Congo frees most of Chinese men held for illegal mining
The Chinese miners allegedly owed $10 million in unpaid taxes and fines to the government.
Shares in micro-cap Hudson River Minerals Ltd. (Public, CVE:HRM) jumped 18.2% on the Toronto venture market on Wednesday after the company announced drill results from its Zarn Lake gold property in northwest Ontario. The company found anomalous gold in all 16 holes and most intersections were within 50m of the surface.
Hudson River Minerals has 39.45 million shares outstanding, but with only a thousand shares traded by noon Wednesday few investors are lucky enough to lay their hands them.
Press Release:
TORONTO, Oct. 11, 2011 /CNW/ – 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.
HOLE EAST NORTH ELEV DIP AZIMUTH EOH FROM TO AU LENGTH ZONE (m) (m) (m) (deg) (deg) (m) (m) (m) (g/t) (m) HR-ZL-01 3+02E 8+18N 415 -45 0 51.0 35.5 37.2 6.83 1.7 No. 1 HR-ZL-02 3+02E 8+18N 415 -60 0 71.0 38.0 39.1 7.93 1.1 No. 1 HR-ZL-03 2+76E 7+90N 417 -45 0 81.0 41.0 44.0 0.62 3.0 No. 1 HR-ZL-04 2+76E 7+90N 417 -60 0 95.0 63.3 67.0 4.46 3.7 No. 1 HR-ZL-05 2+01E 8+08N 419 -60 0 120.0 93.0 96.0 3.72 3.0 No. 1 HR-ZL-06 2+34E 8+21N 408 -60 0 80.0 50.6 51.8 2.65 1.2 No. 1 HR-ZL-07 2+07E 8+35N 393 -45 0 56.0 48.5 50.5 4.12 2.0 No. 1 HR-ZL-08 2+07E 8+35N 393 -60 0 70.1 54.5 55.0 3.09 0.5 No. 1 HR-ZL-09 Collar moved to HR-ZL-17 HR-ZL-10 Collar moved to HR-ZL-18 HR-ZL-11 2+55E 7+98N 403 -45 0 81.8 58.0 59.5 1.43 1.5 No. 1 HR-ZL-12 2+55E 7+09N 403 -60 0 100.8 61.5 62.5 1.75 1.0 No. 1 HR-ZL-13 3+22E 8+06N 408 -45 0 61.0 48.0 51.0 0.89 3.0 No. 1 HR-ZL-14 3+22E 8+06N 408 -60 0 71.0 34.8 35.3 9.96 0.5 No. 1 HR-ZL-15 3+42E 7+84N 409 -45 0 80.0 52.5 54.5 1.26 2.0 No. 1 HR-ZL-16 3+42E 7+84N 409 -60 0 100.0 30.0 31.5 3.64 1.5 No. 1 HR-ZL-17 2+84E 6+80N 407 -45 0 78.5 8.5 9.6 4.28 1.1 No. 3 HR-ZL-18 2+84E 6+80N 407 -45 40 63.0 9.0 10.5 1.56 1.5 No. 3 and 43.5 45.0 1.68 1.5 No. 3 Total 1,260 meters Table One. Assay results from August 2011 drill program at Zarn Lake.
About Hudson River Minerals Ltd.
Hudson River is focused on the discovery of precious metals and base metals in Ontario. The management team identifies underexplored areas that have historical intersections of economic minerals and has experience exploring in areas with little geologic outcrop and that rely heavily on geophysical technologies for discovery. For more details on Hudson River’s properties go to www.sedar.com or visit www.hudsonriverminerals.com.
