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Gold/Mining/Energy : Houston Lake Mining [HLM-ASE] -- Ignore unavailable to you. Want to Upgrade?

To: DRT who wrote (135)	3/24/1999 2:26:00 PM
From: DRT	Respond to of 364

Houston Lake renews Tib Lake option Houston Lake Mining Inc HLM Shares issued 9,946,600 Mar 23 close $0.26 Wed 24 Mar 99 News Release Mr. E. Grayme Anthony reports The conditions of the company's first-year option have been met on the Tib Lake palladium property. Houston Lake has expended approximately $110,000 in exploration, issued 25,000 shares, and made a cash payment of $7,500 to meet the first-year obligations. The company has also made the final cash payment of $15,000 as called for under the Tib Lake option agreement to commence the second year option. The company has now met all cash requirements and is to expend an additional $200,000 and issue 50,000 shares by March 16, 2000, to earn a 100 per cent interest in the property subject to a 2.5 per cent net smelter return. The Tib Lake palladium property covers the Lower and Border zones of the Tib Lake intrusion. The Tib Lake gabbro is a layered intrusion which shares similar geological age and rock types with the only primary palladium producer in Canada, which is 15 kilometres from the property. The Tib Lake gabbro is the second largest intrusion in the area, after the Lac des Iles complex (which hosts the palladium mine) and has a number of documented PGE (palladium-platinum-gold) occurrences. The combination of anomalous background PGE values and large intrusion size is considered to be a critical factor in determining the potential to host a PGE deposit. The first year program consisted of 55 kilometres of line cutting, geophysics (magnetic and VLF-EM surveys), and a one-drill hole, 150-metre diamond drill program. Confirmation drill hole TB-99-14 was collared within five metres of TB-95-09 where 1.68 grams per tonne PGEs over 13.6 metres was reported by a third party. The twinned hole intersected a similar geology and coincident sulphidized zone hosted within a coarse-grained gabbro rock unit to that encountered in the earlier hole, but returned anomalous palladium-platinum-gold values of 0.311 of a gram per tonne over an estimated true width of 10.6 metres. The recommended next phase of the program will involve check assays of earlier drilling, systematic geological mapping of the entire property, 25 kilometres of induced polarization geophysical surveys, and trenching and stripping of the Kuhner occurrence and the Road occurrence where a 1.5 grams per tonne PGE sample was reported from a net-textured sulphide host described as similar in appearance to the Roby zone (the main producing zone at the Lac des Iles mine). The company has obtained an extension from the Alberta Stock Exchange for its offering memorandum until May 21, 1999.