Smp Strike
Helio Resource Corp and the Lupa Goldfield
s Helio Resource Corp. (TSX.V: HRC) project generator model is beginning to bear results, both in terms of attracting young and joint-venture partners, and its flagship SMP property in Tanzania.
The company's portfolio of 27 gold, base metals, diamonds and licenses in Namibia, Botswana, Mozambique and Tanzania have also begun to attract the attention of large institutional investors, and Dundee Resources Limited of Toronto, Canada has supported the company with an investment of CA $ 5.25 million in January at $ 0.75 per share.
Helio has commenced a program of 20,000 meters of drilling with two drill rigs on site., A platform has already tested the Mbenge goal with five drill holes so far this year. Mbenge structure runs parallel to the zone Kenge which is only 450 meters away to the southwest. Previous drilling by Helio at Mbenge encountered an intercept of 24 meters grading 1.14 grams per tonne of gold.
The aim Kenge, which is currently being drilled, consists of three main centers of mineralization: the SE Zone with intercepts 21.5 million up to 3.6g / t gold, the main zone with intercepts of up to 22 meters to 7 g / t gold, and the area northwest intercepts of 18 meters at 2.7 g / t of gold. Areas with a total strike length of approximately 1,400 m, which outcrops on the surface and has been drilled to a depth of 200 meters below the surface, and is open to depth. The company hopes to delineate a resource on Kenge target by Q3 2008.
SMP property covers almost 30 km long drilling along Sazae Zone cut, the primary structure of gold Lupa Goldfields, where 4 of the colonial era gold mines were active from 1920 to 1960, including eastern New Sazae Gold Mine, which operated between 1939 - 1956, producing approximately 270,000 ounces of gold at an average grade of 7.5 grams per tonne. During the colonial period, the Lupa Goldfield was the second largest gold producing area in Tanzania.
Since June 2006, Helio has drill tested thirteen objectives in the Draft skimmed milk powder, eleven of which are housed and located in a stretch of 20 km Sazae shear Zone. All thirteen targets have returned positive gold mineralization, the most Kenge target being advanced, which has returned up to 21.95m grading 6.92 grams per tonne gold.
The most important of the objects discovered to date Sazae Shear Zone appears to be the goal of Porcupine that has a hole in it, returning 40m grading 2.05g / t gold. The outcrops of destination 1 km from west to east, and appears to offer significant resources potential. Helio is in the process of completing the access road to the goal and the second porcupine rig will be deployed there as soon as possible.
Helio offers good downside protection through joint venture partnerships, the first of which announced in September of last year. Helio announced an agreement with Desert Minerals (UK) Ltd., which is entitled to explore 9 Desert exploration licenses Namibia's Helio, and ultimately can select up to four licenses that can earn up to a 75% interest.
U.S. Desert spend $ 1000000 in 18 months through 9 licenses during the first phase of the partnership, and the U.S. $ 1,500,000 during phase 2 once it has identified six opt to preserve licenses.
Helio also announced a new joint venture with TransAfrican Minerals Limited, which is required to move from C $ 5 million and make Helio cash payments totaling U.S. $ 1 million over the next 4 years to gain an initial 51% interest in eight licenses in Namibia. TransAfrican can expand their participation 60% by spending another U.S. $ 5 million over the next two years, and they can earn a maximum of 70% interest only financing a study bankable feasibility.
Helio plans to have all remaining licenses will not venture joint Tanzania in the coming months. This allows for the advancement of All exploration projects of the company.
Great mining was reintroduced to Tanzania in the 1990s and has become the
the third largest gold-producing country in Africa after South Africa and Ghana. Annual
Gold production has increased from around 43.2 tonnes in 2002 to around 48.0 tonnes in 2003,
latest year for which figures are available. Based on ongoing projects and developing
mines, Tanzania now has proven reserves of more gold of 36 million ounces
AngloGold Ashanti (NYSE: AU), Barrick Gold / Placer Dome (NYSE: ABX) and Resolute (ASX: RSG), among others, have established operations main in the country. In five years, the production value of the gold countries increased more than 20 times to an estimated $ 650 million a year. The President of Tanzania, Jakaya Kikwete is a former mining minister, and is committed to further developing the mining industry in the country.
Modern exploration in Tanzania is still in its infancy. However, a number of very significant gold resources that have already been defined. All have been in the Lake Victoria gold in the areas of activity craft or large-scale mining before. These gold deposits suggest the possibility of finding resources in the range of 1 to 3 million ounces of gold contained.
Helium is directed by Richard Williams as CEO and Chris McKenzie as Director of Operations
Richard is a Professional Geologist with 18 years experience in gold American mining and mineral exploration of precious and base metals in South Africa, southern, central and north, and more recently in southern Europe.
Chris MacKenzie is a collegiate geologist who has worked extensively in Africa, Europe, America, Middle East and Southeast Asia in a variety of features geological and management. Chris holds a BA degree in Geology from the University of Portsmouth, United Kingdom and a Masters Degree in Mineral Exploration from the University Rhodes, South Africa.
About the Author
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