Helio Resource Corp (TSXV:HRC) updated its NI 43-101 compliant mineral resource estimate for its SMP Gold Project,Tanzania. The company aimed to identify the potential for higher-grade open pit and underground resources what are potentially economically mineable with current gold prices. The update is in contrast to Helio’s precious resource estimate, dated February 14, 2012, which used a 0.5g/t cut-off grade at a $1,450 gold price.
Mr. Richard Williams, CEO of the Company commented:
This mineral resource estimate validates the work the Company conducted last year, and places the SMP Gold Project into a position where we can advance the project to a production decision. The current market is focussed on projects that can deliver low cost, higher-grade production opportunities, coupled with lower up-front capital expenditures, and we believe the Company can meet these requirements at SMP. Coupled to these resources, which are both open to depth, is a pipeline of seven additional, near surface, high-grade targets that are not currently included in the resource base. These targets represent future opportunities to significantly grow our resource base.