VANCOUVER, British Columbia, July 22, 2021 (GLOBE NEWSWIRE) -- HUDSON RESOURCES INC. (“Hudson” or the “Company”) (TSX Venture Exchange “HUD”; OTC “HUDRF”) would like to provide an update on the niobium metallurgical program on the Company’s Nukittooq niobium-tantalum project and provide comments on the legislation being proposed for uranium extraction by the recently elected Government in Greenland.
Legislative Update
The Government of Greenland recently prepared a draft Bill to ban uranium prospecting, exploration, and exploitation. The draft Bill has been introduced to seek a zero-tolerance policy on the mining and sale of uranium. The ban does not cover other radioactive elements such as thorium, although the proposed Bill gives the Government the option to extend this to other radioactive elements. The draft Bill provides that it is at the Government’s discretion as to whether they approve a project based on how uranium waste is handled. Hudson is encouraged to see that Section 3.4 of the draft Bill states that the new Act would only apply to licenses granted after the Act is promulgated. The draft Bill specifically states that licenses already granted will not be affected by the new legislation. The Greenland government has initiated a consultation process which closes on August 2, 2021 and in which Hudson will participate.
Hudson’s Sarfartoq rare earth element (“REE”) project and Nukittooq niobium-tantalum project were granted an exploration license in 2020. The license does not provide any rights to radioactive elements. The work to date has shown that the Sarfartoq REE project does not contain elevated levels of uranium. The Nukittooq project does have uranium values above background levels and the Company will investigate how the uranium will be handled within Government guidelines. In addition, Hudson’s projects are not located near any communities in Greenland and therefore the Company believes that the development of these projects can be done safely and within government guidelines. The Company will continue to advance the Sarfartoq REE and niobium-tantalum projects which are vital in supporting the green economy in Europe and North America.
Hudson is pleased to see that the Greenland Government, through the Ministry of Mineral Resources, is now a member of the European Raw Material Alliance (“ERMA”). ERMA was established to support the European Union’s (“EU”) transition to a green economy with a focus on the critical raw materials which include REE’s, niobium and tantalum which are found on Hudson’s Sarfartoq license. ERMA (http://erma.eu) supports sustainable multi-sourcing of REE’s including world-class REE deposits in Greenland.
Niobium Testwork Update
Hudson engaged SGS Lakefield Canada to conduct an extensive metallurgical testwork program on the niobium samples collected from its high-grade Nukittooq niobium-tantalum project (see NR2021-1). The program has been making excellent progress and has been extended to include an additional series of flowsheet tests. Results are expected in the coming weeks. The next stage will be to define significant tonnage on this exceptionally high-grade project. We expect to initiate this field work in Q3.
Jim Cambon, President commented: “We believe that the proposed changes in the legislation as currently written will not impact our exploration projects in Greenland. We have built a strong working relationship with government and local communities and will engage in the consultation process. We are excited to continue to add value to our Nukittooq niobium-tantalum project while the increase in REE prices encourages us to further develop our Sarfartoq REE project which has over US$3B in neodymium and praseodymium defined to date. Hudson wishes to capitalize on Greenland’s strategic location between the EU and North America and advance its portfolio of critical metals to provide a secure supply chain to these regions.”
Hudson owns 100% of the Sarfartoq REE project and the high-grade Nukittooq niobium-tantalum project located on the Sarfartoq exploration license. The Sarfartoq REE project has a 43-101 resource outlining 35M kilograms of neodymium oxide and praseodymium oxide, the two key components in permanent magnets driving the green revolution. There is significant potential to expand this REE resource. The Nukittooq project has some of the highest reported niobium assays in the industry (see NR2020-15). Hudson also has a 31.1% equity interest in the White Mountain anorthosite mine in Greenland with rights to acquire 100%.
ON BEHALF OF THE BOARD OF DIRECTORS
“Jim Cambon”
President and Director
For further information:
Ph: 604-628-5002
Forward-Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to complete the Offering on the terms or on the timeline as announced or at all, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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