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Press Release

June 05, 2012

Hellix Margarita Final Audit Drill Results

HELLIX VENTURES INC. (HEL:TSX.V / HLLXF:OTC) -Vancouver, BC- Frank Underhill, President, announces final audit assay results from its Margarita gold project in southern Arizona. Hellix completed a total of twelve vertical HQ size diamond drill holes to a maximum depth of 100 feet to confirm historic near surface test results.

Initial assays from Hole HVM12-05 were doubted by Hellix technical personnel and check assays were performed on pulps from that hole. Results were much higher on the check assays performed by the second independent laboratory and were reported in news release dated May 11, 2012. Hellix decided to check all holes by a third assay lab as an audit confirmation.

The values in Table 1 below show gold mineralized intervals of both the final audit and the initial assay results. The highest value obtained was 10.5 g/Mt (0.31 oz/t) from Hole HVM12-08 over five feet in the initial assay, while the same five foot interval returned 12.1 g/Mt (0.35 oz/t) in the audit assay.

TABLE 1

Hole ID
From (ft)
To (ft)
Length (ft)
Length (m)

Final Audit Au (g/Mt)

Au (g/Mt)
Au oz/t
HVM12-01 HVM12-01 Including HVM12-01 HVM12-01
0
10
15
50
70
7
35
20
55
75
7
25
5
5
5
2.1
7.6
1.5
1.5
1.5

0.63
1.01
0.33
0.78
No recovery
0.75
1.27
0.34
0.79

.022
.037
.010
.023
HVM12-02
20
25
5
1.5
0.76
0.66
.019
HVM12-03
HVM12-03
HVM12-03

Including
Including
HVM12-03
5
10
20
20
35
45
10
16
40
25
40
50
5
6
20
5
5
5
1.5
1.8
6.0
1.5
1.5
1.5
4.06

0.92
1.62
0.76
4.27
3.33
Stope
1.04
1.75
1.03
4.82
.097

.030
.051
.030
.141
HVM12-04
Including
HVM12-04
HVM12-04
HVM12-04
Including
0
5
45
26
65
70
20
10
50
32
75
75
20
5
5
6
10
5
6.0
1.5
1.5

3.0
1.5
0.60
1.02
0.53

<.05
<.05
0.71
1.26
1.51
Stope
0.93
1.37
.021
.037
.044

0.27
.040
HVM12-05
Including
Including
Including
Including
0
0
5
10
15
25
5
10
15
20
25
5
5
5
5
7.6
1.5
1.5
1.5
1.5
3.60
1.78
5.45
4.44
5.52
0.09
0.45
<.03
<.03
<.03
<.01
0.013
<.01
<.01
<.01
HVM12-06
Including
Including
20
25
30
40
30
35
20
5
5
6.0
1.5
1.5
3.16
4.83
6.64
2.99
4.48
6.19
.087
.131
.181
HVM12-07
Including
HVM12-07
0
15
65
20
20
70
20
5
5
6.0
1.5
1.5
1.25
3.71
0.50
1.12
3.26
0.38
.032
.095
.011
HVM12-08
HVM12-08
Including
Including
Including
Including
0
20
20
25
30
35
5
40
25
30
35
40
5
20
5
5
5
5
1.5
6.0
1.5
1.5
1.5
1.5
1.28
4.57
3.06
12.1
1.14
1.99
1.37
3.97
3.19
10.50
1.27
0.93
.040
.115
.093
.306
.037
.027
HVM12-09
HVM12-09
Including
Including
Including
20
42
42
55
60
25
63
45
60
63
5
21
3
5
3
1.5
6.4
.9
1.5
.9
0.64
1.63
3.20
1.57
3.99
0.58
1.47
3.00
1.75
3.22
.017
.043
.088
.051
.094
HVM12-10
HVM12-10
5
20
10
30
5
10
1.5
3.0
1.17
0.49
0.96
0.52
.028
.015
HVM12-11
5
10
5
1.5
0.26
0.34
.010
HVM12-12
No
reportable
intercepts

 

The variation between the initial assays and the final audit results on the 20-plus foot continuous mineralized intervals is an average of less than 5% not including the initial assay errors from Hole HVM12-05. Hellix is now satisfied that the assay results from the audit confirm the presence of the surface or near surface mineralized zone intervals as reported from both the initial assay lab (exception of Hole HVM12-05) and the second check lab. Mineralized zone comparisons of Hole HVM12-05 first check assays and final audit assays (3.70 g/Mt and 3.60 g/Mt respectively) showed a negligible distinction.

In summary, the five holes in the Main Margarita Zone averaged 1.78 g/Mt (0.052 oz/t) over continuous intervals of 20-plus feet of at surface or near surface mineralization. Now that these final assay results are in, Hellix will be filing an application with the appropriate government agencies for a drilling permit to continue with the delineation of the Margarita mineral zone.

ASSAY PROCEDURES

For the audit assays, select pulp samples from all holes were shipped from the initial assay lab and the check assay lab to the third test facility in Canada (an ISO accredited lab) as requested by Hellix. The pulps were tested for gold via fire assay with gravimetric finish. Standards and blanks were included in pulps for each hole for QA/QC purposes by Hellix in addition to the lab independent internal standards for QA/QC.

The technical portion of this release has been reviewed by Qualified Person Laurence Sookochoff, P. Eng

 

HELLIX VENTURES (HEL – TSX.V) 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

HELLIX VENTURES INC. 
Website: www.hellixventures.com   Email: info@hellixventures.com 

Toll Free: 1-877-430-3113  Phone: (604) 683-6657  Fax:  (604) 684-4407

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. 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 or damage arising from the use of this information. Any unauthorized use, distribution or copying of this communication by other than the intended recipient is strictly prohibited. If you have received this correspondence in error, please delete immediately.

 
 

 

           
   
 

 

 
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