FOR IMMEDIATE RELEASE Trading Symbol: HUD
February 2, 2010
HUDSON APPROVES 2010 FIELD PROGRAM FOR ITS RARE EARTH PROJECT IN GREENLAND
Vancouver, BC – HUDSON RESOURCES INC. (“Hudson” – TSX Venture Exchange “HUD”) is pleased to announce that it has approved the first phase of an aggressive program to advance the rare earth element (REE) project on the Sarfartoq Carbonatite in Greenland, which is 100% owned by Hudson. The program will commence in March and will include geophysical surveying, environmental baseline data collection, a minimum 3,000 meter drill program, and bench-scale metallurgical testwork.
This first phase of drilling is planned to start in April. It will focus on the expansion of the rare earth zones at ST1 and ST40, which yielded significant REE intercepts in the 2009 drill program. The ST1 and ST40 zones are approximately 2.5 km apart and appear to be linked based on geophysics and rare earth mineralization traced on surface. This initial phase of the 2010 work program, including ground geophysics and 3,000m of core drilling (approximately 20 holes), is fully funded by the Company.
The second phase of drilling, representing a minimum of 2,000m, will be conducted later in the summer based on spring results. Drill core will be logged and split in the field and flown to Canada for assaying.
“We are very excited about the year ahead and have designed a program which we believe will add significant value to our REE projects”, stated James Tuer, Hudson’s President. “One of our key objectives is to define a resource as quickly as possible and take advantage of the streamlined permitting process in Greenland to rapidly advance the project.”
In 2009, Hudson generated three exciting rare earth priority targets on the Sarfartoq Carbonatite: the ST1, ST40 and ST19 localities. Highlights of the 2009 drill program include:
ST1 • 50.25m of 2.19% TREO including 9.55m of 3.98% Total Rare earth Oxides (TREO) in Hole SAR09-04 of which neodymium oxide and praseodymium oxide average over 25% of the TREO;
ST40 • 10.22m of 1.36% TREO in Hole SAR09-03 of which neodymium oxide and praseodymium oxide average over 54% of the TREO ; and
ST19 • 16.00m of 1.02% TREO with several smaller intersections of more than 1% TREO.
ST40 is a particularly exciting region in that neodymium oxide and praseodymium oxide together average around 54% of the total distribution of rare earth mineralization. This is highly anomalous compared to an industry average of under 20%. Neodymium is a major component in neodymium-iron-boron super magnets used extensively in wind turbines, hybrid cars, computer hard disk drives and numerous green technologies. Prices for neodymium have more than doubled over the past six months from $15/kg to $35/kg. Praseodymium can be used in place of neodymium and is priced similarly.
ON BEHALF OF THE BOARD OF DIRECTORS
James Tuer, President
For further information:
James Tuer, President
Ph: 604-628-5002 or 604-688-3415 [email protected]
This news release contains forward-looking statements regarding ongoing and upcoming exploration work and expected geology, geological formations and structures. Actual results may differ materially from those anticipated in these statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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