Terra Ventures Inc.

Terra Ventures Inc.

June 04, 2009 12:06 ET

Terra Ventures Inc.: Hathor's Midwest Northeast Drill Hole # 116 Intersects 2.5 Metres of 70% U3O8 with Assays up to 84% U3O8

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 4, 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 June 4, 2009, Hathor reported: "Hathor Exploration Limited (HAT:TSX-V) is pleased to announce U3O8 assay results for a further 23 drill holes from the 2009 winter drill program on the Roughrider Zone at its 90%-owned Midwest NorthEast property, northern Saskatchewan. Twenty of these drill holes intersected uranium mineralization (using a 0.05 wt% U3O8 cut-off grade) and high-grade highlights of U3O8 assayed core-length intervals(i) from 7 of these include:

DDH From To Interval(i) U3O8 GT(ii) Maximum Grade
(m) (m) (m) (wt%) (U3O8 wt%)

MWNE-09-116 241.5 254.5 13.0 18.12 235.54 84.20
including 247.5 250.0 2.5 70.34

MWNE-09-110C 237.0 253.0 16.0 4.96 79.35 34.10
including 247.5 252.0 4.5 16.13

MWNE-09-88 237.0 247.0 10.0 5.68 56.83 24.60
including 241.0 243.5 2.5 19.30

MWNE-09-102 241.0 253.0 12.0 4.91 58.89 22.30
including 244.5 251.0 6.5 8.03

MWNE-09-113 230.5 249.5 19.0 2.49 47.22 22.40
including 242.5 244.0 1.5 7.12
MWNE-09-113 255.0 260.0 5.0 0.59 2.95 0.93
MWNE-09-113 262.5 265.0 2.5 6.64 16.60 31.70
including 263.0 263.5 0.5 31.70

MWNE-09-89 231.5 244.5 13.0 2.63 34.24 33.80
including 235.0 236.5 1.5 16.88

MWNE-09-115 210.0 219.5 9.5 0.60 5.71 2.28
including 212.0 213.5 1.5 1.52
MWNE-09-115 222.5 228.5 6.0 4.42 26.54 12.70
including 222.5 225.0 2.5 7.53

(i) All intersections are down-hole, core-length intervals and true
thickness of mineralization is yet to be determined.
(ii) "GT" or "Grade x Thickness" is the product of the Interval and the
U3O8 Mineralized Grade for that Interval.

The maximum grade intersected in the drill holes reported here is 84.20 wt% U3O8 over 0.50m. Two repeat analyses of this interval returned values of 84.3 and 84.70 wt% U3O8. Dr. Alistair McCready, Hathor's Senior Project Geologist, said: "We knew that drill hole 116 was going to be impressive from the visual examination, the down hole gamma survey and the high density measurements of core samples (up to 7.6 g/cc). We were, however, not expecting it to return some of the highest grades of uranium ever reported for Athabasca Basin mineralization. This further confirms that the Roughrider Zone may represent the best ever discovery by a junior in the Athabasca Basin."

The other 13 drill holes contained uranium mineralization ranging from 0.39% U3O8 over 3.15 metres to 5.22% U3O8 over 1.5 metres. Three drill holes were not mineralized.

During the winter, Hathor completed 30,711 metres of diamond drilling in 89 drill holes from the ice of South McMahon Lake. A full listing of U3O8 assay results, detailed drill collar information (for the entire winter's drilling), select pictures of altered and uranium-mineralized drill core and scintillometer results (cps values) are available on Hathor's website: www.hathor.ca. The cps values reported on drill core still to be assayed, from holes on the southwest and northeast sides of the mineralized zone, indicate that the mineralization is open to further extensions along strike.

The successful 2009 winter drill program has:

- Demonstrated good continuity of the Roughrider Zone mineralization

- Identified significant strike and width extensions of the original Roughrider Zone

- Demonstrated that the Roughrider Zone remains open in all dimensions

- Discovered zones of high radioactivity at (+/- 5m) the unconformity

- Intersected the highest grade assay reported from the project to date, to the southwest a 30m step-out, hole DDH MWNE-09-116, which falls slightly short of the record grades from the McArthur River mine, but higher than the best assays reported from the Cigar Lake mine.

- Provided evidence for new basement-hosted zones

A summer drill program is planned to commence shortly, utilizing both barge-based and a land-based drill rigs. These will be used to: further test for strike-length extensions and for potential sandstone-hosted mineralization occurring above the basal unconformity; continue in-fill drilling; and provide material for detailed metallurgical testing. Hathor is fully-funded to carry out this summer work and will be releasing assay data from the remaining drill holes of the winter campaign as they are received and verified.

Samples were analyzed for U3O8 at the Geoanalytical Laboratories of the Saskatchewan Research Council (SRC). The facilities used for the analysis operate in accordance with ISO/IEC 17025:2005 (CAN-P-4E). The samples were analyzed using ISO/IEC 17025:2005-accredited U3O8 method. Laboratory method quality control included the insertion of certified reference materials applicable for the ranges of mineralization encountered. Repeat analyses were performed on every 20th sample. All repeat samples had good reproducibility, including those in the very high grade assay ranges. The very high grade samples were subjected to multiple check analyses. All samples are being analyzed for a suite of other elements including nickel, cobalt, copper and lead.

Terra Ventures Inc. owns a 10-per-cent production carried interest in the Midwest NorthEast property.

Benjamin Ainsworth, P.Eng., a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release."

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.

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
    1-866-683-0911 or 1-604-683-0611
    1-604-683-7161 (FAX)