Hudson River Minerals Ltd. (“Hudson River”) is pleased to provide an exploration update on its 100% owned McFaulds Lake Project located in the James Bay Lowlands of Ontario, Canada.
Two drillholes have been completed on the Bentley Prospect with both holes encountering significant sulphide mineralization. Drillhole HR-ML-01 was collared in quartz gabbro and intersected a brecciated and mineralized felsic volcanic unit from 166.83 to 170.30 metres downhole. The visible sulphide minerals were pyrrhotite, pyrite and chalcopyrite. Drillhole HR-ML-02 was collared approximately 50 metres south of HR-ML-01 and intersected felsic volcanics from 170.46 to 202.76 metres. Mineralization was intersected from 178.38 to 202.76 metres and included sections of disseminated to semi-massive sulphide. One drillhole, HR-ML-03, was completed on the Austin Prospect with sulphide intersected in two areas – minor pyrite and chalcopyrite in a felsic volcanic unit from 71.24 to 75.29 metres and disseminated chalcopyrite from 176.6 to 177.6 metres in a brecciated pyroxenite-quartz gabbro.
Commenting on the initial results from the Bentley Prospect, President & CEO Steve Balch observed that “We have discovered a mineralized volcanic unit of significant size containing visible chalcopyrite that appears to have a strike length of at least 400 metres and is open at depth. The initial two holes intersected mineralization about 50 metres apart and at a vertical depth of approximately 100 metres. The sulphide mineralization was located within 20 metres from where we expected it to be based on the airborne survey interpretations. The mineralized Bentley drillcore is being shipped to Thunder Bay for splitting and sampling and we expect preliminary assay results to be available in early September. The assay results from these first two holes will dictate the level of our continued exploration of this promising discovery. Regarding the Austin Prospect, we will have to await assay results to better understand the significance of this target.”
Hudson River is also pleased to announce that it is progressing well towards a Definitive Agreement with the RRS Syndicate for the purchase of the Glenrock Gold Prospect (“Glenrock”) located approximately 70 kilometres north of Sault Ste. Marie, Ontario. Hudson River will acquire a 100% interest in Glenrock for 2.1 million Hudson River shares, a 1.5% NSR and a cash payment of $15,000. Hudson River has also engaged the RRS Syndicate to complete a staking program to include additional claims around the known mineralization. All claims will be registered 100% in the name of Hudson River. After staking is complete, Glenrock will comprise 2,515 Ha.
As Steve Balch explained, “Glenrock is a solid gold prospect with historic sampling, trenching and drilling activities all identifying anomalous gold along a 3.5 kilometre strike length. The property is easily accessible from the TransCanada highway and can be explored year round. Exploration costs are low in comparison to McFaulds Lake and we see this type of project as an important adjunct to our ongoing and primary exploration program at McFaulds. We have signed a Memorandum of Understanding with the RRS Syndicate and expect to sign the Definitive Agreement shortly.”
About the Glenrock Gold Prospect
Glenrock is located northeast of Batchawana Bay approximately 7 km northeast of the TransCanada Highway and centered in Palmer and Ryan Townships. In 1953 Glenrock Mines Ltd trenched known gold showings and drilled a total of 721 meters in 11 diamond drillholes. The best intersection encountered 2.9 g/t Au (grams per metric tonne gold) over 6.4 metres including a higher grade interval of 6.24 g/t Au over 2.4 metres. Further sampling and trenching uncovered additional gold showings along a strike length of 3.5 kilometres including trench channel results of 4.68 g/t Au along 6.0 metres and 3.61 g/t Au along 8.0 metres. During 1987-1988 Duration Mines explored multiple narrow quartz veins and drilled 15 diamond drillholes for a total of 1.766 kilometres. The best intersection encountered 3.06% Cu (copper), 43 g/t Ag (silver) and 1.6 g/t Au over 6.53 metres and in a different drillhole a thicker intersection of 15.24 metres of 1.32 g/t Au. Aurogin Resources acquired Glenrock in 1996 and since that time an induced polarization (IP) survey has been undertaken and various airborne surveys completed. Glenrock was eventually acquired by the RRS Syndicate as the ground came open for staking in 2002. A VTEM electromagnetic and magnetic survey was flown in 2009 and the geophysical data over Glenrock was re-compiled and re-interpreted.
Geologically, Glenrock is located near the margin of the Archean Superior Province and the Proterozoic Southern Province of the Canadian Shield. Mineralization occurs within the Batchawana Greenstone Belt along structures that are quartz-rich and often contain pyrite. There is an association between the pyrite and gold mineralization. The structures are located within mafic to felsic volcanic units and show a preferential trend in an east-northeast direction. The known anomalous gold trend is located entirely within the 100% Hudson River owned claims.
This document may contain forward-looking statements relating to Hudson River’s operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Hudson River’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Hudson River disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.