Vancouver, British Columbia – July 25, 2012 – Huldra Silver Inc.(TSX-V:HDA) (“Huldra” or the “Company”) is pleased to announce sample results from the underground exploration and resource definition program on its 100% owned Treasure Mountain Property. All of the samples presented are from the fifth raise on Level 1 or from the vein drift extension on Level 1. The mine is developed on 4 levels over a vertical height of 295 metres following the vein down dip.
The results from the underground sampling program will be used in conjunction with previously released surface drill results in planning mine development and preparing an updated National Instrument 43-101 compliant resource estimate. The Company expects to commence an underground drilling program in the near future for further exploration and definition of vein structures below Level 2.
The following results reflect chip sampling performed on the fifth raise of Level 1 (P1R5), the extension of the Level 1 ore drift (P1C#) and the face of the extension in the ore drift (EXF). The samples were taken at 5 metre intervals throughout the raise and drift. Each set of three samples (P1R5-1, P1R5-2, P1R5-3) represents one sample location at each 5 metre interval. Each sample location includes footwall rock (-1), vein (-2) and hangingwall rock (-3).
The fifth raise in Level 1 is included in the current mining of the second stope of Level 1. Sampling was performed starting from the top of the raise and working down towards Level 1.
- Vein sample assays for the fifth raise were up to 3,179 g/tonne Ag (106 oz/ton Ag), 44.57% Pb, 0.91% Zn, 1.18% Mn over 0.32min sample P1R5-12-2 and 2,814 g/tonne Ag (93.8 oz/ton Ag), 13.70% Pb, 3.65% Zn, 3.75% Mn over 0.27m in sample P1R5-6-2
Samples P1C41 – P1C44 represent the extension of the Level 1 ore drift by following the primary vein structure in Level 1. 15 metres of development occurred at this time where the information gathered will be used toward future exploration.
- Vein sample assay for drift extension were up to 10884 g/tonne Ag (362.8 oz/ton Ag), 23.43% Pb, 0.69% Zn, 8.45% Mn over 0.5m in sample P1C42-2 and 1996 g/tonne Ag (66.5 oz/ton Ag), 5.59% Pb, 1.68% Zn, 7.38% Mn over 1.71m in sample P1C41-2
The extension face (EXF) represents the furthest extent of the current level one ore drift development. The observed results of the development indicate a change in the strike of the structure entering a fault zone at the east end of level one. Further exploration will carried out to determine the habit of the vein at this level. The following table sets out results from all of the samples:
All samples are delivered by truck to Acme Analytical Laboratories’ 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 are by fire assay with gravimetric finish, and over limits for Pb, Zn and Mn are by multi-acid digestion and ICP ES finish.
Technical information in this news release has been reviewed and approved by Jim Cuttle P.Geo a Qualified Person as defined in NI 43-101. For more information see the Company’s technical report entitled “Technical Report, Project Update, Treasure Mountain Property” dated June 7, 2012, available on SEDAR at www.sedar.com.
Huldra is currently working on plans to put its Treasure Mountain Mine, located three hours east of Vancouver, BC, into development, subject to permitting and financing, utilizing a mill being constructed at the Company’s mill property outside of Merritt, BC. The Company is also actively assessing other opportunities for acquisition and development.
The Company also wishes to confirm that it has not undertaken any preliminary feasibility study or preliminary economic assessment with respect to the Property and does not intend to undertake such a study or assessment prior to making a production decision. The Company cautions readers that such production may not be economically feasible and that there are significant risks associated with making a production decision without a valid, current, economic analysis.
On behalf of the Board of Directors
Ryan Sharp, MBA
President, CEO & Director
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.
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 the 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.