Terra Ventures Inc. (TSX VENTURE: TAS) is please to provide an
update on the Midwest Northeast Uranium property in which Terra
owns a 10% production carried interest. In a press release dated
June 8, 2010, Hathor reported:
Hathor Exploration Limited (TSX VENTURE: HAT) announces the
highest grade-thickness intersections to date from the Roughrider
uranium deposit at it's Midwest Northeast Project in the Athabasca
Basin, Saskatchewan. Please visit the Company's website at
www.hathor.ca to view updated figures and tables referenced herein.
This infill drilling has discovered new mineralization in the
west-central part of the deposit. Highlights of assays include:
1. INFILL: Intersections of high grade uranium mineralization BOTH within
and below the lower grade outer shell of the Initial Resource Model.
Drill Hole MWNE-10-204: 7.5 m of 43.64 % U3O8
Drill Hole MWNE-10-205: 4.5 m of 16.44 % U3O8
Drill Hole MWNE-10-209: 23.0 m of 24.31 % U3O8, including 9.5 m at 55.91
% U3O8
Drill Hole MWNE-10-212: 3.5 m of 10.23 % U3O8
2. EXTENSION: Intersections of high grade mineralization adjacent to and
outside of the Initial Resource Model. For example:
Drill Hole MWNE-10-210: 24.5 m of 1.09 % U3O8,
Drill Hole MWNE-10-214: 15.0 m of 0.44 % U3O8,
Figure 3 and Figure 4 show the importance of the new
intersections in Area 2: they confirm significant high grade
mineralization in areas classified in the Initial Resource Model as
weak or non mineralized. These new intersections emphasize the
strength of the mineralizing system at Roughrider and confirm the
potential to increase the resource model for the deposit. These
results confirm the preliminary scintillometer data released as
drilling progressed in Area 2 (see April 15, 2010 NR).
High grade mineralization in Hole 209 is characterized by higher
than normal core loss. However, equivalent uranium (eU3O8) data
derived from down-hole gamma probe data and geochemical assay data
correlate well, as shown in Table 1.
This is the third and final set of assays from the 27,000 metre,
77 hole 2010 winter drill program on the Roughrider uranium deposit
at its Midwest Northeast property in the Athabasca Basin in
northern Saskatchewan. Figure 1 on the Company's website shows the
400 m strike length potential of the Roughrider uranium deposit and
Roughrider East discovery. Figure 2 shows the location of the 47
drill holes completed for 14,978m on the Roughrider deposit this
winter. This release covers Areas 2 and 4 shown on Figure 2 . A
total of 13 drill holes were completed in Area 2 for approximately
4,368 metres. The holes span grid lines 5 E to 25 E in the
west-central part of the deposit. There were only 6 drill holes
completed for 1,566 metres in Area 4, the fewest holes in any of
the 4 areas. There are no material intersections to report from
Area 4, with more drilling yet required to complete it's full
evaluation. Supporting geochemical data for both areas are in Table
2 and Table 3.
Included with this release is Table 4, data for uranium
intersections in drill hole MWNE-10-211, the final hole yet to be
reported in Area 3 of the deposit (see previous NR dated June 02,
2010, with Area 3 results).
As shown on Figure 2, Area 2 includes parts of both the high
grade core shell of mineralization ( greater than 5% uranium oxide)
and the lower grade outer shell of mineralization ( less than 5%
uranium oxide), as defined by the Initial NI43-101 compliant
resource model ("Initial Resource Model") completed by Scott Wilson
Roscoe Postle Associates Inc. (SWRPA) in December, 2009. The report
is posted on SEDAR and on the Company's website at www.hathor.ca,
and includes all drilling prior to the summer of 2009.
Summary of Area 2 Drill Holes
Line 10E. Line 10E was poorly constrained by drill holes prior
to winter 2010: the mineralization on the Initial Resource Model
was largely inferred from drill holes off-section. Drill hole
10-217C successfully tested the new shallower zone of
mineralization first intersected in drill hole 09-126, which
returned 8.0 m of 0.16 % U3O8. Drill holes 10-209, 10-213, 10-216
and 10-219 were all designed to test the mineralization, both low
and high grade, inferred based on drill hole intersections
off-section or down dip from drill hole 08-022. Drill hole 10-216
intersected three separate zones of mineralization, including a
lower zone that returned 24.5 m of 7.13 % U3O8 including 7.0 m of
23.38 % U3O8, which contains visible massive, semi-massive and
worm-rock type uranium mineralization. This massive mineralization
is within a modelled low grade zone. Drill hole 10-209 intersected
a number of mineralized zones including a wide package of high
grade mineralization. Although this zone was characterised by
increased core loss, up to 60%, the chemical assay results (23.0 m
of 24.31 % U3O8) compare well with the calculated equivalent
uranium grades obtained from the down hole probe results (23.0 m of
21.60 % eU3O8). Drill hole 10-213 was drilled to try to replicate
drill hole 10-209, however due to excessive drill swing, it ended
up intersecting a different mineralized zone. On the 10E cross
section, drill holes 10-209 and 10-213 appear to be in the same
location. In three dimensions, these two drill holes a lateral
separation of 5 m. Despite the drill swing, drill hole 10-213
intersected mineralization of up to 16.0 m of 2.0 % U3O8.
Line 20E. Line 20E was poorly constrained by drill holes prior
to winter 2010: the mineralization on the Initial Resource Model
was largely inferred from drill holes off-section. Drill hole
10-204 targeted the inferred lower grade mineralization that
separated two high grade zones as modelled in the Initial Resource
Model. This drill hole successfully intersected mineralization that
was much stronger than modelled, returning 7.5 m of 43.64 % U3O8.
Drill hole 10-205 was designed to test the mineralization, both low
and high grade, inferred in the initial resource model. The drill
hole successfully intersected several zones of mineralization,
including 4.0 m of 16.44 % U3O8. Drill holes 10-210, 10-214,
10-207A were designed to tested the new shallower zone of
basement-hosted mineralization was first identified in drill hole
09-126 and subsequently intersected in 10-200A (NR 13 Apr 10). All
four drill holes successfully intersected variable amounts of
mineralization, including 24.5 m of 1.09 % U3O8 (MWNE-10-210), 15.0
m of 0.44 % U3O8 (MWNE-10-210), and 5.0 m of 0.6 % U3O8
(MWNE-10-207A). In addition to testing the new zone, these drill
holes also successfully tested a low grade mineralization inferred
win the initial resource model. Drill hole 10-210 intersected the
strongest and widest interval of radioactivity. This entire
interval was outside any previously modelled zone and returned 24.5
m of 1.09 % U3O8.
Summary of Area 4 Drill Holes
Line 90E. Drill hole 10-201 was designed to test for down-dip
continuation of high grade mineralization intersected in 09-088,
this drill hole did intersect thin intervals of weak
mineralization, the best of which returned 1.0 m of 0.08 % U3O8.
Drill hole 10-206, although collared on line 100E, due to drill
swing intersected the target depth on line 90E. This drill hole was
designed to test for mineralization outside the current extents of
the Main Zone of mineralization, as well as thin Footwall Zones. It
intersected a thin zone of mineralization up-dip from both the Main
Zone and one of the Footwall Zones, that returned 1.0 m of 0.08 %
U3O8 and 3.0 m of 0.34 % U3O8, respectively.
Line 100E: Drill hole 10-208 was designed to test for possible
extensions of mineralization 20-30 m laterally from the extents of
the modelled mineralization on line 100E. This drill hole did not
intersect any anomalous activity. It did intersect variably altered
package of rocks comprising the lower sandstone and the upper
basement.
Line 110E. Drill holes 10-199 and 10-218 were designed to test
for lateral extensions of the mineralization on Line 110E. Both
drill holes only intersected thin intervals that returned values of
1.5 m of 0.08 % U3O8and 0.6 m of 0.2 % U3O8, respectively.
Line 130E. Drill hole 10-202 were designed to test the
mineralization identified in 09-096 and 09-104. This drill hole
successfully intersected 1.0 m of 1.64 % U3O8. In addition to this
zone of radioactivity, it additionally intersected another
shallower zone of radioactivity at and just below the unconformity
that returned 4.5 m of 0.19 % U3O8.
QAQC
Samples were analyzed for U3O8at the Geoanalytical Laboratories
of the Saskatchewan Research Council (SRC). The facilities used for
the analysis operate in accordance with ISO/IEC 17025:2005
(CAN-P-4E). The samples were analyzed using ISO/IEC
17025:2005-accredited U3O8method. The samples were analyzed for a
suite of other base metal elements including nickel, cobalt, copper
and lead by ICP-ES. Select samples will be analysed for precious
metals including gold, platinum, palladium and rhenium. Dry bulk
density determinations were also carried out on the drill core.
Field and laboratory of select samples show good
reproducibility, consistent to those documented in the NI43-101
report containing the Initial Resource Model.
All intersections are down-hole, core-length intervals and true
thickness of mineralization is yet to be determined.
Ownership
Terra Ventures Inc. owns a 10-per-cent interest, carried until a
decision is made to go to production, in 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 Inc. is a Vancouver, British Columbia based
junior exploration company focused principally 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.
For further particulars about the Company, please contact Ryan
Johnson, Investor Relations, at 1-866-683-0911 or visit the
Company's website at www.terrauranium.com.
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.
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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