Hudson River Minerals Ltd. (“Hudson River”) (TSX-V:HRM) is pleased to announce the drill results from its Zarn Lake gold property (“Zarn Lake”) located in northwest Ontario, approximately 20 km east of Sioux Lookout. Sixteen (16) holes were completed for a total of 1,260 m.
Highlights from the drilling include:
• Anomalous gold (0.99 g/t Au or higher over 1.0 m) intersected in all 16 holes
• 4.46 g/t Au over 3.7 m in HR-ZL-04
• 3.72 g/t Au over 3.0 m in HR-ZL-05
• 4.12 g/t Au over 2.0 m in HR-ZL-07
• Wall rock assays over 1.0 g/t Au
• Zone is open in both directions along strike and at depth
• Most intersections within 50 m of surface
The first phase of drilling at Zarn Lake was designed to test the continuity of gold mineralization within the main quartz vein (known as the No. 1 vein) and whether gold was confined to the quartz vein or also extended outward into the wall rock. The first fourteen holes tested the main zone. The final two holes tested a second quartz vein (known as the No. 3 vein). A drill trail from the former head frame extending westward was established south of the exposed No. 1 vein for a distance of 250 m.
The assay results (Table One) confirm the continuity of gold mineralization within quartz veins with additional lower-grade gold in the adjacent wall rock. The orientation of the mineralization in the No. 1 vein is now well-established.
A second phase of drilling will involve extending the drill trail 250 m further west and a similar drill program of approximately 16 holes to test for the continuity and grade of the mineralization within 50 m of surface. The strike length of the No. 1 vein has been mapped for a distance of 600 m at surface where it remains open in both directions. Other gold-bearing quartz veins are known to exist on the property 1.1 km further west.
Commenting on the drill results from this first phase of drilling, President and CEO Steve Balch summarized that “these first results demonstrate the continuity of mineralization of the No. 1 quartz vein, given that we intersected gold in every hole we drilled. We have seen from the surface sampling that locally very high-grade (over 1 oz/t Au) zones can exist within the No. 1 vein and that if enough of these higher grade zones are present we could define a resource that has economic potential for mining.”
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 Hudson River common shares) and a 2.0% NSR. Upon completion of this first phase, Hudson River has met its first year minimum expenditure obligations at Zarn Lake.
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. All assays were by fire assay with Atomic Absorption (AA) finish and were completed by ALS Canada. The lab in addition completed a thorough quality control program including analyzing duplicates, blanks and standards. All checks were within acceptable limits.
Table One. Assay results from August 2011 drill program at Zarn Lake.
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.