Terra Ventures Inc. (TSX VENTURE: TAS) 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
October 21, 2010 Hathor reported:
"Hathor Exploration Limited (TSX VENTURE: HAT) is pleased to
announce assay results from drill hole MWNE-10-648, the first
complete set of drill hole assays from the recently completed 2010
summer drill program at the Company's Midwest NorthEast project in
the Athabasca Basin, Saskatchewan. This drill hole enforces the
resource potential for the Roughrider East deposit. Results
include:
-- A composite interval of 63.5 m grading 7.75 % U3O8. The composite
interval includes:
-- 42.0 m of 11.06 % U3O8, which itself includes:
-- 17.5 m of 24.28 % U3O8
-- The highest individual assay to date on the property, at 87.2 % U3O8.
-- Mineralization is nearly continuous. For example, 57 of 72 samples are
mineralized within the 42.0 m composite interval.
-- The 63.5 m intersection is near to the true structural thickness of the
mineral zone.
-- Arsenic and selenium contents are low, similar to the Roughrider deposit
itself.
Table 1: Summary assay data for the 63.5 metre composite intersection in
Drill Hole MWNE-10-648(i)
===========================================================================
Inter-
val U3O8 GT As Se Co Cu Mo Ni V
DDH From To (m) (%) (ii) (ppm) (ppm) (%) (%) (%) (%) (%)
===========================================================================
---------------------------------------------------------------------------
MWNE- 237.5 301.0 63.5 7.75 492.0 285.5 15.7 0.01 0.35 0.07 0.02 0.19
10-648
---------------------------------------------------------------------------
Zone 1 237.5 279.5 42.0 11.06 464.5 414.0 18.4 0.01 0.21 0.09 0.02 0.22
comprises
---------------------------------------------------------------------------
incl- 246.5 264.0 17.5 24.28 424.9 923.0 25.9 0.02 0.09 0.20 0.05 0.37
uding
---------------------------------------------------------------------------
incl- 256.5 258.0 1.50 82.00 123.0 344.7 34.3 0.02 0.06 0.12 0.03 0.14
uding
---------------------------------------------------------------------------
Zone 2 282.5 301.0 18.5 1.48 27.4 37.1 11.2 less 0.70 0.03 0.02 0.13
comprises than
0.01
===========================================================================
(i) All intersections are down-hole; their relationship with respect to the
geometry of the mineral zone at Roughrider East is evident on drill
fence cross-sections.
(ii) GT = Grade - tonnage coefficient
This News Release provides assay data for MWNE-10-648. Geology
and radioactivity data from the drill hole were released previously
(NR dated September 1, 2010). The location of drill hole
MWNE-10-648 on Line 20 W is shown on the plan map in Figure 1, and
the intersection is shown schematically in the cross section in
Figure 2; corresponding core is shown in Photo 1. Summary assay
data shown above in Table 1 are derived from complete assay data
sets in Table 1 available on the Company's website. Assays from the
highest grade interval are shown on corresponding core lengths in
Photo 2. Truly massive pitchblende mineralization in core is shown
in Photo 3.
A complete set of maps, sections and photos for the Roughrider
and Roughrider East uranium deposits are available on the Company's
website at www.hathor.ca.
The mineralization on Line 20W at Roughrider East is robust. It
extends from approximately 10 m below the unconformity to 90 m down
into the basement rocks. It comprises two high-grade intervals of
42.0 m at 11.06 % U3O8 and 18.5 m of 1.48 % U3O8 respectively
(Table 1), separated by a 3 m zone with an average of grade of less
than 0.05 % U3O8 (below cut-off grade). Compositing of the two
mineralized zones and the zone of internal dilution produces an
average grade of 7.75 % U3O8 over 63.5 m.
Alteration is pervasive throughout the composite interval,
including hematite, illitic and chloritic clay assemblages.
Desilicification occurs in sandstone above the unconformity, and
breccia textures are common in the basement. Overall, there is no
preferred host rock to mineralization and alteration; ALL basement
rock types are affected, including Wollaston Group pelitic (+/-
graphite) gneiss and overlying hanging wall micro-granite and
pegmatite.
Drill Hole 648 provides infill data for the heart of the
Roughrider East mineral system. For resource modelling, it will
provide new data for high grade mineralization previously separated
by 40 m between holes MWNE-10-613 and 610. Twenty metres down-dip
from hole 648, drill hole MWNE-10-610 intersected two distinct
zones of mineralization, an upper zone of 61 metres of nearly
continuous lower grade mineralization (less than 1 % U3O8),
including 12.0 m at 22.51 % U3O8. Twenty metres up-dip from hole
648, drill hole MWNE-10-613 intersected an upper zone of 39.0
metres of nearly continuous lower grade mineralization (less than 1
% U3O8), including 4.5 m at 1.17 % U3O8, and a lower zone of 16.0 m
at 1.24 % U3O8.
Upside
The overall exploration and resource potential for the Midwest
NorthEast Property grows as Roughrider East is solidified (Figure
3). Resource models are currently being developed for the
Roughrider uranium deposit, with results expected later this fall.
A geologic model is also being developed in two dimensions for
Roughrider East, on geologic cross-sections spaced ten metres
apart, congruous with the model for Roughrider. Resource models
will be built in three dimensions for Roughrider East based on this
work, once all geochemical data from the summer drill program are
in hand. Drilling in the upcoming winter season will complete
infill and extension work both in the eastern and western parts of
the 220 m of strike of Roughrider East, as it is currently
identified. Further, drilling will test the footwall zone of the
resistivity anomaly which extends for 700 m to the southwest, along
the Midwest uranium trend.
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. Select samples are analysed for precious metals
including gold, platinum, palladium and rhenium. These results will
be released upon receipt of all results. Dry bulk density
determinations of core are determined both in the field, and at the
SRC laboratories.
The Midwest NorthEast Property is located along strike to the
north of the Midwest and Midwest A uranium deposits. The Roughrider
deposit is accessed by a 6 km winter road connected to Highway 955.
The property is approximately 8.5 km north of the community of
Points North, the main service hub for northeastern
Saskatchewan.
Terra Ventures Inc. owns a qualified 10% interest on the
Property, carried to the completion of a positive feasibility study
on the Roughrider Deposit.
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."
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, advanced stage 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, President
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.
To view the maps and photos associated with this release, please
visit: http://media3.marketwire.com/docs/tas21map.pdf.
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.
Contacts: Terra Ventures Inc. Ryan Johnson Investor Relations
1-866-683-0911 www.terrauranium.com
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