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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| TSXV:HEL | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
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Hellix Ventures Inc. (TSX VENTURE:HEL)(OTCBB:HLLXF) - Frank Underhill,
President, announces results from its Margarita gold project in southern
Arizona. Hellix completed a total of twelve vertical HQ size diamond drill holes
to a maximum depth of 100 feet to confirm historic near surface test results.
The values in Table 2 below show gold mineralized intervals (minimum three feet)
using a 0.3 gram per tonne (0.01 ounces per ton) low cut-off grade. The highest
value obtained was 10.5 g/Mt (.306 oz/t) from Hole #08 over 5 feet.
Table 1
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Hole ID Easting Northing Projection Length (ft) Project Area
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HVM12-01 475681 3478965 UTM WGS84 75 MAIN MARGARITA
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HVM12-02 475652 3479102 UTM WGS84 51 NORTH MARGARITA
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HVM12-03 465705 3478963 UTM WGS84 100 MAIN MARGARITA
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HVM12-04 475700 3478943 UTM WGS84 100 MAIN MARGARITA
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HVM12-05 475690 3478981 UTM WGS84 100 MAIN MARGARITA
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HVM12-06 475728 3479007 UTM WGS84 94 MAIN MARGARITA
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HVM12-07 475661 3479095 UTM WGS84 92 NORTH MARGARITA
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HVM12-08 475678 3479224 UTM WGS84 92 NORTH HILL
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HVM12-09 475711 3479239 UTM WGS84 96 NORTH HILL
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HVM12-10 475724 3479221 UTM WGS84 80 NORTH HILL
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HVM12-11 475780 3479412 UTM WGS84 81 CASCABEL
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HVM12-12 475762 3479414 UTM WGS84 62 CASCABEL
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Table 2
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Hole ID From (ft) To (ft) Length (ft) Length (m) Au (g/Mt) Au oz/t
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HVM12-01 0 7 7 2.1 No recovery
HVM12-01 10 35 25 7.6 0.75 .022
Including 15 20 5 1.5 1.27 .037
HVM12-01 50 55 5 1.5 0.34 .010
HVM12-01 70 75 5 1.5 0.79 .023
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HVM12-02 20 25 5 1.5 0.66 .019
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HVM12-03 5 10 5 1.5 3.33 .097
HVM12-03 10 16 6 1.8 Stope
HVM12-03 20 40 20 6.0 1.04 .030
Including 20 25 5 1.5 1.75 .051
Including 35 40 5 1.5 1.03 .030
HVM12-03 45 50 5 1.5 4.82 .141
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HVM12-04 0 20 20 6.0 0.71 .021
Including 5 10 5 1.5 1.26 .037
HVM12-04 45 50 5 1.5 1.51 .044
HVM12-04 26 32 6 Stope
HVM12-04 65 75 10 3.0 0.93 0.27
Including 70 75 5 1.5 1.37 .040
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HVM12-05 0 5 5 1.5 0.45 0.013
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HVM12-06 20 40 20 6.0 2.99 .087
Including 25 30 5 1.5 4.48 .131
Including 30 35 5 1.5 6.19 .181
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HVM12-07 0 20 20 6.0 1.12 .032
Including 15 20 5 1.5 3.26 .095
HVM12-07 65 70 5 1.5 0.38 .011
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HVM12-08 0 5 5 1.5 1.37 .040
HVM12-08 20 40 20 6.0 3.97 .115
Including 20 25 5 1.5 3.19 .093
Including 25 30 5 1.5 10.50 .306
Including 30 35 5 1.5 1.27 .037
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HVM12-09 20 25 5 1.5 0.58 .017
HVM12-09 42 63 21 6.4 1.47 .043
Including 42 45 3 .9 3.00 .088
Including 55 60 5 1.5 1.75 .051
Including 60 63 3 .9 3.22 .094
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HVM12-10 5 10 5 1.5 0.96 .028
HVM12-10 20 30 10 3.0 0.52 .015
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HVM12-11 5 10 5 1.5 0.34 .010
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HVM12-12 No reportable intercepts
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Holes #01, #03, #04, #05 and #06 were drilled in the Main Margarita Zone. Each
of these with the exception of Hole # 05 gave results of a minimum of 20 feet of
surface or near surface continuous mineralization with averaged values ranging
from 0 .75 g/Mt (.022 oz/t) to 2.99 g/Mt (.087 oz/t). Hole #01 ended in
mineralization at a depth of seventy-five feet. Pulps from Hole #05 will be
rerun as an additional check.
Holes # 02 and #07 were drilled in the North Margarita Zone. Hole #07 gave
results of 1.12 g/Mt (.032 oz/t) over a 20-foot length from surface.
Holes #08, #09 and #010 were in the North Hill Zone. Hole #08 returned the
highest value of 10.5 g/Mt (.306 oz/t). Holes #08 and #09 had 20 and 21 feet
respectively of continuous mineralized intervals near surface.
Holes #11 and #12 were drilled in the Cascabel Zone. The results from this zone
were disappointing with only limited siliceous material in core encountered in
Hole #11 and none in Hole #12. Historic holes drilled in this area showed far
greater values according to data provided by earlier exploration companies. The
coordinate systems used historically were not standardized, and as such, exact
locations of the previously drilled northern zone holes could not be
established. Hellix will be utilizing these current assay results in an attempt
to pinpoint these holes.
It appears that the intensity of the mineralization is indicative of higher
grade values being associated with the flat fault zones separating the volcanics
from the underlying quartz monzonite porphyry intrusive. The better values are
associated with generally higher original sulfide concentrations (2-4% pyrite)
that have been oxidized.
The Company has also submitted eighteen separate samples from the core to be
assayed for specific gravity values to determine the tonnage factor of the rock
material.
Hellix intends to file a drill permit application for a minimum of 20 additional
holes after analyzing and plotting these results. The main focus will be
drilling on the Main Margarita to properly establish boundaries for the surface
and near surface anomalous zones. Additional holes will be drilled in the
northern zones, particularly in the area of Hole #08 where the highest grade
sample was reported.
CORE SAMPLING AND ASSAY PROCEDURES
Core samples were collected, selected, handled and delivered to Skyline
Laboratories in Tucson, Arizona by an independent Registered Geologist in charge
of the QA/QC program on this project. Sample procedures were followed that meet
the requirements for NI 43-101 reporting. Standards and blanks were inserted at
prescribed intervals in each hole as well as a second resample of one reject
material interval from each hole. Standards were provided from a reputable
independent geochemical contractor. This was in addition to the Skyline labs
independent internal standards for QA/QC procedures.
Skyline Laboratories is an accredited lab (ISO-TECH 17025-2005). Each sample was
crushed to plus 75% -10 mesh, split (200-300gms) and pulverized with hardened
steel to plus 95% -150 mesh. A 30gm sample was selected from the pulverized
material and prepared for assay. Samples were fire assayed for gold with
gravimetric finish with detection limits from 0.03 g/Mt to 1000 g/Mt.
The technical portion of this release has been reviewed by Qualified Person
Laurence Sookochoff, P. Eng.
HELLIX VENTURES (TSX VENTURE:HEL) is engaged in the identification, acquisition,
exploration and development of gold and silver properties in North America.
Hellix has no debt (other than short-term trade payables), and has positive cash
flow from fossil fuel production in Western Canada. All transactions stated or
referred to herein are expressly subject to TSX Venture Exchange approval as
well as all other applicable regulatory body approvals.
ON BEHALF OF THE BOARD OF DIRECTORS
HELLIX VENTURES INC.
Frank Underhill, President
The forgoing is for informational purposes only, and is not to be construed as
an offer to buy or sell securities in any jurisdiction. It may contain
forward-looking statements. While the data compiled by management is from
sources deemed to be reliable, actual future results may vary materially. Hellix
Ventures Inc. does not assume the obligation to update any forward-looking
statement and will not be responsible for any loss arising from the use of this
information. Historically reported results may not be NI 43-101 compliant and
therefore caution should be used in relying on such statements.
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