Hudson River Minerals Ltd. (“Hudson River”) (TSX-V:HRM) is pleased to announce it has completed the initial drill program on its Forge Lake gold property located 32 km northeast of Wawa, Ontario and 14 km south of the Richmont Mines Island Gold Mine and Mill.
Seventeen (17) diamond drillholes were completed for a total meterage of 1.4 km. The drilling was focused on two previously known gold zones that form part of the Forge Lake Zone (the “FLZ”) that extends for 650 m along strike and 300 m down dip. The FLZ remains open to the east and at depth.
Drilling was concentrated along 300 m of strike centered north of the historical adit located near 689,700 mE and 5,339,000 mN which was selected as the origin of the new grid (all coordinates referenced are UTM NAD-83, Zone 17N). All 17 drillholes intersected quartz veins containing sulphide (pyrite and chalcopyrite). In both areas the quartz veins and veinlets with sulphide are hosted by a deformation zone with the thickest intersections being in HR-FL-17 from 36.1 to 49.7 m (13.6 m) near the eastern limit of drilling and in HR-FL-10 from 64.0 to 85.7 m (21.7 m) 200 m further west. Also to west, in hole HR-FL-14, two mineralized zones were sampled within the larger 20.8 m thick deformation zone, a 5.8 m wide zone from 74.5 to 80.3 m and an 8.5 m wide zone from 84.8 to 93.3 m.
Commenting on the initial drill program at Forge Lake, President and CEO Steve Balch stated that “we targeted these two areas along the Forge Lake Zone to test the possibility for thicker gold mineralization. While we do not expect anomalous gold throughout the entire deformation zones, we were surprised by the extent of the deformation and the amount of quartz and sulphide that was present within these zones. We have submitted a total of 250 assays for gold analysis.”
Table One summarizes the drill results for the 2011 Forge Lake program. All references to sampling refer to intervals that were continuously sampled for gold usually at 0.5 m or 1.0 m intervals. The intersected widths are not true widths, which would be approximately 75 to 85% of the intersected widths based on an estimated dip of the FLZ of -30o to -45o below the horizontal.
The Forge Lake property contains a historic resource of 170,000 tons that had been defined by Regnery Metals in 1940 and later reported by AMC in 1979. No grade was reported for this resource although 8,000 tons were mined in the early 1940’s with a reported grade of 9.5 g/t Au. The Forge Lake historical estimate is not compliant with current standards of mineral resource disclosure under National Instrument 43-101 (“NI 43-101”), therefore Hudson River advises that 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 the drill logs from this current exploration program and also 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.