Welcome To The Hudson River Minerals HUB On AGORACOM
Edit this title from the Fast Facts Section
Message: Drilling to start at McFaulds NR
Hudson River to start drilling at McFaulds Lake
2010-06-07 16:29 ET - News Release
Mr. Stephen Balch reports
HUDSON RIVER COMPLETES AIRBORNE SURVEY AND PREPARES TO DRILL MCFAULDS LAKE PROPERTY
Hudson River Minerals Ltd. has released an exploration update on its 100-per-cent-owned properties in the McFaulds Lake area, known as the Ring of Fire, approximately 500 kilometres north of Thunder Bay, Ont.
Hudson River staked 243 square kilometres in two areas of the Ring of Fire, based on magnetic trends identified from publicly available data. Several interesting conductive trends were outlined by a high-resolution magnetic and electromagnetic survey totalling 2,775 line kilometres completed by Hudson River in January, 2010, on 100-metre-spaced north-south lines. Additional information on the airborne survey can be found in the company's National Instrument 43-101 technical report filed on SEDAR.
Hudson River recently completed a follow-up 240-line-kilometre airborne survey in early June covering an area that includes three prospective trends (the Bentley, Austin and Triumph prospects) identified by the January survey. The follow-up survey covered the trends at 50-metre line spacing and oriented east-west, in order to further optimize the drill targets. Drilling is scheduled to commence in early July.
"As an early-stage exploration company, Hudson River offers investors a pure play on the Ring of Fire for nickel, copper and platinum group element (nickel-copper-PGE) deposits and for volcanogenic massive sulphide (VMS) deposits," said president and chief executive officer, Steve Balch.
"The Ring of Fire appears certain to emerge as one of Canada's next mining camps. The announcements of the discovery by Noront Resources Ltd. of significant and high-grade nickel-copper-PGE mineralization, the massive chromite discovered by Freewest Resources Canada Inc., Spider Resources Inc. and KWG Resources Inc., and the recent acquisition by Cliffs Natural Resources Inc. of Freewest all point to this. MacDonald Mines Exploration Ltd. announced in Stockwatch on May 31, 2010, that they had intersected good copper grades over a one-kilometre trend, which suggests VMS resources rich in copper and zinc are likely to be developed as well. With our 100-per-cent interest in 105 mining claims (24,368 hectares) located within 30 to 40 kilometres of these existing discoveries, Hudson River is well placed to make a discovery of our own."
Mr. Balch, a geophysicist with over 25 years experience, also commented: "We have been busy planning our summer drill program and will have our drill camp operational by the first week in July. Drilling will take about 45 days to complete, so we expect preliminary results in September. Hudson River is funded to complete this very important next phase of our exploration program."
Hudson River has 28.9 million issued and outstanding common shares (43.7 million fully diluted) and currently has more than $1-million in cash.
On March 9, 2010, Noront announced in Stockwatch that its "Eagles Nest deposit has more than tripled previously reported resources and now contains: indicated resource of 6.9 million tonnes grading 2.04 per cent nickel, 0.95 per cent copper, 1.3 grams per tonne platinum and 3.4 grams per tonne palladium; inferred resource of 4.3 million tonnes grading 1.42 per cent nickel, 0.87 per cent copper, 0.8 gram per tonne platinum and 3.4 grams per tonne palladium," in the Ring of Fire. On May 3, 2010, KWG, Spider and Freewest announced in Stockwatch an indicated mineral resource estimate of 23.2 million tonnes grading 40.66 per cent Cr2O3 and an inferred mineral resource estimate of 16.3 million tonnes graded 39.9 per cent Cr2O3.
"At current metal prices, these two combined deposits make the Ring Of Fire perhaps the most exciting emerging mining camp in Canada," said Mr. Balch.
Hudson River is also pleased to announce Morley Salmon has been appointed chairman of the board of directors of Hudson River. Mr. Salmon is a seasoned capital market professional with more than 25 years experience and is a director of both private and public companies. Mr. Salmon, Elaine Ellingham and Jim Borland, have been appointed to the audit committee of the company. Hudson River further announces that pursuant to the company's stock option plan and subject to any regulatory approvals, it has granted 1.1 million stock options at an exercise price of 20 cents per share for a period of five years to certain directors and officers of the company.
We seek Safe Harbor.
Please login to post a reply