House & Home
House and Home
House and Home 
Thu, June 3, 2010
TORONTO, ONTARIO--(Marketwire - June 3, 2010) - Lynda Bloom, President and CEO of Halo Resources Ltd. ("Halo", the "Company") (TSX VENTURE:HLO)(FRANKFURT:HRL) is pleased to announce high grade gold intersections for the diamond drill hole completed on the Tribute Minerals Corporation ("Tribute", TBM:CDNX) - Halo joint venture property, part of the West Red Lake holdings. Results of up to 68 g/t gold over 0.4 m within a 4.3 m mineralized interval were reported in siliceous dolomitic breccia, an entirely new and prospective style of mineralization. The drill hole intersection falls between two known zones of narrow quartz veins at surface that host visible gold and assay up to 161 g/t gold.
"As reported previously, Halo has been very encouraged by the wide-spread presence of gold-bearing quartz veins and was confident that they were indicative of gold mineralization hosted at depth. These new results are the first time that high-grade gold has been reported associated with sulphides rather than from quartz veins in this area. This is also the deepest hole that has ever been drilled in the prospective stratigraphy, that can be traced a couple of kilometers both east and west," says Lynda Bloom, President and CEO. "The mineralized intersection is still only approximately 250 m from surface and appears to be associated with an airborne geophysical signature that extends east-west across Bridget Lake for about 400 meters. Historically, explorers have only scratched the surface and this new style of mineralization creates an important target for Halo."
Halo has an option to earn a 65% interest in Tribute's Bridget Lake claims (see press release October 27, 2008).
Technical Highlights
Drilling in March extended a 2008 drill hole (RL08-009) beneath Bridget Lake from a depth of 307 m to 411 m. This drilling intersected mostly siliceous dolomitic breccia that is the dominant component of a thick package of chemical sediments beneath Bridget Lake.
Between depths of 391.5 m and 395.9 m several intervals contained angular pyrite clasts that assay high grade gold values, with one sample reporting 68 g/tonne over 0.41 m (see table below). Samples were not submitted for assay through the entire section and additional sampling is planned. If the worst case is assumed and the intervening samples have zero gold content, the 4.23 m wide interval averages 8.36 g/tonne gold and 3.34 g/tonne silver. True widths are unknown as the orientation of the mineralization has not been determined. The dip of the extended drill hole was measured between 33 to 45 degrees down hole.
| From (m) | To (m) | Length (m) | Gold (g/t) | Silver (g/t) |
| 391.59 | 392.00 | 0.41 | 68.0 | 25.1 |
| 393.54 | 393.94 | 0.40 | 0.67 | 0.3 |
| 394.24 | 394.54 | 0.30 | 18.2 | 8.6 |
| 394.80 | 395.19 | 0.39 | 0.23 | 0.2 |
| 395.54 | 395.82 | 0.28 | 5.97 | 3.8 |
The discovery intersection is located approximately 300 m east of 7 shallow drill holes (939 m) completed by Tribute in 2002 that reported moderate to intense alteration (silicification and carbonatization) and narrow mineralized intersections, up to 4.5 g/t gold over 1 m. As previously reported (December 9, 2009), Halo's 2009 surface channel samples reported gold grades 161 g/t (4.7 ounces per ton gold) over 1.1 m length along a quartz vein selvedge in the vicinity of Tribute's drilling.
The 2010 drill hole intersection is also approximately 400 m west of quartz veins hosting visible gold that outcrop on the north shore of Bridget Lake. Grab samples collected by Halo from a nearby trench reported values from 1.6 to 60 g/t gold and 10 samples averaged 27.7 g/t gold.
The chemical sediments, that host the high grade gold intersections, extend several kilometers east and west; Halo controls the full known extent of this stratigraphy through joint ventures with Red Lake Gold Mines (a general partnership of Goldcorp Inc. (TSX: G; NYSE: GG) and Goldcorp Canada Ltd.) and Tribute. There are historical trenches and numerous gold-enriched grab samples collected by Halo in the chemical sedimentary unit but there has been very limited exploration work since the 1970s. Attractive IP high chargeability and airborne EM anomalies provide immediate targets for 2010 field work and future drill targets.
All samples are one-half sawn drill NQ drill core. Sample preparation, assaying and assay quality control are consistent with procedures outlined in the December 9, 2009 press release.
The above information has been prepared under the supervision of Lynda Bloom, P.Geo., who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.
ON BEHALF OF THE BOARD OF DIRECTORS
"Marc Cernovitch"
Marc Cernovitch
Chairman
About Halo Resources Ltd.
Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. The Company's focus is the 200 sq. km. Sherridon VMS Property, a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities. A 2008 NI43-101 compliant copper-zinc resource, for four of the known deposits in the district, was completed in less than 18 months. The Company has a joint venture interest in the Duport Property, an advanced gold property near Kenora, Ontario and is the operator for several contiguous joint venture properties in West Red Lake covering 45 sq. km. The Company is operated by an experienced management team with a growth strategy to develop a diversified portfolio of advanced mining projects.
Forward Looking Statements
This Company Press Release may contain certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
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.