Hellix Ventures Inc.: Athabasca Work Commences/Margarita Gold Project Overview
May 21 2010 - 6:13PM
Marketwired Canada
HELLIX VENTURES INC. (TSX VENTURE:HEL)(PINK SHEETS:HLLXF) - Frank Underhill,
President, announces that the work program on the Athabasca has been initiated
in the Nelson area of British Columbia. In addition, an overview of the recently
optioned Margarita gold project is detailed.
ATHABASCA Gold Project - NELSON, BC
The first phase of the work program involves mapping the surface surrounding the
historic Athabasca Gold Mine and accessible portion of the underground. Rock
sampling from surface and underground is to be carried out by a professional
geologist and sent for analysis at an ISO certified laboratory. If warranted, a
magnetometer survey will be performed in the immediate area. These measures are
being undertaken to assist Hellix in the spotting of drill holes for our next
phase of work.
Hellix has an option to purchase 100% of the Athabasca Mine, a former high-grade
gold producer in the Nelson Gold Camp in British Columbia.
MARGARITA Gold Project - SOUTHERN ARIZONA
Hellix has recently signed an agreement to option up to 95% of 41 unpatented
lode claims SW of Tucson, Arizona. The historic Margarita Gold Mine documented
in USGS files is hosted within this claim block.
The property has many old workings including numerous test pits and adits. It
was mined intermittently from the late 1800's to 1941. Prior to 1886, an unknown
amount of gold was recovered from placers. From the late 1890's to 1930, an
estimated 25,000 tons was mined. Grade is approximated at 0.4 ounces per ton
gold.
In the claim area, the underlying rocks are mainly felsic volcanoclastics and
quartz monzonite. Mineralization consists of pyrite, gold and silver with
abundant iron oxides occurring in flat-lying zones with intense silicification
and argillic alteration. It is possible that the steeply dipping, gold-bearing
quartz-rich veins present are feeders to the flat-lying siliceous mineralized
zones.
Between the years 1976 and 1987, a number of companies tested the flat-lying
mineralized zones including Homestake, Dekalb and La Teko (now Kinross), but
little drilling was done to test the possibility of gold bearing feeder veins.
Hellix is planning an exploration program to test for these feeders.
The property has an extensive recent history of near surface, heap leachable
lower-grade gold exploration. Mining methods have advanced and gold prices have
risen to such an extent as to warrant the exploration and development of these
lower grade gold projects.
Hellix has engaged an Arizona mining exploration company to assist in the
Margarita exploration and development work program. The company principals
include a professional engineer with expertise in heap leach situation
management and an experienced professional geologist. An outline of the initial
work program is forthcoming.
The technical portion of this release has been reviewed by Qualified Person
Laurence Sookochoff, P. Eng.
HELLIX VENTURES (TSX VENTURE:HEL)(PINK SHEETS:HLLXF) 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 are not NI 43-101 compliant and
therefore may not be relied upon.