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
June 2, 2010, Hathor reported:
"Hathor Exploration Limited (HAT: TSX-V) announces the second
set of assays from the 2010 winter drill program on the Roughrider
uranium deposit at its Midwest Northeast property in the Athabasca
Basin in northern Saskatchewan. New and high grade uranium
mineralization was discovered in the central part of the deposit.
Highlights of assay from the new intersections include:
1. Intersections of high grade mineralization adjacent to and
outside of the Initial Resource Model. For example: Drill hole
MWNE-10-192: 26.5 m of 3.55% U3O8, including 6.0 m of 14.46% U3O8.
See cross section in Figure 4.
2. Intersections of high grade uranium mineralization BOTH
within and below the lower grade outer shell of the Initial
Resource Model. For example: Drill hole MWNE-10-179: 22.5 m of
2.80% U3O8, including 5.0 m of 6.23% U3O8 and 3 m of 7.68% U3O8.
See cross section in Figure 3.
3. Intersections of new uranium mineralization in two separate
areas shown as unmineralized within the Initial Resource Model. For
example: Drill hole MWNE-10-187a intersected 9.5 m of 2.64% U3O8.
See plan map in Figure 2.
These new assays confirm the potential to increase the resource
at Roughrider, as first indicated by the preliminary scintillometer
data released as drilling progressed (March 29, 2010 NR).
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 3, for
which scintillometer data were released on March 29, 2010. 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 the 30 drill holes
completed at Roughrider East this winter for 11,951 metres, while
Figure 2 shows the location of the 47 drill holes completed for
14,978 m on the Roughrider deposit itself.
A total of 15 drill holes were completed in Area 3 for
approximately 4,600 metres. The holes span grid lines 40E to 70E in
the central part of the deposit. As shown on Figure 2, Area 3
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 NI 43-101 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.
Assays have been received for fourteen of the fifteen holes
completed in Area 3; assays for drill hole 10-211 have not been
received from the laboratory. All fourteen holes intersected
uranium mineralization (greater than 0.05% U3O8). Three drill holes
have a combined Grade-Thickness factor (GT) of less than one, two
drill holes have a GT of between 5 and 10, six drill holes have a
GT of between 10 and 50, and three drill holes have a GT of greater
than 50. A summary of drill hole results is provided below and a
full list of composite assay results are in Table 1 at the end of
this News Release.
Summary of Area 3 Drill Holes
Line 40E
Drill holes 10-192 and 10-191 were designed to test the
mineralization inferred to be down-dip from drill hole 09-47A. Both
drill holes successfully intersected mineralization that was higher
grade and wider than that modelled in the Initial Resource Model.
Drill hole 10-191 intersected several zones of mineralization that
include 12.5 m of 2.58% U3O8 and 8.5 m of 0.63% U3O8. Drill hole
10-192 intersected a wide zone of mineralization that returned 26.5
m of 3.55% U3O8, which includes a higher grade zone of 14.46% U3O8
over 6.0 m. Drill hole 10-195 is an infill drill hole between drill
holes 09-47A and 09-44 and intersected 5.0 m of 1.21% U3O8.
Line 50E
Drill holes 10-179, 10-182, and 10-185A were planned as infill
holes within the lower grade outer shell of mineralization and
successfully intersected wide zones of higher grade uranium
mineralization, including 22.5 m of 2.8% U3O8, 22.5 m of 2.55%
U3O8, and 12.0 m of 1.0% U3O8, respectively. Further drilling is
still required to the west of 09-161C.
Line 60E
Drill holes 10-196 and 10-198 successfully intersected
mineralization within an area shown as not having any
mineralization in the Initial Resource Model because of a lack of
drill information. Drill hole 10-196 intersected 16.0 m of 2.4%
U3O8 and drill hole 10-198 intersected 9.5 m of 2.62% U3O8. Drill
hole 10-177 was planned to test the thickness of the mineralization
acutely intersected in drill hole 08-30. It intersected 5.5 m of
3.04% U3O8. Drill holes 10-173 and 10-174 were designed to test for
mineralization at the down-dip northern extent of the deposit. Hole
10-174 intersected 3.0 m of 2.27% U3O8, but did not intersect the
intended target. More drilling is required to fully delineate the
northern limit of the deposit.
Line 70E
Drill holes 10-187A and 10-189 were designed to test the
inferred mineralization down dip from holes 09-88 and 09-110C.
Drill hole 10-187A intersected 9.5 m of 2.64% U3O8. Drill hole
10-189 intersected 5.5 m of 0.15% U3O8. Geochemical data has yet to
be received from drill hole 10-211; it successfully intersected
uranium mineralization and infilled the second "hole" internal to
the Initial Resource Model (see Figure 2).
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 NI 43-101
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 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
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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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