Terra Ventures Inc.

Terra Ventures Inc.

November 05, 2009 18:12 ET

Terra Ventures Inc.: Hathor Receives First Mineral Resource Estimate Summary for Roughrider Uranium Zone Based on 2008 and Winter 2009 Drill Programmes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2009) - 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 November 5, 2009, Hathor reported: "Hathor Exploration Limited (TSX VENTURE:HAT), has received a summary notification from Scott Wilson Roscoe Postle Associates Inc (SCOTT WILSON RPA) with respect to the Mineral Resource Estimate for the discovery area of the uranium mineralization in the Roughrider Zone on its Midwest North East property, in northern Saskatchewan. The full report has yet to be delivered to the Company, but will be filed in accordance with NI 43-101 upon receipt and placed on SEDAR within 45 days. The report will be used to focus the winter drill programme in areas that have open potential for extensions of high-grade mineralization. Also, areas within the bounds of known mineralization that have not been included in the resource estimate will be given similar priority. Hathor's objective for the upcoming drill programme is to expand the Inferred Mineral Resource tonnage and to upgrade Mineral Resources from the Inferred to the Indicated category. The resource estimate has been made out of date by subsequent drilling results received from the summer 2009 drill campaign.

The SCOTT WILSON RPA Mineral Resource Estimate describes a NI 43-101 compliant Indicated Resource of 116,000 tonnes of 2.57% U3O8 and an Inferred Resource of 83,000 tonnes of 3.00% U3O8. The Indicated Resource is thus 6,580,000 lbs U3O8 and the Inferred Resource, an additional 5,470,000 lbs of U3O8. The uranium resource is identified as having low values for common toxic elements such as arsenic and selenium compared to most other deposits in the area. This makes the Roughrider Zone mineralization desirable for blending with such ores to reduce the bulk toxic element content before processing.

High grade zones of uranium mineralization comprise a significant part of the resource estimate as less than 10% of the resource tonnages described in the Mineral Resource Estimate below contain more than 56% of both the indicated and inferred uranium pounds. This large contribution by the high grade zones should also be considered in the context of the notes to the Resource Statement. Note 3. states that the "High U3O8 grades were cut to 30% in the outer zones, and 50% in the high grade zones". The Indicated Resource has approximately 20% larger tonnage than the Inferred Resource in a mineralized system that in plan view is described as "200 m. long by 100 m. wide" and lies within a much longer zone of alteration.

Excellent potential exists to increase resources. The mineralized drill hole MWNE 09-170, located approximately 200 metres to the East NorthEast of the Roughrider Zone, was part of the summer drilling excluded from this estimate. (Please see Hathor News Release of 09/09/09). This hole intersected strong alteration, similar to that of the Roughrider Zone, with over 60 metres of mineralization, including several sections of mineralization that caused off-scale readings on the Exploranium GR-110G gamma ray scintillometer used to assess mineralization. Assay results of this core interval will be released as soon as they are received.

The Mineral Resource Estimate follows as an insertion in this news release:

Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) prepared a Mineral Resource estimate for the Roughrider Zone (RRZ) based on drill results available as of September 1st, 2009. At a cut-off grade of 0.06% U3O8, the Indicated Mineral Resources are estimated at 116,000 tonnes grading 2.57% U3O8 containing 6.58 million pounds U3O8, and the Inferred Mineral Resources are estimated at 83,000 tonnes grading 3.00% U3O8 containing 5.47 million pounds U3O8. Within the uranium resource, grade estimates were made for an additional six metals, both potentially deleterious and potentially economic (Table 1).

Table 1 - Mineral Resource Estimate for the Roughrider Zone as
September 1, 2009

U3 O8
Tonnage U3 O8 (lbs x As Ni Se Mo Co Cu
(T x 1000) (%) 1000) (%) (%) (ppm) (%) (%) (%)
Outer Zones 106 1.17 2,730 0.13 0.10 7 0.10 0.03 0.22
High Grade Zones 10 17.28 3,850 0.69 0.55 47 0.21 0.07 0.38
Total Indicated Resource 116 2.57 6,580 0.17 0.14 10 0.11 0.04 0.23

Outer Zones 75 1.46 2,420 0.10 0.08 10 0.09 0.03 0.16
High Grade Zones 7 19.15 3,050 0.63 0.58 60 0.25 0.05 0.46
Total Inferred Resource 83 3.00 5,470 0.15 0.13 14 0.10 0.03 0.18

Notes :

1. CIM Definition Standards have been followed for classification of Mineral
2. The cut-off grade of 0.06% U3O8 was estimated using a U3O8 price of
US$65/lb and assumed operating costs and recoveries.
3. High U3O8 grades were cut to 30% in the outer zones, and 50% in the high
grade zones.
4. The Mineral Resource estimate uses drill hole data available as of
September, 2009.
5. Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability.
6. Totals may not add correctly due to rounding.

The drill hole database includes 120 diamond core holes (up to and including MWNE-09-131) totalling 41,830 metres, which does not include holes from the 2009 summer drill program. Mineral Resources are contained within twelve zones, two of which contain semi-contiguous high grade zones. A set of cross sections and plan views were interpreted to construct three-dimensional wireframe models using a minimum grade of 0.05% U3O8 and a minimum core length of 1.5 metres. Prior to compositing to one metre lengths, high U3O8 grades were cut to 30% U3O8 in outer zones, and 50% in the high grade zones.

Variogram parameters were interpreted from one-metre composited assay values. Block model U3O8 grades within the wireframe models were estimated by ordinary kriging. Other metals were estimated by inverse distanced squared (ID2). Both composites and block grade estimates were weighted by linear regression of density measurements and analyses of U3O8, Ni and As.

Classification into the Indicated and Inferred categories was guided by the drill hole density, interpreted variogram ranges, and the apparent continuity of the mineralized zones. In plan view, the resources are contained within an area 200 m long by 100 m wide, elongated in the N75E direction.

This information has been read and approved by David A. Ross, P.Geo, Senior Consulting Geologist at Scott Wilson Roscoe Postle Associates Inc. who is an independent "qualified person" as defined under National Instrument 43-101.

This news release describing the context of the Scott Wilson Roscoe Postle Associates Inc. Mineral Resources Estimate has been prepared by B. Ainsworth, PEng SK, VP Exploration and a Qualified Person for the Company.

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.

For further particulars about Terra Ventures, please contact Gunther Roehlig, President, at 1-866-683-0911 or visit the Company's website at www.terrauranium.com.

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.

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

Contact Information

  • Terra Ventures Inc.
    Gunther Roehlig
    Office: 1-604-683-0911 or Toll free: 1-866-683-0911
    1-604-683-7161 (FAX)