Hy Lake Gold Completes 2011 Drilling at Rowan Lake Mine Joint Venture Property
TORONTO, ONTARIO -- (Marketwire) -- 10/19/11 -- HY LAKE GOLD INC. (CNSX: HYL)(FRANKFURT: HYK) is pleased to announce that it has completed a 5,574 m, 21-hole drilling program at its 60%-owned Rowan Lake Mine property, held in a Joint Venture with Red Lake Gold Mines, a General Partnership of Goldcorp Inc. and Goldcorp Canada Ltd.
The drilling focused on two key areas of the property and followed up on the 2010 drilling programs at Rowan Lake. The initial 3,880 m, 17-hole phase of drilling focused on further extending the Rowan-NT Zone high-grade mineralized structural corridor along the strike both to the south-west, to the Confederation/Redstar property boundary, and to the north-east. An additional 1,694 m, 4-hole phase focused on further delineation of a series of several sub-parallel, high-grade gold zones to the east-north- east of the Rowan Lake Mine main shaft (Figure 1). Assay results will be released for each area of drilling once received and analysed by the Company.
The Rowan-NT Zone represents a 2010 discovery on the Rowan Lake Mine property (see news release of October 25, 2010). The Rowan-NT Zone is on trend, to the north-east with the Confederation/Redstar Newman Todd Structure, which has produced high grade results recently (see Confederation news releases of August 16th, 2011, September 12th, 2011 and of October 19, 2011).
Vadim Galkin, VP exploration, commented: 'The main purpose of this summer drilling program was to establish how far the breccia structure extends to the north-east which resulted in a relatively closely spaced, shallow drilling plan. Drilling intercepted carbonate and quartz-carbonate breccias in all 17 holes with true width varying within a 35-100 m range. To date, the sub-vertical breccia corridor has been delineated along 870 m on the Joint Venture property and remains open at depth and along strike to the north-east for approximately an additional 1,000 metres. Hy Lake will continue its delineation drilling of the structure to the north-east and will increase the number of holes to test the continuity of the breccia zone downdip, below depths previously explored.'
Gold assays from Hole HY-11-42 of this phase returned 2.35 g/t Au over 10 m and 4.23 g/t Au over 8 m, including 28.7 g/t Au over 1 m (see news release of July 14, 2011). The remaining assays are pending analysis by the Company and will be released when available.
The second target area was located to the east and north of the Rowan Mine main shaft. Four holes drilled in 2010 intersected the high grade gold zones within the Rowan Main Zones structural corridor (see news release of October 21, 2010). In addition to intersecting high grade mineralization within volcanic sequences, on trend with existing zones, these holes also intersected high grade mineralization within the sedimentary sequence. This Calc-Silicate Zone (CS Zone) was believed to be a new parallel zone to the north of the known vein zones.
The 1,694 m 2011 drilling program consisted of two scissor pairs of holes, with 90 m stepouts to the east and 50 m to the north of the 2010 drill locations. The main result is the discovery of an additional breccia corridor which was intersected in all 4 holes, with striking lithological and structural similarities with Rowan-NT Zone breccias. Assays from these 4 holes are pending analysis by the Company and will be released when available.
Robert Seitz, Hy Lake's President notes: 'Although the possible existence of an additional breccia corridor, analogous to Rowan-NT Zone, on the northern limb of the Rowan Lake 'fold nose' was an important part of the geological model developed by Hy Lake, we were pleased to get confirmation so early in our testing of this theory. The existence of a new east-west limb of breccia mineralization at Rowan Lake will have a significant impact on Hy Lake Gold's future potential resource as we continue to test the continuity of known mineralized zones at the Company's Mount Jamie Mine, Rowan Lake Mine and Red Summit Mine properties. Confidence in our exploration model continues to grow as we discover new zones of gold mineralization along our nearly 7-kilometre strike length of the west Red Lake Mine Trend.'
Hy Lake is planning expanded drilling to further delineate this new breccias zone both to the west, toward the Mount Jamie Mine property, and to the east, toward the Red Summit Mine property. Details of Hy Lake Gold's follow-up drilling programs will be announced when planning is complete.
Vadim Galkin, PhD, P.Geo. who is a qualified person under the definition of National Instrument 43-101 has reviewed the technical information contained in this press release. Core samples from the Rowan program were cut in half using a diamond cutting saw and will be sent to ActLabs, an accredited mineral analysis laboratory in Red Lake, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods. Certified gold reference standards, blanks and field duplicates have been routinely inserted into the sample stream as part of Hy Lake Gold's quality control/quality assurance program.
Michael Schweinberger, M.Sc. managed field operations for this phase of the 2011exploration program. As project geologist, Michael supervised drilling operations, logged and sampled drill core and managed the core cutting. Drilling operations at the Rowan Lake Mine property were carried out by Chibougamau Diamond Drilling Ltd. of Chibougamau, Quebec.
About Hy Lake Gold Inc.
Hy Lake Gold is a well financed Toronto-based mineral exploration company focused on the gold exploration and development business in the prolific Red Lake Mining District of Northwestern Ontario, Canada. Hy Lake Gold has assembled several significant property packages totalling approximately 3,500 hectares in west Red Lake. The properties cover a 12 kilometre distance along the west Red Lake Trend, containing 3 former producing gold mines, and the Company continues to explore these properties both along strike and at depth. To find out more about Hy Lake Gold Inc. (CNSX: HYL)(FRANKFURT: HYK) visit our website at www.hylake.com.
Shares Issued: 41,649,148
On behalf of the board:
Mr. Robert B. Seitz, President & C.E.O.
Forward-Looking Statements
This release contains forward-looking statements, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements with respect to exploration activities and results (including the timing of results), the timing and success of exploration activities generally, permitting timelines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcomes of any pending litigation and timing and results of future resource estimates or future economic studies, and in particular include statements with respect to the timing of the reporting of drilling results at Rowan Lake and the other properties. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'planning', 'planned', 'expects', or 'looking forward', 'does not expect', 'continues', 'scheduled', 'estimates', 'forecasts', 'intends', 'potential', anticipate', 'does not anticipate', or 'belief', or describes a 'goal' or variation of such phrases or state that certain actions, events or results 'may', 'could', 'would', or 'will' be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including the result of drilling and exploration activities, the expected geological conditions or formations are not located, that contracted parties provide goods and/or services on the agreed timeframes, that the equipment necessary for the exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration. Although Hy Lake has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward- looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurances that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/F1HYL.jpg
Contacts:
Hy Lake Gold Inc.
Mr. Robert B. Seitz
President & C.E.O.
office@hylake.com
www.hylake.com