Hathor Exploration Limited

Hathor Exploration Limited

November 26, 2007 12:14 ET

Hathor Exploration Limited: First Drill Results from 2007 Program on Russell Lake Uranium Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2007) - Hathor Exploration Limited (TSX VENTURE:HAT) has received assay results from two drill holes, RL-07-04 and RL-07-05, from their Russell Lake joint venture property located in northern Saskatchewan. To date, these are the only results received from drill core submitted to the GeoAnalytical Laboratory of the Saskatchewan Research Council for eight diamond drill holes that were completed during its summer drilling program. Hathor is encouraged by promising geology observed in the drill core from the 2007 summer drilling program in the Grayling zone. Further drilling is planned for this winter at the Grayling Zone and elsewhere on the property on targets that have been developed from structural, geophysical and geochemical surveys completed by Hathor. This winter program is to be managed by Northern Continental Resources Inc (TSX VENTURE:NCR) as the alternate annual operator for the joint venture.

Both drill holes (RL-07-04 and RL-07-05) were designed to follow up historic drilling that intersected mineralization within the Grayling Zone (see Table of Drill Hole Coordinates below). The best historical results in the zone were from vertical drill hole RL-85-7 which returned 3.45% U3O8 across a 0.3 metre interval at depth of 363.2 metres and 0.1% U3O8 over 0.5 metres at 366.4m depth. Downhole gamma logging and hand-held scintillometer studies reveal that RL-07-04 and RL-07-05 are expected to return the best assays from the drill program. No core samples were recoverable from drill hole RL-07-06 in a large dissolution zone/void at a depth of 385 metres where drilling was terminated.

Drill hole RL-07-04 was planned to test for a strike extension of the mineralization encountered in RL-85-7. However, severe deviation of the drill hole occurred; resulting in a basement pierce point almost 60 meters North West of RL-85-7. RL-07-04 intersected the basement, that comprised a 13 metre thrusted wedge of granodioritic gneiss overlying in excess of 50 metres of pelitic gneisses, at a drilled interception depth 393.6 metres from the collar. The hole was lost at 460 metres from the collar in prospective Wollaston Group metasediments of Paleo-Proterozoic age. The Archean basement was not intersected, thus the deeper basement-hosted uranium potential of this hole and the mineralization originally shown in drill hole RL-85-7 remains untested.

Geochemical analyses of samples selected with a hand held scintillometer from core from drill hole RL-07-04 reveal 2 zones of weak mineralization close to and beneath the unconformity:

a) 0.06% U3O8 and 0.06% nickel over a core length of 1.8 metres - including a 0.2 metre interval of 0.29% U3O8 and 0.12% Ni at a depth of 394.8 metres from the collar; and

b) 0.04% U3O8 over a core length of 0.2 metres at a depth of 411m from the collar.

Drill hole RL-07-05, a vertical drill hole collared 25 metres southeast of the historic drill hole RL-85-7, intersected the basement at a depth of 361.5 m. The basement package of rocks intersected contained a thick (93m) sequence of Paleo-Proterozoic Wollaston Group rocks comprising pelitic gneisses with intervals of variably graphitic pelitic gneiss; these rocks also contain rare, structurally-controlled granitic gneiss intervals. Archean basement rocks were intersected at 454 meters from surface.

Geochemical analyses identify that drill hole RL-07-05 contains 3 narrow zones of weak mineralization beneath the unconformity:

a) 0.03% U3O8 over a core length of 1.0 metre at a depth from surface of 366 metres;

b) 0.07% U3O8 over a core length of 0.3 metre at a depth from surface of 378.7 metres; and

c) 0.16% U3O8 over a core length of 0.5 metre at a depth from surface of 389.1 metres

Russell Lake Uranium Project - Grayling Area Summer 2007 Drill Holes

DDH X Y Z Angle Azimuth EOH
RL-07-01 480100 6370696 518 -90 0 354
RL-01-23 480192 6370672 508 -90 0 381.5
RL-07-02 479834 6370698 521 -90 0 471
RL-07-03 479323 6370452 505 -90 0 494
RL-07-04 480010 6371078 520 -71.5 270 460
RL-01-24 480581 6370202 439 -90 0 380
RL-07-05 479893 6371079 533 -90 0 510
RL-07-6D 479868 6371079 530 -90 0 395
RL-07-07 479948 6371854 501 -90 0 441
RL-07-08 479998 6371857 501 -90 0 429.5

Russell Lake Uranium Project - Grayling Area - Historic Drill Hole

RL-85-7 479882.5 6371104 532 -90 0 422.8
RL-00-19 479902.2 6371104 534 -90 0 393
RL-85-10 479936.6 6371103 536.74 -90 0 418.5

Note: This listing includes holes drilled during the summer 2007 program in the vicinity of the Grayling Zone with assays yet to be returned. The only 2007 drill holes for which assays have been received are those in bold type.

The Russell Lake uranium property is a joint venture project in which NCR has a 60% ownership interest and Hathor has a 40% interest. Pursuant to the joint venture agreement, NCR is currently this year's project manager subject to Management Committee direction. One representative from each of the companies forms the Management Committee. Each representative has a 50% vote, i.e. equal voting power, and in the case of a deadlock, from time to time, the companies may appoint an independent Management Committee member who will have the casting vote.

With capital resources in excess of Cdn $20 million, Hathor continues to aggressively advance its portfolio of eleven Athabasca region uranium exploration projects. This area has the world's highest-grade uranium ore deposits which account for approximately 25 per cent of the world's annual mine production of uranium.

Benjamin Ainsworth, PEng, a director of the company and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

Hathor Exploration Limited

Stephen G. Stanley, Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Hathor Exploration Limited
    Stephen G. Stanley
    (604) 684-6707
    (604) 684-9277 (FAX)
    Website: www.hathor.ca