Hellix Announces Preliminary Geological Analysis on Margarita
January 10 2011 - 11:35AM
Marketwired
HELLIX VENTURES INC. (TSX VENTURE: HEL)(PINK SHEETS: HLLXF) - Frank
Underhill, President, announces a preliminary geological analysis
from our Margarita property field geologist.
Geologist J. Duncan was contracted to construct a detailed
outcrop geologic map of the Margarita's four main prospective zones
and extend north to the Blue Wing Zone. The approximate area
covered is 2000 feet N-S by 800 feet E-W. This information will
provide a basis for interpreting existing drill data, which until
this time has not included any geology. It will also serve as a
foundation for our own ongoing exploration and development
efforts.
Geologic field observation of the area has revealed two readily
distinguishable rock units. The first is generally strongly
quartz-veined and silicious; variably limonitic, with common
evidence of oxidized sulfides. Color varies from light gray to dark
gray to reddish. Texture fluctuates from very fine grained to
obviously crystalline. Historically, this rock has been host to the
gold mineralization reported by the USBM and others, but was
identified as a silicified and mineralized volcanic tuff.
According to Mr. Duncan, the rock seems to be more like an
intrusive than a tuff. It is very silica rich and resistant to
erosion, and forms bold outcrops capping many of the topographic
high points on the property. Where it forms the Margarita main
prospective zones, it is a tabular body that dips gently
northwestward and is exposed mainly on the tops and northwestern
flanks of the north-trending string of small hills. The once
continuous body has been broken by minor faulting and/or erosion
into the separate bodies identified as the Main Margarita, North
Margarita, North Hill and Cascabel.
The second rock unit in the area is an intrusive rock
distinguished by abundant (approximately 30% of rock volume) blocky
white feldspar and subordinate smaller hornblende in a very
fine-grained gray groundmass. This unit is generally unaltered and
not mineralized to the eye. Based on the geologist's preliminary
observations and our analysis of prior drill data, this second unit
gray feldspar porphyry is not a host to gold mineralization.
The earlier interpretation that mineralization is hosted by a
volcanic tuff had led to suggestions that the tuff unit must have
been mineralized by high-angle "feeder" veins cut up through the
underlying feldspar porphyry. Our current geological program has
found no evidence of this. The detailed geochemical sampling
program initiated by Hellix should confirm (or disconfirm) our
current interpretation.
Mr. Duncan states, "The obvious target is the host rock itself,
whether it is a tuff or an intrusion. I am optimistic that these
efforts will lead to new targets on the property."
In short, Mr. Duncan's assessment is that the mineralization is
found in silicified dikes occupying the tops or near the tops of
hills. It is unknown at this time if there is only one dike that is
widespread over the region, if there is a series of dikes, or if
there are additional layers of dikes below the current known zones.
Hellix will gain more knowledge in this area after structural
mapping and our planned upcoming drill program.
A localized field map of the area detailed above will be
available for viewing on our website www.hellixventures.com as soon
as it is received by the Company. Results of the geochemical
sampling of the area will be announced shortly.
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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