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By: AllPennyStocks.com
With equity markets the world over on pins and needles, a theme to which
investors appear to be returning is the record prices reached by gold –
providing mining companies big and small with the stimulus to continue with
their exploration adventures. Simply put, there is gold out there, especially in
the northern part of Ontario.
As the days dwindled down toward the May long weekend, Val Caron, Ontario-based
Houston Lake Mining Inc. (TSX-Venture:HLM) announced the results from an
additional four holes of a 4,900-metre, Phase IV diamond drill program on the
Company's 100% optioned Dubenski Property. Additional core samples have been
shipped to the lab for fire assay analysis.
Dubenski is one of eight contiguous properties comprising the Company’s 100%
owned and optioned 1,674-hectare (4,135 acre) West Cedartree Gold Project
located near Kenora, Ontario. The project area encompasses three zones hosting
gold resources at Angel Hill, Dogpaw Lake No. 1 Vein and Dubenski Mineralized
Zone. The mineralization on the drill holes in question this month ranged up to
32.82 grams per ton.
At the end of April, results were released from six similar holes on the
Dubenski project, with mineralization ranging up to a solid, though less
spectacular, 6.88 g/t.
HLM is an advanced, vertically integrated resource exploration company. The
Company is actively exploring for gold, platinum group metal and rare metal
deposits in northwestern Ontario with a strategic focus on the West Cedartree
gold project. Houston Lake's objective is to become a gold producer by surface
mining its West Cedartree gold project and developing its 100% owned and
optioned properties.
Houston Lake’s principal short-term objective is to become a gold producer by
surface mining several of the eight properties comprising West Cedartree -- a
prolific gold region that produced over half of Ontario’s gold in the early
1900’s. HLM’s platinum group metals project is the Tib Lake property near
Thunder Bay and Pakeagama, its rare metals project, is near Red Lake.
Recent channel sampling on Pakeagama discovered 1.21% lithium oxide, 222 g/t
tantalum oxide, 0.53% rubidium oxide, 958 g/t cesium oxide, and 120 g/t tin,
among other rare metals.
Even so, HLM’s stock price is stuck in the lower end of a 52-week trading range
that bottomed out only a matter of weeks ago at 13.5 cents, having peaked last
fall at 33 cents. The brighter news from Dubenski may not have sparked a rush of
volume (only about 60,000 shares) but a jump in price to 17 cents. The price may
be just economical enough to attract folks eager to improve their gold exposure,
as stock markets continue to be jittery.
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