Hathor Exploration Limited

Hathor Exploration Limited

October 25, 2006 11:26 ET

Hathor Continues to Advance its Midwest NE Property Towards Drilling

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 25, 2006) - Hathor Exploration Limited (TSX VENTURE:HAT) is pleased to announce that it has completed re-logging and re-sampling of 14 historic drill holes located on its Midwest NE property. Between 1978 and 1982, thirteen of the historic drill holes were completed by Asamera Oil Corporation. The last hole was drilled in 1995 to test a north-northeast trending conductor, this hole was found to have above background uranium and lead values occurring in the sandstone and a zone of illite-altered sandstone associated with structure. The cause of the conductor has not been found.

The Midwest NE property, located in the Athabasca Basin of northern Saskatchewan, is 90%-owned by Hathor's subsidiary, Roughrider Uranium Corp. The target for exploration on the Midwest NE property is an open-pittable, high-grade, unconformity-style uranium deposit similar to what has been outlined on the adjacent Midwest property of AREVA Resources Canada Inc., Denison Mines Inc. and OURD Canada Co. Ltd.

Highlights of Hathor's recent work include:

- Upon inspection, there appears to have been no previous systematic sampling of the historic drill core; only the last 1 metre of sandstone above the unconformity and 0.5 metres below the unconformity is split core. As such, 516 samples were taken for further analyses;

- The unconformity occurs at depths varying from 194 to 212 metres;

- None of the historic drill holes extend into the basement for more than 50 metres, in fact most of the drill holes only extend for approx. 20 m into the basement;

- In some of the historic drill holes, clay alteration is strongly developed in the sandstone and corresponds to a zone of brittle deformation;

- A number of the drill holes exhibit brittle structures and moderate to locally strong alteration within the basement;

- To preserve this valuable historic drill core for future studies, all core was re-boxed.

Geological structures are one of the key factors in the formation of unconformity-style uranium deposits. The results of Hathor's recent study will help guide the further exploration of the Midwest NE property and in particular, aid in the definition of semi-brittle to brittle structural features that may have carried and trapped uranium-rich fluids during ore-forming processes. These fluids also resulted in the alteration of host rocks and identifying such features are an important tool in the exploration process.

On the adjoining Midwest Property, Denison have reported the Midwest deposit as having a proven and probable reserve estimate of 345,500 tonnes grading 5.47% U3O8, 4.37% nickel and 0.33% cobalt. Also on the Midwest property, considerable exploration success has been achieved about 4 Km to the northeast of the Midwest deposit in a zone referred to as the "Mae Zone" discovery where Denison have reported recent drill results (following up a late 1970's drill intersection of 8.24% U3O8 over 3.8 meters) including: 1.1% eU3O8 over 17.7 m; 1.26% eU3O8 over 23.2 m; 3.21% eU3O8 over 31.3 m; 4.1 % eU3O8 over 3.8 m; 6.2% eU3O8 over 7.1 m; 9.5% eU3O8 over 7.2 m; 11.7% eU3O8 over 7.7 m; 12.4% eU3O8 over 6.1 m; and 15.3% eU3O8 over 12.5 m.

Regarding their Mae Zone discovery, at the April, 2006 shareholders meeting, Peter Farmer, President & CEO of Denison Mines, stated:

"...as COGEMA has informed us: This area is their best discovery in Saskatchewan, if not in the world, over the last several years."

Hathor's Midwest NE property is located approximately 900 meters to the northeast of the Mae Zone.

Dr. Irvine Annesley of the Saskatchewan Research Council sees the East/Northeast extension of the above-mentioned "Mae Zone" discovery as a primary exploration target on the Midwest NE claim, where the intersection of N30ºE with N70ºE and/or E-W structural lineaments are considered to be the prime potential focus for the deposition of uranium mineralization. Follow-up geological and geophysical surveys will allow Hathor to outline such structural geochemical traps and formulate new targets for diamond drilling, which is expected to start in February, 2007.

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

Hathor Exploration Limited

Stephen G. Stanley, President

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Contact Information

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