HudBay Minerals Inc HBM:CA in joint venture with Aquila Resources Inc AQA:CA reported drill results from the Back Forty Project in Michigan’s Upper Peninsula. Assay highlights include 8.14 g/t gold and 312.2 g/t silver over 6.02 metres, 1.11 g/t gold and 27 g/t silver over 69.67 metres (including 6.39 g/t gold and 94.17 g/t silver over 6.23 metres). Hudbay has exercised its option from Aquila to earn a 51% joint venture interest in the project.
Hudbay also reported an updated NI 43-101 resource estimate for the Back Forty Project with a measured and indicated resource of 12.2 million tonnes at 1.77 g/t gold and 18.93 g/t silver, and an inferred resource of 800,000 tonnes at 2.01 g/t gold and 45.09 g/t silver.
Hudbay President/CEO David Garofolo said, “The increased mineral resource, which includes approximately one million ounces of contained gold, should significantly improve the economics of the Back Forty Project as we commence work on a preliminary economic assessment in 2011. In addition, the new intersections illustrate the tremendous geological upside of the project and increase the potential to mine areas outside of the current resource area.”
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VP Corporate Communication,
by Ted Niles