Breaking News - Copper Exceeds ExpectationsHalo Reports up to 3.3% Copper and 8.6% Zinc Over 7.3 Meters Back
via COMTEX
Nov 12, 2010 8:18:00 AM
TORONTO, ONTARIO, Nov 12, 2010 (Marketwire via COMTEX News Network) --
Halo Resources Ltd. (TSX VENTURE:HLO) (FRANKFURT:HRLN) ("Halo" or the "Company") is pleased to announce that Hudson Bay Mining and Smelting Co., Limited ("HudBay"), an affiliate of HudBay Minerals Inc. (TSX:HBM; NYSE:HBM), has advised that it has completed the previously announced 1,400 meter drill program at the Lost deposit to collect representative samples for metallurgical test work. Assays for three holes have been reported, including one intersection of 7.3 meters that averages 3.27% copper and 8.6% zinc with precious metal credits (see table below).
------------------------------------------------------------------ From Length Copper Zinc Silver GoldHole Dip (m) (m) (%) (%) (g/t) (g/t)------------------------------------------------------------------HMET002 -50 100.26 3.94 0.35 1.86 4.6 0.86 100.26 0.64 0.70 3.66 7.0 0.25 103.65 0.55 1.49 8.98 25.0 5.67HMET004 -45 105.22 7.32 3.27 8.60 33.7 1.67HMET006 -56 139.94 0.21 2.54 2.54 34.0 0.29------------------------------------------------------------------
"We continue to be impressed by the continuity of the high-grade, near surface mineralization at Lost", said Lynda Bloom, Halo's President & CEO. "The occasional gold "kick" is intriguing and will warrant further investigation at Lost as well as along the Cold-Lost trend where Halo controls a 100% interest."
Assays are pending for the remaining 9 drill holes.
Background
An option agreement announced December 21, 2009 allows HudBay to earn up to a 67.5% joint venture interest in a 1.1 square kilometer area of the 200 square kilometer Sherridon VMS Property in Manitoba which hosts the Cold and Lost mineralization. Drill programs in late 2009 and early 2010 generated intersections of up to 2% copper and 6% zinc over 11.8 meters. Preliminary metallurgical sampling by Halo in 2009 returned copper and zinc recoveries in batch cleaner flotation test work in the range of 85 to 88%. The primary objective of the metallurgical test program will be to determine if saleable copper and zinc concentrates can be produced using a flow sheet that is the same or similar to that currently employed at the Flin Flon concentrator.
HudBay has awarded the metallurgical test program to Kamloops-based G & T Metallurgical Services. Samples are expected to be received for metallurgical testing in the next 4 to 6 weeks and results reported in early 2011. The additional drill data will be used to refine the Lost resource model and preliminary design concepts and, subject to satisfactory metallurgical test results, will form the basis for a decision by HudBay to commence pre-feasibility engineering by early 2011.
Technical Information
HudBay controlled all aspects of the drill program reported here including logging, sampling, assaying and quality control.
Exploration core drilling was NQ size. The core was logged and mineralized intersections were marked for sampling and assaying by geologists and geotechnicians employed by HudBay's Hudson Bay Exploration and Development Company Limited (HBED) subsidiary. The marked intersections or intervals were sawn in half by a diamond saw and one half of the core was collected for metallurgical sampling, while the second half was sawn to quartered core with half placed in plastic bags and tagged with unique sample numbers and the other quarter was returned to the core box and stored. Each bagged core sample was transported to HudBay's Hudson Bay Mining and Smelting Co., Limited (HBMS) subsidiary's assay laboratory in Flin Flon, Manitoba where it was dried, crushed and pulverized and a 250-gram sample was prepared for assaying at Acme Analytical Laboratories Ltd. ("Acme"), an independent company in Vancouver, B.C., or the HBMS assay laboratory. From each 250 gram sample 0.25 grams was removed and leached in aqua regia and analyzed by ICP-AES for Ag, Cu, Zn, As, Pb, Ni and Fe. Also from the 250 gram sample, 30 grams was removed for gold determination by fire assaying with an ICP-AES or gravimetric finish at Acme or an Atomic Absorption or gravimetric finish at the HBMS laboratory.
Assaying integrity is monitored internally with a quality control program, which includes the use of assay sample standards, blanks, duplicates and repeats and externally through national and international programs. In addition, within each group of 20 core samples, one core sample has a second 250 gram split collected that was check assayed at a different laboratory, either the HBMS laboratory in Flin Flon or at Acme in Vancouver, B.C. This news release provides core lengths and true widths are not provided. Where metal assays are provided for intersections they are either a single assay of a sample of the entire intersection length or a composite of assays calculated from interval weighted assays over the intersection length.
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"
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 WestRedLake 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.
SOURCE: Halo Resources Ltd.