VANCOUVER, British Columbia, Aug. 17, 2005 (PRIMEZONE) -- Marc Cernovitch, President & CEO of Halo Resources Ltd. (TSX-V:HLO) (OTCBB:HLOSF) (Frankfurt:HRL) & Serge Roy, President & CEO of Metanor Resources Inc. (TSX-V:MTO) are pleased to announce new results from the recently completed 13,346m underground drilling program at Bachelor Lake, Quebec. Significant assay results were returned from both lateral and deep extensions (below Level 12) of the "Main," "A" and "B" mineralized zones (see also Press Release of May 26, June 8, June 23, July 13, August 2, and August 3, 2005).
Interpretation of drill data indicate a significant increase in both gold values and mineralized thickness, in particular where the B Zone is intersected by the crosscutting A Zone. A pattern is beginning to develop whereby the intersection of these structures may be predictable. Future drilling will test this hypothesis, as the recognition of zones of structural dilatency together with the corresponding elevated gold mineralization may have a positive impact on project economics.
Recent drill results have also confirmed the extension of known resources into the recently acquired Hewfran property west of Bachelor Lake. This area remains highly prospective and the potential to further extend the known Bachelor Lake gold resource beyond the Hewfran East deposit to the Hewfran West mineralization deposit remains untested. Data acquired from this area is currently being integrated into the Bachelor Lake data base.
Highlights of the latest drill results are from below Level 12 and are listed below:
Bachelor Lake "Main Zone":
-- 12.35 g/t Au over 2.80 m contained within 7.97 g/t Au over
5.35 m (hole 12-80);
-- 8.07 g/t Au over 5.05 m contained within 7.30 g/t Au over
5.80 m (hole 12-89);
-- 15.64 g/t Au over 1.95 m and 13.49 g/t Au over 1.90 m contained
within 6.97 g/t Au over 9.85m (hole 12-102);
-- 26.50 g/t Au over 2.75 m contained within 11.28 g/t Au over
6.75 m (hole 12-106);
-- 25.12 g/t Au over 1.95 m contained within 10.23 g/t Au over
5.60 m (hole 12-112);
-- 7.93 g/t Au over 2.25 m contained within 5.10 g/t Au over
8.55 m (hole 12-114).
Bachelor Lake "A Zone":
-- 6.70 g/t Au over 2.35 m (hole 12-69);
-- 7.43 g/t Au over 0.55 m (hole 12-85).
Bachelor Lake "B Zone":
-- 9.50 g/t Au over 3.10 m (hole 12-69);
-- 7.92 g/t Au over 3.00 m (hole 12-70);
-- 6.01 g/t Au over 1.10 m (hole 12-79);
-- 14.26 g/t Au over 4.10 m contained within 9.12 g/t Au over
8.00 m (hole 12-83);
-- 5.69 g/t Au over 3.05 m (hole 12-87);
-- 7.90 g/t Au over 1.20 m (hole 12-87);
-- 14.90 g/t Au over 3.65 m (hole 12-90);
-- 12.48 g/t Au over 6.05 m contained within 10.37 g/t Au over
7.80 m (hole 12-93);
-- 9.03 g/t Au over 2.35 m (hole 12-100);
-- 6.33 g/t Au over 2.15 m (hole 12-108);
-- 15.40 g/t Au over 2.40 m contained within 6.75 g/t Au over
6.00 m (hole 12-110);
-- 8.93 g/t Au over 1.90 m (hole 12-112);
-- 7.40 g/t Au over 7.05 m (hole 12-114).
Please note that all the intervals are uncut and presented as drilled core lengths, not true vein widths or horizontal widths. Drilling has been done as azimuth oriented holes from two (2) underground drill stations located at the 12th Level. See Table 1, for the detailed assay results and Figure 1 and 2 for the approximate hole locations.
Figure 1 : Bachelor Lake Main Zone Longitudinal View
http://www.metanor.ca/PDF/LongSectionZoneP11-08-05.jpg
Figure 2 : Bachelor Lake B Zone Longitudinal View
http://www.metanor.ca/PDF/LongSectionZoneB11-08-05.jpg
Highlights and significance of new geological and structural interpretation
Results from the drilling program and the interpretation from the Hewfran and Bachelor vertical sections has highlighted features that show the potential for a substantial increase in resources:
1. The continuity of the "Main Zone" has been extended
substantially (over a total strike length of 1,500 feet
(450m)) from the Bachelor Lake to the East Zone" on to
the recently acquired Hewfran property; hence, opening
the potential for adding resources. The "Main Zone" has
been intersected on the Hewfran property ("East Zone"
now part of the Bachelor Lake property) some 107 m
(350 feet) west of the old Hewfran / Bachelor Lake
property boundary and it is still open westward as drilling
has not been performed west of the 850'W section.
Furthermore, the mineralization is known to exist as far as
Hewfran "West Zone" some several hundred feet further west
(1000 feet (300m). It should be noted however, that details
of the "East Zone" and "West Zone" gold resources are not
yet fully integrated with the Bachelor Lake data base and
remain non-compliant with NI 43-101.
2. Significant bulging of the mineralized zones, apparent at
the junction of several major structural features, has
created the potential for high productivity, lower cost
mining methods. This bulging is illustrated as follows:
a. At the junction of "B Zone" and "A Zone" on sections
0'E, 50'W, 100'W, 150'W, 200'W and 250'W. This thicker
zone has a potential strike length of 45 m, a down-dip
length of 35 m and an estimated true width of 10 m. This
is also the area where the increased presence of visible
gold has been noted.
b. Proximal stacking of mineralization at the junction of
the "B Zone" with the "Main Zone" (hole BLM12-04 has an
estimated true width intersection of 12 m with the "Main
Zone" and the "B Zone" is only 5.2 m from the Main Vein
on the hanging-wall side. This zone also has the
potential to increase the resources.
c. At the junction of the structures "A Zone" with "B Zone"
and the "B Zone" approaching the "Main Zone" and "Big
Wac" fault.
3. The drill hole 12-116, drilled eastward towards the O'Brien
late granitic stock has put the granite-volcanic contact
further east opening the possibility of extending the
mineralized "Main Zone" to the east and in addition opens new
areas for additional resources. Prior to hitting the O'Brien
granite contact several granitic dykes are cut and on some of
the sections (e.g. 450'E and 500'E), it is observed that the
"Main Zone" is flanked by granitic dykes.
As the interpretation progresses, these observations will be strengthened and there are opportunities to discover more such intersection structures.
Drilling program
The drilling program was completed on July 26, 2005 for a total of 13,346 m achieved by drilling 69 drill holes. This release presents new assay results obtained from this underground diamond drilling program. The assay results have all been received, a total of 3555 samples were analysed.
It is noted from the schematic longitudinal views that some of the holes may have intercepted the zones closer to each other than originally planned. The drilling program has been performed with azimuth oriented holes from two (2) drill stations located at the 12th Level of the Bachelor Lake mine. The deviation of certain holes has been more than expected and has resulted in them being closer than expected. All collars location have been surveyed and down-hole surveys of the holes have been completed using a Flex-It(tm) instrument with measurements every 3 m.
Table 1. -- Bachelor Lake underground drilling program detailed
assay results
http://www.metanor.ca/PDF/Table1pr16082005ang.pdf
Please note that all the intervals are uncut and presented as drilled core lengths, not true vein widths or horizontal widths. Drilling has been done as azimuth oriented holes from two (2) underground drill stations located at the 12th Level.
Qualified Person
The above information has been prepared under the supervision of Consulting Geologist Alain Carrier, M.Sc., P.Geo., InnovExplo inc., "Qualified" and "Independent" Person under 43-101 guidelines. Field work has been done by Julien Davy, M.Sc., P.Geo. and Eddy Canova, B.Sc., P.Geo. "Qualified" and "Independent" persons under 43-101 guidelines. Alain Carrier has supervised the field work and has verified the authenticity and validity of the data.
Quality Control and Quality Assurance Program
Assay samples are taken from drill core (BQ size) sawed in half with one half sent to a commercial laboratory and other half retained for future reference. A strict QA/QC program is followed which includes mineralized standards, blank and duplicate for each batch of samples. Significant assay results are duplicated at the original laboratory. The gold assaying method uses a 30-gram sample Fire Assays (atomic absorption with gravimetric finish for sample over 5 g/t Au) on splits from an initial 250-gram pulverized sample. The current drilling program seem to indicates that more visible gold occurs at depth at Bachelor Lake. The assay protocol was revised considering these coarse gold occurrences. Gold assaying is now obtain from a 50-gram sample on splits from an initial 1000-gram pulverized sample (crushing 90% less than 2 mm and pulverization 90% less than 200 mesh). Assays were performed by ALS Chemex -- Chimitec of Val-d'Or (Quebec), an assay laboratory accredited by the Standards Council of Canada. Metallic screen fire assay are completed on samples with visible gold or where initial multiple duplicates show any variability.
Halo has an option to earn a 50% interest of the Bachelor Lake Property in Quebec, Canada, owned by Metanor Resources Inc. (TSX-V:MTO).
For further information on the Bachelor Lake Property, please see the Bachelor Lake Gold Mine Property NI 43-101 -- Technical Report dated December 20, 2004 (Revised Version), filed on SEDAR at wwww.sedar.com
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 and the United States Securities and Exchange Commission. Investors are cautioned that, except as disclosed in the materials to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Halo Resources Ltd. should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.