VANCOUVER, British Columbia, May 30, 2019 (GLOBE NEWSWIRE) -- HUDSON RESOURCES INC. (“Hudson” – TSX Venture Exchange “HUD”) reports that in light of recent trade tensions between the US and China and it’s implications on rare earth availability outside of China, Hudson is reviewing activities with respect to its Sarfartoq Carbonatite Rare Earth Element (REE) project. Hudson believes the best option is to find a partner to develop the deposit. Hudson brings to the table a mature project and the knowhow on permitting, building and operating a mine in Greenland.
The Sarfartoq project represents one of the industry’s highest ratios of neodymium and praseodymium to TREO (Total Rare Earth Oxides), totaling 25%, based on the inferred resource (see NR2011-01). Sarfartoq contains over 40 million kilograms of neodymium oxide, which is the key component in permanent magnets and the fastest growth sector of the rare earths industry.
The Sarfartoq REE project is located within 20 km of tidewater and only 60 km from Greenland’s international airport. The project is owned 100% by Hudson. A total of 16,514m were drilled at the project. The 2012 drill program (see NR2013-01) outlined numerous high-grade intercepts including:
- 6 meters of 6.05% TREO (SAR12-03)
| - 8 meters of 4.61% TREO (SAR12-15)
|
- 6 meters of 4.91% TREO (SAR12-01)
| - 6 meters of 4.34% TREO (SAR12-15)
|
A PEA was completed in 2011 (see NR2011-15) based on the production of 6,500 tonnes per annum of rare earth carbonatite concentrate of 42-45% REO. This study was based solely on the NI 43-101 Mineral Resource Estimate released on January 4, 2011 (see NR2011-01), which defined an inferred resource of 14.1M tonnes averaging 1.51% total rare earth oxides (TREO) and did not incorporate 2011 or 2012 drill results.
Jim Cambon, President, commented: “The Sarfartoq REE project is an excellent REE opportunity with very high neodymium oxide content and is located in a mining friendly, stable jurisdiction. Hudson is focused on production at the White Mountain mine and in an effort to continue to advance the Sarfartoq project we are in discussions with several parties about the potential to joint venture the project to take advantage of heightened interest in non-Chinese REE supplies due to the ongoing US China trade dispute. We are also open to discussions with other interested parties.”
Hudson, through Hudson Greenland A/S, owns 100% of the White Mountain Anorthosite mine in Greenland. The calcium feldspar mine is in production and permitted for 50 years.
Dr. Michael Druecker is a qualified person as defined by National Instrument 43-101 and reviewed the preparation of the scientific and technical information in this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
“Jim K Cambon”
President and Director
For further information:
Ph: 604-628-5002
Forward-Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this news release, including, without limitation, statements regarding the use of proceeds from the private placement, and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include market prices, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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