Hy Lake Gold Inc. 65 Queen Street West, Suite 520, Toronto, ON, Canada, M5H 2M5 Tel: 416 203-9181 Fax: 416 203-4197 E-mail: office@hylake.com NEWS RELEASE SHARES: 13,704,780
CNQ: HYLK
FRANKFURT: HYK DRILLING CONFIRMS HIGH-GRADE GOLD ZONE ON MOUNT JAMIE PROPERTY, RED LAKE, ONTARIO
FOR IMMEDIATE RELEASE, April 2, 2007 ? Toronto, Ontario.
Hy Lake Gold Inc. (CNQ: HYLK; FRANKFURT: HYK; ?Hy Lake?) is pleased to announce the first results of a program of diamond drilling on the Mount Jamie (Pipestone Bay) Property that is held under option from Jamie Frontier Resources Inc. (?Jamie Frontier?). The Property is located in Todd Township near the west end of the Red Lake greenstone belt in northwestern Ontario. A total of 1854 m of drilling was performed in 16 holes during this program. The results from the first five (5) holes of this program are reported in this press release. The results of the recent work program confirm the known character of the Mount Jamie Property as narrow, high-grade intercepts of gold-bearing mineralization were encountered in two of the five holes reported herein. All of the drill holes in the current program were put down in the immediate vicinity of the main historical workings on the property (the ?Main Zone? or ?No. 1 Shaft? area). This historical surface and underground exploration work, carried out between 1936 and 1989, outlined an inferred resource of 44,535 tons (40,401 t) of ore grading 0.438 oz of gold per ton (15.0 g Au/t) in the Main Zone. Additional zones and shoots of gold mineralization have also been identified elsewhere on the property. None of the historical resource figures are NI 43-101 compliant. The following list describes the general locations of the five diamond drill holes reported on: HY-01-07 was located on Mine Section 2+20W and was intended to explore the western extension of the Main Zone mineralization near surface; HY-02-07 was also located on Mine Section 2+20W and was intended to explore the western extension of the Main Zone at a greater depth than HY-01-07; HY-03-07 was located on Mine Section 0+80E and intersected mineralization above the workings on the 1st Level; HY-04-07 was located on Mine Section 0+80E and was intended to investigate the Main Zone at a greater depth than HY-03-07; and HY-05-07 was located on Mine Section 1+40E and was intended to investigate the continuity of mineralization above the 1st Level in this area. Locations of the collars of the recent drill holes have not yet been formally surveyed. Previous results are reported as per original technical reports and sections and have not been independently verified. Imperial measurements have been converted to metric using the following factors: 1 foot (?) = 0.3048 m; 1 ton = 0.9072 t; and 1 oz/ton = 34.286 g/t. The following table presents a list of the significant precious metal intersections that were sampled during the recent work program: Drill Hole Intersection (m) Width (m) Gold Assay Gold (as oz Au/ton) Check Assays HY-01-07 No significant values HY-02-07 54.0 ? 55.0 1.0 1.50 g Au/t 0.044 oz Au/ton 55.0 ? 55.7 0.7 2.70 g Au/t 0.079 oz Au/ton composite 54.0 ? 55.7 1.7 1.92 g Au/t 0.058 oz Au/ton HY-03-07 41.0 ? 41.5 0.5 0.96 g Au/t 0.028 oz Au/ton 41.5 ? 42.0 0.5 103.9 g Au/t 3.029 oz Au/ton (3.723 oz Au/ton) 42.0 ? 42.5 0.5 0.42 g Au/t 0.012 oz Au/ton (0.026 oz Au/ton*) composite 41.0 ? 42.5 1.5 35.1 g Au/t 1.023 oz Au/ton HY-04-07 No significant values HY-05-07 34.5 ? 35.0 0.5 32.5 g Au/t 0.949 oz Au/ton (0.588 oz Au/ton*) 35.0 ? 35.5 0.5 9.15 g Au/t 0.267 oz Au/ton (9.54 g Au/t, 7.30 g Au/t) 35.5 ? 36.0 0.5 0.67 g Au/t 0.020 oz Au/ton 36.0 ? 36.5 0.5 215.3 g Au/t 6.279 oz Au/ton (9.873 oz Au/ton*) 36.5 ? 37.0 0.5 0.26 g Au/t 0.007 oz Au/ton 37.0 ? 38.0 1.0 2.90 g Au/t 0.085 oz Au/ton composite 34.5 ? 38.0 3.5 37.7 g Au/t 1.099 oz Au/ton * - Gold analysis by ?metallics? method. None of the intersection widths of the recent drilling should be construed as necessarily representing a true width of the sampled material. All drill holes were logged and sampled in Hy Lake?s facilities in Red Lake, Ontario. Analyses were performed by SGS Mineral Services at their laboratory in Red Lake. Gold analyses were performed by fire assay with AA finish on 30 g sample splits; however, high grade (>17 g Au/t) samples were analyzed with a gravimetric finish. Check analyses for gold were performed on approximately 10% of the samples submitted and selected samples were analyzed or checked with a ?metallics? or screen fire assay method. The nugget-like character of the gold mineralization is evident from the analytical results. The results of the recent work program confirm the high grade, albeit narrow, character of the known mineralization in the Main Zone of the Mount Jamie Property. Holes HY-01-07 and HY- 04-07, while intersecting the target zones of geological interest, did not return assay values over 0.17 g Au/t. Reference to the previous work and other technical details can be found in the Company\'s NI 43- 101 report prepared by Mr. Peter J. Vamos, P.Eng. This report is available from the Hy Lake website and on SEDAR. Hy Lake can earn a 75% working interest in the Mount Jamie Property by spending a total of $1,000,000 on the property by January 19, 2010. The first and second years commitment to expenditures have been completed. The content of this release has been carried out under the supervision of Mr. John M. Siriunas, P.Eng., the designated qualified person for Hy Lake; Mr.Siriunas is also a director and officer of Hy Lake. For further information, please contact Mr. Bob Seitz, President of Hy Lake, at 416-203-9181, ext. 4500, or visit the Hy Lake website at www.hylake.com. The CNQ Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Quelle: http://www.hylake.com/downloads/Hy-Lake-Press-Release-20070402.pdf
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