Terra Acquires Option on Uranium Property Adjoining Denison's Wheeler River Property
2010年11月17日 - 11:00PM
Marketwired
Terra Ventures Inc. (TSX VENTURES: TAS) ("Terra") reports that it
has entered into an agreement with Solitaire Minerals Corp. (TSXV -
SLT, "Solitaire") pursuant to which Solitaire has granted Terra an
option to acquire up to a 95% interest in its C-4, C-5 and C-6
Properties in the Athabasca Basin of Northern Saskatchewan, subject
to regulatory approval. Upon regulatory approval, Terra must pay
Solitaire $100,000 and issue to Solitaire 100,000 shares. In order
to acquire an initial 55% interest, on or before December 31, 2011
Terra must pay Solitaire an additional $100,000, issue an
additional 50,000 shares and incur at least $1,000,000 in
exploration expenditures on the Properties. Upon the exercise of
this initial option, Terra will have the right to increase its
interest to 75% on or before December 31, 2012 by paying an
additional $150,000, issuing an additional 50,000 shares and
incurring an additional $1,000,000 in expenditures. For a period of
five years after the exercise of this second option, Terra may
increase its interest to 95% by paying Solitaire $5,000,000,
whereupon Solitaire's remaining 5% interest will be converted into
a production carried interest.
Terra already has a 2% Net Smelter Returns Royalty on the
Properties.
The three Properties (designated C-4, C-5 and C-6) cover an
aggregate area of 4,011 acres (1,624 hectares) in the southeastern
part of the Athabasca Basin. The dispositions adjoin the northwest
side of the Wheeler River property of Denison Mines Corp. (60%),
Cameco Corp. (30%) and JCU (Canada) Exploration Co. (10%)
containing the "Phoenix discovery". The C-6 Property lies
approximately one kilometer north of the Phoenix A & B zones.
The Property lies midway between the producing McArthur River mine
and the former producing Key Lake mine.
Denison Mines Corp. (TSX: DML) (press release dated November 9,
2010) has reported an indicated resource of 35,638,000 pounds of
U3O8 grading 17.99% U3O8 in the Phoenix A Zone and an inferred
resource of 3,811,000 pounds of U3O8 grading 7.27% in the Phoenix B
zone. The McArthur River Uranium Mine owned by Cameco Corporation
(70%) and AREVA Resources Canada (30%) is mining an orebody with
estimated proven and probable reserves of approximately 334 million
pounds of U3O8 grading 19.53% 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.
The three Properties lie on a structural corridor located along
a belt of Aphebian metasediments in the sub-Athabasca 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.
A program of boulder sampling carried out (by a previous
operator) in 2009 confirmed the widespread clay alteration in the
property area. Illite is the dominant clay mineral, with local "hot
spots" of kaolinite and dravite. Geochemical analysis of boulder
samples also indicated extensive anomalies in uranium and
pathfinder elements.
Terra plans a program of ground geophysics (IP, resistivity and
seismic surveys) on the properties during the coming winter
followed by an aggressive diamond drilling program. Basement depths
are expected to be between 350 and 450 metres.
James Hutton, Chairman of Terra says: "Terra is pleased to be
acquiring and operating new, high quality uranium exploration
assets where we can be the major partner. New acquisitions will
compliment our carried interest in Hathor's Midwest Northeast
uranium deposit."
Exploration costs on the Wheeler River property are expected to
be lower than is common in the Athabasca Basin because all three
dispositions lie within one kilometre of existing roads.
Technical information in this news release has been prepared
and/or revised by Mike Magrum, P.Eng., Director and Qualified
Person as defined in NI 43-101 for Terra.
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 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
Neither the TSV Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Terra Ventures Inc. Ryan Johnson Investor Relations
1-866-683-0911 www.terrauranium.com
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