Gold Companies Helio Resource Corp
Last Updated on Tuesday, 17 May 2011 16:48 Written by Brian Boutilier Friday, 01 April 2011 08:31
Mining Companies - Gold Companies
Junior Explorer: Gold
Helio Resource Corp.'s is a junior gold exploration company with projects in Tanzania and Namibia. The Company posted an initial resource for the SMP project January 17, 2011. The resource comes from only 2 of at least 30 mineralized targets identified on the SMP Project, namely Porcupine and Kenge. Both targets have very strong potential for resource expansion, which will be the initial focus of the 2011 20,000m drill program. Metallurgical testwork on mineralized rock from the Kenge and Porcupine targets shows recoveries of up to 96% through conventional grinding, cyanidization and/or flotation. Helio has also commenced a 5,000m+ drill program testing several high priority and newly defined targets at the 100%-owned, 3,185km2 Damara Gold Project in central Namibia, east of and on strike from AngloGold Ashanti's Navachab gold mine. The Company is listed on the Toronto Venture Exchange under the symbol (HRC) and OTC under (HELOF).
Annual Trading Range .30-.75
Trading on 1 Apr 2011 at .45
S/O 104,374,349 (as of February 20, 2011)
Warrants
6,825,000 @ CAD0.60 - expiring April 8, 2011
478,610 @ CAD0.35 - expiring April 8, 2011
5,750,000 @ CAD0.81 - expiring February 4, 2013
12,500,000 @ CAD0.50 - expiring February 15, 2013
1,715,000 @ CAD0.40 - expiring February 15, 2013
857,000 @ CAD0.50 - expiring February 15, 2013
Stock Options
4,345,000 @ CAD0.61 - 0.85
Fully Diluted
136,845,459
Management & Insiders
~9.4% of Issued and Outstanding
Institutional Holdings
~45% of Issued and Outstanding
Nov 2010
Cash and Equivalents 2.9M
Cash at February 20, 2011
CAD$10.5 million (Est.)
St Liabilities 199K
Revenue 0
Cash burn rate 1.2M
Quarterly loss (.02)
SMP, Tanaznia
Stage: Resource Expansion
Jan 14 2011 Technical report (NI 43-101) - English
Helio released an encouraging initial resource estimate for the SMP: Unrestrained Measured and Indicated Resource of 588,749 ounces at 1.54g/t Au plus an Inferred Resource of 352,354 ounces at 1.10g/t Au at a cut off grade of 0.3g/t (Click here for full details).
PROJECT SUMMARY
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PROJECT SIZE: |
23,800 Hectares (238km2) |
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TARGET STYLE: |
Orogenic and/or Intrusion-related Gold. |
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DRILL TARGETS: |
Numerous. Currently being drilled. |
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TARGETS: |
Multiple gold-in-soil and bedrock anomalies over a 35km length of the Saza Shear Zone (SSZ) and related structures. Six old gold mines within the project area, including the New Saza Mine which was Tanzania's second largest goldmine, producing 270,000 ounces of gold at an average grade of 7.5g/t Au between 1939 and 1956. |
|
PARTNER: |
Helio completed earn-in on 4 individual licenses (subject to royalties) and expects to complete earn-in on the fifth and last not later than October 2012. |
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LOCATION: |
Lupa Goldfield, southwestern Tanzania. |
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GEOLOGY: |
Early Proterozoic Lupa Block - mineralisation is dated at around 1.94Ga. |
HIGHLIGHTS
Initial NI 43-101 compliant resource calculation published in November 2010: unrestrained Measured and Indicated Resource of 588,749 ounces (11.82Mt grading 1.54g/t Au) plus an Inferred Resource of 352,354 ounces (9.9Mt grading 1.10g/t Au) at a cut off grade of 0.3g/t Au.
The resource comes from only 2 of at least 30 mineralised targets identified on the SMP Project, namely Porcupine and Kenge. Both targets have very strong potential for resource expansion, which will be the initial focus of the 2011 20,000m drill programme started early March.
Multiple targets along ~35km section of the Saza Shear Zone and associated cross structures.
Metallurgical testwork on mineralised rock from the Kenge and Porcupine Targets shows recoveries of up to 96% through conventional grinding, cyanidation and / or flotation, and the possibility of 70% recoveries (at the Kenge Target) demonstrated through heap-leach amenability tests.
Significant potential to develop a multi-million ounce, open pittable gold resource.
Namibia
PROJECT SUMMARY
|
PROJECT SIZE: |
318,500 Ha. (3,185km2) |
|
LICENCES: |
Etjo South, Otjimbojo, Wilhelmstal and Okakango |
|
OWNERSHIP: |
100% owned |
|
LOCATION: |
Central Namibia, licences are located between 20-100km to the east and northeast of, and in the same geological terrain as AngloGold Ashanti's Navachab mine and approximately 150km southwest of Auryx's Otjikoto project. |
HIGHLIGHTS
A review of the data generated previously by AngloGold Ashanti and Desert suggests strong potential for Navachab- and / or Otjikoto-style gold mineralization on the four licences.
Drill testing of various targets returned intercepts including 3m at 4.7g/t Au, 8m at 3.0 g/t Au, 3.4m at 3.0g/t Au (open), 4m at 6.1g/t Au, 1m at 71g/t Au, 6m at 6.4g/t Au (open), 1m at 10.5g/t Au, 4m at 8.6g/t Au (open), and 34m at 0.9g/t Au.
Drill hole OTRC30 (AGA) bottomed in 4m grading 8.6g/t Au, and the last 1m sample of the hole assayed 18.8g/t Au. The nearest drilling on strike from this hole is 250m away.
Drill hole OTD 15 (AGA) bottomed in 3.4m grading 3g/t Au. The main area of drilling is over 1,000m away.
Rock chip sampling of mineralized outcrop by AGA returned up to 5m grading 11.3g/t Au -- never drill tested;
The same geology that hosts the Navachab gold mine and Otjikoto resource;
A 7,000m long series of Au ± As ± Cu soil anomalies related to folded neo-Proterozoic marbles, similar to the geological setting of the Navachab gold mine;
Numerous geochemical soil and bedrock sample anomalies never followed up.
Another 8 new high-priority targets discovered on the Wilhelmstal licence in March.
Initial 5,000m+ drill programme started in February 2011.
MANAGEMENT & DIRECTORS
Christopher J. Mackenzie, M.Sc., C. Geol.
Position: Chief Operating Officer & Director
Chris MacKenzie is a Chartered Geologist who has worked widely in Africa, Europe and the Americas. Chris holds a B.Sc. Honours Degree in Geology from Portsmouth University, UK and an M.Sc. Degree in Exploration Geology from Rhodes University, South Africa.
Chris started his career in 1989 as a mining / exploration geologist working on the Selebi-Phikwe, Selkirk and Phoenix Cu-Ni deposits in Botswana. In 1996 Chris joined Canarc Resource Corp. working as an exploration geologist / manager in Central and South America, before being appointed Managing Director of Canarc van Suriname, being responsible for exploration and acquisition opportunities in Suriname, Guyana and French Guiana.
In 2000, after completing his M.Sc., he and Richard Williams formed the BAFEX group of companies, the precursor to Helio Resource Corp. Chris was based in Namibia between 2001 until early 2007 when he relocated to the UK to focus on developing the company's exploration portfolio and operational aspects.
Richard D. Williams, M.Sc., P.Geo
Position: Chief Executive Officer & Director
Richard Williams is a Professional Geologist with 20 years experience in gold mining and precious and base metal mineral exploration in southern Africa, south, central and north America, and most recently in southern Europe.
Richard graduated from Portsmouth University, UK in 1988, before becoming a mine geologist in the Witwatersrand goldfields, South Africa. In 1993, he completed a Master's degree in Mineral Exploration at Queen's University, Ontario and joined Canarc Resource Corp. as its Exploration Manager in Suriname, South America. In 1998, based in Vancouver, Richard assumed the role of Acquisitions Manager for Canarc, working mainly in Mexico.
In 2001, Richard formed his own exploration consulting company - RDW Consulting - as well as assisting Chris MacKenzie in the formation of the BAFEX group of companies. As a consulting geologist Richard worked for a variety of exploration companies, with experience gained in the exploration for IOCG deposits in northern Canada and Chile, and also for high and low sulphidation gold deposits in Sardinia, Italy. Richard is based in Vancouver and is responsible for Helio's corporate affairs.
MANAGEMENT
Andrew MacRitchie, C.A.
Position: Chief Financial Officer
Andrew MacRitchie holds a B.Sc. Honours degree from the University of British Columbia. He received his Chartered Accountant designation in 2003 while articling with PricewaterhouseCoopers. During that time, Andrew provided services to public companies in the technology and commodities industries. Prior to joining Helio in 2007, Andrew spent four years as the Corporate Controller for a group of exploration-stage companies with gold, silver, diamond and base-metals projects in North America, South America, and Africa.
Andrew volunteers as a member of the Board of Directors of the Kidney Foundation of Canada.
NON-EXECUTIVE DIRECTORS
D. Grenville Thomas, P. Eng.
Position: Chairman & Director
D. Grenville Thomas is best known as as the founder (and has held positions as Chairman, President and Director) of Toronto-based Aber Resources Ltd. (now Harry Winston Diamond Corporation). Harry Winston holds interests in various properties throughout the Northwest Territories, including the Diavik Diamond Mine, Canada's second diamond mine.
More recently, Mr. Thomas was a Director of both Navigator Exploration Corp. and Strongbow Resources Inc. Strongbow Resources merged in 2004 to become Strongbow Exploration Inc. Mr. Thomas currently holds the position of Chairman of the Board with Strongbow Exploration.
In January of 2009, Mr. Thomas was inducted into the Canadian Mining Hall of Fame.
Mr. Thomas brings significant exploration experience and demonstrated exploration success to the Board.
Clifford T. Davis, CA
Position: Director
Cliff Davis is the CEO of Nevsun Resources Ltd, which is building the Bisha gold-copper-zinc mine in Eritrea. Mr. Davis is a Chartered Accountant and a member of the Institute of Corporate Directors. Prior to joining Nevsun in 1994, Mr. Davis was an audit partner in the international accounting firm, KPMG where he provided services predominantly to public companies in the resource, industrial and financial sectors.
Mr. Davis was appointed Chief Executive Officer of Nevsun in August 2008 after having served as Executive VP and Chief Financial Officer since 2002 and CFO from 1994 to 2000. During the period from 2000 - 2002 he was the Chairman and CEO of a public chemical manufacturing company.
Mr. Davis brings to the Board his international business experience in operations and finance as well as his experience in accounting and corporate governance.
Stephen M. Leahy
Position: Director
Mr. Leahy is a businessman who has participated actively in the formation, growth and financings of numerous mining and oil & gas companies in Canada and internationally. Since 1981 Mr. Leahy has served as President, Chairman, CEO or Director of numerous private and publicly traded companies with listings on the TSX Venture Exchange and TSX including Startech Energy, Wellco Energy Services and First Silver Reserve.
Mr. Leahy is currently Chairman & CEO of North American Tungsten Corporation Ltd, which owns 100% of the CanTung Mine and MacTung deposit in the Yukon/NWT.
Colin Jones, B.Sc., MAusIMM
Position: Director
Colin Jones is a graduate of Massey University, New Zealand having obtained a Bachelor of Science degree in Earth Sciences in 1980. He is also a Member of the Australasian Institute of Mining and Metallurgy.
Mr Jones has 26 years experience as a mining, exploration and consulting geologist. He has worked globally on producing mines, as part of feasibility teams and as an explorationist. He has managed large exploration and due diligence projects, and has undertaken numerous bankable technical audits, technical valuations, independent expert reports and due diligence studies worldwide.
Mr. Jones has worked for Anglo American Corporation in South Africa, BP Minerals in Indonesia, San Martin Mining in Kenya, and Freeport Indonesia. In 1998 he became Partner and Manager Audits for RSG Global in Australia. He now holds the position of Executive Vice President with Dundee Resources Limited, Toronto.
Mr. Jones brings significant technical and due diligence experience to the Board.
Corporate Presentation Jan 2010
New Targets Discovered at the Damara Gold Project, Namibia
Helio Commences 20,000m Drill Programme on the SMP Gold Project, Tanzania
Drilling, Geochemical and Geophysical Surveys Commence on the Damara Gold Project, Namibia
Helio Closes Private Placements for $10.0 Million
Private Placements for C$10.0 Million as Announced January 24, 2011
Helio Announces Private Placements for C$10.0 Million
NI 43-101 Report for Initial Resource Estimate at SMP Gold Project in Tanzania Filed on SEDAR
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