Hathor intersects 52 m at 2.40 % U308, including 9.5 m at 5.61 % U308 and Confirms Potential for Far East Zone as Roughrider Drilling Continues
26.07.2011 | CNW
VANCOUVER, July 26, 2011 /CNW/ - Terra Ventures Inc. (TSX-V: TAS) is pleased to provide an update on the Midwest Northeast Uranium property in which Terra owns a 10% production carried interest. In a press release dated July 26, 2011, Hathor reported:"Hathor Exploration Limited (HAT: TSX) is pleased to announce assay results from drill hole MWNE-11-700, the first complete set of drill hole assays received from the ongoing 2011 summer drill program at the Company's Roughrider project in the Athabasca Basin, Saskatchewan. Based on the success of drilling to date, the program, originally planned for 7,500 m to be completed over six weeks, has been extended to target 10,000 metres and is anticipated to be completed by early August.
Drill hole MWNE-11-700 has intersected significant new uranium mineralization at Far East. The main intersection composites 51.5 m at 2.4 % U3O8, comprising three lenses of mineralization separated by two narrow zones of altered but unmineralized rock. Summary assays are below:
___________________________________________________________
| DDH | Lens |From (m)|To (m)|Interval (m)|U3O8 (%)|
|___________|_________|________|______|____________|________|
|MWNE-11-700|Composite| 341 |392.5 | 51.5 | 2.40 |
|___________|_________|________|______|____________|________|
|comprising | 1 | 341 | 365 | 24 | 0.74 |
|___________|_________|________|______|____________|________|
|comprising | Barren | 365 | 367 | 2 | <0.01 |
|___________|_________|________|______|____________|________|
|comprising | 2 | 367 | 380 | 13 | 4.01 |
|___________|_________|________|______|____________|________|
|comprising | Barren | 380 | 383 | 3 | <0.01 |
|___________|_________|________|______|____________|________|
|comprising | 3 | 383 |392.5 | 9.5 | 5.61 |
|___________|_________|________|______|____________|________|
Individual zones were composited using a maximum internal dilution width of 1.5 m, based on a cut-off of 0.05 % U3O8. All intervals are core lengths.
Alistair McCready, VP Exploration at Hathor, emphasizes that "It is worth remembering the grade-thickness number for this hole is of the same calibre as drill hole MWNE-08-12, the discovery hole at West Zone in 2008. Some two and a half years after the discovery hole, the Roughrider deposit continues to produce evidence for a large and vigorous hydrothermal system."
Below is a select list of drill hole intersections completed to date from Far East.
-- MWNE-11-700: 51.5 m at 2.40 % 123.6
U3O8 GT
incl. 13.0 m at 4.01 %
U3O8
-- MWNE-11-698: 42.8 m at 3.26 % 139.5
U3O8 GT
incl. 6.5 m at 10.47
% U3O8
-- MWNE-11-687: 45.5 m at 2.05 % 93.3 GT
U3O8
-- MWNE-11-683: 40.5 m at 1.12 % 45.4 GT
U3O8
-- MWNE-11-692A: 21.0 m at 3.42 % 71.8 GT
U3O8
and 4.0 m at 5.00 % 20.0 GT
U3O8
-- MWNE-11-667: 37.5 m at 1.57 % 58.9 GT
U3O8
-- MWNE-11-694: 51.0 m at 1.69 % 86.2 GT
U3O8
-- MWNE-11-696: 12.7 m at 3.10 39.4 GT
%U3O8
* All drill holes are vertical, all intervals are core lengths. GT = grade * thickness
Hathor is also pleased to provide an update on the overall summer drill program. A total of 12 drill holes have been completed, including MWNE-11-700. All drill holes have intersected variable amounts of anomalous radioactivity (> 500 cps), and nine have intersected more than 1 m of combined off-scale radioactivity (> 9999 cps). A summary of anomalous radioactivity is provided in Table 1, and complete down-hole radiometric data are provided in Table 2 and are available on the Company's website at www.hathor.ca.
The Far East Zone is the focus of all drilling during the 2011 summer program. Figure 1 shows the spatial relationship of the three zones currently delineated for the Roughrider uranium deposit. Figure 2 is a plan map which shows the location of drill holes completed to date on the Far East grid, and Figure 3 is a cross section along Line 120 E, which shows the drill hole MWNE-11-700 intersection.
The Far East Zone was discovered in February, 2011, and remains open to the south and east. Resource estimates for West and East zones were released on November 30, 2010 and May 17, 2011, respectively, and are available on SEDAR. Attributes of the Far East Zone include:
- Outline of Far East defined by continuous mineralization amongst 20 drill holes.
- The surface trace of Far East extends for 70 m along a north easterly strike.
- The dip of Far East is moderate to the north - northeast.
- Mineralized intersections are broad and commonly exceed 40 m in core length.
- Mineral zones are basement hosted and start approximately 150 m below the unconformity.
The Roughrider hydrothermal system remains robust and dynamic at Far East. Attributes include:
- Replacement by massive and semi-massive pitchblende mineralization (Figure 4 and Figure 5)
- Dynamic structural remobilization of basement-hosted mineralization (Figure 6).
- Clay and hematite alteration is pervasive throughout the composite intervals (Figure 7).
As summarized by Dr. Michael Gunning, President and CEO at Hathor "It is suffice to say that results from Far East continue to surpass our expectations. The grade-thickness attributes, the continuity of mineralization from hole to hole, the occurrence of locally massive mineralization, and the extent of clay and hematite alteration at Far East provide evidence for a hydrothermal system at Roughrider that is more extensive than first thought, one capable of intense replacement-style mineralization over more than 200 metres vertically and some 600 metres laterally. Indeed, Roughrider is proving to be an extremely robust system, above average even by Athabasca Basin standards."
Midwest Northeast Property
The Midwest Northeast Property is located within the main uranium-producing eastern corridor of the Athabasca Basin. The Property comprises 3 mineral leases covering 598 ha. Infrastructure is excellent. The Property is connected to Highway 905 by a 6 km winter road. The property is 8.5 km north of the infrastructure centre of Points North and the Points North commercial airport, the main service hub for northeastern Saskatchewan. The Property is within 25 km of operating uranium mine, mill and tailings facilities established at Rabbit Lake and McClean Lake during the past 35 years of production in the Athabasca.
Terra Ventures Inc. owns a qualified 10% interest in the largest claim on the Property, carried to the completion of a positive feasibility study and announcement of intent for commercial production. Terra and Hathor recently announced (May 9, 2011) a definitive Plan of Arrangement, which remains subject to a number of conditions including, but not limited to, receipt of all regulatory, court and shareholder approvals, and would result in consolidation of 100% ownership of the Roughrider uranium deposit. The meeting date for the Terra shareholder vote is set for August 2, 2011.
Alistair McCready, Ph.D., P.Geo., Hathor's V.P. Exploration, and Michael Gunning, Ph.D., P.Geo, Hathor's President and CEO, are Qualified Persons as defined by National Instrument 43-101 and have reviewed and approved the technical disclosure contained in this news release."
Terra Ventures is a junior exploration company focused on acquiring and developing quality uranium projects which have world class potential. The Company is dedicated to building shareholder value by acquiring strategic uranium properties in this period of strengthening global demand for uranium supply. The Company's combination of strategic land positions, prospective exploration projects and no risk carried interest projects - combined with technical expertise and management's fundraising ability - are the foundation for growth in the uranium business.
On behalf of the board of directors of
TERRA VENTURES INC.
"Gunther Roehlig"
Gunther Roehlig, President
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.
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.
Table 1: Summary of Anomalous Radioactivity.
______________________________________________________________
|DDH | Zone of Anomalous |Interval|Combined Offscale|
| |Radioactivity(>500cps)| (m)* | Radioactivity |
| |______________________| | (>9,999 cps) |
| | | To (m) | | |
| |From (m)| | | |
| | | | | |
|____________|________|_____________|________|_________________|
|MWNE-11-701B| 329.9 | 392.2 | 62.30 | 6.30 m |
|____________|________|_____________|________|_________________|
| | 335.1 | 353.1 | 18.00 | 2.50 m |
| |________|_____________|________| |
|MWNE-11-702 | 311.7 | 315.5 | 3.80 | |
| |________|_____________|________| |
| | 320.8 | 324 | 3.20 | |
|____________|________|_____________|________|_________________|
| | 336 | 369.7 | 33.70 | 6.85 m |
|MWNE-11-703 |________|_____________|________| |
| | 382.5 | 385 | 2.50 | |
|____________|________|_____________|________|_________________|
| | 354.55 | 371.55 | 17.00 | 1.40 m |
|MWNE-11-704 |________|_____________|________| |
| | 378 | 383 | 5.00 | |
|____________|________|_____________|________|_________________|
|MWNE-11-705 | 365.2 | 369.2 | 4.00 | 0.00 m |
|____________|________|_____________|________|_________________|
|MWNE-11-706 | 325.6 | 326.2 | 0.60 | 0.30 m |
|____________|________|_____________|________|_________________|
| | 343.4 | 385 | 41.60 | 6.50 m |
|MWNE-11-707 |________|_____________|________| |
| | 392.6 | 404.95 | 12.35 | |
|____________|________|_____________|________|_________________|
|MWNE-11-708 | 321.1 | 321.5 | 0.40 | 0.25 m |
|____________|________|_____________|________|_________________|
| | 340.5 | 361.6 | 21.10 | 4.40 m |
|MWNE-11-709 |________|_____________|________| |
| | 434.8 | 436.4 | 1.60 | |
|____________|________|_____________|________|_________________|
| | 332.5 | 381 | 48.50 | 7.85 m |
| |________|_____________|________| |
|MWNE-11-710 | 383.5 | 390 | 6.50 | |
| |________|_____________|________| |
| | 395.9 | 398.7 | 2.80 | |
|____________|________|_____________|________|_________________|
|MWNE-11-711 | 372 | 381.4 | 9.40 | 1.80 m |
|____________|________|_____________|________|_________________|
*All intervals are core lengths. The zone of anomalous radioactivity may contain zones of background radioactivity. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials.
For further information:
For further particulars about Terra Ventures, please contact Ryan Johnson, Investor Relations, at1-866-683-0911 or visit the Company's website at www.terrauranium.com.