Houston Lake Signs 5,000 Metre Drill Contract to Initiate Exploration Programs at West Cedartree
Houston Lake Mining Inc. (TSX-V: HLM) (PINKSHEETS: HLKMF), an advanced exploration company actively seeking gold, platinum group metals and rare metals in northwestern Ontario, today announced it has signed a 5,000 metre (16,400 foot) diamond drilling contract for its 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 contract will cover successive drill programs targeting the historic gold resources at the Dubenski Shaft Zone and the Dogpaw Lake Vein No. 1. Technical crews are already on the project and drill equipment is currently being mobilized to the Dubenski property in anticipation of an early January start up.
“This is a tremendously exciting time for Houston Lake Mining,” said E. Grayme Anthony, President and Chief Executive Officer. “Results are starting to come in on 480 channel and drill core samples shipped from our fall exploration programs at West Cedartree. We are initiating a major drill campaign to prove up our second and third gold resources on the project toward the justification of an onsite mill.”
The Dubenski property is one of eight contiguous properties comprising the West Cedartree Gold Project. Dubenski, optioned from a private Ontario company in May 2007, is the most recent addition to the project. The consulting firm Watts, Griffis and McOuat (WGM) of Toronto has been engaged to supervise a recommended $602,000 exploration program to further explore the Dubenski property and upgrade the Shaft Zone historic gold resource.
While WGM is of the opinion that the Dubenski is a property of merit, based on the currently defined mineralization at the Dubenski shaft zone area, this will not be sufficient to support a viable stand alone mining operation. It may however be possible, in combination with other HLM zones in the area to contribute to achieving the required critical mass.
WGM has recommended a shallow drilling program totalling approximately 2,500 metres in 15 to 20 holes to bring the existing historical resource estimates into compliance with current NI 43-101 standards and CIM definitions. This drilling in the heart of the historic deposit would focus on confirming previous results and adding to the understanding of the deposit geometry.
The main components of the WGM program will include:
— Re-establishing the exploration grid to cover the former Dubenski Gold Deposit, from the Shaft Zone to Peninsula East Zone; and surveying of all existing drill collars, shafts and topographic marker features; — Re-logging of existing drill core to better understand the apparent structural complexity and to improve geological correlation of drill holes on cross sections and definition of mineralized zones; — Construction of cross sections and new longitudinal sections of the historical deposit, using a digital database; initially from available old data, and then updating with new information from the proposed drilling program. — Completing a 2,500 metre confirmatory shallow drilling program to support a compliant Mineral Resource estimation of the near surface main zone. — Completing an NI 43-101 compliant Technical Report and Mineral Resource Estimate as warranted.
Grayme Anthony, P. Geo. is the Qualified Person under the guidelines of NI 43-101 and has reviewed this press release in its entirety.
About Houston Lake Mining Inc.
Houston Lake is an advanced exploration, vertically integrated resource company. The Company is actively exploring for gold, platinum group metals and rare metals in northwestern Ontario with a strategic focus on the West Cedartree gold project. Houston Lake’s objective in the short term 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 26,910,118 common shares issued and outstanding. For additional information, please visit us at www.houstonlakemining.com.
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.
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Company Contacts: Houston Lake Mining Inc. E. Grayme Anthony P. Geo., MBA President and CEO Tel: 705-897-7622 Fax: 705-897-7618 Email Contact Barnes McInerney Colin Languedoc Senior Account Executive Tel: 416-367-5000 ext. 225 Fax: 416-367-5390 Email Contact
SOURCE: Houston Lake Mining Inc.