Sydney-based Hudson Resources (ASX: HRS) has added to its investments in the resources sector with an agreement to acquire two gold prospective tenements in the Rocky River-Uralla gold field, 21km southwest of Armidale, NSW.
The tenements are EL 7491, currently held by Micksture Pty Ltd and EL 6483 held by Biacil Holdings Pty Ltd. Sovereign will issue 10 million shares to the vendors, leaving Hudson with an 80% equity position. Hudson will fund exploration and development costs.
Geologist, Michael Leu, with expertise in mineral exploration for intrusion-related gold systems, which is the geological setting of the Sovereign project will lead the exploration program.
Hudson's other resources investments include ASX listed: Tiaro Coal (ASX: TCM) and Australian Bauxite Limited (ASX: ABZ). These have a combined current market value of investment - $46 million. Tiaro's share price has increased with renewed interest in the coal sector. Australian Bauxite has seen buying demand on the back of a recent drill campaign.