Hudson Drills Highest Grade Intervals to Date at Its Greenland Rare Earth Project
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/09/11 -- HUDSON RESOURCES INC. (the "Company") (TSX VENTURE: HUD)(OTCQX: HUDRF) is pleased to announce the 2011 Phase One drill results for the Sarfartoq rare earth element project in Greenland. Phase One drilling of the 2011 program included 4,891m of infill and step out drilling at the ST1 Zone where the Company has outlined a 43-101 compliant inferred resource of 14.1Mt of 1.5% TREO. An additional 3,328m of exploratory drilling was also completed regionally to the north-east of ST1. Complete drill results are presented in Table 3 below. An ST1 drill location map and two cross-sections are presented in Charts 1, 2 and 3.
Phase Two drilling of an additional 8,338m is now complete with results pending. In total 16,557m over 71 holes were drilled this year. All 2011 Phase Two holes have been split and bagged for shipment to ALS Chemex in Vancouver for assaying. The Company has also extracted a four tonne metallurgical bulk sample from the surface of the ST1 Zone for use in additional metallurgical test work over the winter.
2011 Highlights:
James Tuer, Hudson's President, stated, "We are very pleased with drilling results of our 2011 Phase One program. The results continue to define the ST1 Zone and confirm our belief that there are distinct high-grade zones of rare earths, which will be an important contributor to the project value going forward. We continue to expand the mineralization to the north and have intersected significant widths of carbonatite some 200m north-east of the previously drilled intersections. The deposit remains open to the north, south and at depth. We have left two rigs on site for a quick start in the spring of 2012".
The Preliminary Economic Assessment (PEA) is being carried out by Wardrop and is on schedule for completion by late September or early October. Metallurgical test-work is ongoing at Hazen Research in Colorado and the Saskatchewan Research Council in Saskatoon. The metallurgical studies are being conducted under the direction of John Goode, P.Eng. John has extensive experience in the rare earth industry in North America and China.
The distribution of individual rare earth oxides as a percentage of the total rare earth oxides are documented in Table 2. The results for the ST1 Zone are consistent with all previous assay results and demonstrate a high proportion of neodymium oxide to total rare earth oxides at 19%. A total of eight holes were drilled into the ST40 Zone to expand on previous drill intercepts from 2009 and 2010. The 2011 drilling confirmed that the ST40 Zone contains one of the industries highest ratios of neodymium oxide to TREO at 46%. While the grade of the ST40 carbonatite zones are significantly lower than at ST1, the gross amount of neodymium oxide is almost equivalent to that at the ST1 Zone. Neodymium prices remain robust with Neodymium oxide currently quoted at over US$315/kg, FOB China, and at over US$180/kg, within China, according to .
To view Chart 1 : Plan View of the ST1 Area, please visit the following link:
Note: "CARB" refers to carbonatite the Company has identified as likely to be mineralized based on lithology.
To view Chart 2 & 3: X-Sections of the ST1 Area based on 2011 Drill Intersections, please visit the following links:
Drill core is logged and sampled in the field and split core is shipped to Vancouver for processing at ALS Chemex. A strict QA/QC program is followed, which includes the use of elemental standards, duplicates and blanks. In cases where the entire hole has not been sampled, only significant drill intersections of carbonate mineralization were sampled. Core was split in the field with half of the core being sent to ALS Chemex and the remaining half left on-site for future reference. All samples are analyzed using lithium borate fusion, acid dissolution and ICP-MS analysis (ALS method ME-MS81h). According to ALS Chemex, this procedure solubilizes most minerals, including refractory species, and provides the most quantitative analysis for many elements, including the rare earth elements.
The Sarfartoq REE project is located within 20 km of tidewater and only 60 km from Greenland's international airport. The project is owned 100% by Hudson. The Company is currently well financed with approximately $13.5 million in working capital.
Hudson's ST1 Zone represents one of the industry's highest ratios of neodymium and praseodymium to TREO, totaling 25%. The ST1 Zone contains over 40 million kilograms of neodymium oxide, which is the key component in permanent magnets and the fastest growth sector of the rare earths industry.
Dr. Michael Druecker is a qualified person as defined by National Instrument 43-101 and reviewed the preparation of the scientific and technical information in this press release in respect of the Sarfartoq REE Project.
ON BEHALF OF THE BOARD OF DIRECTORS
James Tuer, President
Forward-Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this news release, including, without limitation, statements regarding plans for the completion of a financing and the intended terms and use of proceeds thereof, and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include market prices, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Hudson Resources Inc.
James Tuer
President
604-628-5002 or 604-688-3415
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Datum: 09.09.2011 - 13:00 Uhr
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News-ID 64017
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Mining & Metals
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