Healios K K (PK) (USOTC:HLOSF)
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Halo Resources announces drilling contract awarded and Duport
update
VANCOUVER, Jan. 20 /PRNewswire-FirstCall/ -- Marc Cernovitch, Vice President,
Corporate Development of Halo Resources Ltd. (TSX.V: HLO, OTC.BB: HLOSF) is
pleased to announce that exploration at its Duport Gold Property located near
Kenora, Ontario is about to commence. After careful consideration of several
potential drill contractors Halo has selected Cyr Drilling International Ltd.
("Cyr") for the 20,000 metre drill program (approximately 65,000 ft of
drilling).
Cyr is a partnership between Gordon and Rodney Cyr of Winnipeg. Gordon was
President & General Manager of Midwest Drilling from 1988 to 1997, and until
2003, was Regional, and then General Manager (North America) for Major
Drilling. Rod is President of Rodren Drilling, a Manitoba based company,
incorporated in 1976.
Preparations for the program are well underway and it is anticipated that
drilling will commence before the end of January. The program will be carried
out in two phases totaling approximately 20,000 m and aimed at significantly
expanding the known gold resource. Four drill rigs and a complete camp facility
are currently being mobilized and approximately 10 km of ice road and the
preparation of 25% of the drill sites has been completed.
Surface geophysical work is planned in the initial phase to detail earlier
defined magnetometer anomalies and allow drill testing areas of favourable
stratigraphy along strike. Fill in drilling will be carried out down-plunge and
along strike extensions. A number of deeper holes will also be drilled to test
deeper extensions of the resource. Additional holes will be drilled in selected
areas of the deposit as part of a program to validate previous resource
estimates and satisfy the requirements of NI 43-101.
A geological and resource model will be developed following the integration of
the new exploration data with verified data from previous exploration programs.
This work will be done in preparation for a Scoping Study that is targeted for
mid-year. This study will form the basis for further exploration work and the
commencement of a Pre-Feasibility Study later in the year.
Mr. Healy, Vice President of Operations said, "This is the first of several
exploration programs undertaken by Halo and paves the way for what will be an
exciting year. The efforts of the local community in supporting our activities
during adverse winter conditions have been remarkable and auger well for the
future as we look forward to expanding the Duport gold resource and breathing
life back into this historic mining community."
Halo Resources Ltd. (TSX.V:HLO/OTC.BB: HLOSF) is a Canadian-based resource
company focused on the acquisition of near production base and precious based
metal deposits. The Company is operated by an experienced management team and
backed by a strong network of mining financiers. Currently the Company has a
treasury of $6.5 million to carry forward its operations. The Company's growth
strategy is to develop a diversified portfolio of advanced mining projects.
Website: http://www.halores.com/
ON BEHALF OF THE BOARD
"Marc Cernovitch"
Vice President Corporate Development
For more information contact:
Marc Cernovitch
Vice President Corporate Development
Tel: 604-601-8208
Fax: 604-601-8209
The TSX Venture has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
DATASOURCE: Halo Resources Ltd.
CONTACT: Marc Cernovitch, Vice President Corporate Development, Tel:
(604) 601-8208, Fax: (604) 601-8209,