Halo Resources Ltd.
OTC Bulletin Board : HLOSF

Halo Resources Ltd.

March 16, 2007 04:01 ET

Halo Extends High Grade Zone Below Bob Lake Deposit

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 16, 2007) - Lynda Bloom, President & CEO of Halo Resources Ltd. (TSX VENTURE:HLO)(OTCBB:HLOSF)(FRANKFURT:HRL) is pleased to announce that additional drilling at the Bob Lake deposit, Sherridon, Manitoba, has confirmed the presence of copper and zinc-rich massive sulphides beneath the historic resource limits. An intersection in DH-11 of 2.53 m grading 1.46% copper and 2.23% zinc within a massive sulphide zone 10.7 m thick grading 0.92% copper and 1.51% zinc extends the length of the known massive sulphide lens by 65m downdip. Hole SL-39, drilled in the 1940s, intersected the same mineralized lens 45m from surface, reporting 16m grading 1.13% copper and 1.66% zinc. Historic drilling at the Bob Lake deposit was generally within 75m of surface and Halo's current drill campaign indicates that there are significant opportunities to expand the deposit along strike and at depth.


- Major intersection extends massive sulphide lens 65m downdip from historic intersections

- Bob Lake mineralization is confirmed by drill sections over 600 m

- Deposit remains open to up to 750 m southeast of previously known deposit boundary

- Highest grade gold zone, 3.8 g/t gold over 3.7 m

The copper and zinc grades of the mineralization in drill holes 9-13 are typical of grades reported from 36 drill holes completed in the 1940s in the same area and as reported for drill holes DH-04 to DH-06 in February. Three drill sections, 300 m apart, have now been completed within the previously outlined historic Bob Lake deposit.

Further drilling is anticipated to test the extension of the Bob Lake deposit to the southeast where drill holes DH-07 and DH-08, located 550 and 750 m from drill holes DH-09 and DH-10, intersected similar grades and widths of mineralization.

Borehole Pulse EM surveys are underway and will be used to guide additional drill targets to test both strike and depth extensions of the sulphide zones.

Drilling continues 3 km northeast of the Bob Lake deposit at the polymetallic Jungle deposit.


Dip/ From To Interval Cu Zn Ag Au
Hole Azimuth (m) (m) (m) (%) (%) (g/t) (g/t)
DH09 71degrees/
225degrees 161.0 167.4 6.4 0.78 1.81 6.0 0.99
180.6 183.0 2.4 0.63 0.85 6.6 0.16
188.0 190.4 2.4 0.56 0.63 5.2 0.36
DH10 45degrees/
225degrees 136.1 137.7 1.6 greater than 0.5(i) - 9.2 0.20
150.2 153.9 3.7 0.26 - 3.6 3.82
DH11 45degrees/
225degrees 134.4 145.1 10.7 0.92 1.51 7.83 0.18

(i) Assays pending

At total of 1,123 m of drilling was recently completed in five diamond drill holes at the Bob Lake deposit. Assays for all mineralized zones in diamond drill holes 09 to 13 are reported in the assay table. Most intersections are expected to be near true widths but further drilling is required to assess the geometry of the deposit.

Drill hole DH-12, drilled from the same location as DH-11 at a steeper angle (69 degrees) intersected an unmineralized disseminated sulphide zone between 244.8 to 253.0 m downhole. DH-13 was drilled 200 m north of DH-1, and outside the previously defined ore deposit boundary; the associated geophysical anomaly is explained by a near-surface graphitic zone.

Sampling, assaying and quality control procedures are consistent with those reported in the Technical Background of the press release issued February 15, 2007. The above information has been prepared under the supervision of Kevin Leonard, who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.

Halo Resources Ltd.

Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. Currently the Company owns or has an interest in 3 projects: Duport, which is an advanced stage gold project; Red Lake, which is a gold exploration project, and the Sherridon project that is a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities. The Company is operated by an experienced management team and backed by a strong network of mining financiers. The Company's growth strategy is to develop a diversified portfolio of advanced mining projects.


Lynda Bloom, President and CEO

Except for the historical statements contained herein, this news release presents "forward looking information" within the meaning of the United applicable Canadian securities lawsthat involve inherent risks and uncertainties. Forward-looking information includes, but is not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Halo to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Halo Resources Ltd. believe that the expectations reflected in such forward-looking information are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information Halo does not undertake to update any forward-looking information that is incorporated by reference herein, except in accordance with applicable securities laws. Trading in the securities of Halo Resources Ltd. should be considered highly speculative.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Halo Resources Ltd.
    Lynda Bloom
    President & CEO
    (416) 368-7045 or Toll Free: 1-866-841-0068
    Email: lbloom@halores.com
    Halo Resources Ltd.
    Marc Cernovitch
    (416) 368-7045 or Toll Free: 1-866-841-0068
    Website: www.halores.com