Hudson River Minerals Ltd. (“Hudson River” or the “Company”) is pleased to provide an exploration update on its 100% owned properties in the McFaulds Lake area, known as the Ring of Fire, approximately 500 km north of Thunder Bay, Ont.
Hudson River staked 243 square kilometres (km) in two areas of the Ring of Fire, based on magnetic trends identified from publicly available data. Several interesting conductive trends were outlined by a high resolution magnetic and electromagnetic survey totaling 2,775 line-km completed by HRM in January 2010 on 100-metre-spaced north-south lines. Additional information on the airborne survey can be found in the Company’s National Instrument 43-101 technical report filed on SEDAR at www.sedar.com .
HRM recently completed a follow-up 240 line-km airborne survey in early June covering an area that includes three prospective trends (the Bentley, Austin and Triumph Prospects) identified by the January survey. The follow-up survey covered the trends at 50 metre line spacing and oriented east-west in order to further optimize the drill targets. Drilling is scheduled to commence in early July.
“As an early stage exploration company, Hudson River offers investors a pure play on the Ring of Fire for nickel, copper and platinum group element (Ni-Cu-PGE) deposits and for volcanogenic massive sulphide (VMS) deposits,” said President & CEO Steve Balch.
“The Ring of Fire appears certain to emerge as one of Canada’s next mining camps. The announcements of the discovery by Noront Resources Ltd. (“Noront”) of significant and high grade Ni-Cu-PGE mineralization, the massive chromite discovered by Freewest Resources Canada Inc. (“Freewest”), Spider Resources Inc. (“Spider”) and KWG Resources Inc. (“KWG”) and the recent acquisition by Cliffs Natural Resources Inc. of Freewest all point to this. MacDonald Mines Exploration Ltd. announced on May 31, 2010 that they had intersected good copper grades over a 1 km trend which suggests VMS resources rich in copper and zinc are likely to be developed as well. With our 100% interest in 105 mining claims (24,368 Ha) located within 30-40 km of these existing discoveries, Hudson River is well placed to make a discovery of our own.”
Mr. Balch, a geophysicist with over 25 years experience, also commented “We have been busy planning our summer drill program and will have our drill camp operational by the first week in July. Drilling will take about 45 days to complete so we expect preliminary results in September. Hudson River is funded to complete this very important next phase of our exploration program.”
Hudson River has 28.9 million issued and outstanding common shares (43.7 million fully diluted) and currently has more than $1 million in cash.
On March 09 2010, Noront announced that their “Eagles Nest deposit has more than tripled previously reported resources and now contains: – indicated resource of 6.9 million tonnes grading 2.04% Ni, 0.95% Cu, 1.3 g/t Pt and 3.4 g/t Pd: – inferred resource of 4.3 million tonnes grading 1.42% Ni, 0.87% Cu, 0.8 g/t Pt and 3.4 g/t Pd” in the Ring of Fire. On May 03 2010, KWG, Spider and Freewest announced an indicated mineral resource estimate of 23.2 million tonnes grading 40.66% Cr2O3 and an inferred mineral resource estimate of 16.3 million tonnes graded 39.9% Cr2O3.
“At current metal prices, these two combined deposits make the Ring Of Fire perhaps the most exciting emerging mining camp in Canada,” said Mr. Balch.
Hudson River is also pleased to announce Mr. Morley Salmon has been appointed Chairman of the board of Directors of Hudson River. Mr. Salmon is a seasoned capital market professional with more than 25 years experience and is a director of both private and public companies. Mr. Salmon, Elaine Ellingham and Jim Borland have been appointed to the audit committee of the Company.
Hudson River further announces that pursuant to the Company’s Stock Option Plan and subject to any regulatory approvals, it has granted 1,100,000 Stock Options at an exercise price of $0.20 per share for a period of five years to certain Directors and Officers of the Company.
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.