November 15, 2010
Margarita - New Work Program/Additional Claims Staked
HELLIX VENTURES INC. - HEL:TSX.V/HLLXF:OTC - Vancouver, BC- Frank Underhill, President, announces the start of a new work program and completion of additional claim staking at our 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.
The work program will consist of three components.
1. Geological mapping of outcrops to be initiated in an area of approximately 2000 feet N-S by 800 feet E-W (610 meters N-S by 244 meters E-W) covering the four main Margarita Zones and extending north to the Blue Wing Zone. This information will provide a basis for interpreting historic drill data, which to date has not included any geology. It will also provide a better foundation for our own ongoing exploration and development efforts including choosing locations for future drill holes.
2. The corroboration of rock sample locations and results reported by the United States Bureau of Mines (USBM) in a 1994 open publication on Margarita historic mine areas and prospects within our present claim group. The focus will be on the four main Margarita target areas, but other areas of interest in our claim block will also be located and sampled.
3. The follow-up of anomalous gold values on our claim block from the previous silt sample program (outlined in the Hellix news release dated October 3, 2010) in which eight out of twenty-three silt samples taken returned gold values of 100 – 710 ppb gold. We will attempt to locate the bedrock source of those elevated values by chip sampling of outcrops. The area covered will include at least six zones inside the approximately 3.6 square mile (9.3 square kilometer) claim block currently held by Hellix.
Hellix has now completed the staking of 77 additional claims surrounding our 41 optioned “Oro” claims. The “M” claims were staked to expand upon potential target areas with the possibility they hold the bedrock source of some of the higher values from the silt sampling program. There are other strategic purposes which include the acquisition of large flat lying areas not easily located on the original claim block.
We have professionally surveyed the claims including the four main Margarita target areas. We are now certain there are no fractions within our claim group. There can be no dispute in future as to the validity of the location of the claim block. The survey also included the plotting of old drill holes located and not reclaimed, and old workings that were not on any historical maps.
Hellix will utilize the data from the aforementioned work components to assist with its planned drill permit application to the Forest Service in the near future.
Results of these program components and other updates will be announced on an ongoing basis. Work will continue throughout the winter on the Margarita property.
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.