Hathor Exploration Limited
TSX VENTURE : HAT

Hathor Exploration Limited

April 19, 2010 07:45 ET

Hathor Exploration Limited: Summer Exploration Gearing Up at Russell Lake

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2010) - Hathor Exploration Limited (TSX VENTURE:HAT) is pleased to announce that planning is now underway for summer exploration on its Russell Lake Project in the Athabasca Basin, Saskatchewan.

  • Dedicated exploration team assembled for Russell Lake;
  • Compilation of ALL previous exploration data underway;
  • Modelling of recent airborne geophysics started;
  • Drilling anticipated by late summer.

Property Ownership
The Russell Lake Project covers the Russell Lake and South Russell properties (Figure 1). Combined, the properties cover approximately 71,670 ha in one contiguous block of 23 claims.

Hathor controls 100% of the Russell Lake property (45,742 ha), following the successful acquisition of Northern Continental Resources (see News Release dated November 23, 2010). The South Russell property is owned 90% by Hathor, with a cumulative 10% interest held by two parties, and carried to completion of a feasibility study.

Location
There is excellent infrastructure and proven world-class uranium endowment in the Russell Lake area (Figure 2). The south end of the property is 15 km northeast of the Key Lake mine/mill complex. The northern end is 12 km southeast of the McArthur River mine. Denison Mines' recent discovery at Wheeler River (the Phoenix deposit) is on the immediate west-central boundary of the property.

The McArthur River-Key Lake haul road runs along the western margin of the property.

Geologic Setting and Exploration History
The property is within the Wollaston-Mudjatic mag-low transition zone, the fertile eastern corridor of the Athabasca Basin where 100% of current uranium production occurs (Figure 3). This corridor, with the exception of the Russell Lake Project area, is perhaps the most extensively explored area in the Athabasca Basin during the past 20 years. Depth to the unconformity is variable across the large land package and up to a maximum of 400 metres.

Recent exploration on the Russell Lake property itself includes airborne geophysical surveys between 2004 and 2007, including a 3,421 line-km Bell full tensor gradiometry survey (airborne gravity), a 6,946 line-km high resolution airborne magnetic survey, and 5,407 line-km's of airborne EM surveys on three different blocks. Ground-based geophysical surveys were done between 2007 and 2009, including EM, resistivity and gravity. Seismic surveys were also completed between 2005 and 2008 to help delineate major structures. There were 8 holes drilled in 2007, and 27 holes completed in the 2009 winter season on 7 different targets. Alteration and trace element geochemical anomalies were identified but are yet to be followed up.

Exploration Targeting for Summer-2010
The lack of drilling on the Russell Lake properties, compared to surrounding properties, underscores the mineral potential that is yet to be fully tested (Figure 4). Hathor has formed an exploration team to systematically evaluate the property. The team will focus exclusively on Russell Lake and be independent of the Midwest Northeast project.

Work this spring will include: a full compilation and synthesis of all available exploration data with regional, publically available, geological maps and surveys; recent geophysical surveys will be re-processed and re-interpreted; recent drill core will be re-logged. Exploration targets will be identified and prioritized based on this work. Targeted ground geophysics will be considered for this summer or next winter. Drilling is anticipated for the fall, once all targeting work is complete. Permitting, logistics planning and public consultation for this planned work has been initiated.

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.

Hathor Exploration Limited
Stephen G. Stanley, 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 release.

Contact Information

  • Hathor Exploration Limited
    Tony Nunziata
    403-560-7040
    or
    Hathor Exploration Limited
    JJ Jennex
    604-684-6707
    www.hathor.ca