VANCOUVER, British Columbia, Aug. 10, 2005 (PRIMEZONE) -- Marc Cernovitch, President & CEO of Halo Resources Ltd. (TSXV:HLO) (OTCBB:HLOSF) (FSE:HRL) is pleased to announce that it has commissioned Fugro Airborne Surveys to carry out a helicopter-supported airborne magnetometer and electromagnetic (EM) survey totaling 2,400 line kilometres on the Duport property located 60 kilometres west of Kenora, Ontario.
The geophysical survey will include detailed coverage of the Duport deposit and related gold showings in the vicinity of Duport, as well as high-resolution coverage of regional gold targets located on the property.
The objectives of the program will be to:
-- Locate and delineate extensions to, and define parallel zones in,
proximity to the Duport deposit;
-- Cost-effectively discover new gold targets associated with
regional structures that include the Duport, Stevens Island, and
Sirdar deformation zones which are known to contain significant
gold mineralization;
-- Help guide the Phase II drill program toward targets considered
to have potential for the discovery of high-grade ounces. Drill
holes targeting the south Main Lens at Duport from the recently
completed Phase I program intersected 20.02 g/t Au over a core
length of 3.96 metres in Hole 05-02 and 7.37 g/t Au over a core
length of 2.74 metres in Hole 05-17;
-- Efficiently maintain the large area landholdings in good standing
with respect to assessment requirements.
Previous operators at Duport carried out only limited exploration on additional targets such as the Golden Reef and Sirdar Peninsula gold showings. These zones offer attractive targets for the discovery of additional ounces located only a short distance from Duport. The preponderance of clustered gold showings spatially associated with the Stevens Island sub-volcanic complex is compelling evidence for the existence of major gold mineralization along strike of and at depth at Duport.
Regional, well-developed shear zones that contain high-grade gold values, as observed at Duport remain virtually untested along their northern and southern extensions. On the northern portion of the property, the auriferous Duport Deformation Zone intersects a prominent east-west trending lineament that hosts the historic Crown Point Mine. The area where these two structures intersect represents an exciting satellite target for the high resolution airborne EM and magnetometer survey. An anomalous airborne response associated with this target will be aggressively followed-up for drill testing.
The geophysics program will employ a DIGHEM EM system, designed and manufactured by Fugro, with five frequencies and multi-coil geometry. The DIGHEM EM system has the widest range of frequencies in the industry and provides the interpretation benefits that can only be realized by a system employing both horizontal coplanar and transmitter-receiver coil-pairs. A total of 10 EM channels of information will be sampled at 0.1 second intervals or approximately four metres along the survey line, with a time constant of 0.2 seconds.
A Scintrex CS-2 or Geometrics G822 cesium magnetometer with a sampling interval of 0.1 seconds and an in-flight sensitivity of 0.01 nT, will be utilized. The magnetometer will perform continuously in areas of high magnetic gradient with the ambient range of the sensor approximately 20,000 -- 100,000 nT.
The detailed, high-resolution survey will be flown at 50- and 100-line spacings in order to:
-- Effectively map out anomalous sulphide concentrations within areas
showing contrasting lithologies and structural complexity;
-- Outline extensions to known mineralization, particularly those
parallel to and along strike to the north and south of Duport;
-- Geometrically define the gold targets more accurately.
The geophysical survey is currently underway and is expected to be completed by August 15, 2005.
Additional Information
For additional information on the Duport Property, please see the technical report on the Duport property, Northwestern Ontario, Canada, dated November 8, 2004, filed on SEDAR at www.sedar.com.
Halo Resources Ltd. is a Canadian-based resource company focused on the acquisition of near production-base and precious-base metal deposits. Currently the Company owns or has an interest in 3 projects: Duport, an advanced stage gold project; Bachelor Lake, a gold exploration project; and a letter of intent regarding Quarter Moon, which is a grass roots gold project. The Company is operated by an experienced management team and backed by a strong network of mining financiers. The Company's growth strategy is to develop a diversified portfolio of advanced mining projects.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Except for the historical statements contained herein, this news release presents forward-looking statements that involve inherent risks and uncertainties. Although the management and officers of Halo Resources Ltd. believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, they give no assurance that their expectations will be achieved. Certain risks and uncertainties inherent in the Company's operations include political, economic, environmental, and geological issues, including but not limited to, the continued need for additional capital, the competition within the mining industry, and other risks detailed from time to time in the Company's periodic reports filed with the British Columbia Securities Commission.