NR
Date 12/18/2008
Time 12:26:11 PM
Company HOUSTON LAKE MINING INC.
Title Houston Lake Mining Completes Phase II Drilling on the Dubenski Gold
Property Houston Lake Mining Inc. (HLM - TSX Venture, HLKMF - OTCBB_Pink_Sheets)
CDNX Symbol: HLM
Press Release
NEWS TRANSMITTED BY FILING SERVICES CANADA
FOR: Houston Lake Mining Inc.
TSX SYMBOL: HLM
Thursday, December 18, 2008
FSC / Press Release
Houston Lake Mining Completes Phase II Drilling on the Dubenski Gold Property
Shaft Zone Extended To Over 165 Metres Along Strike;
3D Modelling Illustrates Strengthening IP Response With Depth
Sudbury, Ontario CANADA, December 18, 2008 /FSC/ - Houston Lake Mining Inc.
(HLM - TSX Venture, HLKMF - OTCBB_Pink_Sheets), an advanced exploration company
seeking gold, platinum group and rare metal deposits in Ontario, is pleased to
announce that the Phase II 22 hole, 2,232m (7,321 ft.) diamond drill program
has been completed in the vicinity of the Shaft Zone. The Shaft Zone forms a
significant portion of the Dubenski historic gold resource of 355,286 tonnes
grading 6.32 g/mt gold (391,636 tons averaging 0.184 oz/st gold). The current
drill program aims to expand the Shaft Zone resource from the Phase I drilling
carried out earlier this year. A total of 205 core samples have been shipped
thus far. Results are expected in 6 to 8 weeks and will be announced as soon as
they are received.
"Last winter's Phase I drill program at the Dubenski Shaft Zone returned some
of the best gold intercepts in Houston Lake's history (see Table 1)," said E.
Grayme Anthony, President and Chief Executive Officer. "The Phase II program
has successfully extended the Shaft Zone from 60 metres to over 165 metres
along strike and 3D models illustrate an improving geophysical response with
depth. We are encouraged that the key features that distinguish the Shaft Zone
have been intersected in the Phase II drill core."
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.
Table 1. Selected Core Length Intercepts, Dubenski Shaft Zone, 2008 Drill
Program,
-***-
Drill Hole From To Intercept Gold Intercept Gold
Number (m) (m) (m) (g/mt) (ft) (oz/st)
-------------------------------------------------------------------------------
DB-08-15 12.10 51.00 38.90 20.44 127.59 0.596
(-67°) Incl. 13.00 35.00 22.00 35.68 72.16 1.041
-------------------------------------------------------------------------------
DB-08-09 41.00 68.00 27.00 12.95 88.56 0.378
(-45°) Incl. 50.00 58.00 8.00 40.99 26.24 1.196
-------------------------------------------------------------------------------
DB-08-07 102.00 135.00 33.00 12.11 108.24 0.353
(-45°) Incl. 115.00 124.00 9.00 40.70 29.52 1.187
-------------------------------------------------------------------------------
DB-08-06 94.70 132.00 37.30 8.28 122.30 0.241
(-45°) Incl. 102.00 109.00 7.00 35.31 22.96 1.030
-------------------------------------------------------------------------------
-****-
The above table illustrates highlights of the winter 2008 drill program (see
Company press release dated May 1, 2008). The holes were drilled at 45° to 67°
and the results are reported as core lengths. True widths will be reported once
the geometry of the gold zone has been determined.
The Company announces that 550,000 stock options have been awarded to
directors, officers, and employees of the Company at an exercise price of $0.30
with an expiration date of December 18, 2013. The award is subject to
regulatory approval.
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 (historic).
The Dubenski property contains an historic resource of 355,286 tonnes grading
6.32 g/mt gold (391,636 tons averaging 0.184 oz/st gold) which was reported to
extend to a depth of 150m (492 ft.) and includes the Shaft, Central and East
Zones. However, a Phase I 17 hole, 1,798.6 metre (5,899.4 foot) delineation
drill program focused on the Shaft Zone was completed in March and encountered
much greater widths than had previously been reported (see Table 1 and Company
Press Release dated May 1, 2008).
Consulting geologists Watts Griffis and McOuat (WGM) of Toronto managed the
drill program at Dubenski and have been contracted to complete an NI 43-101
report on the Shaft Zone resource. The NI 43-101 compliant Technical Report
and Mineral Resource Estimate is expected by January. Results from the Phase II
drill program will not be considered in the WGM report.
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.
The tonnages, grades, assays and other technical data are taken from historical
records prior to the implementation of NI 43-101. While the data are believed
to have been acquired, processed and disclosed by persons believed to be
technically competent, it is unverifiable at present.
A qualified person as defined under NI 43-101 has not done sufficient work to
classify the historical estimate as current mineral resources or mineral
reserves. Houston Lake is not treating the historical estimates as current
mineral resources or mineral reserves as defined in NI 43-101 and the
historical estimate should not be relied upon.
Bryan McKay, P. Geo., Independent Consulting Geologist and E. Grayme Anthony,
P. Geo., President of the Company, are the Qualified Persons 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 31,198,881 common shares
issued and outstanding. For additional information, please visit us at
www.houstonlakemining.com.
Company Contacts
Houston Lake Mining In Canada: Linx Partners Ltd.
E. Grayme Anthony P.Geo., MBA Wanda Cutler Tel: 416-303-6460
President and CEO
Tel: 705-897-7622 In United States: ICS
Fax: 705-897-7618 George Duggan Tel: 818-542-6880
ganthony@vianet.on.ca
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.
Source: Houston Lake Mining Inc. (TSX-V: HLM) (Pink Sheets: HLKMF)
https://www.houstonlakemining.com
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