|
HOUSTON LAKE MINING INC. (HLM-TSX.V)
PRESS RELEASE
Houston
Lake Advances Gold and Tantalum Projects
July 10, 2002: Sudbury, Ontario - Houston Lake Mining Inc. (CDNX:HLM, "Houston Lake") is pleased to report on current exploration of the Company’s McLennan/Jesse (North) gold and Ghost Lake tantalum projects. Trenching and stripping has recently been completed and channel sampling is commencing on the McLennan and Jesse (North) gold properties in the Kenora Mining District of Ontario. Line-cutting and geophysical surveys have been concluded this past week and prospecting is slated to begin in early August on the Ghost Lake tantalum project located near Dryden, Ontario. Soil sampling surveys aimed to extend the known dimensions of the Pakeagama Lake pegmatite are planned for early Fall on the Pakeagama Lake Rare Metals Project located north of Red Lake. McLennan and Jesse (North) Gold Project Houston Lake has maintained a 45% ownership interest and recently obtained a non-arms length option on the remaining 55% in the 139.6 hectare (345 acre) McLennan Gold Property subject to a 1.5% NSR. Both interests are subject to an underlying 0.75% NSR. Houston Lake also has the right to earn a 100% interest in the 144 hectare (355.7 acre) Jesse Gold Property subject to a 2.5% NSR which adjoins the southwestern boundary of the McLennan Gold Property. The gold properties cover fault splays off of the Cameron Lake-Pipestone Bay Fault which is the major control on gold mineralization in the area. Gold properties in the vicinity of Houston Lake’s gold properties include: the Cameron Lake deposit of Nuinsco Resources Limited ("NWI") with an inferred geological resource of 25.2 million tonnes grading 1.36 g/t Au (27.8 million short tons grading 0.040 oz./ton) and the Dubenski prospect with an inferred geological resource of 355,286 tonnes grading 6.36 g/t Au (391,525 short tons grading 0.185 oz/ton). Historic work on the McLennan gold property had focused on the McLennan Shear Zone at the northerly-striking contact of mafic volcanics with a large gabbro body. Assessment files record highlights in trenching results of 2.74 g/t Au over 7.0 m. (.080 oz/t Au over 23.0 ft.) and 5.34 g/t Au over 5.0 m. (.156 oz/t Au over 16.4 ft.) and in drilling results of 3.06 g/t Au over 4.57 m. (.089 Au oz/t over 15.0 ft.) along the volcanic/gabbro contact. In 1997 a new 10 to 20 metre wide shear zone internal to the gabbro was identified with a strike length in excess of 800 metres (2624 feet). In 1997 results of 44.76 g/t Au over 1.2 m. (1.305 oz/t Au over 3.9 ft.) were reported from trenching over this new shear zone in the northern portion of the property. Subsequent sampling of a stripped area located approximately 100 metres to the north along the same shear structure returned 9.99 g/t Au over 4.8 metres (.291 oz/t Au over 15.7 ft.) which included 43.78 g/t Au over 1.0 metres (1.277 oz/t Au over 3.3 ft.). Houston Lake is currently evaluating the northern portions of the New Shear Zone ("NSZ"). Trenching and stripping over the NSZ has exposed a sulphidized, carbonatized and silicified shear zone that is traceable for at least 100 m. (328 ft.) open in both directions along strike and the width has been expanded to over 25 m. (82 ft.) open to the West. Channel sampling of the newly exposed shear zone is expected to begin in the next week with assay results to follow in four to six weeks time. Ghost Lake Tantalum Project Houston Lake has an option to earn a 100 percent interest in the 464 hectare (1188 acre) Ghost Lake tantalum property which covers the Boundary Zone spanning over 3.2 km (2.0 miles) of a newly defined extension of the Cat Lake - Winnipeg River Pegmatite Field, one of most important domains of rare metal (tantalum) mineralization in the Canadian Shield and host to the world-class Tanco tantalum mine. Significant rare element mineralizing systems with appreciable values of tantalum, cesium, beryllium, rubidium and tin have been previously identified during work conducted by the Ontario Geological Survey ("OGS") over the property. Reported values of the OGS include 186 g/t (0.019%) tantalum oxide and 115 g/t (0.012%) tin (E. Berger, 1990) and 179 g/t (0.018%) tantalum oxide (F. Breaks, 1991). Pronounced and broad lithium (holmquistite) and boron (tourmaline) anomalies are traceable for over 650 metres (2100 feet) on the Ghost Lake property and have been found elsewhere to be important pathfinders to rare metal (tantalum) mineralization. Line-cutting and geophysical surveys have just been completed and the geophysical report is pending. Prospecting is planned to begin in early August and will take advantage of recent logging operations which uncovered new rock exposures on the property. Houston Lake is actively exploring for Gold, Rare Metals, and Platinum Group Metals with a strategic focus on northwestern Ontario. Houston Lake Mining Inc. has a total of 15,275,695 common shares issued and outstanding. The common shares of Houston Lake Mining Inc. trade through the facilities of the TSX Venture Exchange under the symbol HLM. For further information on all of the Company's projects, we invite you to visit us at www.houstonlakemining.com. For
more information, please contact: E.
Grayme Anthony B.Sc., P. Geo., F.G.A.C.,
M. B. A. The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. |