FSC / Press Release
Hy Lake Gold Commences Winter/Spring 2012 Drilling in Red Lake
Toronto, Ontario CANADA, March 01, 2012 /FSC/ - Hy Lake Gold Inc. (HYL - CNSX, HYK - FWB)is pleased to announce that it has begun its 2012 drilling programs at its West Red Lake properties. The initial program will focus on the company's 100%-owned Mount Jamie Mine Property and recently acquired, 100%-owned Golden Tree Property. A total of 4,800 metres is planned for this phase of drilling, with 2,500 metres planned for Mount Jamie and 2,300 metres planned for Golden Tree.
The winter/spring Mount Jamie drilling will consist of 17 holes designed to test the extensions of the property-scale mineralized corridors along their strikes including the historical North Vein Trend. Several holes are planned to test the possible continuation of the mineralization to the west of the historical Mount Jamie Mine workings. The definition drill holes will be drilled in pairs with -45 and -60 dip, and lengths of between 110 and 160 metres. Five holes will be drilled as a green-field exploration project and will test several prospective geophysical and geological targets for gold mineralization (see map).
Hy Lake Gold has also planned a 12-hole drilling program at the adjacent 100%-owned Golden Tree Property. Drilling will test the east and west extensions of the West Red Lake Zone of gold mineralization and the on-strike continuation of the North Vein. One surface sample from the 2011 program returned more than 25 grams per tonne ("g/t") gold at a location likely associated with the North Vein mineralization (see map).
2011 Drilling
"The design of the 2011 drilling program at Mount Jamie was largely based on interpretation of the 3-dimentional database built on the historical data available, and on Hy Lake Gold's property-scale in-house structural study", said Hy Lake VP, Exploration Vadim Galkin. "The results decisively confirmed the validity of our exploration targeting model. Favorable geology and carbonate and sericite-chlorite alteration as well as various sulphide mineralization were encountered in all 31 drill holes along with relatively low, but encouraging values in gold. It is these intercepts that allow connecting areas of higher gold assays to each other and establishing of main property-scale mineralization trends. Another geologically significant result of the 2011 drilling program was the discovery of the much more extensive presence of diorites/granodiorites in the central part of the Mount Jamie Mine property".
Rowan Lake Mine Property
The Company is finalizing its 2012 exploration plans for its 60%-owned Rowan Lake Mine Property, held in a Joint Venture with Goldcorp's Red Lake Gold Mines. Drilling plans, budgets and timing are being evaluated for execution.
In 2011, Hy Lake Gold conducted a 3,880 metre drill program at the Rowan-NT Zone. The subvertical mineralization corridor was delineated and extended along strike by an additional 0.9 km. The Rowan-NT Zone remains open to the north-east on the Rowan Lake property for an indicated 1.1 kilometres (Map 1). It possibly conjugates with the Porphyry Hill/Creek Zones to the north-east. Together with the Confederation/Redstar Property, situated to the south-west, the actual strike length of the zone proved to be at least 2.5 km with true width varying within a 25 - 110 m range and remains open to the north-east on the Rowan Lake property. Although the breccia itself usually returned higher gold assays, the gold mineralization corridor proved to be much wider than the breccia zone itself. One can speculate that the breccia zone, delineated in 2011, may represent just one sliver of a broader shear corridor of gold mineralization. The significant gold intercepts are summarized in Table 1. For detailed assays, map and sections please see the news release of November 3, 2011 (http://www.hylake.com/all-news.aspx).
The 2011 drill program at the Rowan Main Zone 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 shaft. The drilling program consisted of two pairs of holes, 90 metres to the east and 50 metres to the north of the 2010 drill locations. The main geological result of this drilling was the discovery of a second breccia corridor, intersected by all 4 holes, with striking lithological and structural similarities to the Rowan-NT breccias This cross-cutting zone of quartz-carbonate breccias, often with strong sulphide (mainly pyrite and pyrrhotite) mineralization, is hosted by felsic/mafic/ultramafic volcanics and quartz porphyry. The breccia corridor is quite wide, ranging from 90 to 250 metres along the hole trace, and may occur split into several breccia subzones separated by considerably less deformed units of 10 to 30 metres wide. The significant gold intercepts are summarized in Table 1. For detailed assays, map and sections please see the news release of November 14, 2011 (http://www.hylake.com/all-news.aspx).
For 2012, further definition of the Rowan-NT Zone to the northeast (the potential exists for ~ 1000m along strike) will be the main priority of the drilling. Some infill drilling at steeper angles between the 2011 drill holes are under consideration to test the continuity of the mineralization at deeper levels and to obtain more data for a future resource estimate.
The 2011 discovery of the Rowan Main Zones breccias corridor, with gold mineralization similar to the Rowan-NT Zone, represents a high priority target for drilling in 2012. The drilling will focus on tracing the breccias to the east and west-north-west, along the assumed strike, as well as establishing the actual width of the corridor. Hy Lake Gold and its JV partner Red Lake Gold Mines are also considering drilling a few longer holes (>500 m) to test the possible convergence of the Main Zone Vein System east of the holes drilled in 2011 and to establish their relationship to the breccias zone.
Details of the 2012 Rowan Lake Mine property exploration programs will be released when finalized and approved by the Joint Venture management.
The significant gold intercepts from the 2011 drilling programs are summarized in Table 1. For detailed assays, map and sections please see the news release of April 14, 2011 (http://www.hylake.com/all-news.aspx).
Drilling Contract
2012 drilling operations at the Hy Lake Gold West Red Lake properties will be carried out by Chibougamau Diamond Drilling Ltd. of Chibougamau, Quebec. The Company has executed a 40,000 metre drilling contract with Chibougamau, with a guaranteed minimum deliverable of 20,000 metres, representing a nearly 80% increase over the 2011 drilling programs of 11,216 metres. Hy Lake also has the option of mobilizing a second drill rig to the properties when needed.
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.
About Hy Lake Gold Inc.
Hy Lake Gold Inc. is a Toronto-based mineral exploration company focused on gold exploration and production development 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 the west end of the Red Lake Gold Camp. 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) visit our website at www.hylake.com.
Shares Issued: 43,789,148
On behalf of the board:
Mr. Robert B. Seitz, President & C.E.O.
office@hylake.com
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.
Table 1: Significant assay results from 2011 drilling programs
(m) = metres (g/t) = grams per tonne
-***-
--------------------------------------------------
Rowan Lake Property - Rowan Main Zone
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Hole From (m) To (m) Width (m)* Gold,(g/t)**
--------------------------------------------------
HY-11-58 composite 84.00 90.00 6 69.34
HY-11-58 including 84.00 85.00 1 34.50
HY-11-58 and including 85.00 86.00 1 16.90
HY-11-58 and including 87.00 88.00 1 362.00
HY-11-59 composite 254.00 257.00 3 24.88
HY-11-59 including 255.00 256.00 1 73.60
--------------------------------------------------
Rowan Lake Property - Rowan-NT Zone
--------------------------------------------------
Hole From (m) To (m) Width (m)* Gold,(g/t)**
--------------------------------------------------
HY-11-41 composite 78 80 2 7.99
HY-11-41 including 80 81 1 12.8
HY-11-41 and 155 156 1 6.17
HY-11-42 composite 40 50 10 2.57
HY-11-42 including 40 41 1 7.51
HY-11-42 and 145 146 1 28.7
HY-11-47 48 49 1 6.38
HY-11-48 47 48 1 6.36
HY-11-48 and 89 90 1 12.3
HY-11-49 composite 43 45 2 5.96
HY-11-49 including 43 44 1 10.2
HY-11-49 composite 98 100 2 7.67
HY-11-49 including 99 100 1 13.7
HY-11-51 composite 226 229 3 4.46
HY-11-51 including 228 229 1 10.4
--------------------------------------------------
Mount Jamie Property
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Hole From (m) To (m) Width (m)* Gold,(g/t)**
--------------------------------------------------
HY-11-05 68 69 1 4.55
HY-11-11 56 57 1 4.49
HY-11-15 55 56 1 34.28
HY-11-16 and 20 21 1 5.97
HY-11-19 composite 20 22 2 8.25
HY-11-19 including 21 22 1 10.2
HY-11-19 and including 22 23 1 6.3
HY-11-28 139.5 140 0.5 4.66
--------------------------------------------------
Red Summit Property
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Hole From (m) To (m) Width (m)* Gold,(g/t)**
--------------------------------------------------
Hy-11-32 composite 122 124 2 9.49
Hy-11-32 including 122 123 1 5.38
Hy-11-32 and including 123 124 1 13.6
Hy-11-32 composite 129 132 3 6.84
Hy-11-32 and including 130 131 1 6.62
Hy-11-32 and including 131 132 1 10.4
Hy-11-32 and 137 138 1 8.3
Hy-11-33 including 114 115 1 5.15
Hy-11-33 and 147 148 1 7.37
Hy-11-35 composite 28 32 4 8.75
Hy-11-35 including 28 29 1 33.9
Hy-11-35 107 108 1 27.3
Hy-11-36 40 41 1 6.79
Hy-11-36 and 139 140 1 10.6
--------------------------------------------------
-****-
* None of the intersection widths should be construed as necessarily representing a true width of the sampled material
**Red - gold assays greater than 5 g/t
To view Hy Lake Properties - 2011, please click on the following link:
http://www.usetdas.com/pr/hylake03012012004.gif
To view the Winter/Spring 2012 Drilling Program - Mount Jamie and Golden Tree Properties, please click on the following link:
http://www.usetdas.com/pr/hylake03012012005.jpg
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/hylake03012012.htm
Source: Hy Lake Gold Inc. (CNSX: HYL) http://www.hylakegold.com
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