Houston Lake Mining Completes Phase III Drilling at Dubenski Property
Drilling Tests 365 Metres of the 1.7 Km Long IP Geophysical Anomaly; Fire Assay Results Pending on 150 Drill Core Samples
SUDBURY, Ontario, Mar 26, 2009 (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 that a 18 hole, 2,000 metre (6,560 ft.) diamond drill program has been completed on the Company's 100 percent optioned Dubenski Property located near Kenora, Ontario. A total of 150 drill core samples have thus far been shipped for fire assay analysis. Results are expected in 6 to 8 weeks. "We had two goals with the Phase III drill program; first was to extend the strike length of the Dubenski Shaft Zone (DBS) and the second was to verify other historic zones along the Dubenski trend," commented E. Grayme Anthony, President and Chief Executive Officer. "We succeeded on both fronts and extended the DBS for a total strike length of over 215 metres. Secondly, we intersected highly altered rocks similar to the DBS in the historic zones. Given our exceptional results to date it will be necessary to update the resource calculation and we expect to do so following the Phase III program." 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). Phase II drilling has traced the gold mineralized rocks of the Shaft Zone for a total strike length of 170 metres (557 feet). Nine of 18 Phase III drill holes were planned to complete drill sections initiated in Phase II drilling and succeeded in extending the DBS to 215 metres (705 feet) along strike. The Phase III drill program also initiated investigation of the Central, East and Far East Zones. Over 365 metres (1,197 feet) of strike length of the Dubenski Mineralized Zone, a 1,700 metre (5,576 foot) long corridor of high IP chargeability, has now been tested. Exploration work involving IP surveying along the Dubenski trend has been completed By Matrix GeoTechnologies of Toronto. The preliminary geophysical results (chargeability and resistivity) continue to illustrate the lateral continuity of the Dubenski gold mineralization. Geophysical responses also increase with depth suggesting a deep rooted source to the gold mineralization. Additional IP surveys are slated for March to further define the Angel Hill, McLennan and Dogpaw Vein No. 1 trends on the adjacent West Cedartree and Dogpaw Lake properties. 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 (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. Consulting geologists Watts Griffis and McOuat (WGM) of Toronto were contracted to carry out a technical review of the Dubenski Property and design and supervise a definition drilling program in order to prepare a NI 43-101 compliant Mineral Resource estimate for the Dubenski Shaft Zone portion of the historic gold resource (see Company Press Release dated January 16, 2009). The categorized Mineral Resources at a 1.0 g Au/t cutoff are: Table 2. Summary of Shaft Zone Mineral Resource Estimate (Cutoff of 1.0 g Au/t) Category Tonnes Au (g/t) Ounces Au (g/t) Ounces (uncapped) (uncapped) (capped) (capped) Indicated 177,400 7.32 41,750 5.97 34,050 Inferred 118,700 5.63 21,500 5.02 19,150 Notes: Au is capped at 50 g/t, assumed gold price was US$650/ounce The NI 43-101 report is now available at www.sedar.com and at the Company's website at www.houstonlakemining.com. 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. The samples will also be re-checked at a second qualified laboratory in keeping with the Company's standard due diligence procedures. 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 33,716,213 common shares issued and outstanding. For additional information, please visit us at www.houstonlakemining.com. 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. Houston Lake Mining E. Grayme Anthony P.Geo., MBA President and CEO Tel: 705-897-7622 Fax: 705-897-7618 ganthony@vianet.on.ca or In Canada: Linx Partners Ltd. Wanda Cutler Tel: 416-303-6460 or In United States: ICS George Duggan Tel: 818-542-6880 Copyright Business Wire 2009 |