TSX-V Trading Symbol: HRC
VANCOUVER, July 27, 2018 /CNW/ - Helio Resource Corp.
("Helio" or the "Company"; TSX-V: HRC) hereby
provides an update of the SMP Gold Project located in Tanzania.
Helio's SMP project comprises 8 Prospecting Licenses (PLs), 4
Retention Licences (RLs), and one licence under application (see
map below). The four Retention Licences are RL 0009 (Saza), RL 0010
(Gap), RL 0011 (Kwaheri), and RL 0012 (Illunga). Under the
Tanzanian Mining Act, 2010, Retention Licences were issued to
projects at which a mineral resource had been identified, but the
projects could not be developed to mine status by reason of
technical constraints, or other economic factors which are
temporary in nature.
Changes to the Mining Act 2010 were announced by the Tanzanian
government in June 2017, and have
resulted in the Retention Licence classification being abolished
and ownership transferred to the government. The Company has been
assured verbally by government officials that the Tanzanian
government will not expropriate the ground covered by the Retention
Licences and wants to work with the Retention Licence holders to
ensure that projects are advanced to the point where a mining
licence can be applied for.
The Tanzanian government has formed a Mining Commission which
will make recommendations for the way forward with regards to the
ground covered by Retention Licences. After consultation with
ministers from the Ministry of Minerals, Helio has applied for the
ground covered by the Retention Licences to be re-issued as
Prospecting licences to allow the project to be advanced.
However, the Commission has yet to make any recommendations or any
commitment as to a date by which its recommendations will be
made.
About the SMP Gold Project
The SMP Gold Project covers a 200km2 area in the Lupa
Goldfields, SW Tanzania and is
adjacent to the New Luika Gold Mine, operated by Shanta Gold
Limited, an AIM-listed company. On March 26,
2015, Helio released a mineral resource estimate for the SMP
Gold Project, comprising an Indicated Resource of 7.5 MT grading
2.4 g/t Au for 590,000 oz Au contained, and an Inferred Resource of
0.56 Mt at 2.5 g/t Au containing 45,000 oz Au. The Indicated
Resource is broken down into 5.9 Mt grading 1.8 g/t Au for 332,000
oz inside a pit-constrained shell at a gold price of US$1,400/oz and 1.6 Mt grading 4.9 g/t for
258,000 ounces of potentially underground mineable material.
A NI 43-101 Technical Report for the Mineral Resource Estimate can
be viewed here - click here for full details.
Richard Williams, M.Sc., P.Geo.,
Helio's CEO and a Qualified Person as designated by NI 43-101, has
reviewed and approved the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard
D. Williams, P.Geo, CEO & President
Neither the 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.
Statements Regarding Forward-Looking Information
Certain statements contained in this news release may contain
forward-looking information within the meaning of Canadian
securities laws. Such forward-looking information is identified by
words such as "anticipated", "estimates", "intends", "expected",
"believes", "may", "will" and include, without limitation,
statements regarding the company's plan of business operations
(including plans for progressing assets), estimates regarding
mineral resources, projections regarding mineralization and
projected expenditures. There can be no assurance that such
statements will prove to be accurate; actual results and future
events could differ materially from such statements. Factors that
could cause actual results to differ materially include, among
others, metal prices, risks inherent in the mining industry,
financing risks, labour risks, uncertainty of mineral resource
estimates, equipment and supply risks, title disputes, regulatory
risks and environmental concerns. Most of these factors are outside
the control of the company. Investors are cautioned not to put
undue reliance on forward-looking information. Except as otherwise
required by applicable securities statutes or regulation, the
company expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new
information, future events or otherwise.
SOURCE Helio Resource Corp.