Houston Lake Mining Updates Exploration on the West Cedartree Gold Project
02 Febbraio 2009 - 6:17PM
Marketwired
Houston Lake Mining Inc. (TSX-V: HLM), an advanced exploration
company seeking gold, platinum group and rare metal deposits in
Ontario, is pleased to announce that logging and sampling of the
Phase II 22 hole, 2,232m (7,321 ft.) diamond drill program has now
been completed. The diamond drill program targeted the vicinity of
the Dubenski Shaft Zone site of a recent NI 43-101-compliant
resource estimate. Gold fire assay results are pending from 205
drill core samples that were shipped just before Christmas to TSL
Laboratories of Saskatoon, Saskatchewan. A further 588 drill core
samples have been shipped to complete the evaluation. Results will
be announced as soon as they are available.
"The positive resource estimate received on the Dubenski Shaft
Zone has started the year off on the right foot for Houston Lake,"
commented E. Grayme Anthony, President and Chief Executive Officer.
"We expect the Phase II drill results in the next six to eight
weeks. This drill program aims to more than double the strike
length of the gold system hosting the resource and has the
potential to positively impact the resource calculation. Having
just closed a financing in December, we are carrying out an
aggressive 2009 exploration program that consists of more drilling
and geophysics on the West Cedartree property."
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.
Houston Lake has reengaged Matrix to complete gaps in the deep
IP coverage to the west of the Shaft Zone and to add fill in IP
sections at 50 metre intervals over the Central Zone. Matrix will
also be carrying out magnetic surveys over the entire Dubenski
property. This work will provide the basis for follow up drilling
in the vicinity of the Shaft, Central and East Zones. A 2,000 m
(6,560 ft.) drill program is planned to begin in February.
Additional IP surveys are slated for late February/early March.
The purpose of these surveys is to further define the Angel Hill,
McLennan and Dogpaw Vein No. 1 trends on the adjacent West
Cedartree and Dogpaw Lake properties.
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 (NI 43-101 compliant).
The Dubenski property contains an historic resource which was
reported to extend to a depth of 150m (492 ft.) and includes the
Shaft, Central and East Zones. Consulting geologists Watts Griffis
and McOuat (WGM) of Toronto were contracted to carry out a
technical review of the Dubenski Property and design and supervise
a definition drilling program in order to prepare a NI 43-101
compliant Mineral Resource estimate for the Dubenski Shaft Zone
portion of the historic gold resource (see Company Press Release
dated January 16, 2009). The categorized Mineral Resources at a 1.0
g Au/t cutoff are:
TABLE 1. SUMMARY OF SHAFT ZONE MINERAL RESOURCE ESTIMATE
(CUTOFF OF 1.0 G AU/T)
-***-
-----------------------------------------------------------
|Category |Tonnes | Au (g/t) | Ounces |Au (g/t)| Ounces |
| | |(uncapped)|(uncapped)|(capped)|(capped)|
-----------------------------------------------------------
|Indicated|177,400| 7.32 | 41,750 | 5.97 | 34,050 |
|Inferred |118,700| 5.63 | 21,500 | 5.02 | 19,150 |
-----------------------------------------------------------
-****-
The NI 43-101 report is now available at www.sedar.com and at
the Company's website at www.houstonlakemining.com.
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.
E. Grayme Anthony, P. Geo., President of the Company, is the
Qualified Person 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
32,716,213 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: Wanda Cutler Linx Partners Ltd. Tel:
416-303-6460 In United States: George Duggan ICS Tel:
818-542-6880
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