Hathor Exploration Limited
TSX VENTURE : HAT

Hathor Exploration Limited

March 03, 2008 11:25 ET

Hathor Exploration Limited: Midwest NorthEast Project-11.9 Metres of 5.29% U3O8

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2008) - Hathor Exploration Limited (TSX VENTURE:HAT) announces that it has received U3O8 assay results for uranium mineralization encountered in diamond drill hole MWNE-08-12 on its 90%-owned Midwest NorthEast project (see Hathor news release NR08-07, dated February 26, 2008). This drill hole intersected 11.9 metres grading 5.29% U3O8 beginning at 261.5 metres. In addition, individual assays include 20 cm grading 40.2% U3O8 beginning at 251.9 metres.

High-grade uranium mineralization in hole MWNE-08-12, the 12th hole of a planned 24-hole program, occurs in basement rocks that are a heterogeneous mix of variably clay-altered to clay-replaced pelitic gneiss, graphitic pelitic gneiss, granitic pegmatite and micro-granite.

Ninety-five (95) split core samples were taken from drill hole MWNE-08-12 over a continuous interval that extends from 240.6 to 287.0 metres down the hole. The individual sample intervals range from 0.2 to 1.0 m in length, except for one assay that was 0.1 m. True thicknesses of the mineralized core intervals are not yet known.

All samples were analysed for U3O8 (wt%) 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), General Requirements for the Competence of Mineral Testing and Calibration Laboratories. The samples were analysed using their ISO/IEC 17025:2005 accredited U3O8 wt% method. Laboratory method quality control included the insertion of certified reference materials applicable for the ranges of mineralization encountered. Check assays were carried out on five samples by the laboratory and two duplicate samples submitted by Hathor, all with satisfactory reproducibility. All samples are being analysed for a suite of other elements including Ni, Co, Cu, and Pb.

Summaries of the U3O8 assays within the 46.4 metre mineralized zone intersected in drill hole MWNE-08-12 are given in Tables 1 and 2. All ninety-five assays from the mineralized zone are listed in Table 3 at the end of this news release.

Table 1: Composited intervals in drill hole MWNE-08-12 at a cut-off value of 0.05 wt% U3O8 and minimum core length of 3.0 metres.



From To Interval U3O8
(m) (m) (m) (wt%)
242.0 245.3 3.3 1.16
250.6 256.0 5.4 2.07
261.5 273.4 11.9 5.29
278.0 281.0 3.0 0.058
284.0 287.0 3.0 0.207


Table 2: Six highest values for individual sample intervals in drill hole MWNE-08-12.



From To Interval U3O8
(m) (m) (m) (wt%)
251.9 252.1 0.2 40.20
261.7 261.9 0.2 28.20
262.3 262.6 0.3 28.40
269.4 269.6 0.2 20.40
271.4 271.6 0.2 27.20
271.8 272.0 0.2 29.80


Hathor Exploration's Senior Project Geologist, Dr Alistair McCready, commented: "The technical importance of this discovery can not be overstated. This discovery was made using a combination of new innovative exploration techniques following the re-examination of historic drill core with a fresh perspective. The mineralization represents a non-traditional, non-conductive target where no airborne EM anomalies are present, a new style of target for the Athabasca Basin. It signifies the need for exploration methodologies to evolve and utilize modern, cutting-edge techniques, such as reflection seismic to find structure - the key to these deposits."

Barry Cook, P.Eng., of Scott Wilson Roscoe Postle Associates Inc., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

Hathor's Midwest NE project is located in northern Saskatchewan's Athabasca Basin immediately adjacent to the Midwest property of AREVA Resources Canada Inc., Denison Mines Corp. and OURD Canada Co. Ltd. There, subject to regulatory approvals, mine site construction is slated to begin in mid-2009 and open-pit mining of a shallow (depth of about 200 metres) orebody is planned for early 2010. Points North Landing, a regional service centre to the region, is located about eight kilometres from Hathor's Midwest NE property and the modern, AREVA-operated McClean Lake uranium mill facilities are located approximately 10 kilometres to the east.

The current Midwest NE winter exploration program includes about 8,000 metres and utilizes two diamond drills contracted from Boart Longyear Inc., a global drilling company. Hathor has now completed in excess of 4,000 metres of diamond drilling in 14 of a planned 24 NQ-sized diamond drill holes. Holes completed to date are a combination of vertical and angled holes that dip approximately 70 to 80 degrees to the NW or NNW. Drill hole depths to the unconformity range from about 200 to 226 metres. Terra Ventures Inc. (TSX VENTURE:TAS) owns an 8% production carried interest in the Midwest NorthEast property.

With capital resources of approximately Cdn $20 million, Hathor continues to aggressively advance its portfolio of eleven Athabasca region uranium exploration projects. This area accounts for approximately 25% of the world's annual mine production of uranium. All of this production comes from unconformity-style uranium ore deposits, the highest-grade uranium ore deposits in the world.

Hathor Exploration Limited

Stephen G. Stanley, Director

Table 3: Drill hole MWNE-08-12 U3O8 assay results.



Core U3O8
From To Length (m) (wt%)
240.6 241.0 0.4 0.011
241.0 241.5 0.5 0.007
241.5 242.0 0.5 0.030
242.0 242.5 0.5 0.331
242.5 243.0 0.5 0.064
243.0 243.5 0.5 1.76
243.5 244.0 0.5 1.28
244.0 244.5 0.5 0.042
244.5 244.6 0.1 2.07
244.6 245.0 0.4 4.63
245.0 245.3 0.3 0.142
245.3 245.7 0.4 0.032
245.7 246.5 0.8 0.008
246.5 247.0 0.5 0.002
247.0 248.0 1.0 0.002
less than
248.0 249.0 1.0 0.001
less than
249.0 250.0 1.0 0.001
250.0 250.6 0.6 0.016
250.6 250.9 0.3 1.99
250.9 251.9 1.0 0.025
251.9 252.1 0.2 40.2
252.1 253.0 0.9 0.088
less than
253.0 254.0 1.0 0.001
254.0 254.2 0.2 0.020
254.2 254.4 0.2 3.67
254.4 254.7 0.3 0.199
254.7 255.0 0.3 0.012
255.0 255.6 0.6 0.007
255.6 255.8 0.2 7.60
255.8 256.0 0.2 0.579
256.0 256.5 0.5 0.002
256.5 257.0 0.5 0.002
257.0 258.0 1.0 0.004
258.0 259.0 1.0 0.012
259.0 260.0 1.0 0.014
260.0 261.0 1.0 0.010
261.0 261.5 0.5 0.007
261.5 261.7 0.2 7.84
261.7 261.9 0.2 28.2
261.9 262.1 0.2 14.1
262.1 262.3 0.2 6.98
262.3 262.6 0.3 28.4
262.6 263.0 0.4 0.785
263.0 263.4 0.4 0.052
263.4 263.8 0.4 0.015
263.8 264.0 0.2 17.3
264.0 264.2 0.2 0.010
264.2 264.6 0.4 0.081
264.6 265.0 0.4 0.048
265.0 265.4 0.4 0.084
265.4 265.6 0.2 15.0
265.6 266.0 0.4 0.005
266.0 267.0 1.0 0.005
267.0 267.5 0.5 0.094
267.5 268.0 0.5 0.844
268.0 268.5 0.5 0.027
268.5 269.0 0.5 0.025
269.0 269.2 0.2 0.043
269.2 269.4 0.2 2.74
269.4 269.6 0.2 20.4
269.6 269.8 0.2 13.6
269.8 270.0 0.2 0.013
270.0 270.2 0.2 0.888
270.2 270.5 0.3 0.003
270.5 271.0 0.5 0.374
271.0 271.2 0.2 15.6
271.2 271.4 0.2 0.110
271.4 271.6 0.2 27.2
271.6 271.8 0.2 13.3
271.8 272.0 0.2 29.8
272.0 272.2 0.2 6.12
272.2 272.4 0.2 7.46
272.4 272.6 0.2 11.5
272.6 272.8 0.2 9.19
272.8 273.0 0.2 13.2
273.0 273.2 0.2 5.70
273.2 273.4 0.2 0.299
273.4 273.6 0.2 0.008
273.6 273.8 0.2 0.033
273.8 274.0 0.2 0.022
274.0 275.0 1.0 0.015
275.0 276.0 1.0 0.030
276.0 277.0 1.0 0.003
277.0 278.0 1.0 0.014
278.0 279.0 1.0 0.033
279.0 280.0 1.0 0.020
280.0 281.0 1.0 0.122
281.0 282.0 1.0 0.011
282.0 283.0 1.0 0.027
283.0 284.0 1.0 0.005
284.0 285.0 1.0 0.006
285.0 286.0 1.0 0.039
286.0 286.5 0.5 0.901
286.5 287.0 0.5 0.252


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Contact Information

  • Hathor Exploration Limited
    Stephen Stanley
    Director
    (604) 684-6707
    or
    Hathor Exploration Limited
    Tony Nunziata
    Investor Relations
    (403) 560-7040
    Website: www.hathor.ca