Helio Provides Tanzania Update
Helio Provides Tanzania Update
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 200km
2
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
Map of the SMP Gold Project (CNW Group/Helio Resource Corp.)
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.
View original content with multimedia:
http://www.newswire.ca/en/releases/archive/July2018/27/c5951.html
%SEDAR: 00012999E
For further information:
please contact Richard Williams at +1 604 210 8753.
CO: Helio Resource Corp.
CNW 16:30e 27-JUL-18