Houston Lake Mining Inc.
COMPANY DATA | INTRODUCTION
| PROPERTIES IN HAND | MANAGEMENT
| NEWS UPDATE
CHINESE
| Address: | 2892 White Street Val Caron, Ontario Canada P3N 1B2 |
| Tel No.: | (705) 897-7622 |
| Fax No.: | (705) 897-7918 |
| Web Site: | www.houstonlakemining.com |
| Corporate Email: | houston@vianet.on.ca |
| Contact Person: | Grayme Anthony |
| Position: | President |
| Traded Market: | TSX.V |
| Traded Symbol: | HLM |
| Outstanding Shares: | 16,009,695 |
| Public Float: | 11,000,000 |
| 52 Week High: | $ 0.55 |
| 52 Week Low: | $ 0.20 |
| Present Price: | Click Here |
INTRODUCTION
Houston Lake Mining Inc. was formed in 1995. The Company is focused on exploration and development of opportunities in the strategic and high technology metals sector. Houston Lake has been able to target key properties well in advance of most other companies with the early identification of promising commodity sectors. Consequently, the Company has acquired these key properties at affordable prices with favourable agreement structures. Houston Lake has keyed on Ontario, Canada where excellent geology, positive legislation, advantageous tax climates and management experience combine to facilitate exploration and development.
Houston Lake has three main exploration assets which are all located in northwestern Ontario: the West Cedartree Gold Project (Kenora), the Tib Lake PGM Project (Thunder Bay), and the Pakeagama Lake Rare Metals Project (Red Lake). All of these key projects have achieved 100% earn in, with the exception of the McLennan gold property. The McLennan claims form a key property within the West Cedartree Gold Project and will require an additional expenditure of $50,000 by May of 2007.
PROPERTIES IN HAND
(1) West Cedartree Lake Gold Project
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The West Cedartree Lake Gold Properties consists of four separate properties, which cover 603.6 hectares (1,490.9 acres) in the Cedartree Lake area, Kenora Mining District of northwestern Ontario. Three of the four properties (the McLennan, the Jesse (North), and the West Cedartree) form a contiguous block. The North Block property lies to the north of the other three. The properties are accessed by an all-weather gravel road, which traverses the northern portions of the project area.
Houston Lake owns or holds a 100% option on the properties. The properties cover two gold zones and their
extensions for a strike length of 2.1 km (6,888 ft): the McLennan Shear Zone and the recently discovered Angel Hill Gold Zone ("AHGZ").
Mechanized stripping, channel sampling and detailed mapping surveys were recently conducted over a 130 metre (426 ft) segment of the AHGZ. The exposed gold zone appears to be a part of a larger shear system and is internally complex. The AHGZ was directly tested by 77 of the systematic channel samples. These samples ranged from trace to 71.30 g/t Au (2.080 oz/t) and had a weighted average of 4.04 g/t Au (0.118 oz/t). A $200,000 financing has just been completed and a 1,000m (3,280 ft) drill program began at the end of October.
(2) Tib Lake PGM (Palladium-Platinum-Gold) Property
Houston Lake has earned a 100% interest in March of 2000 by making cash payment of $22,500, issuing 75,000 shares
and expending $300,000 in exploration on the 1,632 hectare (4,030 acre) Tib Lake Palladium Property. The property is located approximately 95 km north-northwest of Thunder Bay and 15 km northwest of the Lac Des Iles Complex in the Thunder Bay Mining District of northwestern Ontario.
Tib Lake PGM Property is located in the Thunder Bay area of Ontario just 9 miles northwest of the Lac Des Iles mine of North American Palladium Ltd., where reserves at the Roby Zone open pit have been updated as of December 31, 2001, the total proven and probable reserves, and measured and indicated resources at the Lac Des Iles mine had increased to 159 million tonnes averaging 1.55 grams of palladium per tonne containing 8.0 million ounces of palladium. A potential underground resource has recently been identified at the Lac Des Iles mine.
The management chose the Tib Lake Gabbro in 1998 because of strong similarities of geology and mineralization style to
that of the nearby mine. The property covers a 6.5 km (3.9 mile) strike length of the highly prospective Lower Zone. The Lower Zone contains all known platinum group metals occurrences in the Tib Lake gabbro.
Houston Lake has commissioned Dr. Walter Peredery to evaluate the recently completed project and to make recommendations for the next program.
Platinum and Palladium are important components of automotive anti-smog devices and key components of new fuel cell technologies. Increasingly stringent environmental legislation regarding automotive emissions and new applications in energy are positive influences on future demand.
(3) Pakeagama Lake Rare Metals Project
Houston Lake's 100% owned 768 hectare (1,900 acre) Pakeagama Lake Rare Metals Project is located in the Red Lake
Mining District of northwestern Ontario. Houston Lake conducted exploration involving line cutting, geophysics, geological mapping, stripping and channel sampling to earn a 100% interest in the property. The rare metals pegmatite size has been expanded to over 280 metres (918 ft) in strike length open in both directions.
The rare metals mineralizing system may extend for a total of 610 metres (2,000 ft) along strike to a 0.07% tantalum oxide showing in the shore of Pakeagama Lake. The rare metals pegmatite is exposed for a width of up to 125 metres (410 ft) and may extend for at least another 160 metres (525 ft) in width to include a flanking lithium-cesium anomaly. These dimensions suggest that the Pakeagama Lake pegmatite is one of the largest rare metals pegmatites in Ontario.
The combination of large size, internal zonation and high rare metals content makes the Pakeagama Lake pegmatite an
important global exploration target for rare metals. Data is currently being compiled and a $300,000 mechanized trenching and diamand-drilling program is independently recommended.
Rare metals include tantalum, rubidium, cesium and lithium. Rare metals are growing in demand with the burgeoning importance of high technology. Rare metals are used in a wide range of applications: tantalum in micro-circuitry and medical implants, rubidium in spark plugs and photoelectric cells, cesium in night vision glasses and deep sea drilling lubricants, and lithium in headlights and vitamins. The last major North American mine was found in 1969.
MANAGEMENT
Houston Lake Mining Inc. has a strong management team with experience in different areas. The management has over 100 years of combined mining industry experience from project inception to underground and open pit mine production. The management team includes:
Reginald F. Walker, Chairman of the Board
Mr. Walker has 35 years of open pit mining experience and is the principal of one of the largest mining and blasting companies in North America.
E. Grayme Anthony, B.Sc. (Geol.), P.Geo., F.G.A.C., M.B.A., President, C.E.O., C.F.O., Secretary-Treasurer and Director
Mr. Anthony has 20 years in mineral exploration with Riocanex Exploration Ltd., Amoco Petroleum Co. Ltd., Echo Bay Mines Ltd., and various junior companies.
John G. Kelly, B.Sc. (Eng.), P.Eng., Director
Mr. Kelly has 30 years of engineering experience and increasing responsibility to the level of V.P. Mining, Ontario Division with Inco Ltd.
Robert McLean, C.H.R.P., Director and Assistant Corporate Secretary
Mr. McLean has 35 years of mining experience and 15 years in labour relations, personnel management and administration including Kerr Addison Gold Mines, Rio Algom Mines Ltd., and Denison Mines.
NEWS UPDATE
On December 15, 2004, Houston Lake Mining Inc. announced that core-logging and sampling of the 7 hole, 701 m (2,300 ft.) Phase 2 drill program has now been completed on the Company's 100% owned West Cedartree Gold Project. A second batch of 123 drill core samples is currently being shipped to ALS Chemex Laboratories of North Vancouver, B.C. Assay results from a total of 212 drill samples are expected in January.
On December 07, 2004, Houston Lake Mining Inc. announced that Phase 2 drilling has now been completed on the West Cedartree Gold Project. Six bore holes of the 7 hole, 701 m (2,300 ft) Phase 2 drill program successfully intersected the down dip extension of the package of altered rocks hosting gold mineralization on Angel Hill Gold Zone. The seventh and final drill hole tested the down dip extension of the McLennan Gold Zone. The first batch of 89 drill core samples from bore holes 21-23 were shipped the day before to ALS Chemex Laboratories of North Vancouver, B.C. The remainder of the drill core is being logged, split and shipped within the next ten days.
On November 16, 2004, Houston Lake Mining Inc. announced that it has appointed Mr. Lindsay Malcolm to provide Investor Relations services for the Company. Mr. Malcolm brings 20 years of Investor Relations experience in the precious metals industry to Houston Lake. He has provided comprehensive Investor Relations services to small cap, high growth Canadian public companies across many different industries. Mr. Malcolm will provide Houston Lake with strategic Investor Relations counsel, targeted investor contact development and outreach, and provide for an integrated corporate communications management program.
On November 04, 2004, Houston Lake Mining Inc. announced that the Company has received results from surface channel samples on the West Cedartree Gold Project. A total of 10 selective channel samples tested quartz vein targets that were revealed by last Spring's heavy rains. The channel samples ranged from 0.592 g/t Au to 115.5 g/t Au (0.017 oz/t to 3.369 oz/t) and had a weighted average of 32.23 g/t Au (0.940 oz/t). The six hole, 700 m (2,296 ft.) drill program commenced the week before and has the aim of further extending the Angel Hill Gold Zone to depth. Drilling results are expected in December.
On October 05, 2004, Houston Lake Mining Inc. announced that the Company has raised $150,000 of the proposed $200,000 financing in a non-brokered flow-through private placement subject to regulatory approval. The proceeds of the financing would be utilized to fund a minimum of 700 m (2,296 ft.) in a six hole diamond drilling program on the West Cedartree Gold Project.
On September 01, 2004, Houston Lake Mining Inc. announced that the Company intends to raise $200,000 in a non-brokered flow-through private placement financing subject to regulatory approval. The proceeds of the financing would be utilized to fund a 1,000 m (3,280 ft.) drill program on the West Cedartree Gold Project. The drill program is anticipated to commence upon closing subject to drill availability.
On August 12, 2004, Houston Lake Mining Inc. reported that the Company has received a positive response from five major creditors for a Shares for Debt Financing. Houston Lake proposes to issue up to 1,032,475 common shares at price of $0.30. The financing is subject to regulatory approval and would have a hold period of four months.
On July 13, 2004, Houston Lake Mining Inc. reported on results of sampling of the McLennan Gold Zone on the Company's West Cedartree Gold Project. Results from eight samples have returned values ranging from 1.290 to 15.55 g/t Au (0.037 to 0.454 oz/t Au) and averaging 4.75 g/t Au (0.139 oz/t Au).
On June 23, 2004, Houston Lake Mining Inc. provided an update on the Company's 100% owned West Cedartree Gold Project. Recent work by Houston Lake has focused on the Angel Hill Gold Zone, one of two gold zones discovered thus far on the project. The site of the proposed bulk sample has been selected and demarked. Samples have been sent for bench tests at a third party mill. The bench tests will indicate the best processing methods to maximize gold recoveries from the bulk sample. A drill is expected to arrive on the property in the next ten days to lay out a pattern of blast holes for the extraction of the bulk sample. Two key trenches on the historic McLennan Gold Zone have been located, cleared and sampled. Assay results from the eight trench samples are pending.
On May 27, 2004, Houston Lake Mining Inc. reported that check assays verify previous results from the recently completed 20 hole 1,139 m diamond drilling program on the Company's 100% owned West Cedartree Gold Project. Fifty drill samples were sent for confirmation of results as part of a 43-101 level due diligence on the Angel Hill Gold Zone, one of two gold zones discovered thus far on the project. Check assay values ranged from trace to a high value of 81.33 g/t Au (2.37 oz/t Au). These results will be incorporated into the assay results to provide a greater assurance in a resource calculation. Crews are expected to be on the property by the week after to begin the work towards a bulk sample.
On May 10, 2004, Houston Lake Mining Inc. provided an update on recent activities concerning the Company's 100% owned, 603.6 hectare (1490.9 acre) West Cedartree Gold Project located near Sioux Narrows, Ontario. Fifty-two drill samples are being sent for check assays as part of a 43-101 level due diligence on the recently completed drilling program on the Angel Hill Gold Zone ("AHGZ"). A bulk sample expected to proceed in early June. New Auditors have been appointed to the Corporation.
Fifty-two drill core samples have been sent for check assay verification to TSL Laboratories of Saskatoon, Saskatchewan. Some samples will be run by standard fire assay while higher grade samples will undergo metallic gravimetric analysis. A second laboratory opinion aims to meet National Instrument 43-101 standards for a mineral resource estimation. Houston Lake has previously applied this methodology to increase confidence in surface channel samples from the AHGZ.
On March 24, 2004, Houston Lake Mining Inc. reported on final diamond drilling results from Houston Lake's 100% owned West Cedartree Gold Project. Drill holes 15 to 20 are targeted to intercept the Angel Hill Gold Zone ("AHGZ") at a depth of 10 m (32.8 ft.) and are the shallowest holes of the diamond drilling program. Twelve of the 18 holes drilled under the 130 m (426 ft.) stripped area have now returned significant gold values and 5 of these holes intersected grades higher than 1 oz/t Au. The grade of the gold zone appears to increase to the maximum drilled depth of 30 m (130 ft.). The AHGZ remains open to depth and along strike to the south.
On February 17, 2004, Houston Lake Mining Inc. reported the results from Drill holes 8 to 14 on Houston Lake's 100% owned, 603.6 hectare (1490.9 acre) West Cedartree Gold Project located near Sioux Narrows, Ontario. Six of seven drill holes encountered significant gold results and three of these drill intercepts yielded assays in excess of 1 oz/t Au.
On February 03, 2004, Houston Lake Mining Inc. provided an update on the West Cedartree Gold and the Ghost Lake Rare Metals Projects. Both of the projects are located in NW Ontario. A total of 160 drill core samples have been sent to the lab from the ongoing drill program at West Cedartree. Visible gold is reported in the drill core sampling. On the Ghost Lake Project, geological mapping and sampling have identified and extended an anomalous rare metal zone for a distance of 2.5 km (1.5 miles) across the property.
On December 10, 2003, Houston Lake Mining Inc. provided an updated on the 1000m (3280 ft) diamond drill program that commenced on November 17, 2003. The program is comprised of approximately 20 drill holes which target the recently discovered Angel Hill Gold Zone ( "AHGZ" ). Houston Lake reported that the first seven drill holes have all successfully interested the AHGZ. The AHGZ has an average estimated true width of 9.7m (31.82 feet).
Houston Lake has completed all the expenditures and issuance required to earn a 100 percent interest in the McLennan Gold Property, a key property in the West Cedartree Gold Project.
On November 17, 2003, Houston Lake Mining Inc. reported that the Company has commenced a 1,000m (3,280 ft) drill program on the West Cedartree Gold Project which is located near Sioux Narrows, Ontario. Drilling targets the Angel Hill Gold Zone, one of several gold zones identified thus far in the project area. Houston Lake now owns, or has under 100 percent option on a total of 603.6 hectares (1,490.9 acres) spanning four properties in the West Cedartree Lake area.
On October 29, 2003, Houston Lake Mining Inc. reported that the Company has received approval from the TSX Venture Exchange for the $200,000 non-brokered, flow-through private placement financing closed on October 09, 2003. Proceeds will be used for working capital purposes to execute the recommended 1,000m (3,280 ft) drill program on the West Cedartree Gold Project which is located near Sioux Narrows, Ontario. Geological and drilling crews are in the process of being mobilized to the property and the drill program is expected to begin as of November 07, 2003.