Halo Resources Ltd.
FRANKFURT : HRL
OTC Bulletin Board : HLOSF
TSX VENTURE : HLO

Halo Resources Ltd.

January 30, 2008 05:00 ET

Halo Samples Up to 60 g/t Gold, 6% Nickel and 2% Cobalt at Bridget Lake Area, West Red Lake Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2008) - Lynda Bloom, President and CEO of Halo Resources Ltd. (the "Company") (TSX VENTURE:HLO)(OTCBB:HLOSF)(FRANKFURT:HRL), is pleased to announce that its recent sampling program at West Red Lake returned high grade gold and base metal results.

A total of 554 samples were collected of which almost half returned anomalous gold values greater than 200 ppb. The principal zones of interest fall within a 3 km east-west trending deformation zone primarily hosted in felsic volcanics including target areas in the vicinity of Bridget Lake. Trenches and outcrops were sampled with the higher grade samples reported in the table below. There is evidence of both high grade gold (greater than 5 g/t gold) in narrow veins as well as lower grade material (1 to 5 g/t gold) that defines broader zones.



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Gold Silver Copper Nickel Cobalt
(g/t) (g/t) (ppm) (ppm) (ppm)
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Bridget Lake
North Shore
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Sample No.
9396 59.8 57.5 2,990 281 35
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9397 6.7 33.1 5,020 219 62
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56219 58.1 8.0 1,620 33 4
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56222 20.4 8.0 972 214 19
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56434 36.0 137.0 11,000 99 47
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Bridget
North Zone
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9388 4.4 43.3 6,450 1,590 426
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9389 2.1 41.7 8,110 1,600 332
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9391 3.6 48.0 1,070 62,300 23,400
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9392 18.3 32.6 3,880 8,030 1,530
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9395 2.8 61.2 12,400 861 449
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9421 1.8 0.8 54 175 18
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56276 less than 0.005 21.8 3,760 749 105
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56283 less than 0.005 19.4 358 1,950 529
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56400 less than 0.005 1.0 8 1,660 110
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"The association of high nickel and cobalt assays at the Bridget North Zone is highly intriguing given the association with sulphide-bearing strongly magnetic mafic rocks. The Pipestone Bay ultramafic complex outcrops just 500 m to the north and we will be investigating the relationship of the recent results to the regional geology. The gold and copper association at the north shore of Bridget Lake is also significant and both areas with be included in a follow up drill program in the coming months," says Lynda Bloom, President & CEO.

Technical Background

Bridget Lake North Shore

Trenches and outcrop in an area of 100m by 200m at the northeast shore of Bridget Lake returned high grade gold and copper grades. Samples were collected of stacked quartz-chalcopyrite-pyrite veins cross-cutting mafic volcanics and quartz porphyry dike. Veins occupy many orientations but the most common is N220 degrees and dipping 60-70 degrees.

Bridget North Zone

Samples were collected from a series of trenches and outcrop over an area of 300m by 100m. The area falls within a strong deformation zone that is anomalous in gold (greater than 200 ppb) over an area of 700m by 300m. Samples are either high in gold, silver and copper or nickel, cobalt and copper. The exceptionally high nickel grade (6.2% nickel) and cobalt (2.3% cobalt) is from a narrow vein comprised of chlorite, quartz, sericite and mineralized with 30% fine-grained sulphides.

Mostly mafic volcanics, in contact with magnetite-bearing banded iron formation, are exposed in trenches to the west with minor quartz-carbonate veining and disseminated chalcopyrite-pyrrhotite-pyrite. Other rock types mapped include an aphanitic strongly magnetic rock, siliceous coarse grained rock and mafic magnetic rocks with pyrite and pyrrhotite disseminated in all rock types.

Rock samples were collected as grab samples or composite chips primarily from trenches that had likely not been sampled since the 1970s. Samples weighing 3 to 5 kg were submitted to the ALS-Chemex, Thunder Bay or SGS, Red Lake sample preparation facilities and analyses were performed as ALS-Chemex Vancouver or SGS Don Mills respectively. Both laboratories are international, accredited facilities. The entire sample was crushed and a 300 g split was pulverized. Base metals and a suite of up to 30 trace elements were determined by inductively coupled plasma spectrometry (ICP) after an aqua regia digestion and gold by standard fire assay with an ICP instrumental finish on a 30 g charge. Analysis for samples that reported outside the limits of the geochemical methods (i.e. 1% copper and zinc, 10 g/t silver, 1 g/t gold) were re-analyzed using assay methods. A quality control program consisting of blanks and analytical control standards has been implemented to monitor laboratory performance and no significant discrepancies are reported.

The above information has been prepared under the supervision of Lynda Bloom, President & CEO, P.Geo. who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.

ON BEHALF OF THE BOARD

Lynda Bloom, President and CEO

About 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.

This news release presents "forward looking information" within the meaning of the applicable Canadian securities laws that involve inherent risks and uncertainties. Forward-looking information includes, but is not limited to, information with respect to the proposed private placement. 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 financings; 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 information, 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 referenced 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 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
    or
    Halo Resources Ltd.
    Marc Cernovitch
    Chairman
    (416) 368-7045 or Toll Free: 1-866-841-0068
    (416) 368-9805 (FAX)
    Email: lbloom@halores.com
    Website: www.halores.com