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11.12.2009
HALO ANNOUNCES HIGH GRADE GOLD RESULTS AT WEST RED LAKE
HALO ANNOUNCES HIGH GRADE GOLD RESULTS AT WEST RED LAKE
Toronto, Ontario, December 9, 2009 -- Halo Resources Ltd. (TSXV: HLO) (“Halo”, the “Company”) is pleased to announce results from preliminary channel sampling of quartz veins on the claims optioned from Tribute Minerals Inc (“Tribute”), west of Bridget Lake, including values up to 4.7 ounces per ton gold.
Detailed sampling of historic trenches was carried out to determine controls on gold mineralization. Channel samples were collected from a series of locations along a quartz vein that has been exposed over a 100 m-strike length and is up to 2.2 m wide. High grade gold is generally associated with quartz vein selvages and disseminated pyrite. At the southerly end of the vein sampled (location WM-01), assays along the selvages include 33.2 g/t gold over a 1.2 m length, 10.0 g/t gold over a 1.45 m length and 0.73 g/t gold over a 1.8 m length. One sample taken in the central part of the vein reported 22.9 g/t gold over a 1.1 m length. All these samples were taken parallel to the strike and within a narrow part of the principal vein where the width ranged from 0.25 to 0.8 m in width.
The highest gold grades were reported from an area 25 m north of WB-01 (referred to as WB-02) where gold values reported up to 161 g/t (4.7 ounces per ton gold) over 1.1 m length along a quartz vein selvedge. A parallel sample, within the quartz vein, also reported elevated gold values including 22.4 g/t gold over a 45 cm length, 1.8 g/t gold over a 45 cm length and 0.32 g/t gold over a 40 cm length in contiguous samples along strike. Other Halo samples collected elsewhere across the same vein reported 0.64 g/t gold over 64 cm. Gold values in the country rock are generally less than 0.05 g/t gold.
“The gold results in the vicinity of Bridget Lake are extremely encouraging and further regional sampling and geological studies are planned to determine controls on mineralization. We are particularly impressed by the apparent repetition of the mineralized quartz veins over several kilometers and the fact that no one has previously controlled the 3 km strike length of the prospective geology”, says Lynda Bloom, President & CEO. “The Halo team recognizes that previous work has failed to show continuity of the quartz veins at depth but that the late-stage quartz veins on surface may be indicative of the presence of gold ore bodies hosted in country rock that are controlled by earlier structures.”
Technical Highlights
The Bridget Lake property is located approximately 30 km west of Red Lake, Ontario. The property has been mapped as underlain by Keewatin-aged chemical sediments, graphitic shale, basalts and rhyolites. A series of north-south trending quartz veins have been the target of previous exploration by Faulkenham in 1937 and Cochenour Mines in 1963 over an area of 100 m by 50 m. The 2009 channel samples were collected from accessible areas within historical trenches. Cochenour Mines reported up to 22.9 g/t gold over 4.8 m from trenches and numerous 0.3 to 1.3 m intersections from 14 small diameter drill holes (pack sack “x-ray” holes for a total of 392 m). Subsequently, Tribute completed seven holes (939 m) in 2002 and reported moderate to intense alteration (silicification and carbonatization) and narrow mineralized intersections, up to 4.5 g/t gold over 1 m. Country rock is described variably as a cherty dolostone, banded iron formation and altered metasediments.
The “chemical metasediments” extend several kilometers east and west; Halo controls the full known extent of this stratigraphy through joint ventures with Red Lake Gold Mines (a general partnership of Goldcorp Inc. (TSX: G; NYSE: GG) and Goldcorp Canada Ltd.) and Tribute. There are historical trenched areas and numerous gold-enriched grab samples collected by Halo across the zone but there has been very limited exploration work since the 1970s. An example of the repetition of high grade quartz veins is found in an outcrop on the north shore of Bridget Lake, 800 m from the 2009 channel sample area. Narrow, north-south oriented quartz veins, hosting visible gold, were recognized during 2009 field work. Previous grab samples collected by Halo from a nearby trench reported values from 1.6 to 60 g/t gold and 10 samples averaged 27.7 g/t gold.
Channel samples collected by Halo in 2009 were selected to determine controls on gold mineralization and quartz vein orientation, with particular attention to collection of large and representative samples. Channel samples 5 cm-wide and 5 cm-deep were collected systematically using a diamond saw over lengths between 15 to100 cm long, with an average length of 65 cm. Samples weighing 3 to 5 kg were submitted to the ALS-Chemex, Thunder Bay sample preparation facilities and analyses were performed as ALS-Chemex Vancouver, an internationally recognized, accredited facility. The entire sample was crushed and a 1,000 g split was pulverized. Base metals and a suite of up to 30 trace elements were determined by inductively coupled plasma spectrometry (ICP) after an aqua regia digestion and gold 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 are reported.
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”
Marc Cernovitch
Chairman
For further information, please contact:
Marc Cernovitch
Halo Resources Ltd.
Telephone: 416-619-7539
Fax: 416-601-9046
Email: info@halores.com
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.
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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Toronto, Ontario, December 9, 2009 -- Halo Resources Ltd. (TSXV: HLO) (“Halo”, the “Company”) is pleased to announce results from preliminary channel sampling of quartz veins on the claims optioned from Tribute Minerals Inc (“Tribute”), west of Bridget Lake, including values up to 4.7 ounces per ton gold.
Detailed sampling of historic trenches was carried out to determine controls on gold mineralization. Channel samples were collected from a series of locations along a quartz vein that has been exposed over a 100 m-strike length and is up to 2.2 m wide. High grade gold is generally associated with quartz vein selvages and disseminated pyrite. At the southerly end of the vein sampled (location WM-01), assays along the selvages include 33.2 g/t gold over a 1.2 m length, 10.0 g/t gold over a 1.45 m length and 0.73 g/t gold over a 1.8 m length. One sample taken in the central part of the vein reported 22.9 g/t gold over a 1.1 m length. All these samples were taken parallel to the strike and within a narrow part of the principal vein where the width ranged from 0.25 to 0.8 m in width.
The highest gold grades were reported from an area 25 m north of WB-01 (referred to as WB-02) where gold values reported up to 161 g/t (4.7 ounces per ton gold) over 1.1 m length along a quartz vein selvedge. A parallel sample, within the quartz vein, also reported elevated gold values including 22.4 g/t gold over a 45 cm length, 1.8 g/t gold over a 45 cm length and 0.32 g/t gold over a 40 cm length in contiguous samples along strike. Other Halo samples collected elsewhere across the same vein reported 0.64 g/t gold over 64 cm. Gold values in the country rock are generally less than 0.05 g/t gold.
“The gold results in the vicinity of Bridget Lake are extremely encouraging and further regional sampling and geological studies are planned to determine controls on mineralization. We are particularly impressed by the apparent repetition of the mineralized quartz veins over several kilometers and the fact that no one has previously controlled the 3 km strike length of the prospective geology”, says Lynda Bloom, President & CEO. “The Halo team recognizes that previous work has failed to show continuity of the quartz veins at depth but that the late-stage quartz veins on surface may be indicative of the presence of gold ore bodies hosted in country rock that are controlled by earlier structures.”
Technical Highlights
The Bridget Lake property is located approximately 30 km west of Red Lake, Ontario. The property has been mapped as underlain by Keewatin-aged chemical sediments, graphitic shale, basalts and rhyolites. A series of north-south trending quartz veins have been the target of previous exploration by Faulkenham in 1937 and Cochenour Mines in 1963 over an area of 100 m by 50 m. The 2009 channel samples were collected from accessible areas within historical trenches. Cochenour Mines reported up to 22.9 g/t gold over 4.8 m from trenches and numerous 0.3 to 1.3 m intersections from 14 small diameter drill holes (pack sack “x-ray” holes for a total of 392 m). Subsequently, Tribute completed seven holes (939 m) in 2002 and reported moderate to intense alteration (silicification and carbonatization) and narrow mineralized intersections, up to 4.5 g/t gold over 1 m. Country rock is described variably as a cherty dolostone, banded iron formation and altered metasediments.
The “chemical metasediments” extend several kilometers east and west; Halo controls the full known extent of this stratigraphy through joint ventures with Red Lake Gold Mines (a general partnership of Goldcorp Inc. (TSX: G; NYSE: GG) and Goldcorp Canada Ltd.) and Tribute. There are historical trenched areas and numerous gold-enriched grab samples collected by Halo across the zone but there has been very limited exploration work since the 1970s. An example of the repetition of high grade quartz veins is found in an outcrop on the north shore of Bridget Lake, 800 m from the 2009 channel sample area. Narrow, north-south oriented quartz veins, hosting visible gold, were recognized during 2009 field work. Previous grab samples collected by Halo from a nearby trench reported values from 1.6 to 60 g/t gold and 10 samples averaged 27.7 g/t gold.
Channel samples collected by Halo in 2009 were selected to determine controls on gold mineralization and quartz vein orientation, with particular attention to collection of large and representative samples. Channel samples 5 cm-wide and 5 cm-deep were collected systematically using a diamond saw over lengths between 15 to100 cm long, with an average length of 65 cm. Samples weighing 3 to 5 kg were submitted to the ALS-Chemex, Thunder Bay sample preparation facilities and analyses were performed as ALS-Chemex Vancouver, an internationally recognized, accredited facility. The entire sample was crushed and a 1,000 g split was pulverized. Base metals and a suite of up to 30 trace elements were determined by inductively coupled plasma spectrometry (ICP) after an aqua regia digestion and gold 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 are reported.
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”
Marc Cernovitch
Chairman
For further information, please contact:
Marc Cernovitch
Halo Resources Ltd.
Telephone: 416-619-7539
Fax: 416-601-9046
Email: info@halores.com
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.
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.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA40637D1087">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA40637D1087</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.