The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
HudBay Minerals Inc. announces the following 2005 exploration update at its Hudson Bay Mining and Smelting Co., Limited subsidiary in the Flin Flon Greenstone Belt in Northern Manitoba and Saskatchewan. The 2005 program, from February to year end, was funded by $10 million flow through financings completed in 2005 and is part of HudBay's planned $30 million, three year exploration program in the Greenstone Belt. Exploration was managed by HBMS' Hudson Bay Exploration and Development Company Limited subsidiary and by year end approximately 60 per cent of the 2005 flow-through funding had been expended. HudBay has a greater exploration drilling intensity during winter months when drill site access is facilitated. During 2005, approximately 38,636 meters of surface diamond drilling in 69 holes was completed. The program excludes exploration in the Company's operating mines. The 2005 program focussed on diamond drilling of mineral deposit targets, structural targets and geophysical anomaly targets. "I am pleased with the encouraging results from the 2005 program," said Peter R. Jones, president and CEO of HudBay. "The results justify a continuation of our planned $30 million exploration expenditure over three years." Mineral Deposit Targets During 2005, 15,456 meters were drilled in 29 holes on four deposits close to the Snow Lake concentrator: Talbot Lake deposit Ð 83 km from Snow Lake concentrator Harmin deposit Ð 70 km from Snow Lake concentrator Watts River deposit Ð 52 km from Snow Lake concentrator Bur deposit Ð 22 km from Snow Lake concentrator Talbot Lake Target The Talbot Lake steeply dipping copper and zinc deposit has massive sulphide, sulphide breccias and disseminated stringer zones that are all coarsely crystalline. During 2005, 5,747 meters were drilled in nine drill holes and all holes intersected mineralization. Harmin Target The Harmin copper and zinc deposit has two steeply dipping massive sulphide lenses, associated breccias and stringer zones. During 2005, 3,333 meters in seven holes were drilled. Six holes intersected mineralization. Watts River Target The Watts River copper and zinc deposit has a steeply dipping main zone of massive sulphide, associated disseminated and stringer sulphide mineralization as well as a parallel zone, the Watts River East Zone, of disseminated and stringer chalcopyrite, pyrite, pyrrhotite and sphalerite mineralization. See 'Structural' P.# Con't from P.# During 2005, 2,181 meters were drilled in six holes. Four holes intersected mineralization and two holes were abandoned due to casing movement. Results indicate an increase in the thickness and grade of the deposit at depth. Bur Target The steeply dipping Bur copper and zinc deposit has fine grained massive sulphide and associated disseminated sulphides. The massive sulphide mineralization is atypical of the Flin Flon Greenstone belt as it is uncharacteristically thin and laterally extensive. During 2005, 4,195 meters in seven complete holes and one incomplete hole were drilled. Mineralization was intersected by all of the completed holes. Structural Targets During 2005, 17,533 meters were drilled on structural targets including 7,153 meters in 13 holes in the prior Chisel Lake Mine area, 1,632 meters in four holes in the prior Anderson Lake Mine area and 1,072 meters in one hole and one hole deepening in the prior Birch Lake Mine area. No notable mineral intersections were encountered. During 2005, 7,676 meters were drilled in seven holes in the three areas, including the Myo Rhyolite, the Flin Flon Mine Footwall and the Sub-Missi Sediment, to explore the prior Flin Flon Mine Horizon. Drilling the Myo Lake Rhyolite did not intersect notable sulphide mineraliztation. Drilling in the Flin Flon Mine Footwall intersected a fault block of the Flin Flon mine stratigraphy that was additionally defined on surface by detailed mapping. One deep hole below the Missi Sediment cover was drilled and drilling was suspended in what are interpreted as the hanging wall rocks of the Flin Flon Mine Horizon at a depth of 1,811 meters. Geophysical Targets During 2005, 5,647 meters were drilled in 15 holes testing 12 geophysical anomaly targets. The data herein and the contents of this press release have been reviewed by Kelly Gilmore, B.Sc. P. Geo. who is a Qualified Person, within the meaning of NI 43-101, with the ability and authority to verify the authenticity and validity of the data. Certain information regarding HudBay set forth in this document, including management's assessment of HudBay's future plans and operations contains forward looking statements that involve substantial known and unknown risks and uncertainties. For illustrations and historical data readers should access the HudBay web site at www.hudbayminerals.com. Ð Certain technical portions of this news release were deleted for space considerations.
