Northern Ontario Business, June 1999
Exploration on the Rise in the Red Lake District
Exploration activity will be high this season in a region that is the third-largest mineral producer in Ontario... Although the Red lake area is renowned for gold, the MNDM's Ontario geological survey (OGS) also discovered rare metals north of the region in the Pakeagama Lake area.
Houston Lake Mining Inc., a junior mining company with headquarters in the Sudbury area, has already optioned 256 hectares of the land.
OGS geologist Dr. Fred Breaks says the Pakeagama Lake property appears to be a "world-class" rare metals deposit, second only to the Separation Rapid's Big Whopper deposit in the province. After conducting surface studies in the area, the OGS found cesium, tantalum, lithium, and rubidium on the Pakeagama Lake property.
Houston Lake president, Grayme Anthony is extremely optimistic about the potential of the Pakeagama Lake property. "The growing demand for tantalum, in combination with the new discovery of a rare metal opportunity is very exciting for the company," he says. "Pakeagama Lake is really going to build our company."
Although Houston Lake plans to start work in the Pakeagama Lake area immediately, the company is looking for investors to help fund the project.
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Comment: "second only to the Separation Rapid's Big Whopper deposit in the province" should read 'at this point in time - second only in size to the Separation Rapid's Big Whopper deposit in the province'. That could all change with drilling, hit significant Ta and/or Cs and the 'value' of the property may eclipse others.
DRT |
