Hy Lake Gold Files NI 43-101 Report for Mount Jami
Hy Lake Gold Files NI 43-101 Report for Mount Jamie Property
11/9/2010 2:05 PM - FSC
Toronto, ON November 09, 2010
FSC / Press Release
Hy Lake Gold Files NI 43-101 Report for Mount Jamie Property
Toronto, Ontario CANADA, November 09, 2010 /FSC/ - Hy Lake Gold Inc. (HYL - CNSX, HYK - FWB), is pleased to announce that on November 2, 2010 the Company filed a property report for its 100% owned Mount Jamie Mine property entitled "Technical Report on the Pipestone Bay Gold Deposit" on sedar.com.
In addition, the report has been submitted to the TSX Venture Exchange as part of a package of preliminary material in support of a listing application with the Exchange.
The report was commissioned by Robert Seitz, President of Hy Lake Gold and was prepared in compliance with National Instrument 43-101. The author is a professional consulting mining geologist and a Qualified Person under the rules and regulations of NI 43-101. The report is based on information gathered by the author during a site visit, examination of diamond drill core, review of sections and plans as well as review of numerous historical reports.
The author's review recommends a two stage exploration program consisting of historical data consolidation and resource estimation as well as a drilling program to test the North vein in two locations, with estimated drilling of 2500 metres. The estimated budget for these programs is $519,200.
The most recent exploration work by Hy Lake on the property consisted of a program of 39 diamond drill holes in the vicinity of the No. 1 Shaft Area. This information has not been employed by the author in the resource estimate and therefore such estimate should be viewed as historical. Hy Lake has undertaken to plot this new data on the existing longitudinal sections and vertical transverse sections in order to provide an updated resource estimate in the future. It is intended that such future resource update will include the data from the planned work program on the property (see news release dated November 2, 2010).
About the Mount Jamie Mine Property
The Mount Jamie Mine property is located in Todd Township at the western end of the Red Lake greenstone belt approximately 25 km west northwest of Red Lake, Ontario. Hy Lake Gold owns 100% of the Mount Jamie property, subject to a 3% Net Smelter Royalty in favor of the previous owner, Jamie Frontier Resources. Rocks in the vicinity of the property form part of the Ball assemblage and the property is underlain by a series of Archean volcano-sediments that host several gold-bearing quartz veins. The property was explored underground by two shafts - one on each of two known veins. Shaft No. 1 (Main Zone) reached a depth of 772 feet (235 m) with 3,200 feet (975 m) of lateral development and 630 feet (192 m) of raising on three levels. Shaft No. 2 (North Zone) was sunk to a depth of 559 feet (170 m) with some lateral development on the first level. Historical surface and underground exploration work, carried out mainly between 1936 and 1989, outlined an inferred resource of 44,535 tons (40,401 t) of ore grading 0.438 oz of gold per ton (15.0 g Au/t) in the Main Zone. Historical resource figures are non NI 43-101 compliant. Additional zones and shoots of gold mineralization have also been identified elsewhere on the property.
The Red Lake mining camp includes several current and past well-known producers of gold such as the Red Lake and Campbell Mines (Goldcorp). Neighboring properties to Mount Jamie Mine property include the Rowan Lake Mine property (Hy Lake/Goldcorp) to the east and claims held by Redstar Gold Corp. on the Newman-Todd property to the south and east. Hy Lake believes good potential exists to increase the extent of the gold mineralized zones located on the Mount Jamie Property and vicinity.
About Hy Lake Gold Inc.
Hy Lake Gold is a well financed Toronto-based mineral exploration company focused on the gold exploration and development business in the prolific Red Lake Mining District of Northwestern Ontario, Canada. Hy Lake Gold has assembled several significant property packages totalling approximately 3,300 hectares in west Red Lake. The properties cover a 12 kilometre distance along the west Red Lake Trend, containing 3 former producing gold mines, and the Company continues to explore these properties both along strike and at depth. To find out more about Hy Lake Gold Inc. (CNSX: HYL; FRANKFURT: HYK) visit our website at
www.hylake.com.
Shares Issued: 34,304,195
On behalf of the board:
Mr. Robert B. Seitz, President & CEO
office@hylake.com
Forward-Looking Statements