*** NEWS ***
Jun 28, 2007 08:00 ET
Halo Intersects Massive Sulphide at Jungle Lake Copper-Zinc Deposit
TORONTO, ONTARIO--(Marketwire - June 28, 2007) - Lynda Bloom, President and CEO of Halo Resources Ltd. (TSX VENTURE:HLO)(OTCBB:HLOSF)(FRANKFURT:HRL) is pleased to announce that the first drill holes completed in 25 years at the Jungle Lake copper-zinc deposit have confirmed the presence of thick intersections of massive sulphide near surface.
Vertical hole DH21 intersected 15.5 m with an average grade of 1.54% copper and 0.8% zinc, including 0.45 g/t gold, at a downhole depth of 69 m. Similar mineralization was reported for holes DH20 and DH22 drilled within 200 m of DH21 which confirms the location of the mineralized horizon that HBED included in its resource calculation (see press release March 27, 2007).
"The assay results for the first holes at Jungle Lake confirm the grades and thickness of the massive sulphide lenses as reported by HBED for their internal resource estimate. The near-surface location of the massive sulphide lenses means that an option of open pit mining exists at Jungle Lake, and taken in conjunction with the recent drilling at the Bob Lake deposit only 3 kilometers southeast, the Company is building a series of near-surface resources that could be mined concurrently," says Lynda Bloom, President and CEO. "As we move on to the remaining four deposits of Park, Cold, Fidelity and A.K.E., we will be able to assess the various mining opportunities while exploring concurrently elsewhere on the large Sherridon concession."
Drilling continues at Jungle Lake to confirm copper and zinc grades while testing the outer limits of the resource model generated by HBED.
HIGHLIGHTS
- Halo intersects 15.5 m of 1.54% copper and 0.8% zinc near surface at Jungle Lake
- Drilling continues at Jungle Lake to confirm and expand mineralized zones
- Six deposits within 5 km of Sherridon targeted for drilling
Technical Highlights
A total of 1,500 m of drilling was completed in 6 holes out of an expanded program of approximately 2,500 m for the first phase of testing at the Jungle Lake deposit. Assays for all mineralized zones in diamond drill holes DH20 to DH25 are reported in the assay table.
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Dip/ From To Interval Cu Zn Ag Au
Hole Azimuth (m) (m) (m) (%) (%) (g/t) (g/t)
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DH20 90 degrees/ 116.9 129.2 12.3 1.40 0.81 7.6 0.25
0 degree
--------------------------------------------------
DH21 90 degrees/ 69.0 84.5 15.5 1.54 0.75 8.8 0.45
0 degree
--------------------------------------------------
DH22 90 degrees/ 124.1 127.0 2.9 1.27 1.68 8.3 0.71
0 degree
--------------------------------------------------
DH23 90 degrees/ 157.7 164.7 7.0 0.49 1.59 5.7 0.07
0 degree
--------------------------------------------------
DH24 90 degrees/ 307.5 310.2 2.7 0.21 0.45 3.3 0.08
0 degree
--------------------------------------------------
DH25 90 degrees/ 413.6 415.1 1.5 0.07 0.01 17.0 1.10
0 degree
--------------------------------------------------
419.8 422.8 3.0 0.21 0.02 13.8 0.47
--------------------------------------------------
- Mineralized lenses are expected to dip approximately 40 degrees
northwest and widths may be overstated by 15%.
The drill holes DH23 and 24 tested areas outside the current resource estimate envelope to determine if tonnages could be expanded outside the previously defined boundaries. DH23 intersected 7 m of massive sulphides at a higher zinc grade interval than historical holes and raises the possibility of more near-surface tonnage. The mineralized horizon was identified in drill holes 24 and 25, suggesting that additional targets exist downdip and downplunge. In this area the mineralized horizon had elevated gold values of up to 1.1 g/t gold over 1.5 m.
Sampling, assaying and quality control procedures are consistent with those reported in the Technical Background of the press release issued February 15, 2007. The above information has been prepared under the supervision of Kevin Leonard, who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.
About the Jungle Lake Deposit
The Jungle Lake deposit was discovered and drilled by Hudson Bay Exploration and Development Company Limited (HBED) from 1958 to 1967. Historical resource estimates calculated by HBED on the Jungle Lake deposit are 3.4 million tonnes grading 1.42% copper and 1.1% zinc. All resources stated in this press release are historical in nature. Although the resource estimations are believed to be reliable, they were calculated prior to the implementation of National Instrument 43-101. Halo and its Qualified Persons have not done sufficient work to reclassify the historical estimates as current mineral resources. Halo is not treating the historical estimates as current mineral resources and the historical estimates should not be relied upon. More recent estimates or data are not available to Halo.
Halo has the option to earn 100 percent interest in the Jungle Lake deposit from HBED through a series of cash and share payments and escalating work commitments as detailed in the option agreement.
About the Sherridon VMS Property
The Sherridon VMS Property covers an area of over 20,876 hectares and hosts the past-producing Sherridon Mine that was operated by Sherritt Gordon Mines from 1933 to 1950 and produced 7.7 million tonnes of ore grading 2.46% copper and 0.8% zinc. Results from an airborne geophysical survey completed in the summer of 2006 identified an additional 122 targets. The property is located only 70 km northeast of the mining and metallurgical complex in Flin Flon operated by HudBay Minerals Inc. Future development of the property is facilitated by the presence of an all-weather road and railroad access as well as a power line and communications tower.
About Halo Resources Ltd.
Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. Currently the Company owns or has an interest in three projects: Duport, which is an advanced stage gold project; Red Lake, which is a gold exploration project, and the Sherridon project that is a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities. The Company is operated by an experienced management team and backed by a strong network of mining financiers. The Company's growth strategy is to develop a diversified portfolio of advanced mining projects.
ON BEHALF OF THE BOARD
Lynda Bloom, President and CEO
Except for historical statements contained herein, this news release presents "forward looking information" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, information with respect to future exploration activities. Forward-looking information can frequently be identified by words such as "plans", "expects", "estimates", "forecasts", "intends", "anticipates", or "believes", or the negative thereof, or other similar words and phrases or state that certain actions, events or results "may", "could" or "might" occur or be achieved. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Halo to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to joint venture operations; changes in project parameters; fluctuating metal prices; possible variations in ore reserves, grade or recovery rates; the possibility of project cost overruns or unanticipated costs and expenses; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry, and delays in obtaining governmental approvals or financing. Although Halo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Halo does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Halo Resources Ltd.
Lynda Bloom
President & CEO
(416) 368-7045 or Toll Free: 1-866-841-0068
Email: lbloom@halores.com
or
Halo Resources Ltd.
Marc Cernovitch
Chairman
(416) 368-7045 or Toll Free: 1-866-841-0068
(416) 368-9805 (FAX)
Website: www.halores.com |
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