Hellix Corroborates USBM's Anomalous Gold on Margarita
08 June 2011 - 2:43AM
Marketwired
HELLIX VENTURES INC. (TSX VENTURE: HEL)(PINK SHEETS: HLLXF)
-Vancouver, BC- Frank Underhill, President, is pleased to announce
results of the Hellix rock sampling program initiated to
corroborate the findings from the United States Bureau of Mines
(USBM) report MLA 24-94.
The USBM Report MLA 24-94 supplied detailed site maps and a
regional map to identify the sample locations, along with sample
descriptions to duplicate their sample type and method. Nine of the
samples were taken from the four known target areas.
A total of twenty-five samples were taken. The highest Hellix
sample was number BM14 (27.2 g/Mt or .87 oz/ton), selected from an
area 400 meters northwest of the Margarita Mine. Table 1 compares
the Hellix sampling results to the corresponding USBM samples (BM1
corresponds to the same location, sample type and method as
T399).
TABLE 1. COMPARISON OF HELLIX RE-SAMPLING VERSUS USBM SAMPLES
---------------------------------------- --------------------------------
HELLIX RE-SAMPLING USBM SAMPLES 1994
---------------------------------------- --------------------------------
Equiv
SAMPLE AU AU AU SAMPLE AU AU g/Mt
NUMBER (ppb) oz/ton g/Mt NUMBER (ppb) oz/ton (ii)
---------------------------------------- --------------------------------
BM1 2430 .078 2.43 T399 360 .012 .360
---------------------------------------- --------------------------------
BM2 1890 .061 1.89 T396 4910 .157 4.91
---------------------------------------- --------------------------------
BM3 1710 .055 1.71 T395 3300 .106 3.30
---------------------------------------- --------------------------------
BM4 890 .029 .890 T403 751 .024 .75
---------------------------------------- --------------------------------
BM5(i) 60 .002 .060 T408 1670 .053 1.67
---------------------------------------- --------------------------------
BM6 greater than 3000 .116 3.63 T406 220 .007 .22
---------------------------------------- --------------------------------
BM7 2610 .084 2.61 T407 4360 .140 4.36
---------------------------------------- --------------------------------
BM8 greater than 3000 .108 3.39 T409 1660 .053 1.66
---------------------------------------- --------------------------------
BM9 greater than 3000 .159 4.97 T402 5240 .168 5.24
---------------------------------------- --------------------------------
BM10 greater than 3000 .243 7.58 T401 220 .007 .22
---------------------------------------- --------------------------------
BM11 greater than 3000 .305 9.53 T385/386 4515 (avg) .145 4.52
---------------------------------------- --------------------------------
BM12 1340 .043 1.34 T381 2240 .072 2.24
---------------------------------------- --------------------------------
BM13 greater than 3000 .139 4.35 T380 1070 .034 1.07
---------------------------------------- --------------------------------
BM14 greater than 3000 .870 27.20 T389 3160 .101 3.16
---------------------------------------- --------------------------------
BM15 930 .030 .930 T412 1881 .060 1.88
---------------------------------------- --------------------------------
BM16 1710 .055 1.71 T414 2720 .087 2.72
---------------------------------------- --------------------------------
BM17 2400 .077 2.40 T415 6690 .214 6.69
---------------------------------------- --------------------------------
BM18 greater than 3000 .422 13.20 T416 5660 .181 5.66
---------------------------------------- --------------------------------
BM21 greater than 3000 .187 5.83 T438 14500 .463 14.50
---------------------------------------- --------------------------------
BM22 greater than 3000 .313 9.77 T437 4430 .142 4.43
---------------------------------------- --------------------------------
BM23 greater than 3000 .181 5.66 T434 39600 1.268 39.6
---------------------------------------- --------------------------------
BM24 greater than 3000 .137 4.29 T426-433 15100 .482 15.1
---------------------------------------- --------------------------------
BM25 960 .031 .960 T335 5490 .176 5.49
---------------------------------------- --------------------------------
BM26 507 .016 .507 T334 1990 .064 1.99
---------------------------------------- --------------------------------
BM27 864 .028 .864 T332 2040 .065 2.04
---------------------------------------- --------------------------------
Note that these are select samples and were intended to
duplicate historic results. They 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. Samples were fire assayed for gold only.
(i) Sample BM5 was the only sample of non-siliceous porphyry
rock. It is possible the USBM sampled an adit now collapsed and
filled in 30 yards to the east of this Hellix re-sampled adit. This
result reinforces the observation that only highly silicified rock
contains economic gold.
(ii) Conversion using
http://www.cleavebooks.co.uk/scol/ccconc.htm
As per USBM descriptions, most were select samples of dump
material originating from the Margarita Mine and a series of adits,
pits and other workings on the claim group, consisting of hematite
stained and/or pyritic silicified rock. While many of the Hellix
samples are lower in gold than the USBM samples from the same site,
they show the areas are highly anomalous. Our geologist suspects
that he chose samples that were more representative of the present
sites rather than picking the best looking specimen from the group.
Some sites such as BM3 have been partially reclaimed, and over time
some workings have collapsed.
Samples BM1 through BM10 were located within the four main
target areas. Sample BM2 was from a dump approximately 30 feet NE
from rock chip sample 984049 (2700 ppb gold) taken from outcrop
during a previous sampling program announced February 16, 2011.
Samples BM11 through BM14 (the highest Hellix value) were all taken
from an area northwest of the Margarita Mine where shallow historic
workings were present. Four samples (BM21 through BM24) were taken
from dumps of workings south of the Margarita Mine. BM21 was from a
cut approximately 50 feet long, 8-20 feet wide, 10 - 15 feet deep,
while BM22 was from a series of cuts about 30 x 15 x 10 feet deep.
Samples BM25 through BM27 were taken from the northern portion of
the Oro claim block. This area had specimens which were less
silicified than elsewhere.
Three of the Hellix samples were chip samples of in-place rock.
At two sites (BM15/BM16), chip samples were from a hematite
stained, variably silicified face of a large open cut. Sample BM16
was cut from a ten foot wide zone. These were east of the Margarita
target areas, though results are comparable to those from the main
Margarita Mine. Samples BM17 and BM18 were taken from dumps in the
same general location. The third chip sample was BM5 and as
mentioned above, was of non-silicified rock.
Hellix continues to be encouraged by the increasing
corroboration of historic anomalous sites on and near the Margarita
target zones now within our expanded claim group. We have broadened
our exploration area to the west, the east and the south based on
our silt and rock sampling programs.
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 Toll Free:
1-877-430-3113 or (604) 683-6657 (604) 684-4407 (FAX)
info@hellixventures.com www.hellixventures.com
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