Terra Ventures Inc.
TSX VENTURE : TAS
September 08, 2009 12:53 ET
Terra Acquires Royalty Interest in Saskatchewan Uranium Properties
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2009) - Terra Ventures Inc. (TSX VENTURE:TAS) is pleased to announce the acquisition of a 2% net smelter return in 10 mineral dispositions in the Athabasca Basin, Saskatchewan. The property consists of the C1-7 and the D1-3 totaling 13,223 hectares owned by Solitaire Minerals Corp. ("Solitaire"). Terra is paying $225,000 for the NSR to the third party owner.
Delta Uranium Inc. holds four of the dispositions under option from Solitaire, designated C3, C4, C5 and C6, with an aggregate area of 1,898 hectares. All four properties are in the Wheeler River area in the southeastern part of the basin. All four properties lie on a trend between the Key Lake mine (produced 195 million pounds of U3O8 between 1983 and 1997) and the McArthur River mine. The C4, C5 and C6 properties adjoin the Wheeler River property of Denison Mines Corp. (60%), Cameco Corp. (30%) and JCU (10%). Recent drilling by Denison/Cameco/JCU has returned an intersection of 55% eU3O8 over 6.00 metres, making this the most recent discovery in the Athabasca basin. The C6 claim lies only 4 kilometres from Denison's discovery drill hole.
The C3 property is located midway between the Key Lake mine and the Denison/Cameco/JCU Wheeler River block. A VTEM airborne EM survey has revealed a wide zone of conductivity at the unconformity, interpreted to be caused by clay alteration of the type associated with all the major uranium deposits of the Athabasca basin. There is also evidence of three discrete conductors below the unconformity, most likely caused by graphite zones; again, graphite accompanies almost all the Athabasca uranium deposits.
The C4, C5 and C6 properties all have evidence of strong uranium potential from geophysical data. Magnetic surveys show possible structures that can act as channelways for mineralizing solutions. The VTEM survey has revealed discrete conductors - probably graphite zones - as well as areas of enhanced conductivity that may be caused by clay alteration.
Delta plans a systematic, multidisciplinary exploration program of its Athabasca projects. This will include rock geochemical surveys, reflectance spectroscopy to identify clay alteration minerals, ground IP and resistivity surveys as well as gravity and seismic surveys. The ground work will commence in September and continue during the winter, leading to target definition for a diamond drilling campaign in the late winter or spring of 2010.
"This strategic acquisition is part of Terra Venture's long term plan of acquiring undervalued assets in the uranium field," says James Hutton, Terra Ventures' Chairman.
Technical information in this news release has been prepared and/or reviewed by Mike Magrum, PEng, a qualified person as defined in NI 43-101.
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
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