Halo Resources Ltd.: New Gold Focus at Sherridon Property
November 09 2011 - 7:30AM
Marketwired
Halo Resources Ltd. (TSX VENTURE:HLO)(FRANKFURT:HRLN) ("Halo" or
the "Company") is pleased to report that the Company has identified
a potential prospective 1,600 meter gold "corridor" on claims held
100% by Halo on the Sherridon East Property.
Summer field work focused on the Quarter Moon Lake area located
approximately 10 kilometers east of the four VMS deposits where
Halo has reported NI 43-101 compliant copper and zinc mineral
resources. Samples collected from three closely-spaced exploration
pits reported, on average, values greater than 10 g/t gold and up
to 16.4 g/t gold.
The samples were collected along a north-south striking feature
that is prominent on airborne magnetic surveys (see Figure 1:
http://media3.marketwire.com/docs/hlo-1109-map-1.pdf). The magnetic
feature shows continuity of more than 1,600 meters to the south and
has historically been mapped as a layered amphibolite. Gold
mineralization is found in ferro-gabbro and tonalite lithologies
that are both associated with the amphibolite unit. Outcrops
located 1,600 meters to the south of the three above-mentioned pits
were sampled and returned values up to 3.5 g/t gold. Although
overburden cover prevented systematic sampling of the prospective
horizon along the projected 1,600 meter strike length, the number
of anomalous samples and distribution of elevated gold values is
encouraging.
Two Manitoba gold deposits, associated with similar rock types,
are the historic Puffy Lake gold mine and the Nokomis gold deposit.
The Nokomis gold deposit is located approximately one kilometer
south of the Halo Sherridon East property boundary.
"With the new regional interest in gold and strong gold prices,
Halo chose to evaluate the gold potential of the Sherridon East
Property this summer," stated Lynda Bloom, President and CEO. "We
are pleased with the preliminary results and plan to follow up with
a 2012 work program."
Technical Highlights
The 2011 Quartermoon Lake field program focused on geological
and structural mapping based on previous success in expanding
mineralized zones with an advanced understanding of the structural
complexity of the area. The 2011 field work confirmed the presence
of an intersection lineation that within the Sherridon structure is
parallel to the major axis of all known mineral occurrences and
deposits. It is speculated that the observed intersection lineation
in the 2011 mapping area could also be aligned with the major axis
of the sampled gold occurrence. In total 66 grab samples were
collected with 28 samples taken from the prospective ferro-gabbro
and tonalite lithologies. The remaining 38 samples were collected
from the metasedimentary Burntwood group and amphibolite unit where
the prospective lithologies did not out crop.
The pits sampled in 2011 are in the vicinity of the 1,215 meter
drill program in 2005 that identified narrow gold bearing zones but
did not explain the surface high grade mineralization. A field
program is planned for the summer of 2012 to expose more outcrop
along the potential 1,600 meter prospective horizon. This field
program will focus on gathering information and data needed to
determine the geological controls of the high grade surface
mineralization and to generate drill targets.
Figure 1 (http://media3.marketwire.com/docs/hlo-1109-map-1.pdf)
shows a shaded relief view of Total Magnetic Field (illumination
direction 315 degrees to 45 degrees), with gold values in grams per
metric ton for 2011 field sampling. The potential gold bearing
"corridor" can be seen as a prominent magnetic feature and is
outlined by an ellipsoid for clarity.
Samples are submitted to the ALS-Chemex, Thunder Bay sample
preparation facilities with analyses performed at ALS-Chemex
Vancouver, an internationally recognized, accredited facility. The
entire sample is crushed and a 1,000 g split is pulverized. Base
metals and a suite of up to 30 trace elements are determined by
inductively coupled plasma spectrometry (ICP) after an aqua regia
digestion, with over-range copper, zinc and silver determined by
multi-acid digest and atomic absorption spectrometry (AAS)
analyses. Gold is determined by standard fire assay with an ICP
instrumental finish on a 30 g charge. A quality control program
consisting of blanks and analytical control standards has been
implemented to monitor laboratory performance and no significant
discrepancies were reported.
The above information has been prepared under the supervision of
Lynda Bloom, P.Geo., who is designated as a "Qualified Person" with
the ability and authority to verify the authenticity and validity
of the data.
ON BEHALF OF THE BOARD OF DIRECTORS
Marc Cernovitch, Chairman
About Halo Resources Ltd.
Halo is a Canadian-based resource company with base metal and
gold assets. The Sherridon VMS Property is a combination of mature
and grassroots volcanogenic massive sulphide (VMS) copper, zinc and
gold exploration opportunities covering over 20 square kilometers.
A 2010 NI43-101 compliant copper-zinc resource, for four of the
known deposits in the district, included Indicated Resources of 6.5
million tonnes grading 0.85% copper and 1.22% zinc and Inferred
Resources of 15.9 million tonnes grading 0.68% copper and 0.84 %
zinc. HudBay holds options on half of the Sherridon VMS Property to
earn 51% and controls 19% of the Company's shares. The Company has
a joint venture interest in the Duport Property, an advanced gold
property near Kenora, Ontario and a 60:40 joint venture partnership
with Red Lake Gold Mines Partnership (RLGMP), a partnership between
Goldcorp Canada Ltd. and Goldcorp Inc. at West Red Lake covering
3,500 hectares. The Company is operated by an experienced
management team with a growth strategy to develop a diversified
portfolio of advanced mining projects.
Forward Looking Statements
This Company Press Release may contain certain "forward-looking"
statements and information relating to the Company that are based
on the beliefs of the Company's management as well as assumptions
made by and information currently available to the Company's
management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, competitive factors, general economic
conditions, customer relations, relationships with vendors and
strategic partners, the interest rate environment, governmental
regulation and supervision, seasonality, technological change,
changes in industry practices, and one-time events. Should any one
or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
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: Halo Resources Ltd. Marc Cernovitch Chairman
416-619-7539ir@halores.comwww.halores.com
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