Hudson River Minerals Ltd. (“Hudson River”) (TSX-V:HRM) is pleased to announce the start of a drill program on its Zarn Lake gold property located in northwest Ontario, approximately 20 km east of Sioux Lookout. The drill program will consist of 17 drillholes for a total of 1,300 m in drilling. Drilling will be completed by early August.
The 17 holes will target the No.1 and No.2 quartz veins along a strike length of 200 m. Holes will be spaced 25 m apart with two drillholes per section (at -45o and -60o inclination). The exploration depth is estimated to be 25 m to 75 m below surface.
The No.1 and No. 2 veins were discovered in the early 1900’s by prospectors from the nearby town of Alcona. During the 1930’s Alcona Mines Ltd. drilled a series of holes to test for gold mineralization in the known veins and sank a shaft with two drifts to further explore underground. In 1979, Oriana Developments Ltd. drilled 9 holes to test for extensions to the known mineralization. In 1991, Valerie Gold Resources undertook a geologic mapping and limited drill program with one drillhole (SPL91-05) intersecting visible gold in a narrow quartz vein that assayed 14.3 g/t Au over 0.7 m.
Recent surface sampling of the No.1 quartz vein returned high-grade gold up to 265 g/t Au from within the vein and 2.98 g/t Au in the wall rock. The No.1 vein has been traced at surface for a distance of roughly 600 m. It remains open in both directions under cover of overburden.
The purpose of the current drill program is to determine how far into the wall rock the gold mineralization can occur and whether the quartz veins and the mineralized wall rock can together form a zone of sufficient thickness to be mineable.
Hudson River can earn a 100% interest in the property over a four year period through a combination of cash payments ($165,000), exploration expenditures ($1.0 million), share issuances (500,000 HRM common shares) and a 2.0% NSR.
Alan Aubut P.Geo. (ON) is a Qualified Person in accordance with Canadian regulatory requirements as defined in NI 43-101 and has reviewed and approved the technical content of this press release.
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.