Helio Resource Reports Exploration Update on the DGP Gold Project, Namibia


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Helio Resource Corp. (HRC.V) has provided an update of the recent drilling conducted at the Gold Kop Target and also to report the results of a second-phase geochemical soil sampling survey over the Otjimbojo Licence, adjacent to the Gold Kop target, part of the Damara Gold Project ( DGP ) in central Namibia.

The DGP comprises four licences (covering 318,500ha or 3,185sq km), namely Etjo South, Okakango, Wilhelmstal and Otjimbojo. Helio holds a 100% interest in the project through its wholly-owned Namibian subsidiary, BAFEX Exploration (Pty.) Ltd.

The DGP is located between AngloGold Ashanti's Navachab Mine to the southwest and B2Gold's Otjikoto Project to the northeast.

The Navachab mine has been in production since 1989 and, as of December 2009, has produced approximately 1.5 Moz of gold and has a non-NI 43-101 compliant resource of 5.1 Moz grading 1.15g/t Au (source AngloGold Ashanti Resource Report, 30 June, 2011).

B2Gold's Otjikoto Gold Project, located approximately 150km northeast of Helio's licences has an updated indicated resource (April 5 2012) of 24.93Mt grading 1.74g/t Au for a total of 1.4 Moz at a 0.4g/t cut-off.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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