Halo Reports HudBay Drill Results at Lost Deposit 2.3% Copper and 7.5% Zinc Over 6.8 Meters
01 Décembre 2010 - 9:00AM
Marketwired
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 drill program at the Lost copper-zinc deposit.
Assays for an additional 10 holes have been reported, including one
intersection of 6.8 meters that averages 2.29% copper and 7.5% zinc
with precious metal credits (see table below). All holes were
shallow with a maximum depth of 154 meters.
Lynda Bloom, Halo's President& CEO, stated "The HudBay drill
program confirms the presence of a thick, high grade plunging
feature that now shows remarkable continuity over a strike length
of more than 300 meters. Of particular significance is the fact
that this zone is flat-lying, extends from near surface in the
south to approximately 85 meters below surface in the north and is
amenable to exploitation by low cost mining methods. Halo is
optimistic that Lost deposit has the potential to provide mill feed
to HudBay's facilities in Flin Flon. The deposit remains open to
the north and will be tested this winter by further drilling in an
area between the Cold and Lost deposits, (see Figure 1), where
surface chip samples assayed up to 5% zinc and 0.4% copper".
Halo remains committed to mineral resource investigation and
evaluation of its 200 square kilometer Sherridon VMS Property in
Manitoba. Halo has already spent in excess of $13 million in
exploration at the Sherridon property and continues to evaluate
high potential areas for additional copper-zinc deposits through an
effective systematic, and geoscientific approach to mineral deposit
exploration; the same approach that led Halo to its copper-zinc
discovery at Lost Lake. The Halo - HudBay agreement at Lost and
Cold positively reinforces Halo's exploration approach in the
Sherridon property area. Halo intends to implement an aggressive
plan to ramp up exploration activity based on its success to date
and is also initiating strategic studies to evaluate possible local
production of base metal concentrate from the four defined
copper-zinc deposits. These contemplated production scenarios will
take full advantage of the existing hydroelectric and
transportation infrastructure.
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. The January and
September 2010 drill programs will contribute to the minimum
$350,000 work commitment to be completed by December 21, 2011. A
cash payment of $150,000 is due on or before the same date and a
total work commitment of $1.35 million is required by December 21,
2011 for the option to remain in good standing.
Technical Information
HudBay controlled all aspects of the drill program reported here
including logging, sampling, assaying and quality control. Sample
preparation, assaying and quality control programs are consistent
with the disclosure in the press release dated November 12, 2010.
Assays for holes HMET002, HMET004 and HMET006 were included in the
previous press release of November 12, 2010.
The Lost deposit is best described as a horizontal to
sub-horizontal plunging zone of higher grades and thickness
contained within a mineralized envelope dipping 55 degrees to the
northeast. The plunging feature is characteristic of a VMS deposit
and contains the bulk of the metal within the known resource. The
shallow depth of this plunging feature that extends from surface
for a length of at least 300 meters, offers the opportunity for
extraction by low cost mining methods. The high copper and zinc
grades also provide an opportunity for transportation to nearby
processing facilities in Flin Flon.
A total of 1,450 meters were drilled in 13 holes over a small
area of approximately 290 meters by 65 meters (see figure) at dips
of 45 to 65 degrees at grid azimuth of 270 degrees. Approximately
60% of the drilling penetrated the high grade core zone. Samples
will be sent to G & T Metallurgical in Kamloops for
metallurgical test work to confirm that the existing Flin Flon mill
circuits are capable of producing saleable concentrates from the
Lost ore. The remaining holes pierced the mineralized envelope down
dip, providing valuable geological data and improving delineation
of the lower limits of the plunging high grade zone.
Significant assays and intercepts are reported in the following
Table 1. While the true widths are not known, they are not expected
to vary significantly from the reported lengths.
---------------------------------------------------------------------------
Length Copper Gold Silver
HOLE From (m) To (m) (m) (%) Zinc (%) (g/t) (g/t)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
HMET001 74.7 81.8 7.1 1.23 1.72 0.51 11.9
----------------------------------------------------------------
includes 79.0 81.8 2.8 1.76 3.23 0.67 18.0
---------------------------------------------------------------------------
HMET002(i) 100.3 104.2 3.9 0.35 1.86 0.86 4.6
----------------------------------------------------------------
includes 100.3 100.9 0.6 0.70 3.66 0.25 7.0
----------------------------------------------------------------
includes 103.7 104.2 0.5 1.49 8.98 5.67 25.0
---------------------------------------------------------------------------
HMET003 61.7 68.5 6.8 2.29 7.51 0.58 21.6
---------------------------------------------------------------------------
HMET004(i) 105.2 112.5 7.3 3.27 8.60 1.67 33.7
---------------------------------------------------------------------------
HMET005 128.2 128.9 0.7 1.67 4.11 0.83 19.4
---------------------------------------------------------------------------
HMET006(i) 139.9 140.2 0.3 2.54 2.54 0.29 34.0
---------------------------------------------------------------------------
HMET007 73.2 78.5 5.3 2.34 7.74 1.23 26.3
----------------------------------------------------------------
includes 74.8 77.9 3.1 3.71 12.82 1.91 41.0
---------------------------------------------------------------------------
HMET008 90.0 95.3 5.3 0.67 3.53 0.35 6.9
----------------------------------------------------------------
includes 90.0 93.0 3.0 0.97 4.35 0.57 10.2
---------------------------------------------------------------------------
HMET009 57.2 61.6 4.4 0.87 1.40 0.39 9.4
----------------------------------------------------------------
includes 58.5 59.0 0.5 2.16 4.35 1.91 26.0
---------------------------------------------------------------------------
HMET010 76.4 86.0 9.6 1.10 5.47 0.71 13.1
----------------------------------------------------------------
includes 79.6 81.0 1.4 1.39 15.89 1.71 17.3
----------------------------------------------------------------
includes 83.7 86.0 2.3 1.78 10.57 1.42 23.4
---------------------------------------------------------------------------
HMET011 102.0 113.0 11.0 0.65 2.48 0.49 9.2
----------------------------------------------------------------
includes 102.9 103.3 0.4 0.23 21.95 0.36 5.0
----------------------------------------------------------------
includes 107.7 111.4 3.7 1.11 3.61 1.13 18.8
---------------------------------------------------------------------------
HMET012 119.0 122.8 3.8 0.71 6.35 0.34 11.9
----------------------------------------------------------------
includes 121.13 122.8 1.7 0.52 12.94 0.08 8.7
---------------------------------------------------------------------------
HMET013 64.4 72.9 8.5 2.70 5.71 1.81 32.9
----------------------------------------------------------------
includes 65.0 72.9 7.9 2.84 6.15 1.91 34.7
---------------------------------------------------------------------------
(i) Holes/intercepts previously 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
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/halo_12_01_2010_fig_1.pdf.
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.
Contacts: Halo Resources Ltd. Michael Joyner IR 416-619-7539
416-601-9046 (FAX) ir@halores.com www.halores.com First Canadian
Capital Corp 416-742-5600 or Toll Free: 1-866-580-8891
Halo Resources Ltd. (TSXV:HLO)
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