Terra Ventures Inc.

Terra Ventures Inc.

October 21, 2010 08:01 ET

Terra Ventures Inc.: Hathor's Roughrider East Delivers Best Hole to Date, Intersecting 63.5 m of 7.75 % U3O8, Including a 17.5 m Interval of 24.3 % U3O8, With Assays as High as 87.2 % U3O8

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 21, 2010) - 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 October 21, 2010 Hathor reported:

"Hathor Exploration Limited (TSX VENTURE:HAT) is pleased to announce assay results from drill hole MWNE-10-648, the first complete set of drill hole assays from the recently completed 2010 summer drill program at the Company's Midwest NorthEast project in the Athabasca Basin, Saskatchewan. This drill hole enforces the resource potential for the Roughrider East deposit. Results include:

  • A composite interval of 63.5 m grading 7.75 % U3O8. The composite interval includes:

    • 42.0 m of 11.06 % U3O8, which itself includes:

    • 17.5 m of 24.28 % U3O8

  • The highest individual assay to date on the property, at 87.2 % U3O8.

  • Mineralization is nearly continuous. For example, 57 of 72 samples are mineralized within the 42.0 m composite interval. 

  • The 63.5 m intersection is near to the true structural thickness of the mineral zone. 

  • Arsenic and selenium contents are low, similar to the Roughrider deposit itself. 

Table 1: Summary assay data for the 63.5 metre composite intersection in Drill Hole MWNE-10-648*
DDH From To Interval
MWNE-10-648 237.5 301.0 63.5 7.75 492.0 285.5 15.7 0.01 0.35 0.07 0.02 0.19
Zone 1
237.5 279.5 42.0 11.06 464.5 414.0 18.4 0.01 0.21 0.09 0.02 0.22
including 246.5 264.0 17.5 24.28 424.9 923.0 25.9 0.02 0.09 0.20 0.05 0.37
including 256.5 258.0 1.50 82.00 123.0 344.7 34.3 0.02 0.06 0.12 0.03 0.14
Zone 2 comprises 282.5 301.0 18.5 1.48 27.4 37.1 11.2 <0.01 0.70 0.03 0.02 0.13
* All intersections are down‐hole; their relationship with respect to the geometry of the mineral zone at Roughrider East is evident on drill fence cross-sections.
** GT = Grade – tonnage coefficient

This News Release provides assay data for MWNE-10-648. Geology and radioactivity data from the drill hole were released previously (NR dated September 1, 2010). The location of drill hole MWNE-10-648 on Line 20 W is shown on the plan map in Figure 1, and the intersection is shown schematically in the cross section in Figure 2; corresponding core is shown in Photo 1. Summary assay data shown above in Table 1 are derived from complete assay data sets in Table 1 available on the Company's website. Assays from the highest grade interval are shown on corresponding core lengths in Photo 2. Truly massive pitchblende mineralization in core is shown in Photo 3

A complete set of maps, sections and photos for the Roughrider and Roughrider East uranium deposits are available on the Company's website at www.hathor.ca

The mineralization on Line 20W at Roughrider East is robust. It extends from approximately 10 m below the unconformity to 90 m down into the basement rocks. It comprises two high-grade intervals of 42.0 m at 11.06 % U3O8 and 18.5 m of 1.48 % U3O8 respectively (Table 1), separated by a 3 m zone with an average of grade of < 0.05 % U3O8 (below cut-off grade). Compositing of the two mineralized zones and the zone of internal dilution produces an average grade of 7.75 % U3O8 over 63.5 m.

Alteration is pervasive throughout the composite interval, including hematite, illitic and chloritic clay assemblages. Desilicification occurs in sandstone above the unconformity, and breccia textures are common in the basement. Overall, there is no preferred host rock to mineralization and alteration; ALL basement rock types are affected, including Wollaston Group pelitic (± graphite) gneiss and overlying hanging wall micro-granite and pegmatite.

Drill Hole 648 provides infill data for the heart of the Roughrider East mineral system. For resource modelling, it will provide new data for high grade mineralization previously separated by 40 m between holes MWNE-10-613 and 610. Twenty metres down-dip from hole 648, drill hole MWNE-10-610 intersected two distinct zones of mineralization, an upper zone of 61 metres of nearly continuous lower grade mineralization (< 1 % U3O8), including 12.0 m at 22.51 % U3O8. Twenty metres up-dip from hole 648, drill hole MWNE-10-613 intersected an upper zone of 39.0 metres of nearly continuous lower grade mineralization (< 1 % U3O8), including 4.5 m at 1.17 % U3O8, and a lower zone of 16.0 m at 1.24 % U3O8.


The overall exploration and resource potential for the Midwest NorthEast Property grows as Roughrider East is solidified (Figure 3). Resource models are currently being developed for the Roughrider uranium deposit, with results expected later this fall. A geologic model is also being developed in two dimensions for Roughrider East, on geologic cross-sections spaced ten metres apart, congruous with the model for Roughrider. Resource models will be built in three dimensions for Roughrider East based on this work, once all geochemical data from the summer drill program are in hand. Drilling in the upcoming winter season will complete infill and extension work both in the eastern and western parts of the 220 m of strike of Roughrider East, as it is currently identified. Further, drilling will test the footwall zone of the resistivity anomaly which extends for 700 m to the southwest, along the Midwest uranium trend. 

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. The samples were analyzed for a suite of other base metal elements including nickel, cobalt, copper and lead by ICP-ES. Select samples are analysed for precious metals including gold, platinum, palladium and rhenium. These results will be released upon receipt of all results. Dry bulk density determinations of core are determined both in the field, and at the SRC laboratories. 

The Midwest NorthEast Property is located along strike to the north of the Midwest and Midwest A uranium deposits. The Roughrider deposit is accessed by a 6 km winter road connected to Highway 955. The property is approximately 8.5 km north of the community of Points North, the main service hub for northeastern Saskatchewan.

Terra Ventures Inc. owns a qualified 10% interest on the Property, carried to the completion of a positive feasibility study on the Roughrider Deposit.

Alistair McCready, Ph.D., P.Geo., Hathor's Exploration Manager with responsibility for all of Hathor's exploration in Saskatchewan, and Michael Gunning, Ph.D., P.Geo, Hathor's Chief Operating Officer, are Qualified Persons as defined by National Instrument 43-101 and have 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.

To view the maps and photos associated with this release, please visit: http://media3.marketwire.com/docs/tas21map.pdf.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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