Hathor Exploration Limited

Hathor Exploration Limited

January 22, 2007 08:30 ET

Hathor & Forum Identify Major Uranium Trend on Haultain River Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 22, 2007) - Hathor Exploration Ltd. (TSX VENTURE:HAT) and joint venture partner, Forum Uranium Corp. (TSX VENTURE:FDC) are pleased to announce that they have delineated more than 45 line kilometres of electromagnetic ("EM") conductors on their 10,148 hectare (25,076 acres) Haultain River uranium property in northern Saskatchewan.

The Haultain River claims cover the same basement geological setting as the high-grade, eastern Athabasca area orebodies that are responsible for approximately one-third of the world's annual mine production of uranium. Using the McArthur River, Millennium and Eagle Point unconformity-style uranium deposits as models, exploration targets on the Haultain River property are shallow, basement-hosted "root zones" as are found at these deposits.

Unconformity-style uranium orebodies are commonly associated with graphitic rocks that may allow for the creation of the favourable geological structural settings necessary for the formation of this type of deposit. Such graphitic metasediments and graphitic fault zone rocks within the eastern Athabasca area are commonly expressed geophysically as EM conductors.

A compilation of assessment data in the Haultain River joint venture area identified historic EM conductors and surface uranium showings. As a result, the Haultain River claims were staked to cover an interpreted 15 km extension of the Key Lake Road Shear Zone where basement-hosted uranium mineralization was discovered by Forum on their adjacent Key Lake Road project during the 2005 and 2006 field seasons.

On the Haultain River property, the recently completed 623 line kilometre "AeroTEM III" helicopter-borne, time domain EM survey confirms that the newly-identified, NE to NNE-trending EM conductors are the geophysical expression of Key Lake Road Shear Zone graphitic rocks. On Forum's Key Lake Road property, to the immediate northeast of the Haultain River project and on trend with the Haultain River conductors, Forum has recently reported the discovery of uranium mineralization in association with graphitic rocks at their Molly Zone. Similarly, at their Hobo Zone, a northeast trending, graphitic EM conductor occurs within 50 to 100 m from the main mineralized zone where a strongly-silicified and hematized graphitic pelitic gneisses outcrop over a 20 m strike length assayed up to 1.07% U3O8.

Follow-up ground geological, geochemical and geophysical exploration will allow Hathor and Forum to formulate prospective targets for future diamond drilling.

Hathor and Forum each have a 50% interest in the Haultain River joint venture, with Forum as the operator. The project area is well-located, being approximately 90 km southwest of the Key Lake uranium mill complex of AREVA Resources Canada Inc. and Cameco Corporation. Saskatchewan Provincial Highway 914 provides year-around access to Key Lake and crosses the Haultain River joint venture property.

The Key Lake uranium deposit was discovered in 1975 and, between 1983 and 1997, produced over 180 million lbs U3O8 from 3,518,000 tonnes of ore having an average grade of 2.35% U3O8. Its mill facilities are now used to produce 18.7 million lbs U3O8 annually from the rich McArthur River proven and probable ore reserves that average 24.48% U3O8, the equivalent of about 60 oz. gold per tonne using December 31, 2006 spot metal prices.

For more information on Hathor, its subsidiary Roughrider Uranium Corp. and their uranium projects, please visit the company's website: www.hathor.ca.

Hathor Exploration Limited

Stephen G. Stanley, Director

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Contact Information

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