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June 7, 2011 /PRNewswire/ - 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
June 7, 2011, Hathor reported:
"Hathor Exploration Limited (HAT:TSX)
is pleased to announce that the 2011 summer diamond drill program is underway at the Roughrider Uranium Deposit in the
Athabasca Basin of northern
Two rigs are now on site and drilling has begun. The program will run for approximately 8 weeks, with some 7,000 metres of drilling planned. The drill program will be extended for as long as the mineralization at Far East remains open to the east.
Figure 1 shows an aerial view of the overall Roughrider uranium deposit.
Figure 2 is a plan map of the current extent of mineralization at the East and Far East Zones, and the location of the diamond drill holes planned for the 2011 summer program. Far East is open to the east, from the eastern-most drill holes which contained the strongest replacement mineralization and produced the highest grade-thickness intersections, including 42.8 m at 3.26 % U3O8 in drill hole MWNE-11-698, and 51.0 m at 1.69 % U3O8 in drill hole MWNE-11-695 (
Figure 3 and
The Roughrider Uranium Deposit is currently estimated to contain 58 Mlbs U308 in the East and West Zones, including 54 Mlbs U308 contained in approximately 212,000 tonnes of rock at an average grade of 12 % U308 (West Zone, SEDAR,
January 14, 2011: 17.21 M lbs U308 Indicated; 10.60 M lbs U308 Inferred; East Zone, News Release,
May 17. 2011: 30 M lbs U308 at 11.58 % U308 Inferred). The Roughrider System has not been fully tested. As shown in
Figure 5, the Far East Zone, with 15 mineralized drill holes already, presents significant upside to the overall resource potential of the Roughrider Uranium Deposit. Further, as shown in
Figure 6, the Midwest Trend, as defined by magnetic and resistivity surveys, has proven potential for additional deposits on the property based on results from 5 drill transects completed to date.
Midwest Northeast Property
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 955 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
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
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, that will result in consolidation of 100% ownership of the Roughrider uranium deposit.
Alistair McCready, Ph.D., P.Geo., Hathor's V.P. Exploration with responsibility for all of Hathor's exploration in
Michael Gunning, Ph.D., P.Geo, Hathor's Chief Executive 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, 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.