Houston Lake Mining Inc. (TSX VENTURE: HLM), an advanced
exploration company seeking gold, platinum group and rare metal
deposits in Ontario, is pleased to announce that a National
Instrument NI 43-101 compliant updated Mineral Resource estimate on
the Dubenski Mineralized Zone has been received from P&E Mining
Consultants Inc. ("P&E"), an independent geological and mine
engineering consulting firm based in Brampton, Ontario.
"The drilling of the Dubenski Mineralized Zone (DMZ) has
exceeded our expectations," said E. Grayme Anthony, P. Geo.,
President and Chief Executive Officer. "We have increased the
Indicated Resource contained ounces by factor of 84%."
Mr. Anthony further stated: "Given that the gold resource is
near surface, I believe we have only just started to reveal the
potential at Dubenski. We have drilled only a 365 metre strike
length of a 1,700 metre IP geophysical anomaly. The IP signature
strengthens to a depth of over 450 metres and we have drilled to a
depth of scarcely 100 metres. We look forward to the possibility of
further expansion of the resource as it remains open in all
directions and a large drill program is independently
recommended."
In 2008, Watts Griffis and McOuat ("WGM") was 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. The categorized
Mineral Resources from that technical report at a 1.0 g Au/t
cut-off grade were as follows:
Table 1. Summary of Shaft Zone Previous Mineral Resource Estimate
-----------------------------------------------------------------
(Cutoff of 1.0 g Au/t)
By Watts, Griffis and McOuat (2008)
---------------------------------------------------------
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
In August 2009, P&E was contracted to prepare an updated NI
43-101 compliant Mineral Resource estimate for the Dubenski
Mineralized Zone. Independent Consulting Geologist, Bryan McKay, P.
Geo. is the main author of the NI 43-101 report. This calculation
updates the WGM resource estimate published in January of 2009.
The Dubenski Mineralized Zone resource model was delineated from
a database containing 72 diamond drill holes on 15 metre spaced
sections and 27 surface trenches over a strike length of 375 metres
and a down dip distance of 150 metres. Inverse distance cubed grade
interpolation was utilized on one metre composites derived from
capped assays. Tonnage calculations utilized a bulk density of 2.77
tonnes per cubic metre.
The optimized open pit resource gives a preliminary indication
of potentially extractable mineralization at this point in time.
The model is especially useful in indicating where added drilling
is needed to upgrade the resource to extractable material as
defined by the pit optimization.
Table 2. 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 $0.92. 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.
Excerpts from Preliminary Notes NI 43-101 Technical Report
"The east-west trending, steeply south dipping, Dubenski
Mineralized Zone (DMZ) is now defined as a continuous zone of
alteration and auriferous mineralization characterized by intense
sericitization and carbonatization overprinted by intense
silicification accompanied by patchy fuchsite alteration. Sulphide
mineralization within the zone occurs as fine-grained disseminated
pyrite and scattered mm to sub-mm scale euhedral pyrite crystals.
Rare chalcopyrite and galena occur in quartz veins. Sulphide
content varies from trace to 5% and averages 2%. Gold occurs as
minute specks and is usually associated with coarse pyrite.
Historically the DMZ was defined as three distinct and separate
geographical zones known, from west to east, as the Shaft Zone, the
Central Zone and the Peninsula Zone. The Shaft Zone was further
divided into the East and Far East Zones based on the results of
widely spaced drilling. The recent drilling by Houston Lake has
confirmed the continuous nature of the DMZ and merging of the three
historical zones.
The latest resource calculations completed by P&E were
conducted on the Shaft Zone and western portion of the Central
Zone. The Shaft Zone portion of the DMZ is now defined by two
distinct mineralized horizons, the North Zone and the South Zone.
The earlier calculations by WGM modeled the DMZ as a single unit. A
new interpretation of the Dubenski Deposit indicates the presence
of distinct zones of mineralization at each contact of the DMZ.
These two zones are separated by a zone of low-grade material which
has been designated the "Heartless Zone". This Heartless Zone
varies in width up to 5-8 meters. Each mineralized zone is further
split into an east segment and a west segment at 23+35E. This
dividing line occurs at the eastern end of the WGM drilling. The
four segments of the Shaft Zone are designated the NW, SW, NE and
SE domains.
The NW and SW domains encompass all of the WGM drilling and a
few later holes west of the WGM drilling. The NE and SE domains
encompass the remainder, lower grade sections of the Shaft Zone.
There is no doubt in the author's mind that WGM managed to drill
the "Heart" of the Shaft Zone and all subsequent drilling, in the
DMZ, was uniformly lower grade. The "Heart" portion of the Shaft
Zone is wider than the remainder of the Shaft Zone and contains all
occurrences of visible gold detected in the 2008 and 2009
drilling.
A satellite zone to the Shaft Zone, the Footwall Zone, has been
included in the latest calculations. The zone is defined solely by
drilling and does not extend to surface. This zone was not included
in the earlier WGM calculations but was referenced in their report
as "Zone 2"."
The first of two proposed drilling campaigns for the Dubenski
property are presented to provide some targets for additional
drilling and budgeting and is comprised of 14 holes totaling 4,230
meters. These holes have the potential to add resources to the
Shaft and Central Zones and to extend the limits of these zones.
The initial, dual-purpose, results driven program is designed to
continue the evaluation of the Shaft and Central Zones and to
examine the down plunge and western extensions of the same zones. A
second drill program totaling 6,500 meters is recommended dependent
to follow up on these results.
This news release was reviewed by Eugene Puritch, P.Eng. of
P&E Mining Consultants and Bryan McKay, P. Geo., who are
Qualified Persons under the guidelines of the National Instrument
43-101. The NI 43-101 Technical Report on the Mineral Resource
estimate will be filed on SEDAR within 45 days of this news
release.
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 resource of 106,400
tonnes grading 2.97 g/t Au), Dogpaw Lake No. 1 Vein (historic
resource of 54,011 tonnes grading 15.43 g/t Au) and Dubenski (NI
43-101 compliant resource of 573,242 tonnes grading 3.50 g/t
Au).
The tonnages, grades, assays and other technical data are taken
from historical records prior to the implementation of NI 43-101.
While the data are believed to have been acquired, processed and
disclosed by persons believed to be technically competent, it is
unverifiable at present.
A qualified person as defined under NI 43-101 has not done
sufficient work to classify the historical estimate as current
mineral resources or mineral reserves. Houston Lake is not treating
the historical estimates as current mineral resources or mineral
reserves as defined in NI 43-101 and the historical estimate should
not be relied upon.
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
35,957,638 common shares issued and outstanding. For additional
information, please visit us at www.houstonlakemining.com.
Forward-looking Statements
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Houston Lake Mining E. Grayme Anthony P.Geo., MBA
President and CEO 705-897-7622 705-897-7618 (FAX)
ganthony@vianet.on.ca www.houstonlakemining.com In Canada: Linx
Partners Ltd. Wanda Cutler 416-303-6460 In United States: ICS
George Duggan 818-542-6880
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