Hellix Sampling Uncovers New Margarita Gold Zone
17 February 2011 - 4:55AM
Marketwired
HELLIX VENTURES INC. (TSX VENTURE: HEL)(PINK SHEETS: HLLXF) - Frank
Underhill, President, announces assay results on our Phase I
Margarita rock sampling program.
Sample locations were based on our 2010 stream silt sampling
program and historical data on the four known gold mineralized
zones. Additional samples were taken of geophysical anomalies
reported to Hellix by the property owner, and an attempt to confirm
our geologist's assessment of the rocks favorable to gold
mineralization as per our news release dated January 10, 2011.
Fifty rock samples were collected in areas previously identified
by the stream silt sampling and historical data on the four known
mineralized zones. Anomalous to highly anomalous gold values (13
ppb to 2700 ppb) were obtained in thirty-eight samples, while
seventeen samples were anomalous in silver (.6 ppm to 14.3 ppm).
Results are as follows with gold assays in ppb (1000ppb = 1 g/mt)
and silver in ppm (1ppm = 1 g/mt):
---------------------------------------------
SAMPLE NUMBER AU (PPB) AG (PPM)
---------------------------------------------
349858 43
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349877 87 .8
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349878 42 .4
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349883 5 .4
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349884 less than 5
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349885 less than 5 .8
---------------------------------------------
349886 33
---------------------------------------------
349887 13 7.3
---------------------------------------------
349888 205 .6
---------------------------------------------
349889 less than 5 .2
---------------------------------------------
349891 19 .6
---------------------------------------------
349892 less than 5
---------------------------------------------
349895 130 1.5
---------------------------------------------
349896 1320 .4
---------------------------------------------
349897 703 .7
---------------------------------------------
349898 39 1.4
---------------------------------------------
984001 84 2.2
---------------------------------------------
984003 19 1.4
---------------------------------------------
984004 34
---------------------------------------------
984006 618 .9
---------------------------------------------
984008 701 .2
---------------------------------------------
984012 139 .2
---------------------------------------------
984013 485 .2
---------------------------------------------
984014 25 .6
---------------------------------------------
984015 14
---------------------------------------------
984016 58
---------------------------------------------
984017 57
---------------------------------------------
984018 less than 5
---------------------------------------------
984019 less than 5
---------------------------------------------
984020 9
---------------------------------------------
984023 1066 .8
---------------------------------------------
984024 152
---------------------------------------------
984025 12
---------------------------------------------
984027 34 .2
---------------------------------------------
984028 18
---------------------------------------------
984032 94
---------------------------------------------
984033 316
---------------------------------------------
984034 2601 1.3
---------------------------------------------
984035 669 4.2
---------------------------------------------
984036 87
---------------------------------------------
984037 39
---------------------------------------------
984038 2406 14.3
---------------------------------------------
984039 21 .3
---------------------------------------------
984040 less than 5
---------------------------------------------
984041 less than 5
---------------------------------------------
984042 76
---------------------------------------------
984045 7
---------------------------------------------
984046 27 .2
---------------------------------------------
984048 162
---------------------------------------------
984049 2700 .9
---------------------------------------------
Note that these are grab samples and are not indicative of
average grades over mineable widths. The samples were selected,
handled and hand delivered by a professional geologist to Skyline
Labs in Tucson, Arizona for assay. Assays on 34 Trace Elements
including silver were performed by Aqua Regia leach analyzed by
ICP. Gold was fire assayed.
Anomalous to highly anomalous gold values were found in an area
about 300 - 400 meters (980 - 1300 feet) west and north of
Margarita Tank. This new zone (now called West Hill) was selected
following strongly anomalous gold-in-silt values (710 ppb, 350 ppb,
306 ppb) found in our 2010 silt sampling program. Rock sample
numbers 349896 (1320 ppb), 349897 (703 ppb), 984013 (485 ppb) and
984023 (1066 ppb) were composite grab samples of strongly
iron-stained quartz silicified intrusive of similar character and
appearance to that of the known gold zones. Several old prospect
pits and cuts were noted in this area along with the residual
cuttings from three drill holes, the existence of which were not
known prior to this sampling program.
Generally, the highest values for gold came from samples
collected on or near the known mineralized zones. The highest value
for gold (2700 ppb - sample 984049) was obtained from an old
prospect pit of the Cascabel zone. An east-west trending traverse
across the south known zone resulted in four consecutive samples
with highly anomalous gold values, namely samples 984035 (669 ppb),
985034 (2601 ppb), 984033 (316 ppb) and 984038 (2406 ppb). These
four samples were collected over a distance of about 135 meters
(440 feet). Sampling on an east-west trending traverse over the
central mineralized zone returned two consecutive samples with
highly anomalous gold (samples 984006 - 618 ppb, and 984008 - 701
ppb).
Four bedrock samples in the vicinity of the Blue Wing Mine were
also collected along a northerly trend of geophysical anomalies
found on hand-drawn plots supplied by the Margarita property owner.
These did not return any samples with detectable gold. In general,
there does not appear to by any direct correlation between surface
alteration and gold mineralization to the geophysical anomalies
below.
Seventeen samples of the feldspar porphyry country rock were
also taken to confirm geologist J. Duncan's preliminary assessment
of which local rocks hosted the gold mineralization outlined in the
Hellix news release dated January 10, 2011. Mr. Duncan theorized
that the gold would be found in the silica rich intrusive rock.
Samples of the porphyry ranged from less than 5 ppb to 177 ppb. The
highest gold values in the porphyry came from samples that were at
or very near the contact of the known mineralized zones. The
feldspar porphyry does not appear to contain any gold of economic
value and seems to have confirmed Mr. Duncan's assessment. All
future exploration will focus on the abundant siliceous intrusive
rock.
Hellix is very encouraged by the values obtained in the new zone
known as the West Hill. The bedrock in the area appears to be of
the same character as the four known mineralized zones and has been
shown to contain highly anomalous gold. A more detailed rock
sampling program combined with geologic mapping of this area has
been recommended. This first round of rock sampling has
demonstrated the effectiveness of follow-up rock sampling of
drainages with strong gold-in-silts.
Field work is continuing throughout the winter months.
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.
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: Hellix Ventures Inc. Barry Underhill (604) 683-6657 or
Toll Free: 1-877-430-3113 (604) 684-4407 (FAX)
info@hellixventures.com www.hellixventures.com
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