|
Terra
Ventures Inc. (TSX-V: TAS) is pleased to announce that the company has
received permits for its planned surface exploration and diamond drilling
programs on the Wheeler River uranium properties, adjoining the Denison Mines
property and the Phoenix Zone, in the Athabasca Basin of Saskatchewan.
Terra
has the option to earn up to a 95% interest in three dispositions, from
Solitaire Mineral Corp.(TSX-V: SLT), known as C-4, C-5 and C-6, with an
aggregate area of 4,011 acres (1,624 hectares) adjoining the northwest side
of the Wheeler River property of Denison Mines Corp. (TSX-: DML) (60
percent), Cameco Corp. (TSX: CCO) (30 percent) and
JCU (Canada) Exploration Co. (10 percent). Denison has announced an
indicated mineral resource for its Phoenix Zone of 35.6 million pounds of U3O8,
with a grade of 18.0% U3O8. The Phoenix B Zone has
an additional inferred resource of 3.8 million pounds grading 7.3% U3O8.
Denison has announced a 70-hole, three-rig diamond drilling program for 2011
to expand the resource and explore additional targets.
The
highlights of Terra's property are:
- Property lies midway between
the McArthur River mine and the former producing Key Lake mine;
- Several conductors defined by
previous airborne EM surveys;
- Extensive clay alteration
found in boulder sampling;
- Uranium and pathfinder
element geochemical anomalies in boulder sampling;
- Quartzite ridge in basement
rocks was defined by previous diamond drilling on the C-5 property;
similar quartzite ridges at the Phoenix Zone and the McArthur River mine
are believed to localize uranium deposition;
Terra
plans to carry out line cutting, resistivity, gravity and 2-D seismic surveys
over the next two months to refine the target areas, followed by a late
winter diamond drilling program.
The
three properties lie on a structural corridor located along a belt of Aphebian metasediments in the subAthabasca basement. Previous airborne EM surveys have
defined conductors on the C-4 and C-5 blocks. Previous drilling in the area
has resulted in the recognition of a broad zone of clay alteration of the
type that is always associated with unconformity-type uranium mineralization
in the Athabasca basin. There is also evidence from prior drilling that a
quartzite ridge in the basement, similar to that which appears to be at least
partially responsible for localizing the giant McArthur River orebody and the Phoenix zones, is present on the C-5
block.
The
McArthur River uranium mine owned by Cameco (70 per
cent) and AREVA Resources Canada (30 per cent) is mining an orebody with estimated proven and probable reserves of
approximately 334 million pounds of U3O8 grading 19.53
per cent U3O8, a measured and indicated resource of 30
million pounds of U3O8, an inferred resource of 159
million pounds of U3O8, and past production of 171.2
million pounds of U3O8 (Cameco
2009 annual report). This uranium deposit (approximate size of 700 million
pounds of U3O8) is the world's largest high-grade
uranium mine.
Technical
information in this news release has been prepared and/or revised by Mike Magrum, PEng, director and qualified
person as defined in NI 43-101 for Terra.
On
behalf of the board of directors of
TERRA
VENTURES INC.
"Gunther Roehlig"
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.
|
|