The 117-claim Rowan Lake Mine property was optioned from Goldcorp's Red Lake Gold Mines in December 2007. Hy Lake Gold is earning a 60% interest, as operator, in the property by spending $2,500,000 over three years (see news release dated December 13, 2007).

The Rowan property has been explored for gold since the Red Lake Gold Rush of the late 1920's. As a consequence, several surface gold showings have been discovered, the Rowan mine veins are considered the most prospective and therefore the most developed. On the eastern portion of the property near Martin Bay other commodities including base metals, silver and tungsten were also found.

The property lies within a regionally defined northwest trending structural feature known as the Pipestone Bay - St Paul Bay Deformation Zone. This zone has within it three advanced gold occurrences including the Red Summit, Rowan and the Mt. Jamie mines. The prized Balmer-Confederation aged unconformity occurs both on the northern and southern portions of the Rowan property as are folded iron formations and ultramafic units that have been shown to be prime hosts for the deposition for gold in the Red Lake Camp. Recently, the interpretation of sets of intersecting structures has created several new, high priority targets. The interference patterns produced by the intersection of multiple structures are potential dilation traps. The Golden Arm ultramafic structure and the Pipestone Bay – St. Paul Bay Deformation Zone is one such set. Another set includes two anticlines that converge at the fold closure to the east of the Rowan shaft zones. Mineralized intersection of structures, proximity to regional unconformity and favourable associated lithologies, such as iron formations and ultramafics, draw strong comparisons between Rowan Lake and the discoveries in the east part of the Red Lake Camp.

The property hosts the past producing Rowan Mine site, which was in development from the late 1930s to the 1950s. It consisted of a vertical shaft and three levels including an adit on the 1st level. During this time underground exploration consisted of drifting/raising along five (5) separate veins. In 1984, a bulk test was conducted on the central portion of the main shaft zone from the adit level to surface using a 91 cm wide shrinkage mining method. This bulk test was processed at Dickenson Mines Limited mill in Balmertown and returned 610 ounces for a recovered grade of 0.25 ounces per ton. From this test, the main shaft zone vein (MSZ) returned an average vein graded of 40 gpt (1.27 opt) from 602 samples. Dickenson Mines continued to evaluate the economics of extracting these resources and concluded a mineable reserve of 34,850 tons at 0.37 ounces per ton cut over 3.3 feet. A mine plan was developed by Strathcona Minerals accessing the deposit using a ramp/decline. Five longitudinal sections were created of the known zones and these zones and their extensions were targeted during subsequent exploration efforts.

In 1989-1990 Chevron Minerals had the property under an option agreement and drilled several holes testing the depth and strike continuity of this system. An inferred resource of 798,000 tonnes at 4.7 gpt grade over a 1.5 metre diluted width contained within 10 zones was calculated. Since then, Goldcorp Inc., Kings Bay and Hy Lake Gold Inc. have drilled to either find new mineralized zones or extend known zones along strike and dip.

Currently, Hy Lake Gold has an option on the property from Goldcorp's Red Lake Gold Mines. The 2008 drilling program conducted by Hy Lake has shown that several zones including the main shaft, 3-2, 3-5, 3-6 and 3-8 zones are still open at depth over portions of the vein system. They are also in the process of producing a 43-101 compliant resource estimate using 2, 3 and 4 gram per tonne cut offs.

The past-producing Rowan Mine has one shaft sunk to 460 feet and three levels of lateral development totaling approximately 5250 feet, with an adit on the first level. The estimated replacement cost of this mining infrastructure is approximately $6.6 million in today's dollars.