June 7, 2011
Hellix Corroborates USBM’s Anomalous Gold on Margarita
HELLIX VENTURES INC. - HEL:TSX.V/HLLXF:OTC - Vancouver, BC- Frank Underhill, President, is pleased to announce results of the Hellix rock sampling program initiated to corroborate the findings from the United States Bureau of Mines (USBM) report MLA 24-94.
The USBM Report MLA 24-94 supplied detailed site maps and a regional map to identify the sample locations, along with sample descriptions to duplicate their sample type and method. Nine of the samples were taken from the four known target areas.
A total of twenty-five samples were taken. The highest Hellix sample was number BM14 (27.2 g/Mt or .87 oz/ton), selected from an area 400 meters northwest of the Margarita Mine. Table 1 compares the Hellix sampling results to the corresponding USBM samples (BM1 corresponds to the same location, sample type and method as T399).
Note that these are select samples and were intended to duplicate historic results. They are not indicative of average grades over mineable widths. The samples were selected, handled and hand delivered by a professional geologist to Skyline Labs in Tucson, Arizona. Samples were fire assayed for gold only.
*Sample BM5 was the only sample of non-siliceous porphyry rock. It is possible the USBM sampled an adit now collapsed and filled in 30 yards to the east of this Hellix re-sampled adit. This result reinforces the observation that only highly silicified rock contains economic gold.
**Conversion using http://www.cleavebooks.co.uk/scol/ccconc.htm
As per USBM descriptions, most were select samples of dump material originating from the Margarita Mine and a series of adits, pits and other workings on the claim group, consisting of hematite stained and/or pyritic silicified rock. While many of the Hellix samples are lower in gold than the USBM samples from the same site, they show the areas are highly anomalous. Our geologist suspects that he chose samples that were more representative of the present sites rather than picking the best looking specimen from the group. Some sites such as BM3 have been partially reclaimed, and over time some workings have collapsed.
Samples BM1 through BM10 were located within the four main target areas. Sample BM2 was from a dump approximately 30 feet NE from rock chip sample 984049 (2700 ppb gold) taken from outcrop during a previous sampling program announced February 16, 2011. Samples BM11 through BM14 (the highest Hellix value) were all taken from an area northwest of the Margarita Mine where shallow historic workings were present. Four samples (BM21 through BM24) were taken from dumps of workings south of the Margarita Mine. BM21 was from a cut approximately 50 feet long, 8-20 feet wide, 10 – 15 feet deep, while BM22 was from a series of cuts about 30 x 15 x 10 feet deep. Samples BM25 through BM27 were taken from the northern portion of the Oro claim block. This area had specimens which were less silicified than elsewhere.
Three of the Hellix samples were chip samples of in-place rock. At two sites (BM15/BM16), chip samples were from a hematite stained, variably silicified face of a large open cut. Sample BM16 was cut from a ten foot wide zone. These were east of the Margarita target areas, though results are comparable to those from the main Margarita Mine. Samples BM17 and BM18 were taken from dumps in the same general location. The third chip sample was BM5 and as mentioned above, was of non-silicified rock.
Hellix continues to be encouraged by the increasing corroboration of historic anomalous sites on and near the Margarita target zones now within our expanded claim group. We have broadened our exploration area to the west, the east and the south based on our silt and rock sampling programs.
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.