Houston Lake Mining Inc. (TSX-V: HLM) (PINKSHEETS: HLKMF), an
advanced exploration company seeking gold, platinum group and rare
metal deposits in Ontario, is pleased to announce that the Phase II
22 hole, 2,232m (7,321 ft.) diamond drill program has been
completed in the vicinity of the Shaft Zone. The Shaft Zone forms a
significant portion of the Dubenski historic gold resource of
355,286 tonnes grading 6.32 g/mt gold (391,636 tons averaging 0.184
oz/st gold). The current drill program aims to expand the Shaft
Zone resource from the Phase I drilling carried out earlier this
year. A total of 205 core samples have been shipped thus far.
Results are expected in 6 to 8 weeks and will be announced as soon
as they are received.
"Last winter's Phase I drill program at the Dubenski Shaft Zone
returned some of the best gold intercepts in Houston Lake's history
(see Table 1)," said E. Grayme Anthony, President and Chief
Executive Officer. "The Phase II program has successfully extended
the Shaft Zone from 60 metres to over 165 metres along strike and
3D models illustrate an improving geophysical response with depth.
We are encouraged that the key features that distinguish the Shaft
Zone have been intersected in the Phase II drill core."
The recently completed Phase II drill program has added four new
drill sections to the east and two new drill sections to the west
of the four sections intersecting the highly altered rocks of the
Shaft Zone. Drilling by Houston Lake last winter has defined the
Shaft Zone for a strike length of 60 metres (197 feet) and to a
depth of approximately 100 metres (328 feet). The altered rocks of
the Shaft Zone have now been traced for a total strike length of
165 metres (541 feet). Drilling at depth encountered a north-south
striking fault which has offset the zone approximately 25 metres
(82 feet) to the north. However, the package of rocks hosting the
gold zone continues on the other side (to the west) of the fault.
It is noted that the altered rocks defining the Shaft Zone have
been traced to vertical depth of 230 metres (754 feet) in a hole
drilled by Avalon Ventures in 1997.
A deep IP survey was conducted in February and March of 2008 by
Matrix GeoTechnologies Ltd. ("Matrix") of Toronto. The survey
identified a strong conductive anomaly that is continuous for over
1,200 metres (3,936 ft.) and coincides with the Shaft, Central and
East Zones of Dubenski. 3D modeling by Matrix appears to confirm
that chargeability responses associated with the resistivity
anomaly at Dubenski appear to strengthen with depth and may
indicate the possible down plunge extension of the Shaft Zone
mineralization on the property.
Table 1. Selected Core Length Intercepts, Dubenski Shaft Zone, 2008 Drill
Program,
-***-
Drill Hole From To Intercept Gold Intercept Gold
Number (m) (m) (m) (g/mt) (ft) (oz/st)
--------------------------------------------------------------------------
DB-08-15 12.10 51.00 38.90 20.44 127.59 0.596
(-67�)
Incl. 13.00 35.00 22.00 35.68 72.16 1.041
--------------------------------------------------------------------------
DB-08-09 41.00 68.00 27.00 12.95 88.56 0.378
(-45�)
Incl. 50.00 58.00 8.00 40.99 26.24 1.196
--------------------------------------------------------------------------
DB-08-07 102.00 135.00 33.00 12.11 108.24 0.353
(-45�)
Incl. 115.00 124.00 9.00 40.70 29.52 1.187
--------------------------------------------------------------------------
DB-08-06 94.70 132.00 37.30 8.28 122.30 0.241
(-45�)
Incl. 102.00 109.00 7.00 35.31 22.96 1.030
--------------------------------------------------------------------------
-****-
The above table illustrates highlights of the winter 2008 drill
program (see Company press release dated May 1, 2008). The holes
were drilled at 45� to 67� and the results are reported as core
lengths. True widths will be reported once the geometry of the gold
zone has been determined.
The Company announces that 550,000 stock options have been
awarded to directors, officers, and employees of the Company at an
exercise price of $0.30 with an expiration date of December 18,
2013. The award is subject to regulatory approval.
About the Dubenski Property
The Dubenski property is one of eight contiguous properties
comprising the Company's 100% owned and optioned 1,674 hectare
(4,135 acre) West Cedartree Gold Project located near Kenora,
Ontario. The project area encompasses three zones hosting gold
resources at Angel Hill (NI 43-101 compliant), Dogpaw Lake No. 1
Vein (historic) and Dubenski Shaft (historic).
The Dubenski property contains an historic resource of 355,286
tonnes grading 6.32 g/mt gold (391,636 tons averaging 0.184 oz/st
gold) which was reported to extend to a depth of 150m (492 ft.) and
includes the Shaft, Central and East Zones. However, a Phase I 17
hole, 1,798.6 metre (5,899.4 foot) delineation drill program
focused on the Shaft Zone was completed in March and encountered
much greater widths than had previously been reported (see Table 1
and Company Press Release dated May 1, 2008).
Consulting geologists Watts Griffis and McOuat (WGM) of Toronto
managed the drill program at Dubenski and have been contracted to
complete an NI 43-101 report on the Shaft Zone resource. The NI
43-101 compliant Technical Report and Mineral Resource Estimate is
expected by January. Results from the Phase II drill program will
not be considered in the WGM report.
Due Diligence
All samples reported were shipped to TSL Laboratories, an ISO
accredited facility, of Saskatoon, Saskatchewan. Samples taken from
the core of the mineralized zone were analyzed utilizing a screen
metallic assay method. This methodology provides a higher level of
assurance by testing a large quantity of sample (1,000g) and by
monitoring the size distribution of the gold. Samples taken from
the shoulders of the mineralized zone were analyzed by fire assay
utilizing a 50 gram charge. All samples were assayed with an AA
finish and those samples assaying above 3 g/mt gold were retested
utilizing a gravimetric finish. The samples will also be re-checked
at a second qualified laboratory in keeping with the Company's
standard due diligence procedures.
The tonnages, grades, assays and other technical data are taken
from historical records prior to the implementation of NI 43-101.
While the data are believed to have been acquired, processed and
disclosed by persons believed to be technically competent, it is
unverifiable at present.
A qualified person as defined under NI 43-101 has not done
sufficient work to classify the historical estimate as current
mineral resources or mineral reserves. Houston Lake is not treating
the historical estimates as current mineral resources or mineral
reserves as defined in NI 43-101 and the historical estimate should
not be relied upon.
Bryan McKay, P. Geo., Independent Consulting Geologist and E.
Grayme Anthony, P. Geo., President of the Company, are the
Qualified Persons under the guidelines of NI 43-101 for the
technical aspects of this news release.
About Houston Lake Mining Inc.
Houston Lake is an advanced, vertically integrated resource
exploration company. The Company is actively exploring for gold,
platinum group metal and rare metal deposits in northwestern
Ontario with a strategic focus on the West Cedartree gold project.
Houston Lake's objective is to become a gold producer by surface
mining its West Cedartree gold project and developing its 100%
owned and optioned properties. The Company has a total of
31,198,881 common shares issued and outstanding. For additional
information, please visit us at www.houstonlakemining.com.
Forward-looking Statements
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This
release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation
activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees
of future performance and those actual results or developments may
differ materially from those projected in the forward-looking
statements. For more information on the Company, Investors should
review the Company's registered filings what are available at
www.sedar.com.
Distributed by Filing Services Canada and retransmitted by
Marketwire
Company Contacts Houston Lake Mining E. Grayme Anthony P.Geo.,
MBA President and CEO Tel: 705-897-7622 Fax: 705-897-7618 Email
Contact In Canada: Linx Partners Ltd. Wanda Cutler Tel:
416-303-6460 In United States: ICS George Duggan Tel:
818-542-6880
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