|
Sudbury, Ontario – September 12, 2007 – Houston Lake Mining Inc. (TSX.V: HLM), an advanced exploration company actively seeking gold, platinum group metals and rare metals in northwestern Ontario, announced today the Company has received initial drill results from Magma Metals Limited (MMB:ASE) at the company’s Tib Lake property. Assay results have been received for the upper 286m of drill-hole TL-07-01 which was drilled at the Kuhner prospect. The results include 3m grading 1.29g/t Au+Pt+Pd, 0.15% Cu, 0.18% Ni and 14.5m grading 1.12g/t Au+Pt+Pd, 0.15% Cu, 0.16% Ni which include 2m grading 1.98g/t Au+Pt+Pd, 0.24% Cu & 0.28% Ni and an 0.5m interval of 2.01g/t Au+Pt+Pd, 0.25% Cu, 0.29% Ni.
“The initial assays from the drill program are encouraging,” said Grayme Anthony, President and CEO. “Magma Metals brings a fresh approach to exploration at Tib Lake and we eagerly await the next set of results.”
Two bore holes were drilled into the East Dog River Fault Zone to test aeromagnetic anomalies potentially associated with platinum-palladium-gold mineralization. Significant assay results are tabulated in Table 1 and drill hole collar information is summarised in Table 2.
Table 1. Diamond Drill Intersections
|
Drill
Hole
|
From
(m)
|
To
(m)
|
Intercept
(m)
|
Au
(ppb)
|
Pt
(ppb)
|
Pd
(ppb)
|
Au+Pt+Pd
(g/t)
|
Cu
(%)
|
Ni
(%)
|
|
TL-07-01
|
49.0
|
50.0
|
1.0
|
159
|
337
|
826
|
1.32
|
0.19
|
0.25
|
|
|
55.0
|
58.0
|
3.0
|
144
|
321
|
833
|
1.30
|
0.15
|
0.18
|
|
|
76.0
|
90.5
|
14.5
|
142
|
258
|
717
|
1.12
|
0.15
|
0.16
|
|
including
|
77.0
|
79.0
|
2.0
|
206
|
470
|
1302
|
1.98
|
0.24
|
0.28
|
|
and
|
85.0
|
85.5
|
0.5
|
207
|
440
|
1362
|
2.01
|
0.25
|
0.29
|
|
|
95.0
|
98.0
|
3.0
|
93
|
158
|
436
|
0.69
|
0.16
|
0.20
|
|
|
106.5
|
107.5
|
1.0
|
59
|
178
|
450
|
0.69
|
-
|
-
|
|
|
110.8
|
112.0
|
1.2
|
113
|
183
|
435
|
0.73
|
-
|
-
|
|
|
236.0
|
237.0
|
1.0
|
21
|
62
|
1041
|
1.12
|
-
|
-
|
|
|
239.0
|
240.0
|
1.0
|
16
|
66
|
460
|
0.55
|
-
|
-
|
A helicopter supported reconnaissance diamond drilling program was recently completed at the Tib Lake project located approximately 100 kilometres north-northwest of Thunder Bay, Ontario and approximately 15 kilometres north-west of the Lac des Iles Pd-Pt-Au-Ni-Cu mine and 5 Mt per annum concentrator in Ontario, Canada. Magma Metals is the operator and is earning a 70% interest in the property from Houston Lake by expending $2.6 million in exploration and making $400,000 in cash payments over a five year term.
Table 2. Drill-Hole Locations
|
Drill
Hole
|
Easting*
(m)
|
Northing*
(m)
|
Azimuth
(Degs)
|
Dip
(Degs)
|
Depth
(m)
|
|
TL-07-01
|
296694
|
5457225
|
270
|
-45
|
386
|
|
TL-07-02
|
296601
|
5457897
|
270
|
-45
|
296
|
*UTM co-ordinates are in NAD83 datum
The geology of the mineralization at Tib Lake and Lac des Iles is interpreted to be similar with PGE mineralisation hosted by a rock unit called “vari-textured gabbro”. At the Tib Lake Gabbro, PGE mineralised vari-textured gabbro units appear to be less magnetic than the surrounding rocks. A high-resolution aeromagnetic survey flown last year identified several magnetic lows which are interpreted as potential mineralized zones. Systematic surface geochemical rock-chip sampling is in progress within the three target areas.
The samples were analyzed by fire assay at Accurassay Labs of Thunder Bay, Ontario. E. Grayme Anthony, P. Geo. is the Qualified Person for this news release under the guidelines of NI 43-101.
About Houston Lake Mining Inc.
Houston Lake is an advanced exploration, vertically integrated resource company. The Company is actively exploring for gold, platinum group metals and rare metals in northwestern Ontario with a strategic focus on the West Cedartree gold project. Houston Lake’s objective in the short term 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 25,263,660 common shares issued and outstanding. For additional information on Houston Lake, visit www.houstonlakemining.com
Company Contacts:
|
Houston Lake Mining
|
Barnes McInerney
|
|
E. Grayme Anthony P. Geo., MBA
|
Colin Languedoc
|
|
President and CEO
|
Senior Account Executive
|
|
Tel: 705-897-7622
|
Tel: 416-367-5000 ext. 225
|
|
Fax: 705-897-7618
|
Fax: 416-367-5390
|
|
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
|
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
|
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.
Figure 1 - Location Map
Figure 2 - Tib Lake Gabbro
Figure 3 - Magnetic Targets & Drilling
|
