TSX-V : TAS
OTCQX : TASFF
FSE : G7K
VANCOUVER, Feb. 24 /PRNewswire/ - Terra Ventures Inc. (TSXV: 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 February 24, 2011, Hathor reported:
"Hathor Exploration Limited (HAT:TSX-V) is pleased to announce assay results from drill hole MWNE-11-667, the first complete set of drill hole assays received from the on-going 2011 winter drill program at the Company's Roughrider project in the Athabasca Basin, Saskatchewan. Some 15,000 metres are planned for the three rig program, which will continue until the end of the winter season (Figure 1).
Drill hole MWNE-11-667 has intersected significant new uranium mineralization 40 m to the east of the East Zone, as it is currently defined by 2010 drilling. The East Zone now has uranium mineralization in drill holes across 200 m. This new intersection is the most easterly mineralization discovered to date in the overall "Roughrider System" (Figure 2), and mineralization remains open to the east.
The main intersection comprises two core intervals of 16.5 m and 18.0 m of 2.14 % and 1.30 % U3O8 respectively, separated by 3.0 m with an average of grade of < 0.01 % U3O8, for a composite of 1.57 % U3O8 over 37.5 m. Data are in Table 1 below. Important attributes include:
- Visible pitchblende mineralization present over a vertical extent of 90 m (Photo 1 and 2)
- Clay and hematite alteration is pervasive throughout the composite interval (Photo 3).
- Mineralization is hosted entirely within basement rocks, well below unconformity regolith.
- Deleterious elements such as arsenic and selenium, are low. Associated metals such as Cu and Mo are also low.
This new mineralization is deeper than the mineralization intersected to date elsewhere within the Roughrider system. As shown in the 3-D model in Figure 3, the mineralization in MWNE-11-667 represents either: 1. the down dip extension of the East Zone of Roughrider, or; 2. an entirely new zone of mineralization, separate from East Zone, with unique geometry and extent. The grade shell shown in Figure 3 for the East Zone was produced using Leapfrog 3D geological modelling software for preliminary mineralization wireframe models completed by Hathor, and currently being evaluated for a preliminary NI 43-101 mineral resource estimate for East Zone.
This new mineralization is a significant development for Roughrider: it either extends the East Zone, or it adds a third zone to the system.
Infill drilling continues along the entire length of the East Zone, between East Zone and West Zone ("the gap"), and northeast of West Zone, as shown in Figure 1). That said, drill holes planned for the 2011 winter season (Figure 1) have been reprioritized as a result of this drill hole. Detailed drilling will be done around Hole 667 for the remainder of the drill season to establish the potential for this new mineralization, and to determine its relationship to East Zone.
Table 1: Summary assay data for the 81 metre composite intersection in Drill Hole MWNE-10-607*
* All intersections are down‐hole intervals. Geometry of mineral zone is not yet determined.
** All drill holes have the prefix 'MWNE-'.
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. Dry bulk density determinations will have been carried out on the drill core.
The Midwest Northeast Property is within the main uranium-producing eastern corridor of the Athabasca Basin. The Property comprises 3 claims covering 543 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 community of Points North and the Points North commercial airport, the main service hub for northeastern Saskatchewan. It 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 Athabasca.
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.
Alistair McCready, Ph.D., P.Geo., Hathor's V.P. Exploration with responsibility for all of Hathor's exploration in Saskatchewan, and 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.
On behalf of the board of directors of
TERRA VENTURES INC.
Gunther Roehlig, President
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.
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.
For further particulars about Terra Ventures, please contact Ryan Johnson, Investor Relations, at 1-866-683-0911 or visit the Company's website at www.terrauranium.com.
SOURCE Terra Ventures Inc.