Terra
Ventures Inc. (CDNX:TAS.V) 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*
DDH**
|
From
(m)
|
To
(m)
|
Interval
(m)
|
U3O8
(%)
|
As
(ppm)
|
Ni
(%)
|
Se
(ppm)
|
Mo
(%)
|
Co
(%)
|
Cu
(%)
|
V
(%)
|
11-667
|
309.5
|
312.0
|
2.5
|
0.06
|
40.20
|
0.003
|
0.50
|
0.002
|
0.001
|
0.008
|
0.006
|
11-667
|
316.0
|
316.5
|
0.5
|
0.07
|
8.00
|
0.002
|
0.50
|
<0.001
|
<0.001
|
<0.001
|
0.019
|
11-667
|
327.5
|
365.0
|
37.5
|
1.57
|
60.32
|
0.005
|
18.81
|
0.023
|
0.001
|
0.014
|
0.076
|
comprising
|
327.5
|
344.0
|
16.5
|
2.14
|
58.21
|
0.006
|
25.02
|
0.037
|
0.001
|
0.007
|
0.110
|
comprising
|
344.0
|
347.0
|
3.0
|
<0.01
|
75.67
|
0.007
|
0.92
|
<0.001
|
0.001
|
0.001
|
0.008
|
comprising
|
347.0
|
365.0
|
18.0
|
1.30
|
59.69
|
0.004
|
16.10
|
0.014
|
0.002
|
0.022
|
0.055
|
Including
|
332.0
|
333.0
|
1.0
|
13.50
|
220.50
|
0.019
|
113.50
|
0.117
|
0.004
|
0.033
|
0.158
|
11-667
|
370.0
|
372.0
|
2.0
|
1.10
|
28.50
|
0.004
|
8.38
|
0.007
|
<0.001
|
0.008
|
0.035
|
11-667
|
375.0
|
379.5
|
4.5
|
0.23
|
7.39
|
0.002
|
1.56
|
0.004
|
<0.001
|
0.003
|
0.025
|
11-667
|
388.0
|
391.5
|
3.5
|
0.55
|
50.00
|
0.003
|
4.29
|
0.009
|
0.001
|
0.006
|
0.038
|
11-667
|
398.5
|
399.5
|
1.0
|
0.17
|
1466.50
|
0.080
|
14.50
|
0.235
|
0.091
|
0.010
|
0.132
|
* 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.
Property
Description
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"
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.
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