Operations / Projects

The Company recently received the approval of an exploration drill permit within its 317 km² licence area which hosts the Stratoni mine, the Olympias and Skouries development projects and three drill-ready exploration targets.  

Hellas Gold holds 317 km² of highly prospective licences in northern Greece over which an airborne geophysical survey was completed by Fugro Airborne Surveys in December 2007. The airborne EM survey identified a total of 28km of conductive anomalies within the licence area, some of which host known mineralisation and others are currently untested. 

The survey also confirmed an anomaly of 8km strike at Piavitsa. To put this in context, the massive sulphide reserves at Stratoni and Olympias have a strike extent totalling 2km. The magnetic component of the airborne survey also identified a 17km by 6km belt of porphyry intrusives over which a three dimensional model has been completed defining two other major targets including the Fisoka area. Follow-up reconnaissance mapping on the ground has confirmed the presence of porphyry style mineralisation.

A number of drill sites have good access through existing roads, which will allow some drilling to take place in the coming months at Piavitsa, Fisoka and Tsikara.

Targets & Infrastructure

• Pre EGU drilling (1998) identified 2.5km of mineralisation with high-grade gold intercepts
  (12g/t Au, 4.8% Pb, 7.4% Zn)
• EGU’s 2007 EM survey confirms mineralisation associated with anomaly; potential continuation along 8km strike length
• Mineralisation style and geophysical signature akin to Olympias ore body (3.7Moz Au, 52.1Moz Ag, 1.2Mt Pb & Zn)
  but target is 3x length of Olympias orebody
  

Fisoka

• 3 porphyry targets with strong magnetic signatures
• Same structural trend, geophysical signature, host rock and porphyry type as Skouries (3.9Moz Au, 800Kt Cu)
• Anomalous gold and copper in soils
• Drilling to commence in 2010

Tsikara Complex

• 5 magnetic targets located approx 5km from Skouries
• Mineralisation, alteration and intense veining seen at surface
• Drilling due to commence in 2010