|
Hathor Exploration Limited (TSX: HAT)
is pleased to announce that diamond drilling is underway at its Russell
Lake project in the southeastern part of the Athabasca Basin in northern
Saskatchewan. Drilling will focus on the untested M Zone Extension (MZE)
target located in the northwest of the project area. Up to 3,500 m of diamond
drilling is planned. The 2011 summer program started in July with ground
geophysics.
The size and location of the Russell Lake project, coupled with the number
and quality of integrated exploration targets identifies the unique
potential of the Russell Lake project; it is a long term exploration target
for Hathor.
Diamond Drilling
Drilling will be carried out in the northwestern
part of the Russell Lake property targeting the untested MZE target area. Figure 1 shows the location of the Russell Lake project within the eastern
corridor of the Athabasca Basin, where all current Canadian uranium
production occurs. Figure 2 shows the location of the MZE target within the Russell Lake
property. Figure 3 shows the extent of the ground geophysical surveys carried out
during 2010 and 2011. Figure 4 illustrates the drill holes planned for the MZE target area for
this program. Figure 5 is a pseudo-section along a planned drill fence at MZE, based on
resistivity data.
The MZE target area is located at the intersection of prominent 0300 and
0700 lineaments, favourable for unconformity-type
uranium deposits. Based on current data, the MZE target area is along the
NE strike extension of the structures controlling the M Zone, which is
adjacent to the recently discovered Phoenix deposit on the Wheeler River
property to our west. Drill targets at MZE integrate a wide range of data,
including a Transient magnetotelluric survey
(AMT) completed last fall totalling 26.8 line-km
on 12 lines.
Ground Geophysics
The entire Russell Lake property is covered by numerous airborne
geophysical surveys, augmented locally by ground geophysics, including
gravity, resistivity, electromagnetic, and AMT surveys.
In addition to the AMT geophysical surveys carried out in the MZE and Fox
Lake target areas in the fall of 2010 (see news release September 30,
2010), additional AMT surveys were carried during June and July of 2011 to
expand and link the surveys areas. A total of 26.8 line-km on 12 lines of
data were collected. These data are currently being modelled
and interpreted, and will be incorporated into future drill targeting
plans.
Regional Context
Please visit the Company's website at www.hathor.ca for a related set of regional-scale geological and geophysical maps
for the Russell Lake property.
The Russell Lake property is within the Wollaston-Mudjatic
magnetic low transition zone, commonly referred to as eastern corridor of
the Athabasca Basin. This corridor accounts for 100% of current uranium
production in Canada, and it has consistently contributed between 20 and 30
% of global primary uranium supply for the past 30 years. Looking forward,
the greatest endowment of proven resources for future production within the
Athabasca is within the eastern corridor, in the region immediately
surrounding Russell Lake. The south end of the property is 15 km northeast
of the Key Lake mine/mill complex. The northern end is 12 km southeast of
the McArthur River mine. The neighbouring Phoenix
deposit is immediately west of the central part of the Russell Lake
property.
Drill targets at the Russell Lake project are based on the integration of
recent geophysical surveys, updated regional geological surveys, and
synthesis of historical work, as summarized on the Company's website at www.hathor.ca. The Property is vastly underexplored and has seen little previous
drilling relative to surrounding areas.
Property Description
The Russell Project covers both of the properties historically referred to
as Russell Lake and South Russell prior to the acquisition by Hathor of Northern Continental Resources in 2009.
Combined, the properties cover approximately 71,670 ha in one contiguous
block of 23 claims. Subsequent to the successful acquisition of Terra
Ventures Inc. (see news release dated August 5, 2011), Hathor
owns 100 % of the entire Russell Lake property.
Russell Lake has excellent infrastructure. The McArthur River - Key Lake
haul road and associated power line run along the western margin of the
property. The exploration camp is road-accessible all year round.
Alistair McCready, Ph.D., P.Geo.,
Hathor's V.P. Exploration, and Michael Gunning,
Ph.D., P.Geo., Hathor's
President & Chief Executive Officer, are Qualified Persons as defined
by National Instrument 43-101 and have reviewed and approved the technical
disclosures in this news release.
For more information on Hathor, please visit the
company's website: www.hathor.ca or contact Tony Nunziata
at 403-560-7040 or Kelsea Murray at 604-684-6707.
Continued No Action to Cameco's Hostile and
Predatory Offer
On August 30, 2011 Cameco Corporation made an
unsolicited all cash take-over bid offer for Hathor
at a price per Hathor common share of C$3.75. Hathor's closing share price on the TSX on Wednesday,
September 7, the last day of trading before this news release, was C$4.19.
The Board of Directors of Hathor, together with
its legal and financial advisors, is assessing Cameco's
offer. The Company continues to urge its shareholders not to respond to the
Cameco offer until the Company has formally
responded to the offer and makes available to shareholders information on
the economic parameters for Roughrider, continued assays from the recently
completed drill program at Far East Zone, and also insights into the
strategic nature of the Athabasca Basin in the global uranium industry and how
that relates to the value of the Roughrider uranium deposit.
Hathor will formally respond to the Cameco offer no later than September 14th, 2011.
______________________________
Dr. Michael H. Gunning,
President & CEO
Hathor Exploration Limited
|