HOUSTON LAKE MINING INC. - PALLADIUM MINERALIZATION
CONFIRMED, SECOND CLOSING OF FINANCING
4/15/1999
Stock Symbol: HLM
Houston Lake Mining Inc. ("Houston Lake") is pleased to confirm
the PGE (palladium-platinum-gold) mineralization of drill hole
TL-95-09 on the Kuhner Occurrence at the Tib Lake Palladium
Property. The drill hole had been previously reported as
containing 1.68 g/t PGE's over 13.06 metres estimated true
width. All 1999 assays were submitted to Chemex Labs of
Mississauga, Ontario. Re-splitting and re-assaying of the core
returned 1.60 g/t PGE's over 13.06 metres estimated true width
containing 2.76 g/t PGE's over 5.28 metres including 4.55 g/t
PGE's over 1.51 metres at a depth of about 30 metres. The
re-assaying was commissioned after drill hole TL-99-14 returned
values of 0.311 g/t PGE's over 10.6 metres. TL-99-14 was
collared within 5 metres of TL-95-09. The two drill holes
intercepted a similar deuterically altered, coarse grained
gabbro unit. A noticeable change in sulphide droplet size and
content apparently explains the difference in PGE values
between the two drill intercepts. The Company is currently
investigating the use of spectral (time domain) IP geophysics
to establish future drill targets. Spectral IP geophysics has
been successfully applied to discern coarse grained sulphides
containing gold mineralization from finer grained sulphides
barren of mineralization elsewhere in the Canadian Shield.
Future exploration on the Tib Lake Palladium Property will
target two areas. The Kuhner Occurrence is located in the
Border Zone of the Tib Lake gabbro which is the site of the
drill results reported above. The Kuhner Occurrence is
traceable for several hundred metres of sulphide-stained
outcrop and is open along strike in both directions. The second
area of interest is the Road Occurrence which contains net
textured, cumulate sulphide mineralization which returned 1.2
g/t PGE's in a grab sample taken by the Resident Geologist,
Thunder Bay Mining District. The Road Occurrence is contained
within the PGE anomalous Lower Zone of the Tib Lake gabbro and
has been described by the Ontario Geological Survey as similar
in appearance to the Roby Zone, the main producing deposit at
the nearby Lac des Iles palladium mine.
Houston Lake announces that the Company has closed a second
tranche of its non-brokered Private Placement as of March 31,
1999. The second closing involves of the issuance of 340,000
units priced at $0.40 per unit for total gross proceeds of
$136,000. Each unit consists of one (1) common share, one (1)
flow-through common share and one half purchase warrant. Each
full purchase warrant entitles the subscriber to purchase a
common share at a price of $0.30 per share for a period of one
year from the date of closing. To date the Company has raised a
total of $236,000 of the $300,000 offering and issued a total
of 1,180,000 common shares.
Houston Lake is repricing the remaining $64,000 of the Private
Placement offering at $0.60 per unit ($0.30 per common share)
based on the ten day average market price of the Company's
common shares since March 31, 1999. Warrants attached to the
repriced offering will be priced at $0.40 per common share and
are exercisable for a period of one year. The Private Placement
financing is available to residents of Alberta and Ontario only
and has a final closing date of May 21, 1999.
Houston Lake reports that the Company is Y2K compliant. The
Company's accounting and geological software and computer
hardware were set to December 31, 1999 and allowed to proceed
to January 1, 2000. All systems and software withstood the test
of time.
The common shares of Houston Lake Mining Inc. trade through the
facilities of the Alberta Stock Exchange under the symbol HLM.
Houston Lake has a total of 11,176,600 common shares issued and
outstanding, inclusive of the second closing referred to above.
For more information, please contact:
E. Grayme Anthony Blackwell Investor Relations
Tel: (705) 897-7622 Tel: (416) 869-0632/
(416) 364-3123
Fax: (705) 897-7618 Fax: (416) 364-5400
e-mail: houston@vianet.on.ca e-mail: Blackwell@myna.com
_____________
Looks like the PGM property may yet bear fruit.
DRT
|
