Terra Ventures Inc. (TSX VENTURE: TAS)(FRANKFURT: G7K) 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 November 30, 2010, Hathor reported:
"Hathor Exploration Limited (HAT: TSX-V) is pleased to announce
the updated and upgraded mineral resource estimate for the
Roughrider Uranium Deposit located on its Midwest NorthEast
property, Athabasca Basin, Saskatchewan. Details are provided below
in Table 1. Other attributes of the Roughrider uranium deposit
include:
-- Approximately 60% of the mineral resource is in the Indicated category.
-- Conceptual Whittle pit optimization indicates 99% of the mineral
resource is amenable to open pit extraction.
-- Metallurgical extraction recoveries of 98% have been reported previously
for the Roughrider deposit (see News Release dated June 16, 2010).
-- Low As (arsenic) levels are confirmed.
-- Average depth to the top of the deposit is approximately 215 m.
-- Nearly all mineralization is located within basement rock.
This mineral resource estimate does not include Roughrider East.
It is located 200 m east along strike. Once final assays for summer
drilling at Roughrider East are received, geological models will be
developed and preliminary resource models will be evaluated.
Roughrider East represents further significant upside for the
overall resource potential of the project.
Table 1 below shows the Mineral Resource Statement ("MRS") for
Roughrider as determined by SRK Consulting (Canada) Inc ("SRK")
based on an ordinary kriging (OK) estimate.
Table 1: Mineral Resource Statement(i) for the Roughrider Uranium Project,
Saskatchewan, SRK Consulting, November 29, 2010.
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Category Quantity Grade Contained
--------------------------------------------------------------------------
U3O8
U3O8 As Co Cu Mo Ni (million
(Tonnes) (%) (%) (%) (%) (%) (%) lb)
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Indicated
High
Grade
Zone 58,200 10.68 0.17 0.03 0.41 0.22 0.15 13.703
Inferred
High
Grade
Zone 36,600 13.07 0.69 0.10 0.57 0.26 0.55 10.546
--------------------------------------------------------------------------
Indicated
Low
Grade
Zone 336,000 0.48 0.00(ii) 0.00(ii) 0.00(ii) 0.00(ii) 0.00(ii) 3.556
Inferred
Low
Grade
Zone 7,000 0.31 0.00(ii) 0.00(ii) 0.00(ii) 0.00(ii) 0.00(ii) 0.048
--------------------------------------------------------------------------
Indicated
Total 394,200 1.98 0.03 0.00(iii) 0.06 0.03 0.02 17.207
Inferred
Total 43,600 11.03 0.58 0.08 0.48 0.22 0.47 10.602
--------------------------------------------------------------------------
(i) Mineral resources are not mineral reserves and do not have
demonstrated economic viability. All figures have been rounded to
reflect the relative accuracy of the estimates. Reported at a
cut-off of 0.05% U3O8 above 200 m elevation and within the
Roughrider property owned by Hathor. "Reasonable prospect for
economic extraction" assumes open pit extraction, metallurgical
recovery of 98%, and metal prices of US$80.00 per pound of U3O8.
(ii) Less than 1 ppm
(iii) 0.004%
Table 2 on the following page provides a comparison, or
sensitivity analysis, for the Roughrider estimates by using the
inverse distance squared (ID2) interpolation. The similarity of
results underscores the robustness of the drill hole and assay data
base for Roughrider, and the continuity (predictability) of high
grade mineralization at Roughrider.
Table 2: Global Model Quantities and Grade Estimates(i), Roughrider
Uranium Project.
-------------------------------------------------------------------------
Ordinary Kriging Inverse Distance Squared
-------------------------------------------------------------------------
Cut-off Quantity Grade Contained Grade Contained
U3O8(%) (t) U3O8(%) U3O8(lb) U3O8(%) U3O8(lb)
-------------------------------------------------------------------------
Indicated
-------------------------------------------------------------------------
0.00 404,431 1.93 17,207,000 2.01 17,920,000
-------------------------------------------------------------------------
0.05 394,200 1.98 17,207,000 2.06 17,903,000
-------------------------------------------------------------------------
0.10 371,400 2.10 17,195,000 2.18 17,850,000
0.50 158,100 4.55 15,859,000 4.76 16,591,000
1.00 85,200 7.87 14,783,000 8.28 15,553,000
2.00 64,600 9.96 14,185,000 10.49 14,940,000
3.00 55,000 11.27 13,655,000 11.89 14,406,000
-------------------------------------------------------------------------
Inferred
-------------------------------------------------------------------------
0.00 43,600 11.02 10,593,000 11.82 11,362,000
-------------------------------------------------------------------------
0.05 43,600 11.03 10,602,000 11.82 11,362,000
-------------------------------------------------------------------------
0.10 42,800 11.23 10,596,000 12.03 11,351,000
0.50 37,700 12.71 10,564,000 13.63 11,328,000
1.00 36,000 13.26 10,524,000 14.23 11,294,000
2.00 34,700 13.71 10,488,000 14.73 11,268,000
3.00 32,200 14.57 10,343,000 15.7 11,145,000
-------------------------------------------------------------------------
(i) The reader is cautioned that the figures in this table should not be
misconstrued with a Mineral Resource Statement. The figures are only
presented to show the sensitivity of the block model estimates to the
selection of cut-off grade.
The exploration database for Roughrider is robust. It is based
on based on 174 drill holes exceeding 60,000 m completed in five
successive summer and winter drill programs starting in 2008
(Figure 1). Drill hole separation varies from less than 10 m in the
core zone to approximately 25 m elsewhere in the deposit (Figure
2). The Roughrider data base includes 24,300 sample intervals
assayed for U3O8 and other metals (including arsenic, cobalt,
copper, molybdenum, and nickel), and more than 420 bulk dry density
measurements obtained in the field.
Roughrider uranium deposit is a robust, high grade uranium
system.
As shown on Figure 3, the major attributes of the deposit are
concordant and predictable, including: 1) the alteration envelope;
2) mineral deposit outline (120 ppm U3O8); 3) outer low grade
mineral resource shell (0.05% to 3% U3O8), and; 4) high grade core
zone with grade greater than 3% U3O8. All attributes have a long
axis of approximately 080 degrees to 090 degrees azimuth, with a
moderate dip (30 degrees to 40 degrees ) to the north. In plan
view, the deposit is up to 220 m in length and 100 m in width. In
section view, the mineral zones span a thickness of up to 55-60 m.
The following data highlight the strength and continuity of
mineralization at Roughrider:
-- High grade mineralization intersected and delineated on virtually all
twenty cross-sections spaced 10 m apart along the entire 200 m length of
the deposit.
-- 618 chemical assays over 3.0% U3O8.
-- 7,000 chemical assays over 0.05% U3O8.
-- Bulk dry densities of mineralized rock range from 1.74 to 5.51 g/cc.
-- Wireframe models outline eleven high grade wireframes and four low grade
wireframes. All high grade domains are contained in one main low grade
wireframe solid (Zone 100).
Figure 4 is a grade/tonnage plot which shows the similarity of
resource estimates using ID2 and OK interpolations. As such, Table
2 and Figure 4 reinforce that mineral resource estimation for the
Roughrider deposit is not sensitive to analytical approach.
Mineral Resource Statement
The Mineral Resource Statement for Roughrider was constructed by
SRK Consulting (Canada) Inc. A completed technical report prepared
following Canadian Securities Administrators' National Instrument
43-101 and Form 43-101F1 guidelines is anticipated for early
January, and will be available on SEDAR within 45 days of this News
Release.
The boundaries for uranium mineralization were modelled by SRK
using a preliminary Hathor interpretation of high and low grade
domains, and wireframe grade shells generated with LeapFrog
software. The Leapfrog grade shells were generated using a three
percent U3O8 thresholds for the high grade domain and a 0.10 to
0.05% threshold for the low grade domain. SRK used both the Hathor
interpretation and Leapfrog shells to generate a wireframe outline
of high and low grade uranium mineralization on vertical sections
spaced by 5 to 10 m. SRK generated eleven high grade wireframes and
four low grade wireframes that were considered for geostatistical
analysis, variography and grade estimation.
The database considered for resource estimation consists of 149
drill holes comprising approximately 24,300 sample intervals with
chemical assays for U3O8 and other metals (including arsenic,
cobalt, copper, molybdenum, and nickel) and approximately 420
specific gravity measurements. All assay intervals within the high
grade and low grade wireframe solids were composited to 0.5 m to
provide common support for analysis and estimation. SRK evaluated
impact of high grade outliers in each zone using cumulative
probability plots, histograms and examining the spatial
distribution of higher grades with respect to other drill holes and
adjacent composites. SRK concludes that no significant assay
outliers are present in the database, thus no grade capping of
assays was applied.
Variogram model radii for resource estimation were restricted to
20x20x2 m for the high grade zones and 20x15x15 m for the low grade
zone. A sub-blocked model for the Roughrider project was generated
using Datamine Studio 3. The block model coordinates are based on
the local UTM coordinate grid (NAD 83, Zone 13). The parent block
size is 4 by 4 by 2 m and is sub-blocked to 1.0 m in the X and Y
directions and 0.002 m in the Z direction.
The estimation strategy for the Roughrider deposit consists of
estimating U3O8 and other elements, and specific gravity into a
block model informed from composited data and constrained by
fifteen resource domains. Uranium oxide (U3O8) grades were
estimated using three estimation runs. The first estimation run is
based on a search ellipse with ranges equal to the largest
variogram model structure the second run consists of a search
ellipse range equal to twice the variogram range. The third
estimation ellipse consist of a search ellipse generally three
times the search ellipse range. The bulk of blocks are estimated in
the first run. Second and third estimation runs adds only about 18
and 9% more material, respectively.
SRK tested four estimation methods for density to ensure that
the variability in the data set can be approximately replicated in
the estimate. The three estimation methods used are:
-- Moving average using a 30 m sphere for averaging;
-- Global kriging of entire composite data set for each zone as well as all
each data set for high and low grade domains, using ordinary kriging;
-- Direct estimation of specific gravity composites using ordinary kriging;
and
-- Estimation of the product of specific gravity and U3O8 composites using
ordinary kriging, followed by dividing the estimated product by
estimated U3O8 grade.
An examination of density estimates results by Hathor and SRK
indicates that the direct estimation of specific gravity composites
appears to produce the most reasonable results maintaining the
variability of the original composites. Global kriging is the next
best result. Potentially deleterious elements arsenic, cobalt,
copper, molybdenum, and nickel were estimated using ordinary
kriging. Variogram models for U3O8 were assumed for these metals.
Estimates were verified by conducting checks on Zones 5 and 100.
Verification procedures included visual examination of block grades
to drill hole composites, and comparing estimated grades at zero
cut-off to nearest neighbour estimates and declustered means for
the two zones. All validation checks confirm that the block
estimates are appropriate and reflect the underlying borehole
sampling data.
All block model estimates were full block estimates with full
block values assigned to sub-blocks.
Mineral Resources for the Roughrider uranium project have been
classified according to the "CIM Standards on Mineral Resources and
Reserves: Definition and Guidelines" (December, 2005), by G. David
Keller, P. Geo (APGO#1235) an "independent qualified person" as
defined by National Instrument 43-101, who has reviewed the
technical aspects of this News Release related to the Resource
Estimate. Resource classification criteria include drilling
density, variography results and estimation run. All blocks in Zone
100 are classified as Indicated because this zone is well informed
by drilling spaced at 5 to 10 m and blocks were estimated with U3O8
grades entirely by the first estimation run. Zone 5 is also well
informed by data spaced from 5 to 10 m with the exception of the
extreme northwest portion of the Zone which is not well informed by
drilling. This area was manually assigned an Inferred
classification. Zone 2 was classified according to estimation run;
first estimation run estimates was classified as Indicated with all
other blocks classified as Inferred. All other zones were
classified as Inferred because they are informed by limited
data.
Midwest Northeast Property
The Midwest NorthEast Property is well located in the
northeastern Athabasca Basin, accessed by a 6 km winter road from
Highway 955. The property is 8.5 km north of the community of
Points North, the main service hub for northereastern Saskatchewan.
It is within 25 km of operating uranium mine, mill and tailings
facilities established in the northeast part of the Basin during
the past 35 years.
Terra Ventures Inc. owns a qualified 10% interest on the
Property, carried to the completion of a positive feasibility study
on the Roughrider Deposit.
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
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by terminology such as "may", "should", "expects", "plans",
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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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