news out!there is my predicted news!
- Halo found a completely NEW ZONE (LOST LAKE) on Sherridon!! Good grades at shallow depth (open pit !!) only 800m to the railway!
- next drill results will be from Bob Lake and 2nd drill rig is coming soon
- NI-43-101 for the first of the six (now seven?) zones should come in round about 3 weeks
Halo Discovers New High Grade VMS Mineralization at Lost Lake
10/24/2007
TORONTO, ONTARIO, Oct 24, 2007 (Marketwire via COMTEX News Network) --
Lynda Bloom, President and CEO of Halo Resources Ltd. (TSX:HLO)(OTCBB:HLOSF)(FSE:HRL) is pleased to announce a new discovery at the Sherridon VMS Property, Manitoba. Three drill holes have intersected a strong copper-zinc zone over a strike length of 500 m. All intersections are within 100 m of surface and mineralization remains open at depth and along strike.
Highlights:
- Halo intersects 1.2% copper and 6.3% zinc over 6.5 m in DH07-57 and 1.6% copper and 4.9% zinc over 5.1 m in DH07-55
- The new Lost Lake Zone extends 800 m south of the railroad in a previously untested area
The discovery of the new Lost Lake Zone demonstrates the exploration potential of the Sherridon VMS Property. The 500 m strike length between holes DH07-56 and DH07-57 falls along an EM conductor that can be traced over 800 m from south of the railroad to the shore of Sherlett Lake (to see accompanying figure for hole and infrastructure locations please click on: https://www.ccnmatthews.com/docs/hlo1024map.jpg). This conductor, identified during Halo's 2006 airborne geophysical survey, is a prime target for additional VMS mineralization and is one of the first of 122 targets, many of which are also in areas where there has been no historical geophysics or drilling.
"The intersections in both holes DH07-55 and DH07-57 are rich in copper and zinc," says Lynda Bloom, President & CEO. "This combination of high grade intersections with significant width at shallow depth illustrates that the Lost Lake zone is an important new discovery and proves the effectiveness of Halo's exploration strategy."
The Lost Lake Zone is 100%-owned by Halo Resources and is located within 8 km of six other known deposits, including the past-producing Sherridon Mine where 7.7 million tonnes grading 2.46% copper, 0.80% zinc, 0.41 g/tonne gold and 42.0 g/tonne silver were mined.
A program of down-hole geophysics has commenced to follow up on the drill results and define a second phase of drilling. The mobilization of a second drill rig to allow additional drilling at Lost Lake and other new exploration targets is scheduled for early November. The current phase of drilling continues in the Bob Lake area and assays are pending.
Technical Highlights
Results from three drill holes, for a total of 486 m, defining the Lost Lake zone are summarized in the following table. While there has been no previous drilling reported in the area, historical geological mapping has identified dips of approximately 55 degrees to the northeast.
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Azimuth/ Interval Copper Zinc
Hole Dip From (m) To (m) (m)(i) (%) (%)
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DH07-55 222/45 87.0 92.1 5.1 1.6 4.9
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including 87.9 89.9 2.0 3.7 11.7
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and 99.8 102.1 2.3 0.7 2.8
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DH07-56 215/45 66.0 70.0 4.0 0.5 0.1
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and 75.0 77.0 2.0 1.4 0.8
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and 106.0 108.0 2.0 0.9 0.6
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DH07-57 222/45 76.3 82.8 6.5 1.2 6.3
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including 77.3 80.8 3.5 2.0 11.6
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(i) Widths may be overstated by up to 10%. Geometry of this new
mineralized zone has not been determined so that true widths
cannot be determined at this time.
Sampling, assaying and quality control procedures are consistent with those reported in the Technical Background of the press release issued February 15, 2007. The above information has been prepared under the supervision of Eckart Buhlmann, who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.
About the Sherridon VMS Property
The Sherridon VMS Property covers an area of over 20,876 hectares and hosts the past-producing Sherridon Mine that was operated by Sherritt Gordon Mines from 1933 to 1950 and produced 7.7 million tonnes of ore grading 2.46% copper and 0.8% zinc. Results from an airborne geophysical survey completed in the summer of 2006 identified an additional 122 targets. The property is located only 70 km northeast of the mining and metallurgical complex in Flin Flon operated by HudBay Minerals Inc (TSX:HBM). Future development of the property is facilitated by the presence of an all-weather road and railroad access as well as a power line and communications tower.