Zinc mineralization intersected in additional holes
WINNIPEG, MANITOBA , Aug 2, 2007 (CCNMatthews via COMTEX News Network) --
HudBay Minerals Inc. (TSX:HBM) (HudBay) today announced results
from its ongoing diamond drill program at its Lalor Lake mineral
property near Snow Lake in the Flin Flon Greenstone Belt. HudBay
released results from the first Lalor Lake drill hole on March 20, 2007.
"We are very excited by the high zinc grades and the potential
significance of the deposit from the first 10 holes," said Peter Jones,
President & CEO, "and four drills have been assigned to the site
working 24/7."
The Lalor Lake property is approximately 3 km off
highway 395 and 15 km from HudBay's Snow Lake concentrator, which has
additional capacity.
Mineralization intersections to date at
approximately 800 meters from surface indicate a strike length of
approximately 550 meters and a width of approximately 700 meters
measured in plan view. The mineralization remains open in at least three
directions. The massive sulphide mineralization at Lalor is coarse
grained and similar to HudBay's nearby Chisel North mine, and the
previously mined Photo Lake and Chisel mines. These mines had excellent
concentrator recoveries and have produced 9.8 million ore tonnes to
date.
Kelly Gilmore, Chief Exploration Geologist for HudBay said,
"The current interpretation indicates a zinc rich main zone near the
top of a hydrothermal alteration zone. The footwall to the main zone
contains disseminated to massive pyrite, pyrrhotite, chalcopyrite and
sphalerite often with additional good zinc intersections. Significant
precious metals assays occur in both the footwall and hanging wall of
the main zone."
The company expects to provide regular updates of
its exploration program at Lalor, as well as its other exploration
activities.
HudBay previously announced plans to spend $45
million on exploration activities in 2007 including approximately $34
million in the Flin Flon Greenstone Belt where the company has three
underground mines two ore concentrators as well as metallurgical plants
within approximately 400,000 hectares of exploration lands. Historically
the company has discovered 25 mines and produced in excess of 150
million ore tonnes from this area.
SELECTED INTERSECTION DATA(1)
Main Zone Intersections
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Drill Hole Zinc Copper Intersection Intersection (meters)
(%) (%) (meters) From - To
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DUB 168 13.26 0.19 23.95 781.74 - 805.69(2)
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DUB 169 2.62 0.22 4.95 828.08 - 833.03
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DUB 170 15.62 0.21 6.09 841.05 - 847.14
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DUB 171 12.76 0.58 3.31 962.31 - 965.62
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DUB 172 9.83 0.53 4.10 930.00 - 934.10
-----------------------------------------------------------------
DUB 173 5.44 3.13 16.55 982.26 - 998.81
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DUB 174 22.59 0.43 3.93 705.18 - 709.11
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DUB 175 1.01 0.14 3.97 915.54 - 919.51
-----------------------------------------------------------------
DUB 176 10.57 0.14 2.58 643.34 - 645.92
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DUB 177 7.79 0.09 7.86 670.77 - 678.63
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Footwall Intersections
--------------------------------------------------------------
Drill Hole Zinc Copper Intersection Intersection (meters)
(%) (%) (meters) From - To
--------------------------------------------------------------
DUB 168 10.21 0.27 3.10 881.76 - 884.86
--------------------------------------------------------------
DUB 169 11.80 0.76 0.79 929.00 - 929.79
--------------------------------------------------------------
DUB 171 10.55 0.21 0.55 1162.00 - 1162.55
--------------------------------------------------------------
DUB 174 10.61 0.29 8.23 722.89 - 731.12
--------------------------------------------------------------
DUB 174 9.94 0.31 5.93 834.29 - 840.22
--------------------------------------------------------------
DUB 174 8.53 0.14 8.15 872.46 - 880.61
--------------------------------------------------------------
DUB 174 5.90 0.27 2.96 885.96 - 888.92
--------------------------------------------------------------
DUB 174 8.15 0.14 4.24 901.41 - 905.65
--------------------------------------------------------------
DUB 174 5.52 0.20 12.10 910.83 - 922.93
--------------------------------------------------------------
DUB 174 10.37 0.82 0.98 932.57 - 933.55
--------------------------------------------------------------
DUB 175 0.02 0.43 57.57 936.00 - 993.57
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DUB 176 6.06 0.48 4.29 689.34 - 693.63
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DUB 177 7.96 0.17 1.99 753.37 - 755.36
--------------------------------------------------------------
Precious Metal Intersections
---------------------------------------------------------------
Drill Hole Gold Silver Intersection Intersection (meters)
(g/t) (g/t) (meters) From - To
---------------------------------------------------------------
DUB 168 5.14 31.54 1.03 890.00 - 891.03
---------------------------------------------------------------
DUB 169 13.47 41.59 11.30 903.70 - 915.00
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DUB 171 12.90 58.75 3.80 1078.70 - 1082.50
---------------------------------------------------------------
DUB 172 7.10 137.16 8.47 906.77 - 915.24
---------------------------------------------------------------
DUB 172 5.20 13.75 26.23 928.17 - 954.40
---------------------------------------------------------------
DUB 173 2.03 66.79 22.00 1086.00 - 1108.00
---------------------------------------------------------------
DUB 174 4.75 169.99 4.56 718.33 - 722.89
---------------------------------------------------------------
DUB 174 16.25 194.06 0.61 739.61 - 740.22
---------------------------------------------------------------
DUB 175 11.59 109.37 0.31 985.73 - 986.04
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DUB 177 3.87 106.87 6.42 685.58 - 692.00
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(1) A complete tabulation of drilling results and assayed
intersections as well as a map depicting the Lalor Lake
property within the Snow Lake area are included as attachments
to this news release.
(2) Ongoing geological interpretation of the main zone in DUB
168 produced a longer intersection and lower zinc grade compared
to the results announced in the March 20, 2007 news release.
Actual assays and intersection lengths are as previously
reported.
2007 HudBay Procedures
Exploration core drilling was either BQ
or NQ size. The core was logged and mineralized intersections were
marked for sampling and assaying by HudBay's subsidiary Hudson Bay
Exploration and Development Company Limited (HBED) employed geologists.
The marked intersections or intervals were sawn in half by a diamond saw
and one half of the core was placed in plastic bags and tagged with
unique sample numbers, while the second half was returned to the core
box and stored. Each bagged core sample was transported to HudBay's
subsidiary Hudson Bay Mining and Smelting Co., Limited's assay
laboratory in Flin Flon, Manitoba where it was dried, crushed and
pulverized and a 250-gram sample was prepared for assaying. From each
250 gram sample 0.25 grams was removed and leached in aqua regia and
analyzed by ICP-AES for Ag, Cu, Zn, As, Pb, Ni and Fe. Also from the
250-gram sample, 15 grams was removed for gold determination by fire
assaying with Atomic Absorption finish.
Assaying integrity is
monitored internally with a quality control program, which includes the
use of assay sample standards, blanks, duplicates and repeats and
externally through national and international programs. In addition,
within each group of 20 core samples, one core sample has a second 250
gram split collected for check assaying at Acme Analytical Laboratories
Ltd. in Vancouver, B.C. This news release provides core lengths and
additionally where indicated, horizontal or vertical lengths of
mineralization intersected. True widths are not provided. Where metal
assays are provided for intersections they are either a single assay of a
sample of the entire intersection length or a composite of assays
calculated from interval weighted assays over the intersection length.
The data herein and the contents of this news release have been reviewed
by Kelly Gilmore, B.Sc. P. Geo., Chief Exploration Geologist with HBED,
who is a Qualified Person, within the meaning of National Instrument
43-101, with the ability and authority to verify the authenticity and
validity of the data.
About HudBay Minerals Inc.
HudBay
Minerals Inc. is an integrated mining company that operates mines,
concentrators and a metal production complex in northern Manitoba and
Saskatchewan. The company also owns a zinc oxide production facility in
Ontario, the White Pine Copper Refinery in Michigan and the Balmat zinc
mine in New York state. HudBay is a member of the S&P/TSX Composite
Index and the S&P/TSX Global Mining Index.
(HBM-G)
Forward-Looking Information
This
news release contains "forward-looking information" within the meaning
of applicable
Canadian securities legislation. Forward-looking information includes,
but is not limited to, statements with respect to future exploration
plans and expenditures by HudBay and the success of such activities.
Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects", or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "does not anticipate", or "believes" or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might", or "will be taken",
"occur", or "be achieved". Forward-looking information is subject to
known and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements of
HudBay to be materially different from those expressed or
implied by such forward-looking information, including risks associated
with the mining industry such as economic factors as they effect
exploration, future commodity prices, actual results of current
exploration activities, government regulation, environmental risks,
permitting timelines, capital expenditures, changes in project
parameters as plans continue to be refined as well as those factors
discussed in the section entitled "Risk Factors" in HudBay's Annual
Information Form for the year ended December 31, 2006, available on www.sedar.com.
Although HudBay has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no
assurance that such
information will prove to be accurate, as actual
results and future events could differ materially from those anticipated
in such information. Accordingly, readers should not place undue
reliance on forward-looking information. HudBay does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
To view a table of Hudson Bay Mining and Smelting Lalor Lake Project Hole Locations, please visit the following link: http://www.ccnmatthews.com/docs/hbm0802-link1.pdf
To view tables for Hudson Bay Mining and Smelting Lalor Lake Project Assay Results, please visit the following link: http://www.ccnmatthews.com/docs/hbm0802-link2.pdf
To view a map of the Snow Lake area, please visit the following link: http://www.ccnmatthews.com/docs/hbm0802-link3.pdf
SOURCE: HudBay Minerals Inc.
HudBay Minerals Inc.
Brad Woods
Director, Investor Relations
(204) 949-4272
(204) 942-8177 (FAX)
Email: Brad.woods@hbms.ca
Website: www.hudbayminerals.com
Copyright (C) 2007 CCNMatthews. All rights reserved.
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