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HLM Announces $275,000 Shares for Debt Financing
Sudbury, Ontario (FSCwire) -
Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company which is actively exploring for rare metals lithium, tantalum, rubidium and cesium by currently advancing its 100% owned and optioned PAK Lithium Project in northwestern Ontario, Canada. HLM is pleased to report that it has received a positive response from two creditors concerning a “Shares for Debt Financing”. HLM proposes to issue up to 1,345,987 common shares at a price of $0.15. The financing is subject to regulatory approval and would have a hold period of four months.
$126,898 of debt is owed to a company owned by one “non-arm’s length” individual. The non-arm’s length portion of the proposed financing is therefore 845,987 common shares at a price of $0.15 per share.
A $75,000 debt is owed to one “non-arm’s length” individual. This non arm’s length portion of the financing is therefore 500,000 common shares at a price of $0.15 per share.
Management believes that the proposed Shares for Debt financing will strengthen the balance sheet and increase the attractiveness of the Company for future financings.
About the PAK Lithium Project
The PAK Rare Metals Project lies close to the boundary between two geological sub-provinces of the western Superior geologic province in northwestern Ontario and hosts a rare metals pegmatite deposit. The deposit is an LCT (lithium- cesium- tantalum) classified pegmatite. These types of deposits have been the principal source of hard rock lithium, tantalum, rubidium and cesium ores mined in the world but there are comparatively few commercially-viable deposits.
HLM is actively exploring its 100% owned and optioned project which contains the Pakeagama Lake pegmatite. The deposit is one of the highest grade lithium deposits in North America which has a current Indicated Resource of 2.45 million tonnes of 1.81% Li2O Eq. and Inferred Resource of 5.91 million tonnes of 2.01% Li2O Eq. which has a technical/ceramic grade spodumene with low inherent iron (below 0.1% Fe2O3)[1]. The deposit has adjacent zones that are enriched in rubidium and tantalum. HLM is also evaluating the phased co-production of rubidium and tantalum concentrates once lithium mineral production has been commercialized.
The deposit has a known 400m strike length with an estimated true width varying from 10m to 125m with a sub-vertical orientation. The resource remains open to depth and along strike to the northwest and southeast. A Phase III, 1,500m diamond drill program is currently being conducted whereby the objective is to upgrade the lithium Indicated mineral resource to a Measured category, and to possibly upgrade the Inferred mineral resource to a Measured and Indicated category.
About Houston Lake Mining Inc.
HLM’s goal is to become a fully integrated lithium, rubidium and tantalum producer through the development of the PAK Rare Metals Project in Ontario, Canada . The Company's strategy is to take advantage of the global shift towards electric/hybrid vehicles and high quality consumer electronics by becoming a raw material supplier of the elements required for the pursuit of sustainable energy and other applications in high-tech electronics and metal alloys. Combined, HLM’s Board of Directors and Management have over 300 years of finance, exploration and mining experience to facilitate the Company’s goal.
HLM has a total of 100,445,642 common shares issued and outstanding. For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Trevor R. Walker, President
2736 Belisle Drive
Val Caron, ON.
P3N 1B3 CANADA
T. +001 705.897.7622
Henry Kloepper, CEO
T. +001 416.520.0187
Link to most recent Technical Report
http://houstonlakemining.com/images/TechnicalReports/141_25160-00-RPT-01-R2_PAK.PDF
This Resource Est. does not include the last 8 hole Phase 3 drill program.
HLM Announces Exercise of Warrants for Proceeds of $641,763
Sudbury, Ontario (FSCwire) - HLM (the “Company”), is pleased to announce that a total of 6,417,639 common share purchase warrants (the “Warrants”) have been exercised at a price of $.10 per common share, for aggregate proceeds to HLM of $641,763. HLM issued a total of 7,217,639 Warrants on April 09, 2013 in connection with an equity financing, in which the Warrants will expire on April 9, 2015. Including the common shares issued upon exercise of the Warrants, the Company has a total of 100,325,642 common shares issued and outstanding.
“The exercise of these Warrants represents a strong vote of confidence as 66% of the total Warrants (4,250,001) have been exercised by “non-arms’’ length individuals (primarily Board of Directors and Management) or companies controlled by “non-arms” length individuals to the Company, commented Trevor Walker, President of HLM. “The combination of this confidence and finance display HLM’s strong footing, essential to advance exploration and development of the PAK Lithium Project. With a Phase III, 1,600m in-fill drill program and proof of concept bulk sampling program currently underway, this is shaping up to be an exciting year for HLM.”
About the PAK Lithium Project
The PAK Rare Metals Project lies close to the boundary between two geological sub-provinces of the western Superior geologic province in northwestern Ontario and hosts a rare metals pegmatite deposit. The deposit is an LCT (lithium- cesium- tantalum) classified pegmatite. These types of deposits have been the principal source of hard rock lithium, tantalum, rubidium and cesium ores mined in the world but there are comparatively few commercially-viable deposits.
HLM is actively exploring its 100% owned and optioned project which contains the Pakeagama Lake pegmatite. The deposit is one of the highest grade lithium deposits in North America which has a current Indicated Resource of 2.45 million tonnes of 1.81% Li2O Eq. and Inferred Resource of 5.91 million tonnes of 2.01% Li2O Eq. which has a technical/ceramic grade spodumene with low inherent iron (below 0.1% Fe2O3)[1]. The deposit has adjacent zones that are enriched in rubidium and tantalum. HLM is also evaluating the phased co-production of rubidium and tantalum concentrates once lithium mineral production has been commercialized.
The deposit has a known 400m strike length with an estimated true width varying from 10m to 125m with a sub-vertical orientation. The resource remains open to depth and along strike to the northwest and southeast. A Phase III, 1,500m diamond drill program is currently being conducted whereby the objective is to upgrade the lithium Indicated mineral resource to a Measured category, and to possibly upgrade the Inferred mineral resource to a Measured and Indicated category.
About Houston Lake Mining Inc.
HLM’s goal is to become a fully integrated lithium, rubidium and tantalum producer through the development of the PAK Rare Metals Project in Ontario, Canada . The Company's strategy is to take advantage of the global shift towards electric/hybrid vehicles and high quality consumer electronics by becoming a raw material supplier of the elements required for the pursuit of sustainable energy and other applications in high-tech electronics and metal alloys. Combined, HLM’s Board of Directors and Management have over 300 years of finance, exploration and mining experience to facilitate the Company’s goal.
HLM has a total of 100,325,642 common shares issued and outstanding. For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Trevor R. Walker, President
2736 Belisle Drive
Val Caron, ON.
Henry Kloepper, CEO
T. +001 416.520.0187
P3N 1B3 CANADA
T. +001 705.897.7622
HLM Advances Toward Proof of Concept with Bulk Sampling Program on the PAK Lithium Project
Sudbury, Ontario (FSCwire) - HLM has commenced the next phase of determining the potential for commercializing the PAK deposit by bulk sampling the lithium zone of the pegmatite. The preparation of the 300t (approx.) bulk sample will be completed by the end of March 2015. The objectives are to evaluate production of spodumene-bearing product as a precursor to potential commercial scale spodumene concentrate production, to test the suitability of the product for direct use as a replacement for lithium mineral concentrates, test blasting parameters and mining logistics with existing haulage infrastructure[1]. The scope of a future Pre-feasibility Study will be shaped by the results of this phase of testing.
The results of the 2013 and 2014 exploration programs on the PAK Lithium Project’s property, point to the deposit having the potential to be developed as a commercial supplier of technical grade lithium minerals. HLM is pursuing this potential with the aim of taking the PAK Lithium Project to market during the coming 3-5 years.
The characteristics of the high grade spodumene-bearing product comprising the Upper Intermediate Zone (“UIZ”) indicate there is potential for near term extraction of product from the zone that is suitable for use in traditional technical applications for spodumene concentrates (such as production of ceramics, frit, glass and glass ceramic). Production of this crushed and ground product without up-grading by flotation or gravity separation (Direct Shipping Ore “DSO”) could provide HLM with a source of useful revenue at low capital cost during the preparation of the Pre-feasibility and Feasibility Studies for the construction of a concentrator facility.
The key needs of the technical lithium users are low iron to lithia analysis ratio to avoid colouration of glass and glazes, consistent product analysis and particle size, and competitive cost. The lithium zone from which the bulk sample was extracted appears to have the pertinent mineralogical and chemical characteristics so it will be pilot-tested to validate the data that support these observations.
The sample has been collected by surface trenching of an area in the UIZ where there is discontinuous, limited overburden (<.5m) cover. The sample has been shipped from the property, and sample processing and transportation is expected to commence in the next few weeks.
The 2015 program for the PAK Lithium Project includes:
the collection of approximately 300 tonnes bulk sample from the Pakeagama Lake (PAK) pegmatite
commercial evaluation of the sample product
assessing the viability of interim DSO production
scoping and commencing the Pre-feasibility Study
“The bulk sample is the next step in HLM’s goal of becoming a fully integrated lithium, tantalum and rubidium producer by first establishing the ability of the Pakeagama Lake pegmatite deposit to produce a technical grade quality spodumene product for use in production of specialty glass and ceramics”, commented Trevor Walker, President of HLM. “The initial targeting of this lithium market segment is a logical introduction (based on low capital expenditure) of our long term strategy of supplying a wide range of rare metal products used in “green technology” applications. Spodumene helps the specialty glass and ceramics sector achieve efficiencies that reduce consumption of fossil fuels, energy costs and greenhouse gas emissions. Further “green” uses would be lithium compounds required for the electrification of transportation and other energy storage applications.”
Mr. Peter J. Vanstone, P.Geo., is an independent "Qualified Person" to HLM defined under NI 43-101 and has reviewed and approved the technical information contained in this news release.
About the PAK Lithium Project
The PAK Rare Metals Project lies close to the boundary between two geological sub-provinces of the western Superior geologic province in northwestern Ontario and hosts a rare metals pegmatite deposit. The deposit is an LCT (lithium- cesium- tantalum) classified pegmatite. These types of deposits have been the principal source of hard rock lithium, tantalum, rubidium and cesium ores mined in the world but there are comparatively few commercially-viable deposits.
HLM is actively exploring its 100% owned and optioned project which contains the Pakeagama Lake pegmatite. The deposit is one of the highest grade lithium deposits in North America which has a current Indicated Resource of 2.45 million tonnes of 1.81% Li2O Eq. and Inferred Resource of 5.91 million tonnes of 2.01% Li2O Eq. which has a technical/ceramic grade spodumene with low inherent iron (below 0.1% Fe2O3)[2]. The deposit has adjacent zones that are enriched in rubidium and tantalum. HLM is also evaluating the phased co-production of rubidium and tantalum concentrates once lithium mineral production has been commercialized.
The deposit has a known 400m strike length with an estimated true width varying from 10m to 125m with a sub-vertical orientation. The resource remains open to depth and along strike to the northwest and southeast. A Phase III, 1,500m diamond drill program is currently being conducted whereby the objective is to upgrade the lithium Indicated mineral resource to a Measured category, and to possibly upgrade the Inferred mineral resource to a Measured and Indicated category.
About Houston Lake Mining Inc.
HLM’s goal is to become a fully integrated lithium, rubidium and tantalum producer through the development of the PAK Rare Metals Project in Ontario, Canada . The Company's strategy is to take advantage of the global shift towards electric/hybrid vehicles and high quality consumer electronics by becoming a raw material supplier of the elements required for the pursuit of sustainable energy and other applications in high-tech electronics and metal alloys. Combined, HLM’s Board of Directors and Management have over 300 years of finance, exploration and mining experience to facilitate the Company’s goal.
HLM has a total of 93,908,003 common shares issued and outstanding. For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Trevor R. Walker, President
2736 Belisle Drive
Val Caron, ON.
Henry Kloepper, CEO
T. +001 416.520.0187
P3N 1B3 CANADA
T. +001 705.897.7622
Phase III Diamond Drill Program Commences on the PAK Rare Metals Project in Ontario
Sudbury, Ontario (FSCwire) - Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company which is actively exploring for rare metals lithium, tantalum, rubidium and cesium by currently advancing its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM is pleased to announce the commencement of diamond drilling on the PAK Rare Metals Project, located in the Red Lake area of Ontario. The phase III diamond drill program is a follow-up to the Canadian National Instrument (N.I.) 43-101 mineral resource estimate news release that was disseminated January 28th, 2015. The Phase III Drill Program is designed to infill the current resource on the property.
The current drill program will consist of approximately 1,500m in six holes targeting the Pakeagama Lake pegmatite. The objective of the program is to upgrade the Indicated mineral resource of the 2.45 million tonnes grading at 1.81% Li2O equivalent (eq.), to a Measured category, and (2) to possibly upgrade the Inferred mineral resource of 5.91 million tonnes grading at 2.01% Li2O eq. to a Measured and Indicated category. The drilling will be completed before the end of this winter and results will be reported as they are received and interpreted.
About the PAK Rare Metals Project
The PAK Rare Metals Project lies close to the boundary between two geological sub-provinces of the western Superior geologic province in northwestern Ontario and hosts a rare metals pegmatite deposit. The deposit is an LCT (lithium- cesium- tantalum) classified pegmatite. These rare types of deposits have been the principal source of hard rock lithium, tantalum, rubidium and cesium ores mined in the world.
HLM is actively exploring its 100% owned and optioned project which contains the Pakeagama Lake pegmatite. The deposit is one of the highest grade deposits in North America which has a current Indicated Resource of 2.45 million tonnes of 1.81% Li2O Eq. and Inferred Resource of 5.91 million tonnes of 2.01% Li2O Eq. which has a technical/ceramic grade spodumene with low inherent iron (below 0.1% Fe2O3). The deposit has a known 400m strike length with an estimated true width varying from 10m to 125m with a sub-vertical orientation. The resource remains open to depth and along strike to the northwest and southeast.
About Houston Lake Mining Inc.
HLM’s goal is to become a fully integrated lithium and tantalum producer through the development of the PAK Lithium Property in Ontario, Canada. The Company's strategy is to take advantage of the global shift towards electric/hybrid vehicles and high quality consumer electronics by becoming a raw material supplier of the elements required for the pursuit of sustainable energy and other applications in high-tech electronics and metal alloys. Combined, HLM’s Board of Directors and Management have over 300 years of finance, exploration and mining experience to facilitate the Company’s goal.
HLM has a total of 93,788,003 common shares issued and outstanding. For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Trevor R. Walker, President
2736 Belisle Drive
Val Caron, ON.
Henry Kloepper, CEO
T. +001 416.520.0187
P3N 1B3 CANADA
T. +001 705.897.7622
HLM Announces an Upgraded NI 43-101 Resource Estimate
Sudbury, Ontario (FSCwire) - Houston Lake Mining Inc. (TSX.V: HLM), is pleased to report a Canadian National Instrument (N.I.) 43-101 mineral resource estimate for the PAK Rare Metals Project, located in northwestern, Ontario. The resource estimation has been prepared by WSP Canada Inc. (TSX: WSP), a Montreal-based firm. WSP is one of the largest engineering firms in Canada and has a mining division maintaining independent consulting geologists and engineers.
Highlights:
Indicated mineral resource of 2.45 million tonnes grading at 1.81% Li2O equivalent(eq.), including 1.78 million tonnes grading 2.40% Li2O eq. in technical grade lithium zones with a low inherent iron spodumene;
Inferred mineral resource of 5.91 million tonnes grading at 2.01% Li2O equivalent(eq.), including 5.57 million tonnes grading 2.11% Li2O eq. in technical grade lithium zones with a low inherent iron spodumene;
An increase of 27% in total indicated and inferred Li20 eq. contained tonnes from the 2014 Maiden Inferred Resource Estimate;
The Pakeagama Lake pegmatite has a 400m strike length with an estimated true width varying from 10 to 125m with a sub-vertical orientation of the pegmatite, and;
Resource remains open to depth and along strike to the northwest and southeast.
“We are extremely pleased with the results of our upgraded resource estimate since there are definitely analogous features to the high grade, multi-element, and large tonnage of the prolific Tanco pegmatite in southeastern Manitoba(1),” commented Trevor R. Walker, President of HLM. “With the deposit exposed at surface, this report also confirms that the Pakeagama Lake pegmatite’s lithium mineralization is wide, high grade, continuous and consistent, persisting at depth, and with tantalum and possibly rubidium and cesium byproducts.”
HLM Commences Resource Estimate update for the PAK Rare Metals Project in Ontario, Canada
Sudbury, Ontario (FSCwire) - Houston Lake Mining Inc. (TSX.V: HLM), is pleased to report that as a result of the drilling program on the PAK Rare Metals Project in 2014, the Company has commenced an updated National Instrument (“NI”) 43-101 compliant Mineral Resource estimate with WSP Canada Inc. (TSX: WSP), a Montreal-based firm. WSP is one of the largest engineering firms in Canada and has a mining division maintaining independent consulting geologists and engineers.
“We are pleased to be in a position to advance the PAK Rare Metals Project to another level with a reputable firm such as WSP. We anticipate that the updated Mineral Resource Estimate should be completed early in January, 2015. Further to a potentially increased size and estimate of the lithium, tantalum, rubidium and cesium contained therein, this milestone will serve as a base from which HLM can further increase the level of confidence by future in-fill drilling of the deposit,” commented Trevor R. Walker, President of HLM.
About the PAK Rare Metals Project
The PAK Rare Metals Project lies close to the boundary between two geological sub-provinces of the western Superior geologic province in northwestern Ontario and hosts a rare metals pegmatite deposit. The deposit is an LCT (lithium- cesium- tantalum) classified pegmatite. These rare types of deposits have been the principal source of hard rock lithium, tantalum, rubidium and cesium ores mined in the world.
HLM is actively exploring its 100% owned and optioned project which contains the Pakeagama Lake pegmatite. The deposit is one of the highest grade deposits in North America which has a current Inferred Resource of 6.89 million tonnes of 1.86% Li2O Eq. which has a technical/ceramic grade spodumene with low inherent iron (below 0.1% Fe2O3). Within the deposit, the pegmatite uniquely hosts an Upper Intermediate Zone of 1.17million tonnes grading 3.44% Li2O. A 9-hole, 1,500m Phase II diamond drill program was completed in late March 2014 which and has not yet been considered in a resource calculation. As a result of the drill program, the pegmatite now has a 400m strike length with an estimated width varying from 10m to 125m with a sub-vertical orientation. The resource remains open to depth and along strike to the northwest and southeast.
About Houston Lake Mining Inc.
HLM’s goal is to become a fully integrated lithium and tantalum producer through the development of the PAK Rare Metals Project in Ontario, Canada. The Company's strategy is to take advantage of low-Fe ceramics/glass market as well as the global shift towards electric/hybrid vehicles and high quality consumer electronics by becoming a raw material supplier of the elements required for the pursuit of sustainable energy and other applications in ceramics/glass, high-tech electronics and metal alloys. Combined, HLM’s Board of Directors and Management have over 300 years of finance, exploration and mining experience to help to facilitate the Company’s goal.
HLM has a total of 90,807,595 common shares issued and outstanding. For additional information on HLM, please visit www.houstonlakemining.com
Company Contact Information
Trevor R. Walker, President
2736 Belisle Drive
Val Caron, ON.
Henry Kloepper, CEO
T. +001 416.520.0187
P3N 1B3 CANADA
T. +001 705.897.7622
F. +001 705.897.7618
Forward-looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 http://www.sedar.com
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/HoustonLakeDec82014.pdf
Source: Houston Lake Mining Inc. (TSX Venture:HLM) http://www.houstonlakemining.com/
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2014 Filing Services Canada Inc.
Interview with CEO and Presentation at Chicago Resource Expo.
http://www.rblcommunications.com/blog/2014/05/27/houston-lake-mining-inc-tsx-v-hlm-interview-presentation/
This has been on a rip lately. Results of Phase II drilling, then new Technical Report with larger zone and resource upgrade will be catalyst beyond the levels.
They have had no issue financing. Nice converting of debt recently also. The results must look very good.
HLM Increases Land Position by 43% to 4,032 Hectares through Staking on the PAK Rare Metals Project in Northwestern Ontario
Sudbury, Ontario (FSCwire) - Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company that is actively exploring for the rare metals lithium, rubidium, cesium and tantalum by currently advancing its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM is pleased to announce the recent staking of prospective and adjacent grounds which substantially increases the Company’s controlled land position and size of the PAK Rare Metals Project to 4,032 hectares (9,963 acres).
“The recently completed maiden resource calculation and Phase II diamond drill program (results pending and expected in the near future), coupled with the increased property size confirms HLM’s commitment to the strong market interest in lithium and other strategic metals”, said Trevor R. Walker, President of HLM. “HLM remains focused on our investments in a leading exploration target with the unique high-grade, multi-element Pakeagama Lake pegmatite on the PAK Rare Metals Project.”
About the PAK Rare Metals Project
The PAK Rare Metals Project lies close to the boundary between two geological sub-provinces of the western Superior geologic province in northwestern Ontario and hosts a rare metals pegmatite deposit. The deposit is an LCT (lithium- cesium- tantalum) classified pegmatite. These rare types of deposits have been the principal source of hard rock lithium, tantalum, rubidium and cesium ores mined in the world.
HLM is actively developing its 100% owned and optioned project which contains the Pakeagama Lake pegmatite. The deposit is one of the highest grade deposits in North America which has a current Inferred Resource of 6.89 million tonnes of 1.86% Li2O Eq. which has a technical/ceramic grade spodumene with low inherent iron (below 0.1% Fe2O3). Within the deposit, the pegmatite uniquely hosts an Upper Intermediate Zone of 1.17million tonnes grading 3.44% Li2O. The pegmatite has a 265m strike length with an estimated width varying from 45 to 125m with a sub-vertical orientation. The resource remains open to depth and along strike to the northwest and southeast. An 8-hole, 1,500m Phase II diamond drill program was completed in late March 2014; assay results for this program are pending and expected in the near future.
About Houston Lake Mining Inc.
HLM’s goal is to become a fully integrated lithium and tantalum producer through the development of the PAK Rare Metals Project in Ontario, Canada . The Company's strategy is to take advantage of the global shift towards electric/hybrid vehicles and high quality consumer electronics by becoming a raw material supplier of the elements required for the pursuit of sustainable energy and other applications in high-tech electronics and metal alloys. Combined, HLM’s Board of Directors and Management have over 300 years of finance, exploration and mining experience to help to facilitate the Company’s goal
HLM has a total of 90,807,595 common shares issued and outstanding. For additional information on HLM, please visit www.houstonlakemining.com
Company Contact Information
Trevor R. Walker, President
2736 Belisle Drive
Val Caron, ON.
P3N 1B3 CANADA
T. +001 705.897.7622
F. +001 705.897.7618
Henry Kloepper, CEO
T. +001 416.520.0187
Forward-looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 http://www.sedar.com
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/houstonlake07242014.pdf
Source: Houston Lake Mining Inc. (TSX Venture:HLM) http://www.houstonlakemining.com/
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2014 Filing Services Canada Inc.
They should be putting out results of 1,500 meter drill program soon. A lot of financing and debt conversion has taken place since then.
That would lead me to believe the initial results coming in are looking good.
HLM Completes 7-Hole, 1,500 Metre Phase II Diamond Drill Program on the PAK Rare Metals Project in Ontario
Sudbury, Ontario CANADA, March 26, 2014 /FSC/ - Houston Lake Mining Inc. (HLM - TSX Venture, HLKMF - OTC_Pink),is a mining exploration company which is actively exploring for rare metals lithium, tantalum, rubidium and cesium by currently advancing its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM is pleased to announce the addition of 500 metres to the originally planned 1,000m announced on the February 18, 2014 press release. The phase II diamond drill program is a follow-up to the Canadian National Instrument (N.I.) 43-101 maiden mineral resource estimate that was filed by the Company in December 2013, see news release dated December 4th, 2013. The drill program focused on the recommendations from the report and is designed to expand and infill the current resource on the project by testing along strike and to infill on selected sections of the deposit with a particular focus on the higher grade Upper Intermediate Zone (UIZ) of the deposit.
The drill program consisted of 1,500 m in seven holes targeting the Pakeagama Lake pegmatite. The objectives of the program are (1) to upgrade some of the resource to an indicated level, specifically some of the 1.17 million tonnes grading 3.44% Li2O in the technical/ceramic grade spodumene lithium zone (UIZ) with low inherent iron, and (2) to expand the resource which currently has a 265m strike length with an estimated width varying from 45 to 125m with a sub-vertical orientation. Samples are currently being processed and will be sent to the laboratory shortly. The assay results of all drillholes will be released once analyses have been reviewed and are subject to QA-QC review.
About the PAK Rare Metals Project
The PAK Rare Metals Project lies close to the boundary between two geological sub-provinces in northwestern Ontario. The deposit is a LCT (lithium, cesium, tantalum) classified pegmatite. These rare types of deposits have been the principal source of hard rock lithium, tantalum, rubidium and cesium ores mined in the world.
HLM is actively developing its 100% owned and optioned project which contains the Pakeagama Lake pegmatite. The deposit has a current new NI-43.101 compliant Inferred Resource of 6.89million tonnes of 1.86% Li2O Eq. The pegmatite uniquely hosts 1.17million tonnes grading 3.44% Li2O in a technical/ceramic grade spodumene lithium zone (UIZ) with low inherent iron content. The Pakeagama Lake pegmatite has a 265m strike length with an estimated width varying from 45 to 125m with a sub-vertical orientation of the pegmatite. The resource remains open to depth and along strike to the northwest and southeast.
About Houston Lake Mining Inc.
HLM's goal is to become a fully integrated lithium and tantalum producer by targeting the growth as a result of the shift towards electric/hybrid vehicles and high quality consumer electronics through the development of the PAK Rare Metals Project in Ontario, Canada. Combined, HLM's Board of Directors and Management have over 255 years of exploration and mining experience in order to facilitate the Company's goal of becoming a raw material supplier of the elements required for the pursuit of sustainable energy, and other applications in high-tech electronics and metal alloys.
HLM has a total of 80,215,695 common shares issued and outstanding. For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Trevor R. Walker, President
2736 Belisle Drive
Val Caron, ON.
Henry Kloepper, CEO
T. +001 416.520.0187
P3N 1B3 CANADA
T. +001 705.897.7622
F. +001 705.897.7618
HLM DRILLS 154 METRES OF CONTINUOUS LITHIUM, TANTALUM AND RUBIDIUM MINERALIZATION ACROSS FIVE ADJOINING INTERNAL PEGMATITE ZONES ON THE PAK RARE METALS PROJECT, ONTARIO
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Sudbury, Ontario –July 2, 2013- Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company that is specialized in rare metals and is actively exploring for lithium (Li), tantalum (Ta), rubidium (Rb) and cesium (Cs) by focusing on its high grade, 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM is pleased to announce the results of the first drill hole from the Phase I, six-hole Diamond Drill Program on the Pakeagama Lake pegmatite, located on the 2,816 hectare (6,958 acre) PAK Rare Metals Project.
In March, 2013, HLM completed the Phase I drill program to follow-up high grade surface channel sampling results obtained during the Company’s 2012 summer program (see HLM news releases dated January 10, 2013, January 29, 2013 and April 25, 2013). The objectives of the drilling program were to (1) determine the presence, orientation, thickness and mineralogical zonation of the Pakeagama Lake pegmatite at depth, and (2) to refine the mineralogical characterization of these zones and better establish their Li, Ta, Rb, and Cs potential. Drill hole PL13-001 intersected five adjoining and steeply inclined pegmatite zones with the sequence as follows: Wall Zone (WZ), Central Intermediate Zone (CIZ), Lower Intermediate Zone (LIZ), Upper Intermediate Zone (UIZ), and LIZ. As displayed in Table I below, two zones display strong tantalum and rubidium values and two zones display high lithium grades. In addition to Table I, a plan map of the exposed Pakeagama Lake pegmatite with PL13-001’s drill-hole trace and sections highlighting results by elements can be seen in Figures I and II and are located at http://www.houstonlakemining.com/images/PL-13-Sections.png
Table I – Core Length/Drill-Hole Intercepts (Pakeagama Lake pegmatite)
http://www.houstonlakemining.com/index.php/news-mainmenu-54/2013-news-releases/336-hlm-drills-154-metres-of-continuous-lithium-tantalum-and-rubidium-mineralization-across-five-adjoining-internal-pegmatite-zones-on-the-pak-rare-metals-project-ontario
(1) The intervals in Table I are drill intersection widths. There is currently insufficient data to determine the true thickness of the pegmatite.
(2) n/a = Not applicable.
The CIZ is a distinct, near-vertical, Ta and Rb-enriched pegmatite zone located in the upper portion of the drill hole and in contact with the Li-enriched LIZ. The CIZ consists of predominantly grey K-feldspar with varying degrees of minor lithian mica + quartz alteration. Locally, veinlets and patches of lepidolite occur which typically contain the highest Ta grades found to date. Drill hole PL-13-001 targeted the CIZ at depth (under the area sampled by channel 1R seen from press release January 29, 2013) and showed the zone persisted at depth with a similar width as on surface. Channel 01R which sampled a portion of the exposed zone averaged 192ppm Ta2O5/14metres. Drill hole PL-13-001 intersected149ppm Ta2O5 /24.3m (72.7-97.0m) including 206ppm/6.0m (76.0-82.0m). The zone at depth was overall, more mineralogically evolved and consistent than the exposed zone.
The LIZ comprises a substantial portion of the pegmatite in PL-13-001 and is considered an intermediate stage, near-vertical zone with significant Li and Rb content. The zone consists of mainly K-feldspar, Na-feldspar, quartz, “SQUI” and lithian muscovite. SQUI is a term used to describe an oriented spodumene + quartz intergrowth after primary lithian mineral petalite. The zone has undergone both plastic and brittle deformation. The UIZ represents a high-grade Li zone within the LIZ and is dominated by SQUI, with minor grey K-feldspar and primary white spodumene in quartz. Phosphate minerals and lithian mica are the common accessory minerals.
The drill hole favorably showed that the large exposure of granite on surface (see Figures I and II located at http://www.houstonlakemining.com/images/PL-13-Sections.png) does not persist at depth and appears to be a large xenolith (granite raft). The length of continuous pegmatite intersected with PL-13-001 indicates that the pegmatite appears to be increasing in width towards the southeast.
The Pakeagama Lake pegmatite does not currently have a resource calculation, but the tantalum and rubidium mineralogy of the lepidolite-bearing CIZ, and SQUI as the as the dominant lithium mineral assemblage in the UIZ and LIZ compare favourably to the tantalum, rubidium and lithium ore zones at the Tanco Mine. The Tanco Mine is located in southeastern Manitoba and was a lithium mineral concentrate producer from 1986 until operations were suspended in 2009. Tanco was also a tantalum mineral concentrate producer until March 2013 when operation of this circuit ceased.
“We are pleased to have successfully completed the field work for what was a very exciting Phase I drill program.” said Trevor R. Walker, President of HLM. “These first drill-hole results from the Pakeagama Lake pegmatite display the potential for it to become a leading high grade, multi-element, large tonnage exploration target for rare metals in North America. HLM anxiously awaits the pending analytical results for the five remaining drill holes and we look forward to releasing them once they are received and interpreted for our shareholders”.
Table II – Collar Locations for Diamond Drill Hole (DDH)
http://www.houstonlakemining.com/index.php/news-mainmenu-54/2013-news-releases/336-hlm-drills-154-metres-of-continuous-lithium-tantalum-and-rubidium-mineralization-across-five-adjoining-internal-pegmatite-zones-on-the-pak-rare-metals-project-ontario
Due Diligence
All scientific and technical information in this release has been reviewed and approved by Peter J. Vanstone, P.Geo., the qualified person (QP) under the definitions established by National Instrument 43-101. Under HLM’s QA/QC procedures, the diamond drill contract specified NQ-sized drill core providing a 47.6 mm diameter sample. The drill holes were oriented perpendicular to the strike of the pegmatite and drilled continuously across it. Sample security and chain of custody started with the removal of core from the core tube and boxing of drill core at the drill site. The boxed core remained under the custody of the drill contractor until it was transported from the drill to the secure on-site Core Shack facility by either the drill contractor or one of the Company’s designated personnel. At the on-site Core Shack, core boxes were opened and inspected to ensure correct boxing and labelling of the core by the drill contractor, photographed and then re-closed. The core was stored securely until moved into the Core Shack for processing. The company geologists logged the core, and then marked and tagged it for sampling and splitting. Each core sample was assigned a tag with a unique identifying number. Sample lengths are typically one meter, but can be less depending on zone mineralogy and boundaries. The Core was then re-closed and shipped to the company’s off-site core splitting facility in Sudbury, Ontario. Core marked for splitting was split using a diamond core saw with a mounted jig to assure the core was cut lengthwise into equal halves. Half of the core was sent to an analytical laboratory for quantitative analysis of select elements. The remaining half of the core is retained and incorporated into HLM’s secure, off-site core library.
All samples were assayed by an ISO accredited laboratory. Sample blanks along with tantalum, lithium, rubidium and cesium certified reference material was routinely inserted into the sample stream in accordance with industry recommended practices. Field duplicate samples were also taken in accordance with industry recommended practices.
About Houston Lake Mining Inc.
HLM is a mining exploration company that is specialized in rare metals and is actively exploring for lithium (Li), tantalum (Ta), rubidium (Rb) and cesium (Cs) by focusing on its high grade, 100% owned and optioned PAK Rare Metals Project spanning 2,816 hectares (6,958 acres) in northwestern Ontario, Canada. HLM has a total of 75,236,695 common shares issued and outstanding. For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Trevor R. Walker MBA, President
2736 Belisle Drive
Val Caron, ON.
P3N 1B3 CANADA
T. +001 705.897.7622
F. +001 705.897.7618
HLM Increases Land Position by 175% to 2,816 Hectares through Recent Staking on the PAK Rare Metals Project in Northwestern Ontario
Sudbury, Ontario –April 30, 2013 - Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company that is specialized in rare metals and actively exploring for lithium, tantalum, cesium, and rubidium by focusing on its high grade, 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM is pleased to announce the recent staking of prospective and adjacent grounds which substantially increases the Company’s controlled land position and size of the PAK Rare Metals Project to 2,816 hectares (6,958 acres).
"The Phase I diamond drill program which commenced in March, coupled with the recently increased property size confirms HLM's commitment to the strong market interest in strategic metals through our investment in a leading exploration target in the high-grade, multi-element Pakeagama Lake pegmatite on the PAK Rare Metals Project.", said Trevor R. Walker, President of HLM.
About the PAK Rare Metals Project
The Pakeagama Lake pegmatite has an exposed strike length of approximately 200m with a width up to 150m at surface with mineralization that is open along strike, and at depth. In September 2012, HLM conducted a 91 sample channel sampling program on the exposed pegmatite by targeting distinct geologic zones. The results of the program have identified high grade lithium, tantalum, and rubidium with up to 4.74% Li2O over 15 meters in three distinct pegmatite zones, 14 meters of 192ppm Ta2O5 (including 270ppm over 6 meters) and 0.53% Rb2O in one of the zones. Within the next three to five weeks, HLM will begin receiving assay results from the Phase I, 6-hole, 1,000-meter diamond drill program that commenced in March. The intention of this first drill program is to determine the orientation and thickness of the pegmatite, to better define the pegmatite zonation, and to refine the mineralogical characterization of these zones by establishing their lithium, tantalum, cesium and rubidium potential.
About Houston Lake Mining Inc.
HLM is a mining exploration company that is specialized in rare metals and actively exploring for lithium, cesium, tantalum, and rubidium by focusing on its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM has a total of 70,236,695 common shares issued and outstanding. For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Henry J. Kloepper, CEO, Trevor R. Walker, President
2736 Belisle Drive
Val Caron, ON.
P3N 1B3 CANADA
T. +001 705.897.7622
F. +001 705.897.7618
HLM Identifies strong Rubidium grades up to 0.53% Rb20 over 14 meters on the PAK Rare Metals Project in Northwestern Ontario
Sudbury, Ontario –April 24, 2013 - Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company which is actively exploring for the rare metals lithium, cesium, tantalum, and rubidium by currently focusing on its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM is pleased to announce some of the remaining results from its 2012 Channel Sample Program on the Pakeagama Lake pegmatite, located at the 1,792 hectare (4,424 acre) PAK Rare Metals Project.
In September 2012, Peter J. Vanstone, P.Geo. the qualified person (QP) for the project, conducted a 91 sample channel sampling program on the Pakeagama Lake pegmatite in order to confirm historical results and to add additional channel samples while further sampling by distinct geologic zones. In addition to the high grade lithium oxide results up to 4.74 Li20 over 15 meters, and strong tantalum oxide results up to 192ppm Ta205 over 14 meters reported by HLM in January, 2013, the program has also identified rubidium (Rb) oxides in a distinct pegmatite zone as discussed below:
http://www.houstonlakemining.com/index.php/news-mainmenu-54/2013-news-releases/325-hlm-identifies-strong-rubidium-grades-up-to-0-53-rb20-over-14-meters-on-the-pak-rare-metals-project-in-northwestern-ontario
The Central Intermediate Zone (CIZ) is located in the upper portions of the pegmatite. It is in contact with both the Upper Intermediate Zone (UIZ) and Upper Wall Zone, and persists to the southeast edge of the outcrop where it is believed the pegmatite continues under the till cover. Channel 19 is located in the central portion of the exposed CIZ where the zone consists predominantly of grey K-feldspar with minor lithian mica + quartz alteration. To the southeast, the K-feldspar is altered to a mica+quartz mixture and was sampled by Channel 7R (highest rubidium grades found to date in the exposed pegmatite). Samples from this channel consisted of similarly sized fragments of randomly oriented K-feldspar with varying degrees of mica+quartz alteration. In the adjacent area to the northeast of Channel 7R, the alteration consists of K-feldspars more or less completely replaced with a lithian mica + quartz mixture where veinlets and patches of lepidolite occur. This altered zone, which was sampled by Channel 1, contains strong tantalum and rubidium grades over a significant width.
When considering the CIZ as outlined in Table 1, the distance between channels 19 and 1 is approximately 35m. Overall, this zone has an exposed surficial expression of approximately 100m in length and remains open to both the southeast and northwest.
The Pakeagama Lake pegmatite does not currently have a resource, however the mineralogy of the CIZ and the presence of lepidolite is similar to the CIZ described in the Tanco pegmatite. The Tanco pegmatite is located southwest of the PAK Rare Metals Project in southeastern Manitoba and has recently ceased mining production from their CIZ zone.
"In addition to the high-grade lithium results of up to 4.74 Li20 over 15 meters, and high tantalum results of up to 192ppm over 14 meters encountered and reported in January, these strong rubidium grades from the program entrench the Pakeagama Lake pegmatite as a leading high-grade, multi-element exploration target for rare metals in North America. Furthermore, within the next three to five weeks, HLM will begin receiving assay results from our Phase I, 1,000-meter diamond drill program that commenced in March." said Trevor R. Walker, President of HLM.
Due Diligence
All scientific and technical information in this release has been reviewed and approved by Peter J. Vanstone, P.Geo. who is the qualified person (QP) under the definitions established by National Instrument 43-101. Under HLM’s QA/QC procedures, channels are cut with a motorized circular diamond saw, and are 4 cm wide and 10 cm deep. The channels are oriented perpendicular to the strike of the pegmatite internal mineralogical zones and are cut continuously across the zones. The samples are removed using a hammer and chisel. The length of a channel is determined by the width of the pegmatite zone. Offset channels are cut where deemed appropriate. Sample lengths typically are 1 metre but can be less depending on zone mineralogy and boundaries. Samples are described, placed into a poly sample bag with a numbered sample tag and then shipped to the assay lab for quantitative analysis for select elements. All HLM samples are currently being assayed by Activation Laboratories Ltd. with all samples being delivered to their Thunder Bay facility. Sample blanks along with tantalum certified reference samples and lithium-rubidium-cesium standard samples are routinely inserted into the sample stream in accordance with industry best practices. At the completion of each program, approximately 10% of the channel sample pulps are submitted to a secondary ISO certified laboratory for assay verification.
About Houston Lake Mining Inc.
HLM is a mining exploration company that is specialized in rare metals and actively exploring for lithium, cesium, tantalum, and rubidium by currently focusing on its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM has a total of 70,236,695 common shares issued and outstanding. For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Henry J. Kloepper, CEO, Trevor R. Walker, President
2736 Belisle Drive
Val Caron, ON.
P3N 1B3 CANADA
T. +001 705.897.7622
F. +001 705.897.7618
Houston Lake Mining Raises $433,000 in Financing Oversubscribed by 189%
Sudbury, Ontario –March 28, 2013 - Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company which is actively exploring for rare metals lithium, cesium, tantalum, and rubidium by currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. On March 13th, 2013 HLM proposed a non-brokered private placement offering of 2.5 million units ("Units") of the Company priced at $0.06 per Unit, for total gross proceeds of $150,000. The private placement financing has been oversubscribed by $283,000 by successfully selling 7.2 million Units at the price of $0.06 per Unit.
Each Unit consists of one (1) Common Share of the Company and one (1) share purchase warrant (the "Warrant") (each full Warrant shall entitle the holder thereof to purchase one (1) additional common share of HLM at an exercise price of $0.10 for a 24 month period from closing (the "Offering").
All of the Shares and Warrants issued pursuant to the private placement are subject to a 4-month hold period. Proceeds from the financing will be used to advance Houston Lake’s 100% owned and optioned Pakeagama Rare Metal project located in northwestern Ontario, and for general working capital purposes.
No finder’s fees or options were necessary for the offering.
About the PAK Rare Metals Project
The Pakeagama Lake pegmatite has a exposed strike length of approximately 200m with a width up to 150m at surface with mineralization that is open in all directions. In September 2012, Peter J. Vanstone, P.Geo. the qualified person for the project, conducted a 91 sample channel sampling program on the exposed Pakeagama Lake pegmatite in order to confirm historical results and to add additional channel samples while further sampling by distinct geologic zones. The results of the program have so far identified high grade lithium up to 4.74% Li2O over 15 meters in three distinct pegmatite zones, and high grade tantalum up to 192ppm Ta2O5 over 14 meters in one of these zones. A diamond drill program has been independently recommended and on March 1, 2013, the Company announced that a Phase I, 6 hole, 1,000 meter drill program commenced.
About Houston Lake Mining Inc.
HLM is a mining exploration company that is actively exploring for the rare metals cesium, tantalum, lithium and currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. HLM has a total of 63,019,056 common shares issued and outstanding exclusive of this financing. For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Henry J. Kloepper, CEO
2736 Belisle Drive
Val Caron, ON.
P3N 1B3 CANADA
T. +001 705.897.7622
F. +001 705.897.7618
PAK seems to be showing some potential. Results coming soon will be interesting.
http://houstonlakemining.com/
New investor presentation out.
http://houstonlakemining.com/images/Presentations/HLM_Presentation_Feb2013.pdf
HLM Identifies High Grade Lithium up to 4.74 Li20 over 15 meters on the Pakeagama Rare Metals Project in Northwestern Ontario
To see charts go to link.
http://www.houstonlakemining.com/index.php/news-mainmenu-54/2013-news-releases/318-hlm-identifies-high-grade-lithium-up-to-4-74-li20-over-15-meters-on-the-pakeagama-rare-metals-project-in-northwestern-ontario
Sudbury, Ontario –January 10, 2013 - Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company which is actively exploring for the rare metals lithium, cesium, tantalum, and rubidium by currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. HLM is pleased to announce some of the results from its 2012 Channel Sample Program on the Pakeagama Lake pegmatite, located at the 1,792 hectare (4,424 acre) Pakeagama Rare Metals Project property. In September 2012, Peter J. Vanstone, P.Geo. the qualified person for the project, conducted a 91 sample channel sampling on the Pakeagama Lake pegmatite in order to confirm historical results and to add additional channel samples while further sampling by distinct geologic zones. The results of the program have so far identified high grade lithium oxide in three distinct pegmatite zones as discussed below:
1) Upper Intermediate Zone (UIZ)
The UIZ represents the lithium zone within the pegmatite and is dominated by “SQUI”, a term used to describe an oriented spodumene + quartz intergrowth after primary petalite, with lesser grey K-feldspar and primary white spodumene in quartz. Phosphate minerals and lithian mica are the common accessory minerals. Channels 3A, 3B and 4 with a composite grade of 4.74% Li2O represent a 15 metre section across the UIZ in the southeastern part of the exposed pegmatite. Channel 18 is located approximately 55 metres northwest along strike from Channels 3A/3B/4.
2) Lower Intermediate Zone (LIZ)
The LIZ comprises a good portion of the exposed pegmatite and is considered an intermediate stage zone historically carrying significant lithium, tantalum and rubidium. The zone is comprised of predominantly K-feldspar, Na-feldspar, quartz, SQUI and lithian muscovite. The zone has undergone both plastic and brittle deformation. Taken together the three channels represent a 23 meter cross-section of the LIZ with a composite grade of 2.27% Li2O. When considering the LIZ and the high grade UIZ as outlined in Table 1, the total distance between the two sets of channels is approximately 190m where the pegmatite zones remain open to both the southeast and northwest.
3) Central Intermediate Zone (CIZ)
This zone is located in the upper portions of the pegmatite and consists of predominantly grey K-feldspar. Towards the southeast part of the pegmatite, the K-feldspar displays increasing alteration to a muscovite+quartz assemblage which locally is lepidolitic.
The Pakeagama Lake pegmatite does not currently have a resource, however the mineralogy of the 3 zones (UIZ, LIZ and CIZ) and the presence of SQUI as the dominant lithium mineral assemblage is similar to the mineralogical zonation of the Tanco pegmatite. The Tanco pegmatite is located southwest of Pakeagama Lake in southeastern Manitoba and was a lithium mineral concentrate producer from 1986 until operations were suspended in 2009. According to Giancola (2002), in 1992, Tanco’s lithium reserve grade was 2.71% Li20. “The lithium grades encountered from the program place the Pakeagama Lake pegmatite as a leading exploration target for rare metals. Furthermore, HLM anxiously anticipates the pending final results of analysis from the other elements that our pegmatite contains, such as Tantalum and Rubidium. With the data we have collected, the Company has identified targets whereby a Phase I, 1,000m diamond drilling program has been independently recommended“, said Trevor R. Walker, President of HLM.
Due Diligence
All scientific and technical information in this release has been reviewed and approved by Peter J. Vanstone, P.Geo. who is the qualified person under the definitions established by National Instrument 43-101. Under HLM’s QA/QC procedures, channels are cut with a motorized circular diamond saw, and are 4 cm wide and 10 cm deep. The channels are oriented perpendicular to the strike of the pegmatite internal mineralogical zones and are cut continuously across the zones. The samples are removed using a hammer and chisel. The length of a channel is determined by the width of the pegmatite zone. Offset channels are cut where deemed appropriate. Sample lengths typically are 1 metre but can be less depending on zone mineralogy and boundaries. Samples are described, placed into a poly sample bag with a numbered sample tag and then shipped to the assay lab for quantitative analysis for select elements. All HLM samples are currently being assayed by Activation Laboratories Ltd. with all samples being delivered to their Thunder Bay facility. Sample blanks along with tantalum, lithium, rubidium and cesium standard samples are routinely inserted into the sample stream in accordance with industry best practices. At the completion of each program, approximately 10% of the channel sample pulps are submitted to a secondary ISO certified laboratory for assay verification.
About Houston Lake Mining Inc.
HLM is a mining exploration company that is actively exploring for the rare metals lithium, cesium, tantalum, and rubidium by currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. HLM has a total of 63,019,056 common shares issued and outstanding. For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Henry J. Kloepper, CEO
2736 Belisle Drive
Val Caron, ON.
P3N 1B3 CANADA
T. +001 705.897.7622
F. +001 705.897.7618
HLM Expands the Pakeagama Rare Metals Property to the North-West of its exposed high-grade pegmatite by staking
Sudbury, Ontario –November 8, 2012 - Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company which is actively exploring for rare metals and currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. HLM is pleased to announce the staking of additional prospective rare metal properties adjacent to the Pakeagama Project. HLM now holds a 100 percent interest in 1,792 hectares (4,424 acres) of mining claims at its Pakeagama Rare Metals Project. This land position covers the known exposures of the Pakeagama rare metals pegmatite.
“Strong market interest in rare metals has made our Pakeagama Rare Metals Project a market leader and the focus of exploration for high grade targets” said Trevor R. Walker, President. “We believe that we hold the key ground identified by the Ontario Geological Survey (OGS) in their 1998-1999 rare metals evaluation of the region and are happy to have significant grounds that suggest the extension of the known mineralized pegmatite. High grade cesium, tantalum, and lithium oxide values have been reported at the surface of the exposed pegmatite which is open in all directions on our project.”
Recently HLM conducted a channel sample verification program on the Pakeagama pegmatite, whereby procedures are being used to assess the pegmatite using NI43-101 standards. Independent geologists have indicated that this is a highly prospective target containing rare metal signatures similar to the Tanco Mine, located in neighbouring southeastern Manitoba. Cesium is produced primarily from the Tanco mine owned by Cabot Corporation which in the mid-1990’s, accounted for approximately 82% of the reported world reserves. For more information on rare metals cesium and tantalum and HLM’s Pakeagama Rare Metal Project please visit:
http://www.houstonlakemining.com/images/Presentations/Rare_Metals_Fact_Sheet_2012.pdf
About Houston Lake Mining Inc.
HLM is a mining exploration company that is actively exploring for the rare metals cesium, tantalum, lithium and currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. HLM has a total of 58,119,056 common shares issued and outstanding. For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Henry J. Kloepper, CEO
2892 White Street
Val Caron, ON.
P3N 1B2 CANADA
T. +001 705.897.7622
F. +001 705.897.7618
Houston Lake Mining Announces Closing of First Tranche of a $200,000 Flow-Through Financing
Sudbury, Ontario –August 14, 2012 - Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company which is actively exploring for rare metals and currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. HLM today reported the closing of a non-brokered private placement offering of 2,000,000 units ("Units") of the Company priced at $0.05 per Unit, for total gross proceeds of $100,000.
Each Unit consists of one (1) Common Share of the Company (to be issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) (a "Flow-Through Share") and one (1) share purchase warrant (the "Warrant") (each full Warrant shall entitle the holder thereof to purchase one (1) additional common share of HLM at an exercise price of $0.12 for a 24 month period from closing (the "Offering").
All of the Flow-Through Shares and Warrants issued pursuant to the private placement are subject to a 4-month hold period. Proceeds from the financing will be used to advance Houston Lake’s 100% owned and optioned Pakeagama Rare Metal project located in northwestern Ontario.
In connection with the Offering, the Company issued a finder’s fee in the aggregate amount of $5,000 and 100,000 finder options (5% of the total number of Units sold under the Offering). Each finder option is exercisable at an exercise price of $0.12 into one Common Share and one Warrant for a period of two years from closing.
The Company intends to raise an additional $100,000.00 as part of this financing for total flow through proceeds of $200,000.
About Houston Lake Mining Inc. HLM is a mining exploration company that is actively exploring for the rare metals cesium, tantalum, lithium and currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. HLM has a total of 56,119,056 common shares issued and outstanding. For additional information, please visit:
www.houstonlakemining.com.
Company Contact Information
Henry J. Kloepper, CEO
2892 White Street
Val Caron, ON.
P3N 1B2 CANADA
T. +001 705.897.7622
F. +001 705.897.7618
HLM neighbor Coventry finalizes $5m placement.
http://coventryres.com/pdfs/IssueOfSecondTrancheOfSharesIn$5MillionPlacement16May12.pdf
A prefeasibility and eventual mine is very good for HLM's West Cedartree property.
They have always stated a regional mine is the goal. Once Coventry gets further along, HLM is going to have a serious property to push to bring in investors. A lot of explorations has taken place on their property and they are in a great position to benefit from the latest developments in the area.
Good news for HLM neighbor, Coventry Resources.
HLM’s Tib Lake PGE Property is located 15km away from North American Palladium’s Lac des Isles Mine and concentrator near Thunder Bay, and its West Cedartree Gold Project is located 12km away from Coventry Resources 1M oz.+ Cameron Gold Project near Kenora.
$5 MILLION PLACEMENT
Coventry Resources Limited (ASX: CVY and “the Company”) is pleased to announce that it has received commitments to raise $5 million through the placement of 41.67 million new shares at a price of $0.12 per share (the “Placement”). Casimir Capital LP is lead broker for the Placement.
The shares will be placed to North American institutional investors that are clients of Casimir Capital as well as Australian institutional and sophisticated investors that are clients of Blackswan Equities.
The Company plans to use the proceeds from the offering to:
? Complete a prefeasibility study at its 1.4 Moz Cameron Gold Project in Ontario, Canada;
? Continue mine permitting activities at the Cameron Gold Project;
? Implement further drilling programs at the Cameron Gold Project to continue to evaluate potential extensions of the Cameron Gold Deposit as well to further evaluate numerous high-priority regional prospects that have been delineated within the Project;
? Undertake an inaugural diamond drilling program at the Rainy River Project to follow-up on geochemical anomalies that may be delineated in the current RC drilling overburden sampling program;
? Continue to pursue additional strategic growth opportunities.
The Placement will be completed in two tranches:
? The first tranche will comprise the issue of 25.92 million shares (approximately 62% of the Placement) under the Company’s 15% capacity. This tranche will settle on or about April 10, 2012.
? The Company will seek shareholder approval at a general meeting to be held on or around May 9, 2012 to approve the second tranche for the remaining 15.75 million shares (approximately 38% of the Placement). Subject to shareholder approval this tranche will settle on or about May 16, 2012.
The Placement was made without a prospectus or other disclosure document to investors under Section 708A of the Corporations Act.
It is contemplated that a “cleansing notice” under Section 708A (5)(e) of the Corporations Act will be given to the ASX immediately following the issue of the shares.
Mike Haynes
Executive Chairman
Updated Rare Metals Fact Sheet
http://www.houstonlakemining.com/factsheet/RareMetalsFactSheet_2012.pdf
Lac des Iles Palladium Mine numbers from North American Palladium year end financials.
In 2011, LDI produced 146,624 ounces of payable palladium at a cash cost per ounce(1) of US$448. Production costs per tonne of ore milled were $54. 2011 production at the LDI mine included the blending of underground ore with lower-grade surface sources.
During the year, 1,830,234 tonnes of ore were mined, of which 988,502 tonnes came from underground sources (with an average palladium mined grade of 5.7 grams per tonne), and 841,732 tonnes from surface sources (with an average palladium mined grade of 1.8 grams per tonne). For the year ended December 31, 2011, the LDI mill processed 1,689,781 tonnes of ore at an average palladium head grade at the mill of 3.7 grams per tonne, with a palladium recovery of 78.3%.
As discussed in the Company's guidance news release issued on January 17, 2012, during 2011 NAP made significant progress in advancing the critical aspects of the mine expansion and remains on schedule to commission the shaft at the end of 2012. The shaft will allow LDI to increase its underground mining rate to 3,500 tonnes per day at the beginning of 2013, and then gradually increase the rate during 2013 and 2014 up to 5,500 tonnes per day starting in 2015, at which point the Company expects production to exceed 250,000 ounces at a cash cost per ounce(1) of approximately US$200 (based on current by-product metal prices).
In 2011, the Company conducted 84,686 metres of drilling on the LDI property. The objective of the 2011 exploration program was to expand the Offset Zone, improve knowledge of the Offset Zone mineralization through infill drilling, and to identify potential surface targets. The final update on the 2011 program was recently released on January 30, 2011.
New Investor Presentation
http://www.houstonlakemining.com/images/Presentations/HLM_Presentation_Feb2012_V1.pdf
2012 will be pivitol to future.
Prsidents 2011 review posted early in January.
http://www.houstonlakemining.com/images/pdf/2011_PresidentsAddress.pdf
Management is looking for Coventry Resources to move into production.
http://coventryres.com/pdfs/FollowUpDrillingProgramCommencesCameronGoldProject21Nov11.pdf
They have a massive claim with 1.4m ounces measured, indicated, or inferred est.
HLM's West Cedartree and Coventrys Cameron Project are very close.
http://www.houstonlakemining.com/images/Presentations/HLM_IP_Jan2012.pdf
Updated front page of website.
Notice in that intro paragraph, Coventry Resources mentioned.
http://coventryres.com/CameronProject.html
A JV with them to bring West Cedaretree near production would be a biggie.
PAL puts out 2012 exploration budgets. Surely they will find a few hundred thousand in 2012 for the JV with HLM's Tib Lake PGE Property
North American Palladium Announces 2012 Guidance on Production, Capital Expenditures and Exploration Budgets
http://finance.yahoo.com/news/North-American-Palladium-iw-4102508523.html?x=0
Palladium Operations
"I am very pleased with the significant progress made in 2011 on our mine expansion development activities," commented Greg Struble, Vice President and Chief Operating Officer. "During 2012 we will continue to make major investments in our mines, in exploration, and in our people and I am confident that we have the right team and processes in place to achieve our objectives."
Production and Cash Costs
Payable palladium production from the LDI mine for the year ended December 31, 2011, totaled approximately 146,000 ounces at total cash costs expected to be in line with management's guidance of US$450 per ounce. More detailed disclosure of 2011 production numbers will be provided when the Company releases its year-end results in February.
2012 production is expected to show modest growth from 2011, and be in the range of 150,000 to 160,000 ounces at cash costs in the range of US$375 to US$400 per ounce. Underground mining is expected to average 2,600 tonnes per day with ore sourced from the Roby Zone as well as the upper part of the Offset Zone (including development ore). Surface ore will come from mining approximately 1 million tonnes from the existing open pit which was recently restarted. Underground ore is expected to have an average head grade of 5.3 grams per tonne, and surface ore 1.9 grams per tonne. In total, the Company expects to mill approximately 1.8 to 2.0 million tonnes of underground and surface ore at an average palladium head grade of 3.7 grams per tonne, with a mill recovery of 78%.
In 2012 the LDI mine remains in a transitional phase, with underground mining being via ramp access, until the new mine shaft becomes operational at the end of the year. Quarterly variability in LDI's production metrics is to be expected during the transition phase, and reflects the planned mining sequence (and hence grade variability) to mitigate logistical congestion between operations and the underground development activities. It should also be noted that cash costs are expected to be higher during the first half of the year due to seasonal trends that impact operating costs, such as increased use of propane during the winter season.
LDI's cash costs per ounce are presented net of by-product revenue. In 2012, the by-product metals are expected to comprise approximately 35% of LDI's revenue, as compared to approximately 28% in 2011. The higher by-product metal percentage in 2012 results from mining proportionally more lower palladium grade surface ore. Assumptions used to forecast cash costs for 2012 include US$1,600 per ounce gold, US$1,600 per ounce platinum, US$8.50 per pound nickel, US$3.50 per pound copper and an exchange rate of C$1.00 to US$1.00.
The shaft, which will have a capacity of 7,000 tonnes per day, is targeted to be commissioned at the end of the year, which will allow LDI to increase its underground mining rate to 3,500 tonnes per day at the beginning of 2013. Production will be gradually ramped up during 2013 and 2014 to 5,500 tonnes per day starting in 2015, at which point the Company expects production will exceed 250,000 ounces at cash costs of approximately US$200 per ounce.
The mine expansion plan and forecast of future production is based on the current resource wireframe, and does not include potential production from the Cowboy, Outlaw, and Sheriff zones, which could alter future development plans.
Palladium Exploration
Following the exploration success achieved in the past few years, NAP will continue to invest in exploration to expand the reserves and resources at LDI and to identify new targets. 2012 exploration expenditures are expected to be approximately $16 million, comprised of 70,000 metres of drilling, of which 64,000 metres will be at LDI, and 6,000 metres at NAP's other nearby properties. $10 million of the $16 million in expenditures (55,000 of the 64,000 metres to be drilled at LDI) is in connection with the mine expansion and is included in the $116 million capital expenditure budget discussed above, leaving a balance of $6 million that will be expensed.
The main focus of the exploration program will be underground exploration at LDI targeting the Offset Zone, to conduct infill drilling as well as to test extensions of the Offset Zone mineralization towards surface, at depth, and to the south. In addition, drilling will be conducted at North LDI, the North VT-Rim and Legris Lake.
New Rare Metals Fact Sheet on their website.
http://www.houstonlakemining.com/images/pdf/CesiumFactSheet_Jan.2012.pdf
HLM is planning to conduct a Phase I , 2,000m diamond drill program on the Pakeagama Rare Metals Project in 2012.
HLM Enters Letter of Intent with North American Palladium for the Option to Purchase its Tib Lake PGE Property
Houston Lake Mining Inc. (TSX.V: HLM) (HLM), announces that it has entered into a Letter of Intent (LOI) with North American Palladium Ltd. (TSX: PDL, NYSE Amex: PAL) whereby North American Palladium would have the Option to Purchase the Tib Lake Platinum Group Elements (PGE) property after completion of certain cash payments and exploration expenditures. The property is the second largest intrusion in the Lac des Iles mining camp, located just north of Thunder Bay, Ontario.
The LOI provides that North American Palladium may acquire a 100% interest in the 2,464 hecatre Tib Lake PGE property from HLM after making staged payments totalling C$450,000 to HLM and incurring exploration expenditures of C$1.6 million, in aggregate, over five years. HLM would retain the exclusivity to exercise its buy back option to purchase 1% of a 2.5% Net Smelter Royalty for C$1,000,000, and to purchase the remaining Royalty (1.5%) on such terms and conditions as it is able to negotiate with the holder of the royalty.
The terms of the LOI remain subject to entering into a definitive agreement and the LOI also requires regulatory approval.
"HLM is very pleased to have taken a significant step with such a well respected, mining company as North American Palladium,” said Henry J. Kloepper, CEO of HLM. “North American Palladium’s PGE mining expertise and exploration track record in discovering high-grade mineralization, coupled with available capacity at their LDI mill only 15 km away, provide a unique opportunity for the Tib Lake PGE property.”
About Houston Lake Mining Inc.
Houston Lake is an advanced, vertically integrated resource exploration company. The Company is actively exploring for rare metal, gold and platinum group deposits in Northwestern Ontario with a strategic focus on the Pakeagama Rare Metals Project. Houston Lake’s objective is to become a producer and developing its 100% owned and optioned properties. The Company has a total of 54,119,056 common shares issued and outstanding. For additional information, please visit us at www.houstonlakemining.com.
Houston Lake Mining Extends the Dogpaw Mineralized Zone’s Strike Length of Gold Mineralization to 367m From Extending Channel Sampling at Vein 4 on the West Cedartree Gold Project
http://www.businesswire.com/news/home/20110919006438/en/Houston-Lake-Mining-Extends-Dogpaw-Mineralized-Zone%E2%80%99s
Don't know. They are still going ahead with REE exploration at Pakeagama this winter and West Cedertree seems to be expanding in scope in all directions.
Any idea why this stock has plunged, while gold prices have soared?
Latest Investor Fact Sheet
http://www.houstonlakemining.com/factsheet/HLM_FactSheet_winter2011.pdf
(PINK:HLKMF)(TSX.V:HLM) Houston Reports Fourth Quarter Results
Houston Lake Mining Inc. (TSX.V: HLM), is an advanced exploration company which has prospected and strategically acquired contiguous gold properties in Northwestern Ontario with the objective of transitioning into production. HLM also seeks platinum group and rare metal deposits in Northwestern Ontario. Today, HLM filed its report for the fourth quarter, and year ended March 31, 2011.
Year End Highlights:
HOUSTON APPOINTS MARIAN (MIKE) KOZIOL (P.GEO) AS NEW BOARD MEMBER
• On January 27, 2011 Houston announced the appointment of Marian (Mike) Koziol, P.Geo to the board of directors. Mr. Koziol serves as the President and Director of Alto Ventures Ltd. and resides in Sudbury, Ontario. Alto Ventures Ltd. (Alto) is a Canadian gold exploration company with projects in Ontario, Quebec, Manitoba and British Columbia. Mr. Koziol is a geologist with 32 years of experience exploring for gold and base metals in the Canadian Shield. He played key roles in a number of gold and base metals discoveries during his career with Saskatchewan Mining Development Corporation and Cameco Gold Inc. (CGI), including the McIlvenna Bay Copper-Zinc deposit, Saskatchewan, and the Comtois and Destiny gold deposits in Quebec. During his tenure as District Geologist from 1996 to 2002, Mr. Koziol was responsible for all exploration activities carried out by CGI in Eastern Canada, where he evaluated, acquired, and managed a number of multimillion dollar gold exploration projects in Manitoba, Ontario and Quebec. While at Alto Mike has acquired a number of high potential gold projects in Quebec and Ontario and is working to advance them.
HOUSTON ANNOUNCES ACQUISITION OF RARE METALS PROPERTIES, INCREASING THE SIZE OF THE COMPANY’S PAKEAGAMA RARE METALS PROJECT IN NORTH WESTERN ONTARIO
• On January 18, 2011, Houston announced the execution of an option of prospective and adjacent rare metal properties in order to substantiate the Company’s controlled land position and size of the Pakeagama Rare Metals Project located in the Red Lake Mining District of northwestern Ontario, Canada. Houston Lake now holds a 100 percent interest in 1,024 hectares (2,530 acres) of mining claims at its Pakeagama Rare Metals Project. This land position covers all known exposures of the Pakeagama rare metals pegmatite. All four properties are subject to a 2.5 percent Net Smelter Royalty ("NSR").
HOUSTON DISCOVERS NEW GOLD ZONE AND INTERSECTS FURTHER MINERALIZATION
• In August, HLM reported the results of 100 channel samples taken from 22 lines of surface exploration work which identified a potential new Robertson gold mineralized zone. The best sample result was 2.97 g/t Au over a length of 0.43 meters from Line 14. This interval was from a longer sample of 1.22 meters averaging 2.13 grams per tonne.
• In September, HLM commenced a Phase I, 1000 meter, 8 hole Robertson Prospect Exploration drill program.
• Drill hole WC10-05 intersected 22.60 Metres of 2.047g/t Gold Including 4.30 Metres of 4.740 g/t. Further drilling is independently recommended and commenced on the zone in April 2011.
HOUSTON EXTENDS MCLENNAN GOLD ZONE TO 450M OF MINERALIZED STRIKE LENGTH
• In March, HLM commenced a drill program on the historic 260m long McLennan Gold Zone. The best hole was WC-11-45 where it intersected 2.54 g/t gold over 4.9 m including 7.43g/t over 0.7 m near surface.
• Surface work by HLM in 2010 resulted in the discovery of a 10.79 g/t gold grab sample. The surface sample was taken 2.5 km southwest of the McLennan Gold Zone in an unexplored area near the same mafic-gabbro contact as the McLennan Gold Zone. This is a very positive indicator that this sheared contact area is a favourable target for gold and there is an impressive 6.6 km of geology to explore on strike to the north and south of the present-day McLennan Gold Zone.
FINANCE
• Houston issued 2,143,333 Units priced at $0.15 per unit for gross proceeds of $321,500 through a non-brokered private placement.
“We have taken logical steps in our corporate affairs and in our exploration efforts, specifically on the West Cedartree Gold Project during this rebuilding period. HLM continues to work towards being positioned with access to funds, developing numerous exploration targets built from historic and NI 43-101 resources, and adding experienced directors and management in order to properly guide HLM’s growth initiatives.” said Trevor Walker, President of Houston. “The current goal on the West Cedartree Gold Project is to identify the resource potential based from six known gold zones as fast as possible with the goal of then building economic ounces through guided drilling. Further attention is being brought to our project as Northwestern Ontario’s gold exploration is quickly being an exploration focus due to other corporate consolidation and exploration successes of many gold exploration companies as of late, more specifically Coventry Resources Limited’s Cameron Gold Deposit which is in excess of one million ounces and is located approximately 12 km away.”
“Strong market interest in rare metals has made our Pakeagama Rare Metals Project the chief focus of a staking rush north of Red Lake,” said Trevor R. Walker, President. “We believe that we hold the key ground identified by the Ontario Geological Survey (OGS) in their 1998-1999 rare metals evaluation of the region and are happy to have optioned grounds that strongly suggest the extension of the known mineralized pegmatite. High grade cesium, tantalum, rubidium and lithium oxide values have been reported in the Core Zone of the exposed pegmatite which is open in all directions on our project.”
Exploration outlays, salaries and other outlays were funded from treasury. During the twelve months ended March 31, 2011 Houston spent a total of $938,735 in the mining properties. A total of $414,447 was spent in acquisition and exploration costs for the Dubenski property. A total of $481,890 was spent on exploration for the West Cedartree Property (specifically on the newly discovered Robertson Gold Zone, and McLennan Gold Zone) and $8,593 was incurred on the Pakeagama Lake Rare Metals Project.
Expenses for the twelve months ended December, 2010 were $895,057 compared to $589,397 for the same period of the previous year.
For the twelve months ended March 31, 2010 Houston incurred a net loss of $854,701 ($0.02/share) compared to a net loss of $325,968 ($0.01/share) for the same period ending in 2010.
The Company’s current rate of cash consumption, excluding expenditures on work programs, is approximately $55,000 per month.
OUTLOOK
Houston will continue to focus on exploration and development objectives of the WCGP with a secondary focus on the Pakeagama Rare Metals Project:
West Cedartree Gold Project
During the twelve months ending, 1500 metres have been drilled on the Dubenski Property, 1000 metres has been drilled on the newly discovered Robertson Gold Zone, and 1308m has been drilled on the historic McLennan Gold Zone. In March 2011, a phase II, 1,214m drill program commenced on the Robertson Gold Zone.
We have initiated investigation of surface targets at Dogpaw and along the Angel Hill gold trend, more specifically in the vicinity of the newly discovered Robertson Gold Zone.
HLM has recently been making progress on the Dogpaw Lake Gold Zone by compiling and reviewing the data from previous management on the known gold-bearing veins. Of note, approximately 75% of drilling conducted by HLM has intersected values of 3 g/t or higher including the best drilled intercept yielded from drill hole DP07-42 with 7.5 meters of 29.9 g/t gold. High grades, and close proximity to the underexplored contact between the large gabbro body and volcanics provide an impressive 4.6 km of geology to explore on to the north and south of the present-day Dogpaw Gold Zone and makes it another key exploration target. In 2010 HLM reported up to 105 g/t gold from channel sampling in vein No. 5 on the Dogpaw Lake Gold Zone. The Dogpaw Vein No. 5 occurs 470 meters north-northeast of Vein No. 1, and occurs in the same gabbroic host rocks as the Vein No. 1, No. 2, No. 4 and No. 6 gold mineralizing system. Currently we are prospecting the Dogpaw with the intent of quickly conducting a trenching program to reveal the surficial relationship between the various known high grade veins on the property. Dependent on results, we will be quick to follow up with washing and channel sampling with the objective of a delineation program to at least continue with the existing targets based on past drilling on veins No. 1 and No. 2 and the immediate attention of vein No. 4 and others that may arise from our current work.
We currently have two NI 43-101 compliant resources on two of our gold zones (Angel Hill and Dubenski) and a historical resource on a third (Dogpaw Lake Mineralized Zones). In 2010 we focused a good portion of our drilling on the Dubenski Gold Zone. We initiated and completed phases IV and V of drilling which was aimed at expanding the resource along strike and at depth. Our drilling confirmed the extension of the Dubenski Mineralized Zone and proving that the Shaft, Central and East Zones form a continuous gold mineralizing system. The drilling also extended the gold mineralization to over 465 metres of strike length. We have encountered mineralization at a depth of 450m vertical, this is encouraging, despite encountering some cross faulting on the western extension of the zone. We have accomplished approximately 6000m of drilling since our last resource calculation, and are working on 3D modelling to aid in the next exploration holes to be done on strike, rather than expensive, deep drilling before we look at updating the resource there.
Houston Lake’s overall goal is to identify enough resources at six possible locations (Dogpaw, Dubenski, Angel Hill, Robertson, and McLennan gold zones) in order to justify production or economically construct a mill facility on site.
Pakeagama Rare Metals Project
Exploration Plans for 2011 include a summer Mobile Metal Ion (MMI) geochemical survey. The objective of this program is to aid in the targeting and planning of a Phase I winter diamond drill program. Upon completion of the MMI survey and the Phase I diamond drill program, the knowledge gained should allow us to have a rare and exclusive geochemical survey tool we can use in the exploration for rare-metal pegmatites in northern Ontario. In order to significantly reduce the costs associated with a helicopter supported summer drill program, HLM is planning on drilling Phase I in the winter months of 2012 and accessing the project utilizing the winter road network that runs within 6 kilometres of the project.
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 49,532,637 common shares issued and outstanding exclusive of the announced financing. For additional information, please visit us at www.houstonlakemining.com
Gold Prices Hit High as Fed Hints at QE3
http://www.thestreet.com/story/11183258/1/gold-prices-hit-high-as-fed-hints-at-qe3.html?cm_ven=GOOGLEN
tajitj:
If you like NBRI then you might want to check out "SUGO", "GNMT", and "SNEY". All are very promising with huge potential.
Croaker246 (investor246@yahoo.com)
Houston Lake Reports 3rd Quarter Results
Houston Lake Mining Inc. (TSX VENTURE:HLM), is an advanced exploration company which has prospected and strategically acquired contiguous gold properties in Northwestern Ontario with the objective of transitioning into production. HLM also seeks platinum group and rare metal deposits in Northwestern Ontario. Today, HLM filed its report for the third quarter, and nine months ended December 31, 2010.
Third Quarter Highlights:
HOUSTON SECURES $10 MILLION FINANCING COMMITMENT AND FILES ANNUAL INFORMATION FORM AS A FIRST PRE-REQUISITE OF THREE
On September 22, 2010 Houston entered into an agreement providing for an Equity Line Facility ("ELF") with Dutchess Opportunity Cayman Fund Ltd., a fund managed by Dutchess Capital Management, II LLC. Under the terms of the ELF, Dutchess has committed to provide up to $10 million of capital during the next three years, at HLM’s discretion, through the issue of common shares. HLM will file an annual information form (“AIF”) and short form prospectus in Canada, which will be subject to the required corporate and regulatory approvals, including that of the TSX Venture Exchange and the Ontario Securities Commission. An AIF was filed with SEDAR on November 22, 2010 and can be viewed at www.houstonlakemining.com.
On November 22, 2010 Houston submitted an Annual Information Form (AIF) to the exchange. The AIF is a prerequisite of the Equity Line Facility (“ELF”), Houston is currently working on an exemptive relief form and when/if approved by authorities HLM will then be required to file a short form prospectus.
HOUSTON DISCOVERS NEW GOLD ZONE AND INTERSECTS FURTHER MINERALIZATION
In August, HLM reported the results of 100 channel samples taken from 22 lines of surface exploration work which identified a potential new Robertson gold mineralized zone. The best sample result was 2.97 g/t Au over a length of 0.43 meters from Line 14. This interval was from a longer sample of 1.22 meters averaging 2.13 grams per tonne.
In September, HLM commenced a Phase I, 1000 meter, 8 hole Robertson Prospect Exploration drill program.
Drill hole WC10-05 intersected 22.60 Metres of 2.047g/t Gold Including 4.30 Metres of 4.740 g/t. Further drilling is independently recommended and will commence in Q4 March 2011.
EXPLORATION EFFORTS ON WEST CEDARTREE
A strategic grab sampling program commenced IN Q3 and was designed to test some known geophysical anomalies that have never been investigated on the West Cedartree Gold Project (WCGP). The target areas for the sampling were a number of untested positive chargeability anomalies similar to the anomaly that defines the Robertson Gold Zone, a shear zone that hosts the historical Gold Sun adits, and historical trenches on the McLennan Property.
Prospecting samples encountering trace to 7.030 g/t gold in the vicinity of the Robertson Gold Zone indicates the possibility that the chargeability anomaly that defines the zone may continue northward and southward and are offset approximately 200 meters by lateral faulting to the east. Anomalous results have been obtained from an indicated strike length of at least 200 meters and suggest the possibility of a 400 meter length at surface.
A prospecting sample encountered on the Gold Sun Property encountered a 10.794 g/t gold sample. The location of the sample is near the volcanic/gabbro contact similar to the McLennan Gold Zone setting to the northeast. This grab sample suggests a potential strike length of 3.3km. It has been independently recommended that follow up geophysics and drilling from the historic McLennan Gold Zone be conducted.
FINANCE
Houston issued 3,125,000 Flow-Through Units priced at $0.16 per unit for gross proceeds of $500,000 through a non-brokered private placement.
“We have taken logical steps in our corporate affairs and in our exploration efforts, specifically on the West Cedartree Gold Project during this period. With the $10 Million financial commitment from Dutchess, HLM continues to work towards being positioned with exceptional access to funds, numerous exploration targets built from historic and NI 43-101 resources, and experienced management in order to properly guide HLM’s growth initiatives.” said Trevor Walker, President of Houston. “The current goal on the West Cedartree Gold Project is to identify the resource potential based from six known gold zones as fast as possible with the goal of then building economic ounces through guided drilling. Further attention is being brought to our project as Northwestern Ontario’s gold exploration is quickly being an exploration focus due to other corporate consolidation and exploration successes of many gold exploration companies as of late.”
The current program on the West Cedartree Gold Project is aimed at outlining and gaining an understanding of mineralizing controls and features to realize the resource potential by working out from the known historical and NI 43-101 compliant gold zones. To date almost all drilling on the project has been near surface and all resources remain open.
Exploration outlays, salaries and other outlays were funded from treasury. During the nine months ended December 31, 2010 Houston invested $566,901 in the mining properties. A total of $413,569 was spent in acquisition and exploration costs for the Dubenski property. A total of $141,565 was spent on exploration for the West Cedartree property (specifically on the newly discovered Robertson Gold Zone) and $6,740 was incurred on the Pakeagama Lake Rare Metals Project.
Expenses for the nine months ended December, 2010 were $347,609 compared to $442,237 for the same period of the previous year.
For the nine months ended December 31, 2010 Houston incurred a net loss of $508,806 ($0.012/share) compared to a net loss of $446,239 ($0.013/share) for the same period ending in 2009.
The Company’s current rate of cash consumption, excluding expenditures on work programs, is approximately $40,000 per month.
OUTLOOK
Houston will continue to focus on exploration and development of the WCGP.
During the nine months ending December 31, 2010, 1500 meters has been drilled on the Dubenski Property and 1000 metres has been drilled on the newly discovered Robertson Gold Zone.
We have initiated investigation of surface targets at Dogpaw and along the Angel Hill gold trend especially in the vicinity of the Robertson Gold Zone. More specifically we have discovered geophysical analysis and grab sampling that the offset extensions of the Robertson Gold Zone provide for a potential 250m of strike length. Diamond drilling is currently being planned for March 2011 in order to further define the potential size and controls of the mineralized zone.
The company expects to commence drilling on the historic McLennan Gold Zone in order to duplicate and confirm historical drilling and trenching done there. In addition to the confirmation of the historic mineralized zone, Houston will test the potential strike extensions of the Gold Zone as they appear to be open.
Houston Lake’s overall goal is to become a producing company.
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 49,532,637 common shares issued and outstanding exclusive of the announced financing. For additional information, please visit us at www.houstonlakemining.com.
Forward-looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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.
Houston Lake Mining Announces up to 10.794g/t Gold from Regional Prospecting, also Diamond Drilling to Commence mid January on the West Cedartree Project
Sudbury, Ontario –December 21, 2010 - Houston Lake Mining Inc. (TSX.V: HLM), is an advanced exploration company which has prospected and strategically acquired contiguous gold properties in Northwestern Ontario with the objective of transitioning into production. HLM also seeks platinum group and rare metal deposits in Northwestern Ontario. HLM is pleased to report the results of 170 regional prospecting samples and 9 channel samples taken from the West Cedartree project area during the months of August and September.
The target areas for the sampling were a number of untested positive chargeability anomalies similar to the anomaly that defines the recently discovered Robertson Gold Zone, a shear zone that hosts the Gold Sun adits, historical trenches on the McLennan Property and some anomalous areas near the Dogpaw Gold Zone. A chargeability compilation map that combines results from two IP surveys is available at http://www.houstonlakemining.com/images/IPchargability_WCP.jpg.
The results ranged from trace to 10.794 grams per tonne. The following table shows the results and location of all samples >2.0 grams per tonne gold, which represent 3% of the total samples taken.
Location Sample Type Northing Easting Au
g/mt Au oz/st
Gold Sun Property Grab 434345 5462033 10.794 0.315
Robertson Gold Zone area Grab 435583 5462912 7.030 0.205
McLennan Gold Zone area Grab 435177 5464357 3.484 0.102
Robertson Gold Zone area Grab 435678 5462921 3.178 0.093
Gold Sun Property Grab 432867 5461136 2.818 0.082
Robertson Gold Zone area Grab 435880 5461935 2.416 0.070
“We are encouraged by the results of our strategic sampling program as we have numerous gold showings on the West Cedartree Project. Focusing on the newly discovered Robertson Gold Zone is the logical choice for exploration in the short term for the company” said Trevor R. Walker, President of HLM. “The prospecting samples in the vicinity of the Robertson Gold Zone appear to indicate that the chargeability anomaly that defines the zone continues northward and southward and are offset approximately 200 meters by lateral faulting to the east. Anomalous results have been obtained from an indicated strike length of at least 200 meters and suggest the possibility of a 400 meter length at surface.
A diamond drill program of at least 3000m will commence in mid January. This program will target both the Robertson Gold Zone and the historic McLennan Gold Zone. The Robertson Gold Zone Phase II drill program will test the strike length extensions, as well as perform some deeper drilling on the known zone. Some drilling will take place on the historic McLennan Gold Zone, where some historic drilling was done in the 1940’s and only 6 shallow diamond drill holes from HLM in 2006 and 2007. Both Zones have tremendous exploration upside/resource potential, have historically displayed significant gold intersections with a small number of holes in the past and interpretation suggests that both could be amenable to the economic open pit methods of mining. “
About the Robertson Gold Zone
The Robertson Prospects have an insignificant exploration history dating back to the 1940’s. Three showings were known to have been documented on the West Cedartree Property with minor indications of gold mineralization. The Robertson Zone at exposed surface is a 60m long by 20m wide stripped and washed area of gabbroic rock which has three converging shear zones of silicification and variable amounts of finely disseminated pyrite up to 1-2%. These converging zones trend NNE, NNW and EW and vary in width from 3 meters to 20 meters. Channel samples taken in the summer of 2010 from this area ran up to 2.97 g/t Au over a length of 0.43 meters. No previous drilling has been done on this zone prior to HLM performing its phase I drill program in 2010. WC10-01 has shown great potential for both width at 42 metres, and also bodes well for higher grade potential intersecting .6 metres of 6.56 g/t. More specifically the zone is complimented by the hole WC10-05 intersection of 22.60 metres of 2.047g/t gold including 4.30 metres of 4.740 g/t. This Robertson hole targeted the north-south trending altered shear zones. Furthermore, WC10-02 intersected 23.70 metres of 0.980 g/t gold, including 18.30 metres of 1.200 g/t gold.
About the McLennan Gold Zone
The property geology consists of basaltic lavas and pyroclastics intruded by a large gabbro sill and quartz feldspar porphyries. Gold mineralization on the property is associated with north-south trending shear zones near the contact of or internal to the large gabbro sill. Shear zones are possibly related to the Pipestone Lake-Cameron Lake Fault Zone, a major conduit for gold deposits in the region.
In 1944 drilling by Sylvanite Gold Mines Ltd. encountered significant gold-bearing intersections over strike length of 280 m (918 ft). Hole 44-09 encountered the best intersection with 2.848 g/t gold over 4.60m. Holes drilled were approximately 40-50m deep.
In 2006, HLM conducted IP geophysics survey traced possible gold indication for over 800 m southward to where the zone appears to merge with the Angel Hill Gold Zone. Between 2006 and 2007 HLM drilled 8 shallow drill holes which encountered significant gold values over substantial widths. The best intercept was with hole 06-35 which intersected 4g/t gold over 9m from 26-35m from surface.
Due Diligence
All samples reported were shipped to Accurassay Laboratories, an ISO accredited facility, of Thunder Bay, Ontario. Samples were analyzed by fire assay utilizing 30-50 gram charges. All
samples were assayed with an AA finish and those samples assaying above 3 g/mt gold are retested utilizing a gravimetric finish.
This news release was reviewed by Bryan McKay, P. Geo., who is a Qualified Person under the guidelines of the National Instrument 43-101.
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 47,289,304 common shares issued and outstanding. For additional information, please visit us at www.houstonlakemining.com.
Company Contacts
Houston Lake Mining Inc.
Trevor R. Walker, MBA
President
Tel: 705.897.7622 Fax: 705.897.7618
Houston Lake Reports 2nd Quarter Results
Houston Secures $10 Million Financing Commitment and Discovered New Robertson Gold Zone
?Sudbury, Ontario – November 30, 2010 – Houston Lake Mining Inc. (TSX.V: HLM), is an advanced exploration company which has prospected and strategically acquired contiguous gold properties in Northwestern Ontario with the objective of transitioning into production. HLM also seeks platinum group and rare metal deposits in Northwestern Ontario. Yesterday HLM filed its report for the second quarter, and six months ended September 30, 2010.
Second Quarter Highlights:
HOUSTON SECURES $10 MILLION FINANCING COMMITMENT
•On September 22, 2010 Houston entered into an agreement providing for an Equity Line Facility ("ELF") with Dutchess Opportunity Cayman Fund Ltd., a fund managed by Dutchess Capital Management, II LLC. Under the terms of the ELF, Dutchess has committed to provide up to $10 million of capital during the next three years, at HLM’s discretion, through the issue of common shares. HLM will file an annual information form (“AIF”) and short form prospectus in Canada, which will be subject to the required corporate and regulatory approvals, including that of the TSX Venture Exchange and the Ontario Securities Commission. An AIF was filed with SEDAR on November 22, 2010 or can be viewed at www.houstonlakemining.com
HOUSTON DISCOVERS NEW GOLD ZONE
•In August, HLM reported the results of 100 channel samples taken from 22 lines of surface exploration work which identified a potential new Robertson gold mineralized zone. The best sample result was 2.97 g/t Au over a length of 0.43 meters from Line 14. This interval was from a longer sample of 1.22 meters averaging 2.13 grams per tonne.
•In September, HLM commenced a Phase I, 1000 meter, 8 hole Robertson Prospect Exploration drill program.
•Drill hole WC10-01 was released in Q2 and it showed great potential for both width at 42 metres, and also bodes well for higher grade potential intersecting .6 metres of 6.56 g/t.
•Ongoing exploration efforts including sampling and assessment/planning for Q3 winter drilling to extend the strike length and test the mineralization at depth.
•Further drilling is independently recommended.
DUBENSKI GOLD ZONE (“DBGZ”)
•Completed a Phase V “Dubenski Exploration”, 4 hole, 1,600 meter diamond drilling program on the property to partly test the down dip and down plunge of the zone as well for future downhole geophysical testing in order to aid our interpretation and targeting efforts of the Zone.
•We have encountered several intersections bearing anomalous gold values with the deeper drilling on Dubenski Gold Zone, specifically with hole DB10-98 where the best intersection was 11 metres of 0.824 g/t gold. Holes 97 and 98 have provided us with the indications of mineralization down to a depth of approximately 450m from surface.
•Analysis is underway in order to perform downhole geophysical surveys with these holes. Additional to exploration efforts at depth lies the necessity to increase the resource on the Dubenski Gold Zone via infill drilling and possible strike length extension.
EXPLORATION EFFORTS ON WEST CEDARTREE
•A systematic grab sampling program commenced at the end of September designed to test known geophysical anomalies that have never been investigated on the West Cedartree Gold Project.
FINANCE
•Houston issued 1,666,667 Flow-Through Units priced at $0.15 per unit for gross proceeds of $250,000 through a non-brokered private placement.
“We have taken logical steps in our corporate affairs and in our exploration efforts, specifically on the West Cedartree Gold Project during this period. With the $10 Million financial commitment from Dutchess, HLM will be positioned with exceptional access to funds, numerous exploration targets built on historic and NI 43-101 resources, and experienced management in order to properly guide HLM’s growth initiatives.” said Trevor Walker, President of Houston. “The current goal on the West Cedartree Gold Project is to build economic ounces as fast as possible as Northwestern Ontario’s gold exploration is being brought to attention by corporate consolidation and exploration successes of many gold exploration companies as of late. Approximately 6,000m of drilling has been conducted specifically on the Dubenski Gold Zone since the last resource calculation was conducted approximately one year ago. By next spring we plan on updating our resources and are currently analyzing all six known gold zones and their resource potential in order to guide future drilling.”
The current program on the West Cedartree property is aimed at outlining three working areas (Dubenski Gold Zone, Robertson Gold Zones, and Dogpaw Gold Zones) in order to advance the company towards its production objective. To date almost all drilling on the project has been near surface and all resources remain open.
Exploration outlays, salaries and other outlays were funded from treasury. During the six months ended September 30, 2010 Houston invested $511,834 in the mining properties. A total of $411,769 was spent in acquisition and exploration costs for the Dubenski property. A total of $92,060 was spent on exploration for the West Cedartree property (specifically on the newly discovered Robertson Gold Zone) and $6,740 was incurred on the Pakeagama Lake Rare Metals Project.
Expenses for the six months ended September 30, 2010 were $238,150 compared to $287,498 for the same period of the previous year. HLM maintained a higher level of productivity on the West Cedartree Property as the previous year’s quarter, despite this decrease.
For the six months ended September 30, 2010 Houston incurred a net loss of $238,150 ($0.006/share) compared to a net loss of $293,954 ($0.009/share) for the same period ending in 2009.
The Company’s current rate of cash consumption, excluding expenditures on work programs, is approximately $30,000 per month.
OUTLOOK
Houston will continue to focus on exploration and development of the WCGP.
Houston Lake will focus on implementing the recommendations of the NI 43-101 report to further test the 1.7km long Dubenski Gold Zone along strike and at depth beneath the Dubenski gold resource. Current planning is underway in order to perform down hole geophysics in order to aid targeting at depth on the Dubenski Gold Zone. A winter drill program will be done on the Dubenski and will include some testing at depth based on down hole geophysical results and infill drilling required in order to update the resource estimate on the gold zone. During the six months ending September 30, 2010, 1500 metres has been drilled on the Dubenski Property and 1000 metres has been drilled on the newly discovered Robertson Gold Zone.
We have initiated investigation of surface targets at Dogpaw and along the Angel Hill gold trend especially in the vicinity of the Robertson Gold Zone. More specifically we have discovered geophysical analysis and grab sampling that the offset extensions of the Robertson Gold Zone provide for a minimum of 250m of strike length. Diamond drilling is currently being planned for January 2011 in order to further define the potential size of the mineralized zone.
The company expects to do future drilling on the McLennan in order to duplicate historical drilling and trenching done there and to justify a resource calculation. The Angel Hill gold zone data is currently being explored in order to upgrade the historic resources there, and to increase resource potential for the WCGP. Houston Lake’s overall goal is to identify enough resources at six possible locations (Dubenski, Angel Hill, Dogpaw Mineralized Zones, Robertson, and McLennan gold zones) in order to justify production or economically construct a mill facility on site.
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 44,164,304 common shares issued and outstanding exclusive of the announced financing. For additional information, please visit us at www.houstonlakemining.com.
Company Contacts
Houston Lake Mining
Trevor R. Walker, MBA
President
Tel: 705.897.7622
Fax: 705.897.7618
Forward-looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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.
Houston Lake Mining Secures $10 Million Financing Commitment
Sudbury, Ontario – September 22, 2010 - Houston Lake Mining Inc. (TSX.V: HLM), an advanced exploration company with strategic gold, rare-metal, and platinum group properties in Northwestern Ontario, is pleased to announce that it has entered into an agreement providing for an Equity Line Facility ("ELF") with Dutchess Opportunity Cayman Fund Ltd., a fund managed by Dutchess Capital Management, II LLC. Under the terms of the ELF, Dutchess has committed to provide up to $10 million of capital during the next three years, at HLM’s discretion, through the issue of common shares.
"This new equity line facility with a well-established Investor such as Dutchess is a clear indication of investor optimism behind HLM’s plan to further develop our assets at a faster pace. This agreement gives us a flexible and inexpensive access to capital to support our exploration initiatives." said Trevor R. Walker, President of HLM. "By demonstrating access to capital, our past exploration results, and the extent of exploration targets, we are sending a clear and positive message to our shareholders that we are striving to increase our resources with the objective of production". HLM can draw on Dutchess' commitment by sending draw down notices based on the company’s requirements. Each drawdown will be priced based on the then-current stock price in accordance with an agreed-upon formula. HLM will control the timing and amount of any share sales to Dutchess. HLM will file an annual information form and short form prospectus in Canada, which will be subject to the required corporate and regulatory approvals, including that of the TSX Venture Exchange and the Ontario Securities Commission. No commissions will be paid by HLM as a result of the signing of the ELF.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to United States persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This news release is not for distribution to United States newswire services or for dissemination in the United States.
About Dutchess Capital
Dutchess Capital is an investment manager which provides creative financing for public companies. Founded in 2000, funds managed by Dutchess have made over $200 million in direct investments in companies throughout North America, Europe and Asia. For almost a decade, Dutchess has been a global leader in Equity Line Facilities (ELFs) and has transacted in excess of $1.8 billion in such financings worldwide. The ELF is a flexible financing structure by which publicly traded companies can raise capital quickly, efficiently and with less dilution than most traditional offerings. For more information, please visit
www.dutchesscapital.com.
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 44,164,304 common shares issued and outstanding exclusive of the announced financing. For additional information, please visit us at: http://www.houstonlakemining.com/
Company Contacts
Houston Lake Mining
Trevor R. Walker, MBA
President
Tel: 705.897.7622 Fax: 705.897.7618
They trade on TSX smart guy! Also pinks as HLMKF
Nice string of news in 2010
http://www.houstonlakemining.com/news-mainmenu-54/2010-news-releases-mainmenu-107
Houston Lake Mining Announces $250,000 Flow-Through Financing
Sudbury, Ontario –July 06, 2010 - Houston Lake Mining Inc. (TSX.V: HLM), is an advanced exploration company which has prospected and strategically acquired contiguous gold properties in Northwestern Ontario with the objective of transitioning into production. HLM ("the Company") also seeks platinum group and rare metal deposits in Northwestern Ontario. HLM is proposing a non-brokered private placement offering of up to a maximum of 1,666,667 common shares ("Common Shares") of the Company.
The Common Shares are to be issued under a unit offering whereby up to a maximum of 1,666,667 units ("Units") at a subscription price of $0.15 per Unit are to be offered. Each Unit shall consist of one (1) Common Share of the Company (to be issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) (a "Flow-Through Share") and one-half of one (½) share purchase warrant (the "Warrant") (each full Warrant shall entitle the holder thereof to purchase one (1) additional common share of HLM at an exercise price of $0.20 for the first 12 months from closing and at an exercise price of $0.25 for a further 12 month period (the "Offering").
All of the Flow-Through Shares and Warrants issued pursuant to the private placement are subject to a 4-month hold period. Completion of the private placement is subject to the final approval of the TSX Venture Exchange. Proceeds from the financing will be used to advance Houston Lake's 100% owned and 100% optioned gold properties located near Kenora, Ontario.
All securities issued in connection with this financing have a hold period of 4 months. HLM reserves the opportunity to grant to eligible persons a finder's fee of a maximum 8% of the gross proceeds of the Offering and finder options of a maximum of 8% of the total number of Units sold under the Offering. Each finder option will be exercisable at an exercise price of $0.15 into one common share and one-half of one Warrant for a period of two years from closing.
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 42,497,638 common shares issued and outstanding. For additional information, please visit us at www.houstonlakemining.com.
Company Contacts
Houston Lake Mining
Trevor R. Walker, MBA
President
Tel: 705-897-7622
Fax: 705-897-7618
Very good Investor Presentation, they have put together some good info.
http://www.houstonlakemining.com/images/Presentations/HLM_Presentation_May212010.pdf
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HLM is a specialized mining exploration company actively engaged in the acquisition, exploration and development of hard rock, high grade, multi-element and rare metal resource properties. HLM maintains a particular focus on lithium (Li), and tantalum (Ta), rubidium (Rb) and cesium (Cs) by its world class expertise and experience exploring for LCT classified pegmatites.
HLM’s goal is to become a fully integrated lithium and tantalum producer by targeting the growth as a result of the shift towards electric/hybrid vehicles and high quality consumer electronics through the development of the PAK Rare Metals Project in Ontario, Canada. HLM’s Board of Directors and management combined have over 255 years of exploration and mining experience in order to facilitate the Company’s goal of becoming a raw material supplier of the elements required for the pursuit of sustainable energy and other applications in high-tech electronics and metal alloys.
HLM is actively exploring its 100% owned and optioned PAK Rare Metals Project where recently a Phase I, 1,000m 6-hole diamond drill program was completed intersecting wide pegmatite zones containing high-grade lithium and tantalum with possible byproduct potential for rubidium and cesium on the Pakeagama Lake pegmatite in northwestern Ontario, Canada.
Experienced Team: HLM's board of directors and management have over 220 years of combined finance, exploration & mining experience to guide the Company's properties toward production.
Market fundamentals: Strong market price and outlook for strategic metals lithium, tantalum, rubidium and cesium. More specifically, unlike most commodities, lithium and tantalum demand is forecast to grow by at least 7.5% per year until 2020.
Proven track record: Successful property selection, acquisition and exploration results. The PAK Rare Metals Project’s Pakeagama Lake pegmatite has recently displayed through a Phase I, 1,000m diamond drill program high grade lithium, tantalum, and rubidium up to 4.22% Li2O over 18 meters in diamond drill hole (DDH) 003 and 236 ppm Ta2O5 over 19m in DDH 005 in two distinct pegmatite zones. DDH 001 averaged 0.41% Rb2O over three distinct pegmatite zones in 154.55m.
Growth Oriented Results: The Pakeagama Lake pegmatite has a 250m strike length with an estimated width varying from 45 to 125m assuming sub-vertical orientation of the pegmatite and remains open in all directions (WNW, ESE and at depth).
Strategic Differentiation: HLM’s experience fosters production as a strategic corporate objective in order to maximize future value to shareholders.
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