Mining Journal - April 2, 1999, Volume 332. No.8524.
Headlines from Industry In Action: Exploration
Houston Lake options pegmatite property
Alberta-listed Houston Lake Mining Inc. has signed an option to acquire 100% of the 2.5 sq. km Pakeagama Lake property, located 150 km north of Red Lake, Ontario. The property covers the Pakeagama pegmatite, traceable at surface for 250 m with a width of between 10 m and 70 m. The pegmatite was discovered in the early 1990s by the Ontario Geological Survey (OGS) and work in last year's field season by the OGS has established that the pegmatite is extremely fractionated. The work has identified "several economic tantalum-rich minerals" within samples from the site, and has determined that the system contains pollucite (a cesium ore mineral), manganotantalite, rubidium concentrations over 1% in potassium feldspar, and lithium oxide values 3.77% to 4.74% in the spodumene-quartz core of the pegmatite.
Houston must issue 200,000 shares, pay C$150,000 in cash, and spend C$63,000 on exploration over a three-year period. |
