Huldra Silver Provides Initial Drill Results from the 2011 Exploration Program at Treasure Mountain Also Announces S&P Coverage and Option Grants
Also Announces S&P Coverage and Option Grants
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/18/11 -- Huldra Silver Inc. (TSX VENTURE: HDA) (the 'Company' or 'Huldra') today is pleased to provide the initial results from the 2011 exploration program at Treasure Mountain. The results of assays from the first four holes received included 592.92 grams per tonne Ag, 4.28% Pb, 2.47% Zn and 5.80% Mn in hole TM11-9 that intersected the vein structure below the Level 1 drift, approximately 80 metres east of the Level 2 drift.
Summary of significant drill results (lengths are not considered true width):
----------------------------------------------------------------------------
Length Ag Pb Zn Ag Mn
Hole # From To (m) (ozs/ton) (%) (%) (g/tonne) (%)
----------------------------------------------------------------------------
TM11-6 25.25 25.45 0.20 33.75 8.99 0.46 1050 4.04
----------------------------------------------------------------------------
TM11-7 27.53 27.73 0.20 19.90 6.65 3.53 619.0 5.67
----------------------------------------------------------------------------
TM11-9 65.67 68.78 3.11 17.38 4.28 2.47 592.9 5.80
----------------------------------------------------------------------------
TM11-10 41.90 42.25 0.35 0.01 16.58 3.30 0.50 2.85
----------------------------------------------------------------------------
51 diamond drill holes were drilled over a total length of 5,073 metres on the main mine development, with the objective of further defining resources on the upper 150 metres of the mine.
Jensen Portal
The Jensen Portal is 400 metres west of the current underground workings. Surface sampling was conducted on vein exposures uncovered during the road rehabilitation program. 10 NQ sized diamond drill holes were completed to test for strike on the structures. The area has had limited modern exploration conducted on it and any information is prior to the implementation of National Instrument 43-101 ('NI 43-101'). The veins were historically reported being brecciated with Ag, Pb, and Zn and covered by a diorite cap. The location of the small underground workings is coincident with two intersecting faults. A drill program is being designed to follow up on historical results.
JK Vein
The JK vein was discovered during a trenching program late in the 2010 exploration program. Two shallow holes were drilled on the western end of the structure. However, the material was partially oxidized close to surface. 8 NQ sized holes over a total length of approx 890 metres were drilled in 2011 with results still pending.
D-Vein
The following results were from surface chip samples taken from the D-vein:
--------------------------------------------------------------
Width Ag PB ZN Ag Mn
Sample# (m) (ozs/ton) (%) (%) (g/tonne) (%)
--------------------------------------------------------------
DV-1 1.2 0.18 0.02 0.06 5.8 0.72
--------------------------------------------------------------
DV-2 0.5 3.34 0.35 0.29 104 2.68
--------------------------------------------------------------
DV-3 0.6 19.54 7.66 0.89 608 5.71
--------------------------------------------------------------
DV-4 0.18 6.81 2.46 0.09 212 5.37
--------------------------------------------------------------
DV-5 0.38 8.41 0.3 2.47 261 8.63
--------------------------------------------------------------
DV-6 0.4 29.77 9.37 7.93 926 4.8
--------------------------------------------------------------
DV-7 0.3 30.70 12.85 1.08 955 11.42
--------------------------------------------------------------
DV-8 0.33 47.51 33.65 0.78 1478 3.71
--------------------------------------------------------------
The D-vein was previously uncovered 20 metres into the hanging wall of the open cut at the top of Treasure Mountain. However, the surface expression was re-exposed during mechanical scaling. 8 samples were taken across the structure over a total length of 107 metres. The D -vein is not included in the current NI 43-101 resource estimate.
Underground Exploration
Underground sampling is progressing with new samplings from the existing drifts on Level 1 and Level 2 as well as the underground raises. There are 3 complete raises being sampled from Level 1 of the mine to the surface as well as 3 partial raises from Level 1. There are 3 additional raises from Level 2 that are also being sampled. Only samples from one raise between Level 1 and the surface were included in the current 43-101 resource estimate.
The current underground development consists of 2,750 metres of drifts and raises on 4 levels. The total vein indicated resource, estimated at 11.02 ounces silver per tonne (10.0 oz silver per ton) cut -off grade, is reported as 33,000 tonnes with 26.68 ounces silver per tonne, 4.16% lead and 3.80% zinc, containing 880,000 ounces silver, 3,030,000 lbs. lead and 2,760,000 lbs. zinc. Total vein inferred resource, estimated at the same cut-off grade (11.02 ounces silver per tonne) is reported as 120,000 tonnes with 29.76 ounces silver per tonne, 2.79% lead and 4.36% zinc, containing 3,580,000 ounces silver, 7,370,000 lbs. lead and 11,540,000 lbs. zinc.
Geochemical Testing
The Company conducted a geochemical sampling program consisting of 671 samples focusing on two primary targets the MB Zone and the Camp Zone. The MB Zone is approximately 800 metres northwest of the current mine workings. Surface samples were taken from an exposed area of fractured argillite in 2010 and assays were reported as high as 9,221g/t Ag (Aug. 25, 2010 press release). The Camp Zone is in an area where a geochemical testing program conducted in 1996 identified a large soil anomaly below the Jensen Portal, near the base of the mountain that was followed up with one drill hole that did not penetrate the overburden and a second drill hole that may have missed the target. Results from the soil program will be compiled and released as soon as they are received from the laboratory.
Laboratory Procedures and Quality Assurance
Drill core is logged by a geologist and cut at predetermined intervals using a diamond saw. One half of the sample is archived on site and the other half is trucked to Acme Analytical Laboratories Ltd's facility in Vancouver, BC, where the sample is crushed, split and pulverized to -200 mesh. A 0.5 gram portion of the pulp is then digested in hot aqua regia and analyzed for 31 elements by ICP MS method. Over limits for Ag is by fire assay with gravimetric finish, and for Pb, Zn and Mn by multi -acid digestion and ICP ES finish.
Certified standard reference material ('SRM'), including core duplicates and blanks, have been inserted into each sample shipment at a frequency of approximately one SRM per ten samples.
Huldra Announces S&P Market Access Program Coverage
The Company also announced today that its information will be made available via Standard & Poor's Market Access Program, an information distribution service that enables subscribing publicly traded companies to have their company information disseminated to users of S&P's MarketScope Advisor. Huldra's information to be made available through this program includes share price, volume, dividends, shares outstanding, company financial position and earnings. MarketScope Advisor is an Internet-based research engine used by more than 100,000 investment advisors. A public version of the site is available at http://advisor.marketscope.com.
In addition, information about the Company will be available via S&P's Stock Guide database, which is distributed electronically to virtually all major quote vendors. As part of the program, a full description of Huldra will also be published in the Daily News section of Standard Corporation Records, a recognized securities manual for secondary trading in up to 38 states under their respective blue sky laws.
Huldra information distributed through the Market Access Program is based upon information that Standard & Poor's considers to be reliable, but neither Standard & Poor's nor its affiliates warrant its completeness or accuracy, and it should not be relied upon as such. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument.
Issuance of Options
Huldra also announces that it has granted 60,000 stock options to certain employees of the Company. Each option is exercisable into one common share of the Company at a price of $1.35 per share for a period of five years. The options are subject to the terms of the Company's stock option plan.
Technical information in this news release has been reviewed and approved by Jim Cuttle, P. Geo, a Qualified Person as defined by NI 43-101. Details of the Company's Treasure Mountain property can be found in its NI 43-101 technical report entitled 'Technical Report, Project Update, Treasure Mountain Property, Tulameen River Area, B.C. Canada' dated effective June 15, 2011, which is available on SEDAR at www.sedar.com.
About Huldra
Huldra is currently working on plans to put its Treasure Mountain Project, located 3 hours east of Vancouver, BC, into development, subject to permitting and financing utilizing an offsite mill being constructed at the Company's property outside of Merritt, BC. The Company is also actively assessing other opportunities for acquisition and development.
On behalf of the Board of Directors
Ryan Sharp, MBA, President, CEO & Director
Disclaimer for Forward-Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events related to the Company's proposed exploration plans and its plans to put the Treasure Mountain Property into production. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as the Company's ability to finance its planned exploration; the Company's ability to source t he necessary infrastructure to effect its exploration plans; current economic conditions and the state of mineral exploration and mineral prices in general. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. The Company can offer no assurance that its exploration and development plans will be completed in the time expected or at all. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Huldra Silver Inc.
Ryan Sharp
604-647-0142
604-647-0143 (FAX)
ryan@huldrasilver.com / IR@huldrasilver.com
www.huldrasilver.com
