Terra Ventures Inc. (TSX VENTURE: 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
September 1, 2010 Hathor reported:
"Hathor Exploration Limited (TSX VENTURE: HAT) is pleased to
provide an update to its 2010 summer drill program at its Midwest
NorthEast property in northern Saskatchewan. Highlights
include:
-- Drill hole MWNE-10-648: Infill, Line 20 West, Roughrider East. 47.4 m of
anomalous radioactivity within a 63.7 m zone of alteration, including
numerous intervals of off-scale radioactivity (greater than 9999 cps)
that totaled 14.9 m.
-- Drill hole MWNE-10-649: 40 m east of Roughrider East deposit. 96 m
interval of strongly altered and variably radioactive basement rock,
including numerous intervals of off-scale radioactivity (greater than
9999 cps)
-- Drill hole MWNE-10-651; 60 m east of Roughrider East deposit. Semi-
massive, worm-rock style pitchblende mineralization with off-scale
radioactivity in the upper-most part of a 11.2 m interval of strongly
altered basement rock
Roughrider East is now extended another 60 m to the east of the
discovery hole at MWNE-09-170. It remains open.
Figure 1 schematically summarizes the spatial relationship of
new alteration and mineralization discovered during this summer's
program on the property. The map highlights the overall size of the
Roughrider hydrothermal system, and underscores it's resource
potential. The new zones of alteration and mineralization
intersected this summer to the northeast of Roughrider, and to the
west and southwest of Roughrider East are all near the eastern
shore line of McMahon Lake; the targets will be systematically
tested next winter when drilling is more effective under frozen
conditions.
Program Details
Drilling on the property began in early July, with three rigs.
Drilling is currently ongoing. It is expected to end in
mid-September. This update covers the first 36 drill holes,
completed on both Roughrider and Roughrider East for a total of
approximately 13,000 metres. The program has five primary
objectives:
-- Complete in-fill holes in the western part of the Roughrider deposit
-- Test "the gap" between Roughrider and Roughrider East.
-- Test for extension of Roughrider East to the east.
-- Test resistivity anomaly extending southwest from Roughrider East along
Midwest Trend.
-- Complete infill-holes on the currently defined core of the Roughrider
East discovery.
Figure 3 shows the location of all drill holes completed so far
this summer. Figure 2 is the original target map for the three rig
drill program planned for this summer, as announced in the News
Release dated July 13, 2010.
Preliminary Summary of Key Results to Date
Below is a descriptive summary of key results from exploration
targets. Data from infill drilling at Roughrider itself will be
released all together at the end of the program. Key results are
followed by capsule scintilometer logs for drill holes with
material radioactivity. Complete scintillometer data sets for the
drill holes described are in Table 1 available on the Company's
website at www.hathor.ca.
Roughrider East: Extension and In-Fill
Thirteen holes are completed for a total of 5,500 metres. There
are two objectives:
1. Complete in-fill holes between Lines 0 and 60W
2. Test for the extension of mineralization eastwards from Line 0
Visible semi-massive to massive pitchblende mineralization and
local off-scale radioactivity has been discovered 40 and 60 metres
east, respectively, of drill hole 170 on Line 0. Briefly:
Drill Hole MWNE-10-649, Line 40E: 25 m of near continuous
elevated radioactivity, including 5 separate zones off-scale with
visible semi-massive to massive pitchblende mineralization, within
pervasively clay-altered pelitic gneiss.
Drill Hole MWNE-10-651A, Line 60E: local off-scale radioactivity
associated with massive and semi- massive pitchblende
mineralization approximately 25 m below the unconformity and within
a 9.8 m wide interval of radioactive and clay-altered
micro-granite.
Infill drill holes are included in the Drill Hole Radioactivity
Summaries listed below. Full summaries will be released when all
drill holes are complete, geochemical data are in-hand, and results
are integrated with the preceding 2010 winter drill program.
Roughrider East: Resistivity Anomaly
Figure 3 shows the outline of two drill fences completed across
the core of the strong resistivity anomaly extending south westerly
from Roughrider East along the Midwest Trend. Six holes were
completed on a fence located 100 m south of discovery MWNE-09-170,
and two holes were completed on a fence located 50 m to the
south.
Drilling confirms that the resistivity anomaly is related to a
zone of intense alteration of lower Athabasca Group sandstone, and
basement rocks below the unconformity. Figure 4 is a cross-section
of the southern drill fence. The western-most four holes all
intersected non-radioactive but pervasive alteration, including
varying components of clay, chlorite and locally hematite, over
drill widths that varied from 25 to 80 m.
Roughrider Deposit: Infill
Eleven in-fill holes are complete in the central and western
part of the Roughrider deposit (Figure 3) using a barge-based drill
rig. They were identified during ongoing resource modelling work
initiated by the Company in May. Drill hole results will be
integrated and summarized within the context of the entire deposit
when geochemical data become available later this fall.
Roughrider Deposit: "The Gap" Target
Two holes were drilled in "the gap", an area of little drilling
between the eastern end of the Roughrider Deposit and the western
extent of mineralization known to date at Roughrider East. These
holes were designed to confirm and evaluate the 2009 drill hole
MWNE-09-156, which intersected immediately below the unconformity
visible pitchblende mineralization which graded 1.16 % U3O8 over 1
m, within a broader zone of alteration approximately 75 m wide.
Drill hole MWNE-10-222 intersected 2.1 m of anomalous radioactivity
over a zone of 2.8 m. The anomalous zone contains1.8 m that is
greater than 1000 cps, with the most intense radioactivity reaching
5500 cps. This zone is located 10.7 m below the unconformity.
Roughrider Deposit: Northeast Mag Target
Two holes were drilled to the northeast of the Roughrider
deposit, in the untested north easterly end of the magnetic anomaly
which correlates closely with the Roughrider deposit itself (Figure
1). Drill Hole MWNE-10-225 intersected anomalous radioactivity at
the unconformity (Figure 5). It is central to a broad zone of
strongly altered drill core. The alteration comprises strong
desilicification, hematisation/limonisation and clay replacement of
the sandstone, and multi-stage clay alteration to clay replacement
of antecedent granite in the basement (Photo 1).
Exploration Potential
Figure 1 shows the spatial relationship and overall potential of
results summarized below.
At Roughrider East, semi-massive to massive mineralization has
now been intersected over a 100 m strike length in the
east-northeasterly direction (0700). That is, from Line 40 W to
Line 60 E (discovery hole MWNE-09-170 being on Line 0W). Infill
drilling is currently progressing to evaluate mineralization
intersected on lines farther to the west during the 2010 winter
program, and this will drilling will be completed next winter. In
"the gap" between Roughrider and Roughrider East, mineralization in
Hole 222 just completed is only 60 m west of Hole MWNE-10-629 which
intersected 9.5 m of 1.2 % U3O8 on Line 100W, the western end of
Roughrider East. Overall, there is more than 210 m of strike
potential between "the gap" and the newly discovered mineralization
on Line 60 E.
The strong alteration intersected under the eastern shore of
McMahon Lake southwest of Roughrider East corroborates the large
resistivity anomaly that extends south westerly from Roughrider
East along the Midwest Trend. There is some 1,000 m of pelitic
gneiss footwall contact to explore along the western edge of the
anomaly. Pervasive alteration discovered this summer is similar to
that at Roughrider, and there is potential to discover specific
sites of uranium deposition within this broad target.
The alteration seen in drill Hole MWNE-10-225 confirms the
potential to extend the uranium mineralization at Roughrider for
another 100 metres to the northeast, along the magnetic anomaly
which correlates closely with the location of the deposit.
Individual Drill Hole Radioactivity Summaries:
Roughrider East: Infill Holes
Drill hole MWNE-10-634, which tested the up-dip extension of the
weak mineralization intersected in drill hole 10-600C, intersected
1.4 m zone of anomalous radioactivity starting at 257.5 m. The
strongest radioactivity reached up to 3200 cps.
Drill hole MWNE-10-639, which tested the down-dip extension of
drill hole 10-608, did not intersect any anomalous
radioactivity.
Drill hole MWNE-10-641, which tested the up-dip extension of
10-611, intersected 6.3 m of anomalous radioactivity with a wider
alteration zone of 43.0 m. The strongest radioactivity intersected
reached up to 5000 cps.
Drill hole MWNE-10-643, which tested the up-dip extension of
10-624B, intersected 6.8 m of anomalous radioactivity with a wider
alteration zone of 44.9 m. The strongest radioactivity intersected
reached up to 5000 cps.
Drill hole MWNE-10-644, was an infill hole between holes 10-616
and 10-624B, intersected 8.5 m of anomalous radioactivity within a
wider zone of 42.6 m. One thin zone (0.1 m) of off-scale
radioactivity was intersected.
Drill hole MWNE-10-646, which tested the down dip extension of
drill hole 10-612, did not intersect any anomalous
radioactivity.
Drill hole MWNE-10-648, an infill drill hole between 10-610 and
10-613, intersected 47.4 m of anomalous radioactivity within a
wider alteration zone of 67.3 m. This zone contained numerous
intervals of off-scale radioactivity (greater than 9999 cps) that
totaled 14.9 m.
Roughrider East: Extension Drilling To East
Drill hole MWNE-10-630A intersected several discrete zones of
variably anomalous radioactivity, totaling 10.0 m, over a broader
zone of 100.0 m. The strongest zone of radioactivity is from 303.0
to 306.0 m and includes 0.3 m of off-scale radioactivity.
Drill hole MWNE-10-632 intersected 0.9 m of anomalous
radioactivity over a zone of 1.1 m. The most intense radioactivity
occurs at 292.6 m. The anomalous zone includes 0.1 m of off-scale
radioactivity.
Drill hole MWNE-10-636B, which tested the down dip extension of
drill hole 630A, did not intersect any significant anomalous
radioactivity.
Drill hole MWNE-10-649, a 20 m step out to the northeast from
10-630A, intersected a main zone comprising 24.2 m of anomalous
radioactivity within a wider alteration zone of 40.2 m. This zone
contained numerous intervals of off-scale radioactivity (greater
than 9999 cps) totaling 3.7 m. In additional, several thin zones of
anomalous radioactivity were intersected above and below the main
zone.
Drill hole MWNE-10-650, which tested the up-dip extension of
10-649, did not intersect any significant anomalous
radioactivity.
Drill hole MWNE-10-651, a 20 m step out from 10-649, intersected
a main zone comprising 11.2 m of near continuous anomalous
radioactivity, including 0.2 m of off-scale radioactivity. In
additional, several thin zones of anomalous radioactivity, up to
2700 cps were intersected below the main zone.
Roughrider East Resistivity Target
Drill holes MWNE-10-631, 10-633, 10-635, 10-637A, 10-638B,
10-640, 10-642, and 10-645 did not intersect any anomalous
radioactivity.
Gap Area
Drill hole MWNE-10-222 intersected 2.1 m of anomalous
radioactivity over a zone of 2.8 m. The anomalous zone contains 1.8
m that is greater than 1000 cps, with the most intense
radioactivity reaching 5500 cps. This zone is located 10.7 m below
the unconformity.
Drill hole MWNE-10-223 intersected a thin (0.1 m) of weak
radioactivity (650 cps).
North East Magnetic Target
Drill holes MWNE-10-224 and 10-225 did not intersect any
anomalous radioactivity.
Natural gamma emission radiation is measured in counts per
second (cps) using an Exploranium GR- 110 hand-held gamma-ray
scintillometer. 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. All
intersections are down-hole, core-length intervals and true
thickness of mineralization is yet to be determined.
Ownership
Terra Ventures Inc. owns a qualified 10% interest, carried to
the completion of a feasibility study on the Midwest NorthEast
property.
Alistair McCready, Ph.D., P.Geo., Hathor's Exploration Manager
with responsibility for all of Hathor's exploration in
Saskatchewan, and Michael Gunning, Ph.D., P.Geo, Hathor's Chief
Operating Officer, 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, advanced stage 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, President
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.
To view the figures and photo associated with this press
release, please visit the following link:
http://media3.marketwire.com/docs/tas-fig-901.pdf.
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: Terra Ventures Inc. Ryan Johnson Investor Relations
1-866-683-0911 www.terrauranium.com
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