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HOUSTON
LAKE MINING INC.
(HLM-CDNX)
PRESS RELEASE
Update
on the Pakeagama Lake Project
October
31, 2001:
Sudbury, Ontario - Houston Lake Mining Inc. (CDNX:HLM,
"Houston Lake") is pleased to further report
on the results of the Company’s evaluation of the high
tech metals (lithium, rubidium, cesium, beryllium, tantalum,
gallium, germanium, thallium, niobium, tin) mineralization
on the Company’s 100 percent owned, 512 hectare (1267
acre) Pakeagama Lake rare metals property. Houston Lake’s
ownership interest is subject to a 2.5 percent NSR. A
$300,000 program involving mechanized stripping and 1000
metres of diamond drilling is independently recommended
to expand and further define the high tech metals mineralization
identified in the recent exploration.
The Company issued a press release dated September 13,
2001 in which management stated its belief that higher
than expected assay results of beryllium, gallium and
thallium, all metals which command higher commodity prices,
more than offset the lower than expected tantalum assay
results in the Northern Wall Zone. This statement in conjunction
with the current metal price information contained in
the same release may have erroneously led readers to infer
that the presence of these metals would add potential
recoverable value in the order of grade times price. At
the request of The Canadian Venture Exchange, the Company
provides the following clarification. It was not foreseeable
that readers may infer a calculated value to the property
from such a statement, and any suggestion of such was
not intended. Houston Lake further wishes to clarify that,
similar to most preliminary exploration projects, the
Company has not done any testing to determine if such
commodities may be recoverable. Even if recoverable, these
metals are frequently difficult to extract and may require
specialized processing and may yield low recoveries.
A lithium cesium anomaly had been identified in previous
work by The Ontario Geological Survey ("OGS")
at Pakeagama Lake. An area striking over 150 metres to
the northwest with a width of 80 metres as exposed in
outcrop extends to the south of the Pakeagama Lake pegmatite.
This anomalous zone is defined by the presence of the
lithium-bearing mineral holmquistite in the granitic rocks
hosting the pegmatite. Dr. Breaks of the OGS and, subsequently,
the Company’s independent consulting geologist, Dr. Ken
Germundsen have interpreted a blind (buried) rare metals
pegmatite body as the source for this anomaly.
A 25 metre by 25 metre grid was established during the
summer program to further evaluate the holmquistite anomaly.
Eighteen 2.5 kg. samples were cut with a rock saw and
analyzed by neutron activation for cesium at Activation
Laboratories of Ancaster, Ontario. Since lithium is broadly
dispersive (spreads outwards relatively easily) into the
surrounding rocks, the distribution of cesium (being weakly
dispersive) was evaluated in the holmquistite granite
to further define the source of the anomaly. Assay values
for cesium ranged from 11 ppm to 1078 ppm (published background
values for granite are 5 ppm cesium). Assay values in
excess of 125 ppm cesium define an area striking for over
150 metres open to the northwest and 50 metres wide open
to the south. Pollucite (a cesium mineral) occurs near
the southern extremity of the newly defined cesium zone
and is only the fourth pollucite occurrence noted in Ontario.
A report is currently being compiled of all previous work
which has included magnetic and VLF-EM geophysics, litho-geochemistry,
detailed and property-scale geological mapping, stripping,
and channel sampling. An exploration budget of $300,000
is recommended for the Pakeagama Lake project. The next
phase of exploration would involve mechanized stripping
to further expose the pegmatite to the southeast with
the aim of extending the known limits of the Core and
Wall Zones and further define the cesium anomaly. A diamond
drilling program of 1000 metres would also test the Wall
Zones, and the Core Zone at depth and evaluate the newly
defined cesium anomaly for additional rare metal mineralization.
Houston Lake is actively exploring for rare metals, platinum
group metals and gold in northwestern Ontario. The common
shares of Houston Lake Mining Inc. trade through the facilities
of the Canadian Venture Exchange under the symbol HLM.
Houston Lake Mining Inc. has a total of 14,798,695 common
shares issued and outstanding. For further information
on all of the Company's projects, we invite you to visit
us at www.houstonlakemining.com.
On Behalf of The Board of Directors of Houston Lake Mining
Inc.
E.
Grayme Anthony B.Sc., P. Geo., F.G.A.C., M. B.
A.
Tel: (705) 897-7622
Fax: (705) 897-7618
e-mail: houston@vianet.on.ca
Web Site: www.houstonlakemining.com
The
Canadian Venture Exchange has neither approved nor disapproved
of the information contained herein.
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