Hathor Exploration Limited

Hathor Exploration Limited

November 10, 2011 16:43 ET

Hathor Releases New Assay Results for the Far East Zone at Roughrider

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2011) - Hathor Exploration Limited (TSX:HAT) ("Hathor" or the "Company") is pleased to release the final assay results from the 2011 summer drill program at the Far East Zone of the Roughrider Uranium Deposit in the Athabasca Basin, with new data from 2 drill holes (MWNE-11-716 and MWNE-11-718). Assays from drill hole 718 confirm new mineralization near the unconformity at Far East, in a zone much shallower than the main zone outlined by previous drilling.

Table 1 below presents select composited assay data from the two new drill holes; a complete set of composited assay data is provided in Table 2.

Table 1: Composited Assay Data Highlights for Drill Holes MWNE-11-718 and -716, Far East Zone.
DDH From
GT Distance below UNC (m)
MWNE-11-718 228.00 232.00 0.93 4.00 3.71 22.00
MWNE-11-718 248.00 257.50 2.96 9.50 28.09 42.00
MWNE-11-718 276.50 279.00 1.01 2.50 2.53 70.50
MWNE-11-718 327.00 376.00 2.22 49.00 108.66 121.00
MWNE-11-718 381.50 388.50 4.44 7.00 31.08 175.5
MWNE-11-716 364.00 365.00 7.72 1.00 7.72 159.00
GT – Grade x Thickness; Based on a cut-off of 0.05% U3O8. All intervals are core lengths. Grade values are rounded to two decimal places. GT values have been calculated from original assay numbers which are listed to three decimal places. UNC – unconformity

Figure 1 is a plan map showing the location of all drill holes completed to date at the Far East Zone. Figure 2 is a cross section with the composite intersections shown above in Table 1 for drill hole MWNE-718; the figure shows the spatial relationship between the original, main zone of mineralization at Far East and the new, shallower zone of mineralization near the unconformity. Both figures are modified from figures in the Company's previous news release dated September 20, 2011.

The recently completed NI 43-101 compliant technical report Preliminary Economic Assessment Technical Report for the East and West Zones, Roughrider Uranium Project, Saskatchewan, filed on SEDAR October 27, 2011, does not include the Far East Zone. The Company is currently evaluating a mineral resource estimate model for the Far East Zone.

2011 Summer Program Summary

The 2011 summer drill program at Roughrider used two drill rigs for nine weeks to complete 9,600 m in 20 drill holes, of which 19 were at the Far East Zone (news releases dated August 15, 2011 and September 20, 2011).

Based on results to date, the Far East Zone will be the focus of the Company's planned exploration drill program at Roughrider for the upcoming winter drill season in 2012.

Sample Analysis and QAQC

All mineralized drill hole intersections are reported as down-hole intervals, not true thickness. True thicknesses are determined within the context of 3D geological models used for exploration and resource modeling.

Samples were chemically analyzed for U3O8 at the Geoanalytical Laboratories of the Saskatchewan Research Council (SRC). The facility operates in accordance with ISO/IEC 17025:2005 (CAN-P-4E). The samples were analyzed using ISO/IEC 17025:2005-accredited U3O8 method. The samples were analyzed for a suite of other base metal elements including nickel, cobalt, copper and lead by ICP-ES. Field and laboratory of select samples show good reproducibility.

Dry bulk density determinations were carried out by Hathor staff on the drill core.

Full details of the Company's QAQC program are documented in the NI 43-101 compliant technical report Technical Report for the Roughrider East Zone, Roughrider Uranium Deposit, Midwest Northeast Project, Saskatchewan, filed on SEDAR on June 29, 2011.

Midwest Northeast Property

The Midwest Northeast Property ('the Property'), which contains the Roughrider Uranium Deposit, is within the eastern corridor of the Athabasca Basin. It comprises 3 mineral leases covering 598 ha, and located approximately 8.5 km north of Points North, the main service hub for northern Saskatchewan.

Subsequent to the successful acquisition of Terra Ventures Inc. (see news release dated August 5, 2011), Hathor owns 100% of the Property and the Roughrider Uranium Deposit.

A NI 43-101 compliant mineral resource estimate for the West Zone titled Technical Report for the Midwest Northeast Project, Roughrider Zone, Saskatchewan, was filed on SEDAR on January 14, 2011. A NI 43-101 compliant mineral resource estimate for the East Zone titled Technical Report for the Roughrider East Zone, Roughrider Uranium Deposit, Midwest Northeast Project, Saskatchewan, was filed on SEDAR on June 29, 2011.

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 NI 43-101 and have reviewed and approved the technical disclosure 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.

To view Figure 1, visit the following link: http://media3.marketwire.com/docs/HathorFigure1.pdf

To view Figure 2, visit the following link: http://media3.marketwire.com/docs/HathorFigure2.pdf

Table 2: Complete Composited Assay Data for drill holes MWNE-11-716 and -718, Far East Zone, Roughrider Uranium Deposit. GT = Grade x Thickness; Based on a cut-off of 0.05% U3O8. All intervals are core lengths.
DDH From (m) To
Grade (U3O8%) Thickness (m) GT
MWNE-11-716 348.00 348.50 0.10 0.50 0.05
MWNE-11-716 364.00 365.00 7.72 1.00 7.72
MWNE-11-716 371.50 372.50 0.71 1.00 0.71
MWNE-11-716 401.50 402.00 0.28 0.50 0.14
MWNE-11-716 405.00 405.50 0.09 0.50 0.04
MWNE-11-716 410.50 411.00 0.10 0.50 0.05
MWNE-11-716 412.50 413.00 0.11 0.50 0.06
MWNE-11-716 414.50 415.00 0.05 0.50 0.03
MWNE-11-716 424.50 425.00 0.14 0.50 0.07
MWNE-11-718 228.00 232.00 0.93 4.00 3.71
MWNE-11-718 248.00 257.50 2.96 9.50 28.09
MWNE-11-718 264.00 265.50 0.29 1.50 0.43
MWNE-11-718 276.50 279.00 1.01 2.50 2.53
MWNE-11-718 327.00 376.00 2.22 49.00 108.66
comprising 327.00 353.50 2.00 26.50 53.10
comprising 353.50 356.00 0.01 2.50 0.03
comprising 356.00 369.50 4.04 13.50 54.59
comprising 369.50 371.50 0.01 2.00 0.02
comprising 371.50 376.00 0.20 4.50 0.92
MWNE-11-718 381.50 388.50 4.44 7.00 31.08
MWNE-11-718 396.50 397.00 4.42 0.50 2.21

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

    Hathor Exploration Limited
    Kelsea Murray