
drill holes are reported below.
----------------------------------------------------------------------------
From To Width Gold Ag Cu Zn
Hole (m) (m) (m) (g/t) (g/t) (%) (%)
----------------------------------------------------------------------------
HLL001 20.30 27.90 7.60 0.17 5.41 0.47 2.10
----------------------------------------------------------------------------
Including 20.30 20.65 0.35 0.11 7.00 0.51 27.39
----------------------------------------------------------------------------
Including 26.90 27.90 1.00 0.19 13.00 1.06 2.75
----------------------------------------------------------------------------
HLL002 38.70 39.25 0.55 0.14 12.00 0.89 1.47
----------------------------------------------------------------------------
HLL003 71.00 82.90 11.90 0.70 17.88 1.54 5.42
----------------------------------------------------------------------------
Including 74.93 82.90 7.97 0.99 24.06 2.06 7.74
----------------------------------------------------------------------------
and 87.22 87.58 0.36 0.14 6.00 0.38 13.10
----------------------------------------------------------------------------
HLL006 93.00 97.90 4.90 0.35 13.16 0.85 4.03
----------------------------------------------------------------------------
Including 93.00 94.30 1.30 0.45 21.85 1.53 2.35
----------------------------------------------------------------------------
Including 97.43 97.90 0.47 0.11 5.00 0.14 32.79
----------------------------------------------------------------------------
The Lost deposit has been outlined as a high-grade plunging
feature over a strike length of approximately 300 meters. 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,
Manitoba.
HudBay controlled all aspects of the drill program reported here
including logging, sampling, assaying and quality control. Sample
preparation, assaying and quality control programs are consistent
with the disclosure in the press release dated November 12, 2010.
Holes were drilled at dips of 45 to 90 degrees at grid azimuth of
270 degrees. True widths are not known but are not expected to vary
significantly from the lengths in the following table.
Halo remains committed to mineral resource investigation and
evaluation of its 200 square kilometer Sherridon VMS Property in
Manitoba.
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 NI 43-101 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 www.halores.com First Canadian
Capital Corp 416-742-5600 Toll Free: 1-866-580-8891
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