Hudson River Minerals Ltd. (“Hudson River”) (TSX-V:HRM) is pleased to announce it has acquired three gold properties located approximately 20 km northeast of Wawa, Ontario (Forge Lake, Hawk Junction and Otter Pond). Forge Lake has a historic resource of 170,000 short tons. Hawk Junction has historical intersections of high-grade gold in drillhole and Otter Pond contains high-grade and visible gold in quartz veins at surface and has yet to be drilled. All properties can be accessed year round by forestry roads.
Forge Lake is the most advanced of the three properties. Highlights include:
From the 1940’s:
• Historic resource of 170,000 tons Au (no grade was cited)
• Limited mining of 8,426 tons with an average grade of 9.5 g/t Au
Drilling in the 1980’s:
• 68.2 g/t Au over 4.0 m in hole 927-01-70 at 3+50E and 0+30N
• 8.7 g/t Au over 5.0 m in hole 927-01-45 at 0+50E and 0+42N
• 34.3 g/t Au over 1.0 m in 927-01-66 at 3+50E and 0+87N
• Fifty (50) holes drilled, forty five (45) intersecting anomalous gold
• Defined zone is 650 m (strike) by 300 m (dip) in size
• Zone is open to the east and at depth
Trenching in the 1980’s:
• 12.6 g/t Au over 20 m from a surface trench at 1+95E and 0+52S
• 4.83 g/t Au over 30 m from a surface trench at 0+50E and 0+25S
• 1.66 g/t Au over 35 m from a surface trench at 3+60E and 0+50S
Forge Lake was discovered in the 1920’s. Over 1,200 feet of underground workings were completed during the 1930’s and the mine produced over the period 1940-1943. During this time 8,426 short tons were mined at an average grade of 0.276 oz/ton (9.5 grams per metric tonne or g/t). In the 1980’s Amax Minerals drilled 50 holes and intersected anomalous gold (better than 0.4 g/t over 1.0 m) in 45 holes. Three holes were located outside the zone and one hole was abandoned. Highlights from this drilling include 8.7 g/t Au over 5.0 m in hole 927-01-45, 68.2 g/t Au over 4.0 m in hole 927-01-70 and 34.3 g/t Au over 1.0 m in hole 927-01-66. There is no record of a resource having been estimated from the Amax drilling despite the fact that the extent of mineralization is 650 m by 300 m and open at depth and along strike to the east. The majority of the drillholes intersected the Forge Lake zone within 150 m of surface.
Hudson River President and CEO Steve Balch commented “We are very excited to get these properties. Our priority will be to establish a 43-101 compliant resource at Forge Lake within the next 12 months and expand the resource from there. We are considering a limited drill program this fall to confirm the high-grade gold intersections previously discovered near grid coordinates 0+50E and 3+50E. Hawk Junction and Otter Pond will be explored in 2012. These properties can be accessed by road year round and the exploration costs are comparatively low”.
Hudson River has been granted an exploration License by Michipicoten Forest Products which owns the surface, forestry and mineral rights. The License can be converted into a Lease after five (5) years subject to annual payments and minimum exploration expenditures. The Lease includes the right to mine subject to a 3% Net Smelter Return of which 2% can be repurchased for $3 million.
The Forge Lake resource was defined by Regnery Metals in 1940 and was later reported by Amax Minerals Corporation in 1979. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, therefore Hudson River is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. 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.