Houston Lake Mining Discovers Potential New Gold Zone on its West Cedartree Project
SUDBURY, Ontario, Jul 20, 2010 (BUSINESS WIRE) -- 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 report the significant results of the first 42 of 95 channel samples taken from 9 lines of surface exploration work which has identified a potential new gold mineralized zone. This potential zone is close in proximity to one of the historical Robertson Prospects, located on the 100% HLM owned West Cedartree Property. A chargeability compilation map that combines results from IP surveys is available at https://www.houstonlakemining.com/images/IPchargability_WCP.jpg. "This identification is in proximity to the largest chargeability anomaly at the southern limit of HLM's IP coverage, no drilling has ever been done in this area. Past experience from drilling on the West Cedartree Project tells us that the gold mineralization appears to be closely associated with IP chargeability highs", said Trevor R. Walker, President. "This first set of results warrant further exploration with the possibility of some diamond drilling in the future. Gold mineralization to the north of this discovery in the Angel Hill Gold Zone has encountered up to 1.22 metres grading 479 g/t gold. We believe that we may have discovered another area which creates solid exploration upside and resource potential for the West Cedartree Project." Channel Sample Line / Orientation Length (m.) Gold Length (ft.) Gold
(g/mt.) (oz./st.)
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Line 4 - EW orientation 2.24 1.25 7.35 0.036
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Line 5 - EW orientation 2.41 1.34 7.91 0.039
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Line 6 - NS orientation 5.82 1.37 19.10 0.040
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Incl. 2.03 1.74 6.66 0.051
--------------------------------- ----------- ------- ------------ --------- The Robertson Zone is now a stripped and washed 60m long 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 were cut approximately perpendicular to the strike of each shear zone. A total of 42 samples from 9 lines on the Robertson Prospect were analyzed by fire assay. The best sample result to date is 1.74 g/t Au over a length of 2.03 meters from Line 6. This interval is from a longer sample of 5.82 meters averaging 1.37 grams per tonne. This result is from the large EW shear zone mentioned above. The results from an additional 70 channel samples are expected within 3-4 weeks. The on-going exploration at this newly discovered potential zone currently includes further stripping, mapping, and channel sampling. The goal of the current exploration program on the Robertson Prospect is to delineate additional economic resources on the West Cedartree Project. 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. 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 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. 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 R. Walker, MBA, 705-897-7622 President Fax: 705-897-7618 Copyright Business Wire 2010 |