Houston Lake options second rare metals property
Houston Lake Mining Inc HLM
Shares issued 11,176,600 Apr 20 close $0.30
Wed 21 Apr 99 News Release
Mr. E. Grayme Anthony reports
The company has signed a 100 per cent option agreement with an arm's-length
private individual on the 1,024-hectare Favourable Lake rare metals
property. It is required to issue 200,000 shares and expend $76,800 over
three years to earn a 100 per cent interest in the Favourable Lake
property. The option agreement is subject to a 2.5 per cent net smelter
return and Alberta Stock Exchange approval.
The Favourable Lake property is 175 kilometres north of Red Lake, Ont., and
50 kilometres from Houston Lake's Pakeagama Lake rare metals property. The
property covers a portion of the Severn River pluton, a peraluminous
fertile granite similar to that noted at Houston Lake's Pakeagama Lake
property. The property was selected on the basis of favourable features for
concentrations of rare metals, first identified by Denver Stone of the
Ontario Geological Survey (OGS) in a regional reconnaissance mapping
program in 1990. The property is considered to be highly prospective
because: the pluton contains muscovite, indicating potential for evolved
pegmatite mineralization; tourmaline occurrences are noted on the property;
tourmaline contains boron which is important in the complexing and
transport of rare metals such as lithium, tantalum, cesium and rubidium;
and electron microprobe analysis of crystals from the Severn River pluton
was conducted by A.G. Tindle of Open University, United Kingdom, who
reports the presence ferrotantalite rims surrounding ferrocolumbite cores
which indicates significant fractionation.
The strong and growing demand for rare metals makes the Favourable Lake
property an attractive exploration target. Tantalum is used in electrical
capacitors, tantalum-carbide tools, chemical alloys and for prosthetic
devices and surgical implants in the medical industry. Cesium is used in
calibrated drill muds, power generation, motors, opto-electronics and as a
chemical catalyst in DNA separation. Rubidium and lithium are used
primarily by the ceramics and glassware industries.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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