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
May 27, 2010 Hathor reported:
"Hathor Exploration Limited (TSX VENTURE: HAT) announces the
first set of complete assays from the 2010 winter drill program on
the Roughrider uranium deposit at its Midwest Northeast property in
the Athabasca Basin in northern Saskatchewan. A new zone of uranium
mineralization was intersected in the western part of the deposit.
Highlights of assays from the new discovery include:
1. Discovery of high grade uranium mineralization within, and extending
beyond, the lower grade shell of the Initial Resource Model.
For example: Hole MWNE-10-197a intersected 17.0 m of 15.20 % U3O8.
2. Discovery of high grade uranium mineralization adjacent to and outside
of the Initial Resource Model.
For example: Hole MWNE-10-200 intersected 22.50 m of 11.31 % U3O8.
3. Confirmation of high grade uranium mineralization inferred to be down-
dip of the high grade shell within the Initial Resource Model. For
example: Hole MWNE-10-188B intersected 7.5m of 28.98 % U3O8.
These new assays underscore the potential to increase the
Initial Resource Model for the Roughrider uranium deposit, via both
infill drilling and extension drilling on zones defined in the
initial model, and by the discovery of entirely new zones. These
new assays confirm the potential to grow the resource which was
first indicated by the preliminary scintillometer data (April 13,
2010 NR), as clearly shown on the cross sections in Figure 3 and
Figure 4 - (See Figure 2 for Location) available on the Company's
website at www.hathor.ca.
Assay results from the 27,000 metre 2010 winter drill program
for the Roughrider uranium deposit will be released in the same
four blocks, or areas, that were used to organize and release the
original scintillometer data (see news releases dated March 29,
April 13, and April 15, 2010). This news release covers Area 1, the
first area for which all assay results have been received. The
remaining assay results will be reported in subsequent releases,
including those for the Roughrider East discovery.
Figure 1 on the Company's website shows the 400 m strike length
potential of the Roughrider uranium deposit and Roughrider East
discovery. Figure 1 also shows the location of 30 drill holes
completed at Roughrider East for 11,951 metres. Figure 2 is a plan
map which shows the location of all 47 drill holes (14,978m)
completed on the Roughrider deposit itself.
A total of 13 drill holes were completed in Area 1, the
western-most of the four areas covering the Roughrider uranium
deposit as it is currently delineated. It spans span grid lines 45W
to 5E. Of the 13 drill holes, 10 intersected uranium
mineralization. Four have a Grade-Thickness factor (GT) of between
1 and 5, three have a GT of between 10 and 50, and three have a GT
of greater than 200. A full list of composite assay results are
shown in Table 1 at the end of this News Release.
Area 1 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.
The Roughrider uranium deposit remains open. More drilling is
yet required to fully delineate the high grade uranium
mineralization within the deposit as it is currently outlined. The
deposit remains open down-dip to the northwest and to the north.
Further, along-strike continuity to the east for some 200 metres
towards the Roughrider East discovery is yet to be fully
tested.
Summary of Assay Data for Area 1:
Line 0
Drill holes 10-197A and 10-200A were designed to test the down
dip extension of the outer resource shell from Drill Hole 09-123.
The mineralization intersected was much stronger and broader than
that modelled in the Initial Resource Model. An upper zone, which
correlates to the mineralization first intersected in 09-126 and
subsequently in 10-200, returned 12.5 m at 0.49 % U3O8. Two
additional zones lower down, which occur both within and beyond the
outer shell modelled in the Initial Resource Model returned 17.0 m
of 15.20 % U3O8 and 2.0 m of 0.5 % U3O8. Hole 10-200A intersected
22.50 m of 11.31 % U3O8 in a new zone of high grade,
basement-hosted mineralization located approximately 10 m below the
unconformity and not modelled in the Initial Resource Estimate,
returned.
See Figure 3 Cross Section (April 13 NR) on the Company's
website.
Line 10W.
Drill holes 10-188B and 10-190 were designed to test the
mineralization inferred to be down-dip from drill hole 09-123 and
along strike from 09-116. Drill hole 10-188B intersected numerous
zones of mineralization containing semi-massive to massive to
massive pitchblende and returned assays of 3.0 m of 0.15 % U3O8,
2.0 m of 1.29 % U3O8, 7.0 m of 2.27 % U3O8, 4.0 of 1.82 % U3O8, and
7.5 m of 28.98 % U3O8. Drill hole 10-190, which also intersected
numerous zones of mineralization, returned assays including 11.5 m
of 0.87 % U3O8, 8.0 m of 0.75% U3O8, and 3.0 m of 0.17% U3O8. The
mineralization intersected in 10-188B and 10-190 confirm the
presence of both high grade uranium mineralization which was
inferred to be down-dip of the high grade core shell within the
Initial Resource Model Drill hole 10-193 returned 10.50 m of 3.67 %
U3O8 and successfully intersected the strike extension of the new
shallow zone of mineralization discovered in Drill Hole 10-200 and
10-197A.
See Figure 4 Cross Section (April 13 NR) on the Company's
website.
Line 20W.
Holes 10-178 and 10-186 were both designed to test the new
shallow zone of mineralization located 6-10 m below the
unconformity. They returned 6.5 m of 3.8 % U3O8 and 2.5 m of 0.6 %
U3O8, respectively. Hole 10-175 was an infill drill hole between
the mineralized hole 09-129 and the unmineralized hole 09-49. It
intersected several thin zones of mineralization, including 1.5 m
of 0.2 % U3O8, 3 m of 0.15 % U3O8, 6 m of 0.14 % U3O8, and 3.0 m of
0.08 % U3O8.
Line 30W.
Hole 10-176 was collared on 20W at the same location as 10-178,
but the intersection is plotted on Line 30 W because of excessive
drill swing. This drill hole intersected 2 main intervals of
mineralization, an upper zone that returned 2.5 m of 0.17 % U3O8
and a lower zone that returned 3.5 m of 1.20 % U3O8.
Line 40W.
Holes 10-180, 10-181, 10-183, 10-184 were drilled to test for a
possible southwestern extension of the Roughrider uranium deposit.
Based on prior drilling information, drill holes 10-180 and 10-181
were considered to have a high probably of overshooting the
expected strike extension. These two drill holes were completed to
aid geological/geotechnical modelling of the architecture of the
Archean Midwest Dome. Drill holes 10-180, 10-181 and 10-183 did not
intersect any anomalous radioactivity (greater than 500 cps) and
thus were not sampled. Drill hole 10-184 intersected several zones
of mineralization over 17 m, including 3.0 m of 0.26 % U3O8 and 0.5
m of 0.29 % U3O8. Further drilling is required to the southwest of
this area to investigate the possibility of a new zone of
mineralization, such as that recently discovered in drill hole
10-200A.
QAQC
Samples were analyzed for U3O8 at 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 U3O8 method. 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.
Ownership
Terra Ventures Inc. owns a qualified 10% interest, carried to
the completion of a feasibility study 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 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.
For further particulars about Terra Ventures, please 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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