Vancouver – This year’s short field season for Hudson Resources (HUD-V) has proven fruitful in the recovery of a number of macrodiamonds from kimberlite at its western Greenland Garnet Lake property, part of the Sarfartoq Exploration Licence area.
Surface testing of a section of probable frost-heaved kimberlite on the project has yielded a 108 kg. sample of varying phases of the ultramafic eruptive. A total of 151 diamonds, in all size categories, were recovered with nine classified as macro-diamonds (using the parameter of the stone remaining on a +0.5 mm. square mesh sieve).
The sample comprised varying kimberlite phases including a nodular-rich section and a matrix dominated portion. A number of larger garnets were visible in the matrix material.
Based on the geography of the sample location, the company believes the kimberlite is of a local origin and plans a drill program in early-2005 to chase down confirmation of an in-situ occurrence. Application for expansion of the licence area has been made to acquire the remaining 89 sq. km. of open ground available to the north of the project area.
Hudson has been systematically conducting till geochemical sampling over the western Greenland licence area, recovering abundant positive indicator minerals.
The company’s is earning an 80% interest in the Garnet Lake area of the Sarfartoq EL through an agreement with Aussie explorer New Millennium Resources. Minimum payments totaling $1 million over four years are required with the present year’s obligations having already been met. New Millennium retains full interest in any occurrence of niobium and tantalum.
Investors leapt on the news, driving the issue up as high as $1.10 per share before it closed at 79 per share on over 140,000 shares volume. Hudson reports 9.1 million shares outstanding as of the latest figures.
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