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Hathor Exploration Limited (HAT: TSX-V)
and Forum Uranium Corp. (FDC: TSX-V) announce that the 2011 winter diamond
drill program is now underway on the Henday
uranium project in the northeastern Athabasca basin, Saskatchewan.
A total of 3,750 metres of diamond drilling is planned. Drilling will first
test the large area of prospective alteration and local uranium
mineralizatin discovered in 2010 at Mallen Lake. New targets farther to the
west will also be tested for the first time (Figure 2). Named King and Crimson, they are located along the inferred
northeastern extension of the prolific Midwest Trend (Figure 1). The Midwest trend hosts the Midwest deposit (Areva/Denison), the
Roughrider deposits of Hathor, and the nearby J Zone (Fission).
Mallen Lake Zone
Drilling will commence on the Mallen Lake Zone, where a large alteration
system extending well into the overlying sandstones and down into the
basement rocks was discovered in the 2010 drill season. The depth to
unconformity is only 100 m in the Mallen Lake area. Several drillholes
intersected weak uranium mineralization, with 0.5 metres at 723 ppm U in
RL-66 and 0.5 metres of 0.16% U in RL-68, both within basement lithologies.
Monometallic geochemistry (very minor arsenic and nickel) returned from
this zone suggests that the uranium mineralization model is similar to
Hathor's Roughrider Deposit or Cameco's Millennium Deposit.
A series of drill holes are planned to intersect a graphitic unit within
the basement rocks, just below the unconformity and approximately 80 metres
below the unconformity on either side of the mineralization intersected in
2010. Any further uranium mineralization will be followed up immediately.
Other Priority Targets
The two other targets to be tested are located along the interpreted
northern extension of the Midwest fault where it is intersected by
cross-cutting structures; the Mallen Lake structure and the Moonlight
structure. These areas have never been drill tested and show a combination
of electromagnetic conductors, and both gravity
and resistivity lows (indicative of alteration). A soil sampling survey
completed in the summer of 2010 returned elevated uranium values in these
areas.
Ownership
Hathor currently holds a 40% interest in the Henday project. The funding of
this drill program by Hathor will complete Hathor's option to earn a 60%
interest in the Henday project. Hathor will have the option to earn an
additional 10% earned by electing to take the project to a bankable
feasibility study. (For details see the Company's website at www.hathor.ca)
The Henday Joint Venture is currently operated by Forum. Ken Wheatley, P..Geo. (Saskatchewan, Nunavut), Vice President
Exploration at Forum, is responsible for the project and is the Qualified
Person for Forum.
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.
For more information on Hathor, please visit the company's website at www.hathor.ca, or contact Tony Nunziata at 403-560-7040 or Kelsea Murray at
604-684-6707.
_______________________________
Stephen G. Stanley, President & CEO
Hathor Exploration Limited
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
release.
Figure 1. Location of the Henday Property within
the prolific northeastern corridor of the Athabasca Basin, Saskatchewan.
Figure 2. Planned drilling for the 2011
season, Henday Property.
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