Hathor Exploration Limited
TSX : HAT

Hathor Exploration Limited

August 16, 2011 07:00 ET

Far East Discovery at Roughrider Continues to Expand as Hathor Completes the 2011 Summer Drill Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 16, 2011) - Hathor Exploration Limited (TSX:HAT) is pleased to announce the completion of the 2011 summer drill program at the Roughrider Uranium Deposit in the Athabasca Basin, Saskatchewan. The Far East Zone continues to grow, and remains open to the east and south; it will be the focus of exploration drilling in the upcoming winter drill season.

The 2011 summer drill program utilized two drill rigs for approximately nine weeks. A total of 9,600 metres were completed in 20 drill holes, 19 were at Far East. Figure 1 shows spatial relationship of the three mineralized zones at Roughrider; West, East, and Far East. The first seven drill holes completed at Far East were reported in the previous news release dated July 26, 2011. Highlights and key attributes of Far East Zone to date include:

  • Elevated radioactivity in 19 of 19 drill holes (Figure 2).
  • Off-scale radioactive intervals in 18 of the 19 drill holes.
  • Mineralized drill intersections span 85 metres of strike in an easterly direction, connecting mineralization that dips moderately to the north-northeast (Figure 2).
  • All drill holes are vertical. Oblique intersections of nearly continuous radioactivity are commonly between 30 to 40 metres, and locally up to 60 metres (Figure 3, Figure 4).
  • Uranium mineralization is basement-hosted, up to 200 m below the unconformity; it is not restricted to Wollaston Group lithologies (Figure 5, Figure 6).
  • Semi-massive and massive pitchblende mineralization occurs as replacement, vein, fracture and breccia style (Figure 7, Figure 8).
  • Locally pervasive clay and hematite alteration surrounds mineralization, and also occurs at the unconformity.

One exploration drill hole (MWNE-11-719) was completed 300 m southeast of the Far East Zone (Figure 1). This drill hole intersected two thin zones of anomalous radioactivity in the basement, and strong alteration and structures in the sandstone column. Follow-up drilling is anticipated.

Table 1 provides a summary of anomalous radioactivity in drill holes MWNE-11-712A to MWNE-11-719; radioactivity summaries for the first eleven holes of the summer program are provided in Table 1 of the previous news release, dated July 26, 2011. Complete down-hole radiometric data are available on the Company's website at www.hathor.ca. Figure 2 is a detailed plan map that provides the location of all drill holes at Far East, and delineation of mineralization to date. Figure 3 is a cross section along Line 130E and Figure 4 is a cross section along Line 140E. Core box-scale overviews of uranium mineralization are shown in Figure 5 and Figure 6. Hand sample-scale examples of uranium mineralization are shown in Figure 7 and Figure 8.

Overall, the Far East zone remains open (untested) to the south and east, and it will be the focus of an aggressive follow-up drill program this winter. It represents a material development in the resource potential of the overall Roughrider uranium system.

Midwest Northeast Property

The Midwest Northeast Property is located within the main uranium-producing eastern corridor of the Athabasca Basin. The Property comprises 3 mineral leases covering 598 ha. Infrastructure is excellent. The Property is connected to Highway 905 by a 6 km winter road. The property is 8.5 km north of Points North, the main service hub, including airport, for northeastern Saskatchewan. The Property is within 25 km of operating uranium mine, mill and tailings facilities established at Rabbit Lake and McClean Lake during the past 35 years of production in the Athabasca.

Subsequent to the successful acquisition of Terra Ventures Inc. (see News Release dated August 5, 2011), Hathor owns 100 % of the Midwest Northeast Property, subject only to royalty.

Alistair McCready, Ph.D., P.Geo., Hathor's V.P. Exploration, and Michael Gunning, Ph.D., P.Geo, Hathor's President & Chief Executive Officer, are Qualified Persons as defined by National Instrument 43-101 and have reviewed and approved the technical disclosures in this news release.

Dr. Michael H. Gunning, President & CEO

Hathor Exploration Limited

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information concerns Hathor's anticipated operations in future periods, planned exploration and development of its properties, and plans related to its business and other matters that may occur in the future. This information relates to analyses and other information that is based on expectations of future performance and planned work programs. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if a mineral property is developed. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation: exploration hazards and risks; risks related to exploration and development of natural resource properties; uncertainty in Hathor's ability to obtain funding; precious and base metal price fluctuations; recent market events and conditions; risks related to the uncertainty of mineral resource calculations and the inclusion of inferred mineral resources in economic estimation; risks related to governmental regulations; risks related to obtaining necessary licenses and permits; risks related to Hathor's business being subject to environmental laws and regulations; risks related to Hathor's
mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to competition from larger companies with greater financial and technical resources; risks relating to Hathor's inability to meet its financial obligations under agreements to which it is a party; ability to recruit and retain qualified personnel; and risks related to Hathor's directors and officers becoming associated with other natural resource companies which may give rise to conflicts of interests. This list is not exhaustive of the factors that may affect Hathor's forward-looking information. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information. Hathor's forward-looking information is based on the reasonable beliefs, expectations and opinions of management on the date the statements are made and Hathor does not assume any obligation to update forward-looking information if circumstances or management's beliefs, expectations or opinions change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking information. For a complete discussion, please refer to Hathor's Annual Information Form and unaudited financial statements and MD&A for its most recently completed financial year on SEDAR at www.sedar.com.

Table 1: Summary of Anomalous Radioactivity.

DDH Zone of Anomalous Radioactivity (>500 cps) Interval
(m)*
Combined Offscale
Radioactivity
(>9,999 cps)
From (m) To (m)
MWNE-11-712A 340.20 346.70 6.50 9.10
349.45 382.10 32.65
390.30 392.70 2.40
MWNE-11-713 406.30 410.55 4.25 1.45
422.80 424.00 1.20
MWNE-11-714 240.40 246.85 6.45 1.30
249.60 251.20 1.60
332.55 337.15 4.60
429.50 434.70 5.20
441.70 443.70 2.00
MWNE-11-715 332.90 334.30 1.40 7.00
354.75 361.25 6.50
365.60 375.85 10.25
378.90 381.55 2.65
395.90 396.80 0.90
MWNE-11-716 364.20 364.65 0.45 0.65
371.40 372.50 1.10
424.40 425.10 0.70
MWNE-11-717A 360.90 362.15 1.25 0.45
397.85 399.15 1.30
MWNE-11-718† 226.90 232.30 5.40 17.30
248.10 257.60 9.50
264.00 265.05 1.05
276.80 279.10 2.30
327.00 369.60 42.60
371.60 376.00 4.40
381.20 388.70 7.50
MWNE-11-719 380.50 381.30 0.80 0.00
384.50 385.70 1.20
*All intervals are core lengths. The zone of anomalous radioactivity may contain zones of background radioactivity. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials.
Core Sizes. MWNE-11-718 was completed using HQ sized drill core; all others were completed using NQ sized drill cores. The reader is cautioned that NQ and HQ drill core scintillometer readings are not directly comparable.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Hathor Exploration Limited
    Tony Nunziata
    403-560-7040

    Hathor Exploration Limited
    Kelsea Murray
    604-684-6707
    www.hathor.ca