Houston Lake Mining Drills 17.25 m at 2.93 g/t Au Including 2.50 m at 10.05 g/t Au
Shareholder's Elect Incumbent Board at Annual General Meeting
SUDBURY, Ontario, Feb 22, 2010 (BUSINESS WIRE) -- Houston Lake Mining Inc. (TSX.V: HLM), an advanced exploration company seeking gold, platinum group and rare metal deposits in Ontario, is pleased to announce the first 6 holes of a planned 4,000 metre Phase IV diamond drill program on the Company's 100% optioned Dubenski Property. The property is located near Kenora, Ontario. Additional core samples have been shipped to the lab for fire assay analysis. Drilling continues on the property and the company is aiming to complete the program by early March. The goal of the drill program is to add resources between the Shaft and Central Zones and to the west of the Shaft Zone, thereby extending the limits of these zones. "Results from the first six holes continue to support our theory that Shaft, Central and East Zones may form one large and continuous gold mineralizing system at Dubenski," commented Trevor Walker, Interim President of Houston Lake Mining. "We are continuing to intercept gold mineralization over significant widths with additional high-grade structures developing within the deposit." Core Length Drill Hole
Intercepts, Dubenski Mineralized Zone
Hole Number From To Interval Au Interval (ft) Au
(m) (m) (m) g/mt oz/st
DB09-58 133.00 142.00 9.00 1.93 29.53 0.062
including 135.50 135.90 0.40 10.84 1.31 0.347
DB09-59 112.00 125.50 13.50 2.01 44.29 0.064
including 116.00 119.60 3.60 3.01 11.81 0.096
140.00 153.50 13.50 2.29 44.29 0.073
including 145.00 148.50 3.50 2.30 11.48 0.074
DB09-60 79.95 97.20 17.25 2.93 56.60 0.094
including 89.50 92.00 2.50 10.05 8.20 0.322
138.50 140.00 1.50 1.24 4.92 0.040
DB10-61 62.00 83.00 21.00 2.21 68.90 0.071
including 68.00 71.00 3.00 3.19 9.84 0.102
93.50 96.50 3.00 1.15 9.84 0.037
DB10-62 43.25 71.00 27.75 1.81 91.05 0.058
including 51.60 57.70 6.10 4.22 20.01 0.135
DB10-63 34.70 35.80 1.10 1.88 3.61 0.060
Collar Locations for Drill
Holes, Dubenski Property
Drill Hole # Northing Easting Collar Dip Azimuth Drill Hole Drill Hole
(Metres) (Metres) (Degrees) (Degrees) Length (m) Length (ft.)
DB09-58 5464195 438348 -45 360 149 489
DB09-59 5464192 438362 -45 360 158 518
DB09-60 5464210 438362 -45 360 203 666
DB10-61 5464221 438363 -45 360 146 479
DB10-62 5464233 438362 -45 360 107 351
DB10-63 5464250 438364 -45 360 83 272 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 Mineralized Zone (NI 43-101 compliant). The Dubenski property contains an historic resource which was reported to extend to a depth of 150m (492 ft.) and includes the Shaft, Central and East Zones. Drilling by Houston Lake in winter of 2008 has defined the Shaft Zone for a strike length of 60 metres (197 feet) and to a depth of approximately 100 metres (328 feet). Phase II and III drill results successfully extended the Phase I drill program and NI 43-101 resource from 60 metres to 365 metres along strike. P&E Mining Consultants of Brampton, Ontario were contracted to prepare a NI 43-101 compliant Mineral Resource estimate to encompass the Phases I, II, and III (see press release dated November 5, 2009). The categorized Mineral Resources 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 (1) 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
.92. The open pit cut-off grade of 0.65 g/t Au was derived from $C2.50/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. (2) 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. (3) 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. (4) 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. Due Diligence All samples reported were shipped to TSL Laboratories, an ISO accredited facility, of Saskatoon, Saskatchewan. Samples 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. This news release was reviewed by Bryan McKay, P. Geo., who is a Qualified Person under the guidelines of the National Instrument 43-101. Annual General Meeting In addition, the Company's Annual General Meeting was held at its offices in Sudbury on February 11, 2010. A quorum being present, the Company re-elected its Board of Directors and ratified that Sievert, Sawrantschuk & Associates, LLP act as auditors of the Corporation. The Board includes Chairman Reginald F. Walker; John G. Kelly, P. Eng; Robert Callander, MBA, CFA and Robert J. McLean, C.H.R.P. 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 42,497,638 common shares issued and outstanding. For additional information, please visit us at www.houstonlakemining.com. 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. SOURCE: Houston Lake Mining Inc. Houston Lake Mining Trevor Walker, MBA, 705-897-7622 Interim President Fax: 705-897-7618 or In Canada: Linx Partners Ltd. Wanda Cutler, 416-603-4646 or In United States: ICS George Duggan, 818-542-6880 Copyright Business Wire 2010 |