Terra Ventures Inc.
TSX VENTURE : TAS

Terra Ventures Inc.

March 03, 2008 14:04 ET

Terra Ventures Inc.: Midwest Northeast Project-11.9 Metres of 5.29% U3O8

Terra Ventures Inc. / Hathor Exploration Limited: Midwest Northeast Project Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2008) - Terra Ventures Inc. (TSX VENTURE:TAS) is providing an update on the Midwest Northeast uranium project in the Athabasca basin. Terra Ventures owns an 8-per-cent production-carried interest in the project and is not required to contribute any exploration expenditures until a positive feasibility study is produced. Hathor Exploration Ltd. has a 90-per-cent interest in the property and is the operator. The Athabasca basin accounts for approximately 25-per-cent 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.

In a news release in Stockwatch on March 3, 2008, Hathor Exploration (TSX VENTURE:HAT) has reported that: "Hathor Exploration 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 March 3, 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 reexamination 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.

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.

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
---------------------------------------------


On behalf of the board of directors of TERRA VENTURES INC.

Greig Hutton

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Terra Ventures Inc.
    Greig Hutton
    (604) 683-0911 or Toll Free: 1-866-683-0911
    (604) 683-7161 (FAX)
    Website: www.terrauranium.com