VANCOUVER, British Columbia, March 09, 2020 (GLOBE NEWSWIRE) -- HUDSON RESOURCES INC. (“Hudson” or the “Company”) – (TSX Venture Exchange “HUD”; OTC “HUDRF”) is pleased to report that it has been granted a new exploration license covering the Sarfartoq Carbonatite Complex (SCC) in Western Greenland which hosts the Company’s Rare Earth Element (REE) and niobium projects and has a strike length of approximately 30km. The license is 35 km from the Company’s White Mountain anorthosite mine and 20km from tidewater. The new license significantly reduces the work commitments for the Company as the previous license held by the Company was in its 25th year.
The Sarfartoq REE Project
The Sarfartoq REE project lies within a large carbonatite complex hosting high neodymium (Nd) and praseodymium (Pr) content in bastnaesite and monazite mineralization. Neodymium and praseodymium are the key elements in permanent magnets which are a crucial component in products from computer hard drives to wind turbines and hybrid cars. Project highlights include:
- High ratio of Nd and Pr at 25%-40% of Total Rare Earth Oxides (TREO)
- Drilled a total of 31,400 meters on the Sarfartoq Carbonatite Complex from 2009 to 2012
- Extracted and tested a 5 tonne bulk metallurgical sample at ST1 grading 2.51% TREO (see NR 2012-01)
- Completed a Preliminary Economic Assessment on the ST1 project in 2012 (see NR2011-15)
- The ST1 resource model outlined an NI 43-101 compliant resource based on an underground mining scenario comprised of the following:
• 5.9M tonnes indicated averaging 1.8% TREO
• 2.5M tonnes inferred averaging 1.6% TREO for the ST1 zone (1% cut-off)
• ST1 contains 27M kg of Neodymium Oxide and 8M kg of Praseodymium Oxide
- High-grade intersections at ST1 include the following:
• 24 meters of 3.5% TREO (SAR10-36)
• 14 meters of 4.8% TREO (SAR11-45)
• 6 meters of 6.05% TREO (SAR12-03)
• 6 meters of 4.91% TREO (SAR12-01)
• 8 meters of 4.61% TREO (SAR12-15) (see NR2013-01)
The Sarfartoq Niobium Project
The Sarfartoq niobium project has highly elevated levels of niobium and tantalum. The niobium is hosted in pyrochlore mineralization which is a niobium and tantalum oxide with approximately 1% uranium oxides. Niobium is a key component in pipeline steel and in superalloys for jet engines and heat resistant equipment. Project highlights include:
- Historical drill intercepts by the previous license holders included:
• 3m @26.49% Nb2O5
• 20m @12.13% Nb2O5
• Trench assays of 14.4% over 200 meters
- Hudson surface sampling included assays up to 40.32% Nb2O5 and 0.91% Ta2O5 (see NR2009-03)
- Hudson is commencing the re-evaluation of the data prior to resuming field exploration.
Jim Cambon, President commented: “We are very pleased to have this new license which will allow the Company time to continue to add value to our REE and niobium projects at Sarfartoq. There has been significant interest from both the Canadian and United States governments in securing strategic minerals such as REE’s and niobium. This along with the strategic importance of Greenland as it relates to Arctic sovereignty makes these assets very attractive.”
The Sarfartoq exploration license is held by Hudson Resources Inc. The White Mountain anorthosite mine is held 100% by Hudson Resources’ subsidiary Hudson Greenland A/S. The Company debt structure relates solely to the Hudson Greenland A/S asset.
The White Mountain Anorthosite Mine
Hudson is continuing to focus efforts on the strategic review process it first reported in its news release of September 6, 2019 (NR2019-15). The objective of the process is to ensure the Company has sufficient working capital and supply chain expertise to meet its operational needs and growth objectives for the White Mountain mine.
The new rotary drum dryer arrived on site several weeks ago. Foundations have been poured and the installation of the dryer is under way. Commissioning of the dryer is expected in April/May.
The White Mountain Anorthosite mine is 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 in respect of the Sarfartoq Project.
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 financing, 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
