2008 Russell
Lake
Exploration Program Now Under Way
Vancouver, BC –
Hathor Exploration Limited (TSX-V: HAT)
is pleased to announce that it has been informed by its joint venture partner,
Northern Continental Resources Inc. (TSX-V: NCR)
that they have received surface permits for the winter 2008 exploration program
on the Russell Lake Uranium Project, located in the eastern Athabasca Basin of
northern Saskatchewan.
Together with
Hathor’s South Russell and Midwest Northeast projects, Hathor now has
five drill rigs mobilized in the Athabasca Basin; two rigs are on site at the
Midwest NE project (24 holes totaling approximately 8,000 metres), one rig at
South Russell (14 holes totaling approximately 5,000 metres) and two rigs at
Russell Lake.
The $3.5 million Russell Lake program, operated by NCR, has
10,500 metres of diamond drilling planned in 21 holes utilizing two diamond
drills supplied and crewed by Cyr Drilling International Ltd. Two hundred line
kilometers of electromagnetic and resistivity surveys will also be conducted.
Aurora Geosciences is providing geological support and a road-accessible
winterized camp.
The large Russell Lake
Project is situated between the formerly-producing Key
Lake mine and the currently-producing McArthur River mine, two of the richest
high-grade uranium deposits in the world. Ten target areas within the Russell Lake project area will be worked on.
Exploration plans include:
- Grayling Zone – 3 holes following up historic drilling that intersected 3.45%
U3O8 over 0.3 metres and 0.40% U3O8 over 3.75 metres, and where recent
drilling by Hathor intersected a 10m wide dissolution zone in the basement
rocks in the vicinity of this mineralization.
- Grayling East – 2 holes targeting a resistivity anomaly developed by
Hathor that indicates an alteration halo in the Athbasca sandstone that is
also coincident with the underlying East Grayling conductor.
Hathor’s recent seismic surveys have also identified a significant brittle
structure at this location.
- Powerline
- 2 holes testing a significant prospective structure was found by recent
magnetic, seismic and gravity surveys completed by Hathor.
- Fox Lake Trail – 3 holes testing historical conductors are
defined by moving loop and T.E.M. electromagnetic surveys.
- Taylor Bay – 5 holes targeting a series of
conductors delineated by Hathor’s recent electromagnetic geophysical
surveys.
- Blue Steel – 3 holes following up a historical drill hole that
encountered a significant alteration zone in the Athabasca
sandstone and a quartzite unit in the basement rocks. This conductor was
further defined by recent electromagnetic surveys. A lake sediment
uranium anomaly also overlies the conductor.
- Big Bend – PRO-TEM electromagnetic
survey to follow up a significant conductor detected by a Hathor’s
recent airborne survey.
- Christie Lake – 3 holes, PRO-TEM electromagnetic and resistivity surveys
to follow up on a major fault structure which was discovered by Hathor’s
recent seismic survey that is coincident with a a historical conductor.
- Morrison Lake – PRO-TEM electromagnetic survey to
further refine a strong basement conductor located by a recent airborne
survey carried out by Hathor.
- Boomerang
– Moving loop electromagnetic surveys to verify and refine the
spatial distribution of historical conductors.
With capital resources in
excess of Cdn $20 million, Hathor continues to aggressively advance its
portfolio of eleven Athabasca region uranium
exploration projects. This area has the world’s highest-grade uranium ore
deposits which account for approximately 25 per cent of the world's annual mine
production of uranium.
For more information on
the Hathor’s uranium projects, please visit the company's website:
www.hathor.ca or contact Stephen Stanley at
604-684-6707.
Benjamin
Ainsworth, PEng, a director of the company and a qualified person as defined by
National Instrument 43-101, has reviewed and approved the technical disclosure
contained in this news release.
Hathor
Exploration Limited
Stephen G. Stanley,
Director
The TSX Venture
Exchange has not reviewed and does not accept responsibility for the adequacy
or accuracy of the content of this news release.
Cheers,
Natasha
Dutra, Office Manager
Hathor Exploration Limited
Suite 1910 -
925 West Georgia St.
Vancouver, BC V6C 3L2
T 604-684-6707
F 604-684-9277
www.hathor.ca