Halo Announces Positive Drill Results for Middle BHalo Announces Positive Drill Results for Middle Bay
07:01 EST Wednesday, Jun 09, 2010
TORONTO, ONTARIO--(Marketwire - June 9, 2010) –
Halo Resources Ltd. (TSX VENTURE:HLO)(FRANKFURT:HRL) ("Halo", the "Company") announces drilling results at the Middle Bay Project, Red Lake on claims optioned from Red Lake Gold Mines Partnership (the "Partnership"), a partnership between Goldcorp Canada Ltd. and Goldcorp Inc. (TSX:G)(NYSE:GG) ("Goldcorp").
During the summer 2009 field season, Halo defined a sulphide horizon exposed at surface over a length of 100 m, and up to 2.5 m wide with an average grade of 3 g/t gold, 0.8% copper and 50 g/t silver. A total of 15 short holes, for a total of 1,335 m of diamond drilling were completed close to the sulphide horizon, located north of Bridget Lake, as well as other targets along strike.
Numerous significant mineralized intervals were identified including results up to 3.44 g/t gold, 45.7 g/t silver and 0.69% copper over 1.3 m and described in detail in Technical Highlights.
"The area north of Bridget Lake and south of Middle Bay continues to be an intriguing exploration target due to the gold-copper-silver association and evidence that the prospective stratigraphy extends for at least 1,500 meters" says Lynda Bloom, President & CEO. "Although the area has attracted explorers for over 70 years there has been limited drilling and to date Halo has only completed 3,600 m of drilling. Further field work, ground geophysical surveys and drilling are planned in 2010."
Technical Highlights
A series of 8 short diamond drill holes (totaling 396 m) were completed in the vicinity of the previously reported gold-silver-copper zone defined by contiguous channel samples. The principal purpose of the closely-spaced holes was to determine the attitude of the surface mineralization. Anomalous gold and silver were reported over short intervals in most of the holes; two of the holes reported significant gold-silver +/- copper intersections, summarized in the table below.
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Width
Hole ID From (m) To (m) (m)(ii) Gold (g/t) Silver (g/t) Copper (%)
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NBL10-017 25.1 26.4 1.3 3.44 45.7 0.69
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NBL10-018 39.6 40.4 0.85 5.74 10.2 0.10
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(ii) True width is unknown.
Drilling confirmed near-surface mineralization of a similar tenor to the channel samples. The attitude of the mineralized zone is difficult to determine due to the multiple phases of felsic intrusions; these are positive indications of ongoing, long-term hydrothermal activity that can create suitable environments for gold deposits.
A step-out hole (NBL-021), 400 m to the east tested an IP anomaly (NBL10-021). Several short intervals, coincident with disseminated sulphides or sulphide veins, returned anomalous gold-silver +/- copper. This metal association is often related to polymetallic volcanogenic massive sulphide deposits and it distinctly different than the previously reported high-grade gold Bridget Lake mineralization some 600 m to the south.
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From To Au (g/t) Ag (ppm) Cu (%)
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5.0 6.0 0.906 0.9 0.01
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21.1 21.4 0.386 36.4 1.19
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67.0 67.5 0.309 49.5 0.56
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91.1 91.4 0.501 27.1 0.27
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91.4 91.5 0.452 38.6 0.15
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97.6 98.0 4.12 3.0 0.04
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The geophysical anomaly associated with the polymetallic mineralization was defined by IP and magnetic surveys in 2008 and extends for at minimum strike length of 400 m. The area remains prospective along strike and at depth. Additional surface geophysical surveys are planned to determine the strike extent of the mineralized zones and possible structural traps for higher grade gold mineralization.
Several holes were drilled in the West Middle Bay area for a total of 579 m (located 2.5 km west of the north Bridget Lake area). Several short intervals with anomalous gold values were noted with a maximum of 0.75 g/t Au over 2.24 m at a depth of 128.0 m in hole WMB10-22. These anomalous intervals are associated with sulphides in an extensive shear-zone.
Drill core samples were collected and assayed as described in the June 4, 2010 press release. The above information has been prepared under the supervision of Lynda Bloom, President & CEO, 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 focused on the acquisition of near production base and precious base metal deposits. The Company's focus is the 200 sq. km. Sherridon VMS Property, a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities. A 2008 NI43-101 compliant copper-zinc resource, for four of the known deposits in the district, was completed in less than 18 months. The Company has a joint venture interest in the Duport Property, an advanced gold property near Kenora, Ontario and is the operator for several contiguous joint venture properties in West Red Lake covering 45 sq. km. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Halo Resources Ltd.
Michael Joyner, IR
416-619-7539
416-601-9046 (FAX)
info@halores.com
www.halores.com
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.
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