October 4, 2010
Hellix Announces Margarita Gold Silt Sampling Results
HELLIX VENTURES INC. - HEL:TSX.V/HLLXF:OTC - Vancouver, BC- Frank Underhill, President, announces results of its initial sampling program for our recently acquired Margarita property in southern Arizona. Hellix has an option to acquire up to 95% of 41 unpatented lode claims which includes the historic Margarita Gold Mine.
This first stage program entailed aerial mapping and widespread silt sampling in area drainages.
The sampling and prospecting program was conducted by two regional geologists. It was designed to identify areas of interest which may have been over-looked by former exploration companies such as Newfields Minerals and La Teko. A total of twenty-three silt samples were obtained from an extensive area of drainages on the property.
Silt samples were collected by dry screening approximately 10 to 15 kg of stream sediment material (gravels) to -8 mesh in the field. The -8 mesh was bagged and delivered to the laboratory for final screening to - 200 mesh. Wet screening in the field was used in three cases where water was present. Samples were taken to Skyline Assayers and Laboratories of Tucson, Arizona, an accredited laboratory with the recognized International Standard ISO/IEC 17025-2005.
Gold analysis was done using a combined process of Fire Assay pre-concentration followed by an Atomic Absorption finish. This is considered industry accepted procedure suitable for stream sediment material.
All twenty-three samples contained measurable gold. The number of samples within the header ranges are summarized below.
|< 10 ppb Gold||From 10 - 49 ppb Gold||From 50 – 99 ppb Gold||From 100–300 ppb Gold||From 300-710 ppb Gold|
Results of the sampling indicate that the general area is anomalous in gold. Eight samples returned gold values of 100 ppb or more. The highest value obtained was 710 ppb.
The general locations of the anomalous silt sample results will be investigated and if warranted, explored in detail for a potential gold-bearing bedrock source.
Hellix commissioned a Tucson based Survey Company to perform aerial topographic photogrammetry control over the Margarita claim area. A total of four square miles was flown for our 100- scale 5’ contour area maps, with an additional one-half square mile completed at 40-scale 1’ contours within the 100-scale area. The 40-scale maps are essential as these are the locations where most of the historical work was performed. These will serve as base maps with which to plot old workings and non-reclaimed drill holes, local geology, and our current and future work program results.
We are very encouraged to find that gold is indicated over such a large area. Field work will continue throughout the fall and winter and updates will be forthcoming when warranted.
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.
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 arising from the use of this information. Historically reported results may not be NI 43-101 compliant and therefore caution should be used in relying on such statements.