HY Lake Gold Reports 47.22 Gpt Gold from Initial Surface Samples at Red Summit Property
Red Lake, Ontario CANADA, May 15, 2008 /FSC/ - Hy Lake Gold Inc. (HYLK - CNQ, HYK - FWB), ("Hy Lake Gold" and "the Company") is pleased to announce results from the initial work completed on the recently acquired Red Summit Mine property. This property was acquired from Claude Resources ("Claude"), who own the past producing Madsen Mine, also in the Red Lake District (see news release dated March 3, 2008).
Highlights:
* Initial surface grab samples of ore stockpile material ranged from 0.22 grams per tonne (gpt) Au to 47.33 gpt Au
* Average of six samples returned 10.45 gpt Au
* Surface drilling has commenced to test the downdip extension of the previously mined zones
* Ore stockpile of more than 1000 tonnes remains on the Red Summit Mine property
Initial exploration results from the Red Summit Mine property have produced some very significant results. Six samples were collected from the historic surface ore stockpile of the Red Summit Mine with values ranging from 0.22 gpt Au to 47.33 gpt Au. The average of the six samples returned a value of 10.45 gpt Au. The 47.33 gpt sample is an average of two pulps.
Surface drilling has commenced on the Rowan and Red Summit properties. Additional information will be released as it becomes available.
A recent site visit was completed at the Red Summit Mine property with management, consultants and senior geological staff. The ore stockpile was re-evaluated and it is estimated that there is more than 1000 tonnes of ore on the stockpile.
The following table reports the results of the initial six grab samples off of the Red Summit Mine ore stockpile:
-***-
Au - gpt Fire Assay – Gravimetric
823951 1.71
823952 8.50
823953 2.50
823954 1.99
823955 0.22
823956 ** 47.33
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** Average of two pulps
-****-
Red Crest Gold Mines Limited (Red Summit Mine) was incorporated in May 1934 to acquire a group of 7 claims. The original 7 claims were reduced to 2. The 5 claims that came open were staked by Goldcorp and are part of the Rowan option. The original claims were staked in 1930 to cover a zone of fracturing and shearing with quartz veins up to six feet in width that were exposed in a series of surface trenches. The zone occurs along or proximal to a small stock of quartz diorite to the north and Balmer greenstones to the south.
A mining plant and a small 5-ton mill were installed in late 1935. By late 1936 a 3-compartment shaft had been completed to 300 feet and levels established at 150 and 275 feet. From 1936 to 1938 the shaft was deepened to 600 feet with levels at the 425 and 575 foot horizons (See Figures 1, 2 and 3 below).
Historically, gold values are associated with a coarse, bronzy pyrite, which generally occurs in bluish-grey quartz veins or in the shattered walls along the margins of these veins. In the underground workings, a strong vein system striking North 45 degrees W and dipping 63-70 degrees northeast persists for more than 500 feet.
The Hy Lake Gold properties lie on the Pipestone Bay - St. Paul Bay Deformation zone and host the past producing Rowan Lake Gold Mine (Hy Lake Gold/Goldcorp), the past producing Mount Jamie Mine (Hy Lake Gold) and the past producing Red Summit Mine (Hy Lake Gold). The properties, which have been explored only to very shallow depths, are underlain by the same geology and structure as these three past producers and have been subjected to limited underground exploration. The properties host numerous gold occurrences, which have seen limited drill testing, and potential exists to expand upon these gold mineralized zones both along strike and at depth.
All exploration work was conducted under Kenneth Guy, P. Geo., designated Qualified Person for Hy Lake Gold, who has reviewed this press release. Gold analysis of samples were assayed by Laboratoire Expert in Rouyn-Noranda, Quebec. Analysis consisted of a fire assay of a 30-gram sample with an atomic absorption finish. Samples assaying over 1.0 gram per tonne Au are re-assayed with gravimetric finish. Samples noted to contain visible gold are analyzed via total metallic assay method. A rigorous Quality Control and Assurance program (QA/QC) is in place, using control samples such as Blanks and Rocklabs Standards and duplicate checks.
Hy Lake Gold is a junior 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 3,000 hectares in west Red Lake. The properties cover a 10 kilometre distance along the west Red Lake Trend, containing 3 former producing gold mines, and the Company intends to explore these properties both along strike and at depth. To find out more about Hy Lake Gold Inc. (CNQ: HYLK; FRANKFURT: HYK) visit our website at www.hylake.com.
Figure 1: Mining plant at the Red Summit (Red Crest) Mine, 1939 (source: 49th Annual Report, Ontario Department of Mines, 1940). To view image of Red Summit (Red Crest) Mine, 1939, please click on the link provided: www.usetdas.com/maps/hylake/redsummit.pdf
Image hosted by Filing Services Canada Inc. website.
Figure 2: Geological sketch map showing surface workings at the Red Summit Mine (source: 49th Annual Report, Ontario Department of Mines, 1940). To view image of Red Summit geological sketch map, please click on the link provided: www.usetdas.com/maps/hylake/redsummitmine.pdf
Image hosted by Filing Services Canada Inc. website.
Figure 3: Composite Plan Showing Underground Workings, Red Summit Mine (source: 49th Annual Report, Ontario Department of Mines, 1940). To view image of Red Summit composite plan showing underground workings, please click on the link provided: www.usetdas.com/maps/hylake/redsummitunderground.pdf
Image hosted by Filing Services Canada Inc. website.
There are 21,649,196 shares of the Company outstanding.
On behalf of the board:
Mr. Robert B. Seitz, President
office@hylake.com
The CNQ has neither approved nor disapproved of the contents of this press release.
Source: Hy Lake Gold Inc. (CNQ: HYLK) http://www.hylakegold.com
Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com |
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