Terra Ventures Inc.

Terra Ventures Inc.

March 29, 2010 10:55 ET

Terra Ventures Inc.: Numerous New Zones of Off-Scale Radioactivity and Visible Uranium Mineralization Intersected At Roughrider Uranium Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 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 March 29, 2010 Hathor reported:

"Hathor Exploration Limited (HAT:TSX-V) announces the first update, detailing 15 drill holes, for its 2010 winter drilling program on the Roughrider uranium deposit at its Midwest Northeast property in northern Saskatchewan. The Company is extremely pleased with the success of the on-going delineation drilling.

The 2010 winter drill program has two objectives: 1. Infill and fully delineate the Roughrider uranium deposit in order to increase the Initial Resource Model, and; 2. Follow-up on the 2009 discovery at Roughrider East, located 200 m east of the Roughrider uranium deposit, as shown in Figure 1 on the Company's website at www.hathor.ca. Both objectives are returning positive results.

The winter drill program is ongoing, at the time of writing, 41 drill holes have been completed on the Roughrider uranium deposit for a total of approximately 13,000 metres, with up to ten additional holes to be completed by the anticipated demobilization at the end of March. This is in addition to some 12,000 metres already completed at Roughrider East, where drilling is also ongoing.

Results for drilling on the Roughrider uranium deposit will be released in four separate areas, as shown on Figure 2; radioactivity and general geology data first, to be followed up with assay data when available. This news release reports on the first area to be completed, Area 3, as shown on Figure 2. It includes a total of 15 drill holes for a total of approximately 4,600 metres. The remaining drilling in the current program will occur exclusively in the other three areas. Results from those areas will be reported in subsequent releases.

The drill holes in Area 3 are from the central area of the Roughrider uranium deposit. They span lines 40E to 70E. As shown on Figure 2, Area 3 is mostly within the lower grade mineralization shell (<5% uranium oxide), bounded to the northeast and southwest by the high grade shell (>5% uranium oxide), as defined by the Initial NI43-101 compliant resource model ("Initial Resource Model") completed by Scott Wilson Roscoe Postle Associates Inc. (RPA) in December of last year, based on drilling prior to the summer of 2009. (SEDAR and the Company's website at www.hathor.ca).

The potential to increase the Initial Resource Model for the Roughrider uranium deposit is underscored by the highlights bulleted below. 

  1. Intersections of semi-massive uranium mineralization within the lower grade shell of the Initial Resource Model.
    For example: Hole MWNE-10-179; 22.2 m of nearly continuous elevated radioactivity, including 5.1 m of >9999 cps (off-scale radioactivity).
     * See cross section in Figure 3, and uranium mineralization in Photo 1.
  1. Intersections of new uranium mineralization in two separate areas shown as unmineralized within the Initial Resource Model.
    For example: Hole MWNE-10-187a; 9.3 m of nearly continuous elevated radioactivity, including 1.8 m of >9999 cps.
     * See plan map in Figure 2, and uranium mineralization in Photo 2.
  1. Intersections of semi-massive mineralization adjacent to and outside of the Initial Resource Model.
    For example: Hole MWNE-10-192; 18.8 m of nearly continuous elevated radioactivity, including 3.8 m of >9999 cps.
     * See cross section in Figure 4, and uranium mineralization in Photo 3.

A summary of drill hole results is provided below. A capsule description of the radioactivity results for each of the 15 holes are in Table 1. Complete scintillometer data sets for the 15 holes are in Table 2 (see www.hathor.ca).

Summary of Area 3 drill holes:

Line 40E: Drill holes 10-192 and 10-191, were designed to test the mineralization inferred to be down-dip from drill hole 09-47A. Both drill holes successfully intersected anomalous radioactivity. This radioactivity, however, was both much stronger and much wider than that modelled in the Initial Resource Model. Drill hole 10-195, an infill drill hole between drill holes 09-47A and 09-44, successfully intersected off-scale radioactivity within an area previously modelled as lower grade.

Line 50E: Drill holes 10-179, 10-182, and 10-185A, planned as infill holes within the lower grade mineralization (<5% uranium oxide), successfully intersected wide intersections of anomalous radioactivity and variable amounts of off-scale mineralization. Further drilling is still required to the west of 161C.

Line 60E: Drill holes 196 and 198 successfully intersected off-scale radioactivity within an area that had been defined by the Initial Resource Model as not having any mineralization due to a lack of drill information. This area is now considered infilled. Drill hole 10-177, intended to test the thickness of the mineralization acutely intersected in drill hole 08-30, successfully intersected anomalous radioactivity and achieved its aim. Drill holes 10-173 and 10-174 were designed to test for mineralization at the down-dip northern extent of the deposit. While 10-174 did intersect radioactivity from 249.80 to 250.80 m within the basement, including intervals of >9999 cps, these drill holes did not intersect the intended target; more drilling is required to fully delineate the northern limit of the deposit.

Line 70E: Drill holes 10-187A and 10-189 were designed to test the inferred mineralization down dip from 09-88 and 09-110C. Drill hole 10-187A successfully intersected a thick package of anomalous radioactivity. In contrast, drill hole 10-189, located further down-dip, only intersected a thin zone of anomalous radioactivity. Drill hole 10-211, successfully identified uranium mineralization within the second smaller hole internal to the Initial Resource Model (see Figure 2).

Natural gamma emission radiation is measured in counts per second (cps) using an Exploranium GR‐110 hand-held gamma‐ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. All intersections are down‐hole, core‐length intervals and true thickness of mineralization is yet to be determined.

Terra Ventures Inc. owns a 10% carried interest in the Midwest NorthEast property.

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.

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.

Contact Information

  • Terra Ventures Inc.
    Gunther Roehlig
    Toll Free: 1-866-683-0911 or 1-604-683-0911
    1-604-683-7161 (FAX)