FSC / Press Release
Hy Lake Gold Expands Drilling Program on High-Grade Success
Initial Rowan-NT Zone Hole Returns 28.7 g/t Gold Over 1m Within 4.23 g/t Gold Over 8m
Toronto, Ontario CANADA, July 14, 2011 /FSC/ - Hy Lake Gold Inc. (HYL - CNSX, HYK - FWB), is pleased to report the results from Hole HY-11-42 of the ongoing drill program at the Rowan-NT high-grade mineralized structural corridor on Hy Lake's 60%-owned Rowan Lake Mine property, held in a Joint Venture with Red Lake Gold Mines, an affiliate of Goldcorp Inc. The Company also announces the expansion of the current drilling program at the Rowan-NT Zone, to the north-east, with an additional 1,400 metres of drilling. The results from Holes HY-11-41 and HY-11-43 thru 48 are pending.
Table of Partial Results
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Hole Number From To Au Width
(m) (m) g/t (m)
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HY-11-42 composite 40 50 2.35 10
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HY-11-42 incl. 40 41 7.51 1
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HY-11-42 and incl. 42 43 4.78 1
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HY-11-42 and incl. 48 49 4.33 1
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HY-11-42 composite 144 152 4.23 8
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HY-11-42 incl. (composite) 144 147 9.85 3
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HY-11-42 incl. 145 146 28.70 1
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The initial stage of the summer 2011 drilling program included 5 pairs of holes, with one pair to the south-west from the 2010 program area, infilling along strike to the boundary with the Confederation/Redstar property. The additional four pairs of holes are step-outs to the north-east of the 2010 drilling. With the recent drilling the boundaries of the breccias corridor are defined along strike for approximately 650 metres. Prompted by very encouraging initial results, an additional 3 pairs of holes are planned, allowing for exploration of the Rowan-NT Zone's geometry, and gold mineralization potential, further along strike to the north-east for another 200 metres.
The Rowan-NT Zone represents a new 2010 discovery on the Rowan Lake Mine property. All holes drilled into this new gold system intersected wide zones of iron carbonate alteration and silica/sulphide replacement within altered and brecciated volcanic and sedimentary rocks. In addition to numerous low-grade gold values widely disseminated over the whole lengths of the holes, the drilling returned 26.40 g/t gold over 0.50 metres within a wider zone of 7.28 g/t gold over 2.0 metres, and 22.29 g/t over 0.50 metres, within a wider zone of 10.48 g/t over 1.75 metres.
The Rowan-NT Zone apparently represents the NE limb of the Confederation/Redstar Newman Todd Structure which has produced favorable results recently. The latest highlights from Confederation/Redstar drilling include 5.0 Metres of 18.25 g/t gold including 2.7 Metres of 32.43 g/t gold (see Confederation news releases of April 5, 2011 and June 20, 2011).
Vadim Galkin, VP Exploration for Hy Lake comments: "The initial results of this year's program, coupled with the 2010 drilling, strongly support the interpretation recently expressed by Confederation/Redstar geologists. It seems convincing that high-grade gold mineralization may exist along the entire strike length of the NT structure which should be considered a single 2.0 km long zone on the Redstar/Confederation property. Hy Lake's Rowan-NT Zone is open at depth and along strike to the north-east for approximately 1.8 km. The total length of a corridor, therefore, may reach 3.8-4.0 km along strike. Wide zones of mineralization have been intersected at relatively shallow depths (starting 20m from the surface) and at the depths of more than 150m. This fact leaves both open pit and mine extraction development concepts open for future consideration".
Michael Schweinberger, M.Sc. will continue to manage field operations for this phase of the 2011exploration program. As project geologist, Michael will supervise drilling operations, log and sample drill core and manage core cutting. Drilling operations at the Rowan Lake Mine property will be 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 3,300 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.
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.
To view this press release as a web page, please click on the following link:
http://www.usetdas.com/pr/hylake07142011.htm
Source: Hy Lake Gold Inc. (CNSX: HYL) http://www.hylakegold.com
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