|
Sudbury, Ontario –October 20, 2010 - Houston Lake Mining Inc. (TSX.V: HLM), is an advanced exploration company which has prospected and strategically acquired contiguous gold properties in Northwestern Ontario with the objective of transitioning into production. HLM also seeks platinum group and rare metal deposits in Northwestern Ontario. HLM is pleased to announce the results from 4 holes of a 2,600 metre, 12 hole exploration diamond drill program on the Company’s 100% owned and optioned West Cedartree Property. Approximately 1600 metres was drilled on the Dubenski Property and 1000 metres on the newly discovered Robertson Gold Zone on the West Cedartree Property.
“These holes are the second set released from our Phase I “Robertson Gold Zone Testing” program and Phase V “Dubenski Exploration” program. The drilling on the Robertson Prospect was to confirm the indication of a possible gold zone from past channel samples taken. These second set of holes on the Robertson have again proven to us that we have found anomalous mineralization and that further exploration is warranted with drilling. These Robertson Gold Zone holes compliment September 30th’s released hole WC10-01 which has shown great potential for both width at 42 metres, and also bodes well for higher grade potential intersecting .6 metres of 6.56 g/t. More specifically the zone is complimented by the hole WC10-05 intersection of 22.60 metres of 2.047g/t gold including 4.30 Metres of 4.740 g/t. This Robertson hole targeted the north-south trending altered shear zones. Furthermore, WC10-02 intersected 23.70 metres of 0.980 g/t gold, including 18.30 metres of 1.200 g/t gold. This hole, WC10-02, tested the east-west altered shear zone and intersected mineralization which warrants further drilling. We are pleased with our drilling and are excited at the speculation when we compare what has been drilled and the extent of unexplored geophysical anomalies on the Robertson Gold Zone and the highly anomalous, extension of the paralleling Angel Hill Gold Zone. If we look at what we have drilled thus far and the extent of chargeability highs from our geophysical coverage, we have extensive exploration area to investigate.” A chargeability compilation map that combines results from IP surveys and the area of the new gold zone is available at http://www.houstonlakemining.com/images/IPchargability_WCP.jpg.
Core Length Drill Hole Intercepts, Robertson Gold Zone (North South Orientation)
|
Hole Number
|
From (m)
|
To (m)
|
Interval (m)
|
Au g/mt
|
Interval (ft)
|
Au oz/st
|
|
WC10-05
|
|
|
including
|
|
including
|
|
|
including
|
|
62.00
|
84.60
|
22.60
|
2.047
|
74.15
|
0.060
|
|
64.10
|
78.70
|
14.60
|
2.476
|
47.90
|
0.072
|
|
71.20
|
78.70
|
7.50
|
3.502
|
24.61
|
0.102
|
|
74.40
|
78.70
|
4.30
|
4.740
|
14.11
|
0.138
|
|
|
2.30
|
26.00
|
23.70
|
0.980
|
77.76
|
0.029
|
|
2.30
|
20.60
|
18.30
|
1.200
|
60.04
|
0.035
|
|
Hole Number
|
From (m)
|
To (m)
|
Interval (m)
|
Au g/mt
|
Interval (ft)
|
Au oz/st
|
|
DB10-98
|
|
|
including
|
|
|
Also
|
|
including
|
|
|
Also
|
|
|
including
|
|
|
Also
|
|
|
including
|
|
88.80
|
91.10
|
2.30
|
0.737
|
7.55
|
0.022
|
|
88.80
|
89.90
|
1.10
|
0.870
|
3.61
|
0.026
|
|
404.00
|
408.30
|
4.30
|
0.910
|
14.11
|
0.027
|
|
405.50
|
406.60
|
1.10
|
1.450
|
3.61
|
0.043
|
|
412.30
|
423.30
|
11.00
|
0.824
|
36.09
|
0.024
|
|
414.00
|
415.00
|
1.00
|
1.620
|
3.28
|
0.047
|
|
552.50
|
555.00
|
2.50
|
1.074
|
8.20
|
0.031
|
|
554.00
|
555.00
|
1.00
|
1.985
|
3.28
|
0.058
|
|
|
520.00
|
521.00
|
1.00
|
1.137
|
3.28
|
0.033
|
“Four holes have been drilled on the Dubenski Mineralized Zone to partly test the down dip and down plunge of the zone as well for future downhole geophysical testing in order to aid our interpretation and targeting efforts of the Zone. We have encountered several intersections bearing anomalous gold values with the deeper drilling on Dubenski Gold Zone, specifically with hole DB10-98 where the best intersection was 11 metres of 0.824 g/t gold. Holes 97 and 98 have provided us with the indications of mineralization down to a depth of approximately 450m from surface. The next step for HLM on the Dubenski Property is to conduct downhole geophysical surveys with these holes. Additional to exploration efforts at depth lies the necessity to increase the resource on the Dubenski Gold Zone via infill drilling and possible strike length extension in the near to medium term.
Collar Locations for Drill Holes
|
Drill Hole #
|
Northing (Metres)
|
Easting (Metres)
|
Collar Dip (Degrees)
|
Azimuth (Degrees)
|
Drill Hole Length (m)
|
Drill Hole Length (ft.)
|
| WC10-05 |
5462830
|
435370
|
-52 |
90 |
95 |
312 |
| WC10-02 |
5462798
|
435385
|
-53 |
180 |
92 |
302 |
| DB10-98 |
5464011
|
438394
|
-52 |
360 |
614 |
2015 |
| DB10-97 |
5464019
|
438292
|
-53 |
360 |
614 |
2015 |
About the Robertson Gold Zone
The Robertson Prospects have an insignificant exploration history dating back to the 1940’s. Three showings were known to have been documented on the West Cedartree Property with minor indications of gold mineralization. The Robertson Zone at exposed surface is a 60m long by 20m wide stripped and washed area of gabbroic rock which has three converging shear zones of silicification and variable amounts of finely disseminated pyrite up to 1-2%. These converging zones trend NNE, NNW and EW and vary in width from 3 meters to 20 meters. Channel samples taken in the summer from this area ran up to 2.97 g/t Au over a length of 0.43 meters. No previous drilling has been done on this zone.
About the Dubenski Gold Zone
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 Mineralized Zone (NI 43-101 compliant).
P&E Mining Consultants of Brampton, Ontario were contracted to prepare a NI 43-101 compliant Mineral Resource estimate for the Dubenski property (see press release dated November 5, 2009). The categorized Mineral Resources based on drill phases I-III are:
Table 1. Dubenski Mineralized Zone Resource Estimate Utilizing Optimized Pit Shell
|
|
Indicated
|
Inferred
|
|
Cut-Off Au g/t
|
Tonnes
|
Au g/t
|
Au oz.
|
Tonnes
|
Au g/t
|
Au oz.
|
|
Pit 0.65 g/t
|
524,000
|
3.55
|
59,800
|
12,000
|
1.96
|
800
|
|
UG 2.5 g/t
|
27,000
|
3.26
|
2,900
|
10,000
|
3.32
|
1,000
|
|
TOTAL
|
551,000
|
3.53
|
62,700
|
22,000
|
2.57
|
1,800
|
- The updated resource for the Dubenski Mineralized Zone was estimated on the basis of the Oct 31/09 24 month trailing average Au price of US$895/oz and $US exchange rate of $0.92. The open pit cut-off grade of 0.65 g/t Au was derived from C$2.50/tonne mining, C$15/tonne processing, C$5/tonne G&A and 95% process recovery. The open pit portion of the resource was defined in a 50 degree slope optimized pit shell. The underground cut-off grade of 2.5 g/t Au was derived from $55/tonne mining, C$15/tonne processing and C$5/tonne G&A and 95% process recovery.
- Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
- The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.
The resource calculation does not included Phase IV drilling completed in March 2010, whereby the strike length of the Dubenski Gold Zone has been lengthened from 365m to 500m.
Due Diligence All samples reported were shipped to Accurassay Laboratories, an ISO accredited facility, of Thunder Bay, Ontario. Samples were analyzed by fire assay utilizing 30-50 gram charges. All samples were assayed with an AA finish and those samples assaying above 3 g/mt gold are retested utilizing a gravimetric finish.
This news release was reviewed by Bryan McKay, P. Geo., who is a Qualified Person under the guidelines of the National Instrument 43-101.
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 44,164,304 common shares issued and outstanding. For additional information, please visit us at
www.houstonlakemining.com.
|
Company Contacts
Houston Lake Mining
Trevor R. Walker, MBA President
Tel: 705-897-7622 Fax: 705-897-7618
|
|
|
|
|
|
Forward-looking Statements Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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.
|