Houston Lake Mining Inc - Tib Lake channel sampling results
Houston Lake Mining Inc (HLM)
Shares issued 9,946,600
1998-08-06 close $0.14
Monday Aug 10 1998
Mr. E. Grayme Anthony reports Houston Lake Mining has released results from recent channel sampling on the Tib Lake palladium property. Houston Lake has the opportunity to earn a 100 per cent interest from Obongo Precious Metals on the property in the Thunder Bay region of Ontario.
Ontario Geological Survey studies, previous work by Obongo, and preliminary geological investigation by independent geological consultants have identified the potential for economic palladium mineralization in the lower and border zones of the Tib Lake gabbro. Houston Lake has assembled a land position through the Obongo option and additional staking whereby the Tib Lake palladium property now encompasses 1712 hectares. Approximately 70 per cent of the lower and border zones (3.8km by 1.4km) are contained within the current property confines.
The formation of the palladium ores from the Nor'ilsk district in Russia has been attributed to magma contamination which caused sulphide droplets to form in the molten rock. These sulphide droplets then tended to collect palladium and platinum to form the Nor'ilsk ore bodies. Geological evidence preserved in the rocks in the lower zone of the Tib Lake intrusion suggests a similar process of magma contamination and formation of sulphide droplets has led to the concentration of palladium on the Tib Lake property. A preliminary mechanical trenching program consisting of 30 channel samples has recently been completed on the Tib Lake palladium property under the supervision of independent geological consultant Andreas Lichtblau. The samples were analyzed for palladium, platinum, and gold by standard fire assay and nickel, copper, and cobalt by geochemical methods at Chemex Labs of Mississauga, Ontario. Sample values ranged from trace to 2.06 g/t palladium, trace to 0.66 g/t platinum, trace to 0.34 g/t gold, 0.006 per cent to 0.300 per cent nickel, 0.004 per cent to 0.180 per cent copper, and 0.001 per cent to 0.008 per cent cobalt.
The two highest samples were taken over the Kuhner occurrence which is the main documented palladium occurrence in the Tib Lake gabbro. Sample No. 555806 is an isolated 1m channel sample which returned a combined precious metals content of 3.05 g/t. Sample No. 555807 occurs 5m north of sample No. 555806 and is the last sample in a 4.5m continuous channel. Sample No. 555807 returned 1m of a combined precious metals content of 2.98 g/t. All the foregoing are contained within a weakly sulphidized coarse-grained gabbro unit.
Channel Width Palladium Platinum
Sample (m) (g/t) (g/t)
------- ----- --------- --------
555806 1.0 2.06 0.65
555807 1.0 2.03 0.66
Channel Au Combined
Sample (g/t) (g/t)
------ ----- --------
555806 0.34 3.05
555807 0.29 2.98
The 1995 drill hole TL-95-09 intercepted the following precious metals mineralization under the Kuhner occurrence at a depth of 30.5m.
Estimated True Palladium Platinum
Width (m) (g/t) (g/t)
-------------- --------- -------
13.6 1.10 0.38
incl. 5.2 1.85 0.58
incl. 1.5 3.09 1.03
Au Combined
(g/t) (g/t)
------ --------
0.21 1.68
incl. 0.31 2.74
incl. 0.41 4.53
Management is encouraged when surface geological investigations and channel sampling results are compared to that from drill hole TL-95-09. The palladium-platinum-gold mineralization can be seen to increase in both grade and width with depth. The mineralization intersected in drill hole TL-95-09 is open both laterally and to depth. A $175,000 exploration program is independently recommended to test this target.
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