Hellix Ventures Inc.: Margarita-New Work Program/Additional Claims Staked
November 15 2010 - 12:58PM
Marketwired
HELLIX VENTURES INC. (TSX VENTURE: HEL)(PINK SHEETS: HLLXF) - Frank
Underhill, President, announces the start of a new work program and
completion of additional claim staking at our Margarita property in
southern Arizona. Hellix has an option to acquire up to 95% of 41
unpatented lode claims which includes the historic Margarita Gold
Mine.
The work program will consist of three components.
1. Geological mapping of outcrops to be initiated in an area of
approximately 2000 feet N-S by 800 feet E-W (610 meters N-S by 244
meters E-W) covering the four main Margarita Zones and extending
north to the Blue Wing Zone. This information will provide a basis
for interpreting historic drill data, which to date has not
included any geology. It will also provide a better foundation for
our own ongoing exploration and development efforts including
choosing locations for future drill holes.
2. The corroboration of rock sample locations and results
reported by the United States Bureau of Mines (USBM) in a 1994 open
publication on Margarita historic mine areas and prospects within
our present claim group. The focus will be on the four main
Margarita target areas, but other areas of interest in our claim
block will also be located and sampled.
3. The follow-up of anomalous gold values on our claim block
from the previous silt sample program (outlined in the Hellix news
release dated October 3, 2010) in which eight out of twenty-three
silt samples taken returned gold values of 100 - 710 ppb gold. We
will attempt to locate the bedrock source of those elevated values
by chip sampling of outcrops. The area covered will include at
least six zones inside the approximately 3.6 square mile (9.3
square kilometer) claim block currently held by Hellix.
Hellix has now completed the staking of 77 additional claims
surrounding our 41 optioned "Oro" claims. The "M" claims were
staked to expand upon potential target areas with the possibility
they hold the bedrock source of some of the higher values from the
silt sampling program. There are other strategic purposes which
include the acquisition of large flat lying areas not easily
located on the original claim block.
We have professionally surveyed the claims including the four
main Margarita target areas. We are now certain there are no
fractions within our claim group. There can be no dispute in future
as to the validity of the location of the claim block. The survey
also included the plotting of old drill holes located and not
reclaimed, and old workings that were not on any historical
maps.
Hellix will utilize the data from the aforementioned work
components to assist with its planned drill permit application to
the Forest Service in the near future.
Results of these program components and other updates will be
announced on an ongoing basis. Work will continue throughout the
winter on the Margarita property.
The technical portion of this release has been reviewed by
Qualified Person Laurence Sookochoff, P. Eng.
HELLIX VENTURES (TSX VENTURE: HEL) is engaged in the
identification, acquisition, exploration and development of gold
and silver properties in North America. Hellix has no debt (other
than short-term trade payables), and has positive cash flow from
fossil fuel production in Western Canada. All transactions stated
or referred to herein are expressly subject to TSX Venture Exchange
approval as well as all other applicable regulatory body
approvals.
ON BEHALF OF THE BOARD OF DIRECTORS
HELLIX VENTURES INC.
Frank Underhill, President
The forgoing is for informational purposes only, and is not to
be construed as an offer to buy or sell securities in any
jurisdiction. It may contain forward-looking statements. While the
data compiled by management is from sources deemed to be reliable,
actual future results may vary materially. Hellix Ventures Inc.
does not assume the obligation to update any forward-looking
statement and will not be responsible for any loss arising from the
use of this information. Historically reported results may not be
NI 43-101 compliant and therefore caution should be used in relying
on such statements.
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: Hellix Ventures Inc. Barry Underhill (604) 683-6657 or
Toll Free: 1-877-430-3113 (604) 684-4407 (FAX)
info@hellixventures.com www.hellixventures.com
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