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
June 29, 2010 Hathor reported:
"Hathor Exploration Limited (HAT: TSX-V) is pleased to announce
the final results for the 2010 winter drill program at Roughrider
East (RRE). Uranium mineralization has been delineated for 100 m
back towards Roughrider from the discovery hole, MWNE-09-170.
Results to date outline significant potential at Roughrider East;
it is open in all directions and aggressive drilling this summer
will both infill areas drilled, and test the potential extent of
mineralization away from current fences.
Summary of New Results
Despite the first pass nature of drilling, uranium
mineralization was intersected in all four drill fences,
delineating mineralization along 100 metres of strike. Assays from
mineralized samples are in Table 1 attached to this release;
highlights are shown below.
-- MWNE-10-624B: 44.5 m at 0.345% U308 40m west of discovery (09-170)
-- MWNE-10-622: 10.5 m at 0.71% U308 60 m west of discovery (09-170)
-- MWNE-10-626A: 7.5 m at 2.54% U308 80 m west of discovery (09-170)
including: 1.5 m at 7.48% U308
-- MWNE-10-629: 9.5 m at 1.20% U308 100 m west of discovery (09-170)
including: 2.0 m at 5.50% U308
Mineralization is not fully tested on any of the fences, as
demonstrated in Figure 3, for example. There is significant
potential to intersect high grade uranium mineralization during
more tightly spaced follow-up infill drilling.
Summary of RRE Results
Extensive high grade mineralization was delineated at RRE this
winter by the detailed drilling of 15 drill holes on two fences
spanning 25 m of strike west from the discovery 170. Significant
intersections are summarized below, and shown in the schematic
section in Figure 4.
Summary of grade-thickness intersections at RRE on Line 0W and
25W
Line 0W
-- MWNE-09-170: 28.0 m of 12.8% U308 (discovery hole)
Line 25W
-- MWNE-10-604A: 9.15% U308 over 8.0 m, starting at 289.0 m depth
-- MWNE-10-608: 5.34% U308 over 15.5 m, starting at 293.5 m depth
-- MWNE-10-609: 3.65% U308 over 25.5 m, starting at 294.5 m depth
-- MWNE-10-610: 22.5% U308 over 12.0 m, starting at 286.0 m depth
-- MWNE-10-612: 11.75% U308 over 19.0 m, starting at 311.0 m depth
-- MWNE-10-613: 1.25% U308 over 16.0 m, starting at 293.0 m depth
-- MWNE-10-607: 81.5 m of 1.6% U308, including 13.5 m of 6.1% U308
Context
Figure 1 shows the 400 m strike length covering the Roughrider
uranium deposit and the Roughrider East (RRE) discovery. Of the 77
holes drilled for 26,928 metres during the 2010 winter program, 30
holes were completed on RRE for a total of 11,951 m (Figure 2).
Preliminary scintillometer data for drill holes from Roughrider
East were released on February 25, March 3, and April 21, 2010.
Geochemical assays from drill holes MWNE-10-600C to MWNE-10-614
were reported on March 3, March 5 and April 27, 2010. This release
covers assay data for drill holes MWNE-10-615 to MWNE-10-629.
Potential Upside
There are two important results from this winter's drilling at
RRE:
-- Delineation of uranium for 100m westward from the RRE discovery
increases the possibility of outlining a 400 m east-west strike length
to the overall Roughrider uranium system.
-- Delineation of high grade uranium mineralization across Lines 0W to 25W
at RRE, which enables the outline of a uranium zone of significant size.
The Company has initiated a detailed, hole by hole, section by
section delineation of uranium mineralization based on all drilling
done to date. There is significant upside potential to the overall
resource at the Roughrider uranium deposit based on mineral zones
at RRE, as shown on Figure 5.
Exploration and mineralization attributes at RRE are similar to,
and in many cases more prospective than those at the original
Roughrider deposit as currently outlined in the initial 43-101
compliant resource model completed by Scott Wilson Roscoe Postle
Associates Inc. (SWRPA) in December of last year based on drilling
completed prior to the summer of 2009 (filed on SEDAR and available
on the Company's website at www.hathor.ca). Compelling attributes
at RRE include:
Mineralization
-- Near-continuous uranium mineralization over a vertical extent of up to
100 m
-- Near-continuous uranium mineralization across a structural width of up
to 60 m
-- Visible chalcopyrite mineralization, with up to 7.5% Cu in a single half
metre sample, and up to 2.27% Cu over 12.0 m in composite sections.
-- Extensive clay alteration in the basement Exploration (Figure 6)
-- RRE correlates most closely with the projection of the "Midwest uranium
trend" based on integrated regional- and property-scale geophysical
models.
-- RRE occurs at the northwestern edge of a pronounced resistivity low
associated with the Midwest trend; the center of this anomaly is
approximately 100m south of hole 170.
-- Both Roughrider and RRE are associated with depressions in the
unconformity. The unconformity is typically 10-15 m deeper at RRE
compared to RR.
Immediate Follow-up Drilling
Summer drilling is planned to start imminently at RRE. There are
two main goals:
-- One drill rig will test the open area to the east, and complete more
detailed drilling (in-fill) to the west on Lines 20W to 100W. Uranium
mineralization has been traced westward for 100 m from the discovery
hole 170, but only in reconnaissance fashion for the western 80 metres.
There is no drilling east of hole 170.
-- One drill rig will test the resistivity low, that is, the potential
extension of the high grade mineralization at RRE to the southwest along
the Midwest Trend. This target is robust over a strike length of
approximately 700 metres.
Also infill and expansion drilling will continue this summer,
from the barge, at Roughrider itself.
Ownership
Terra Ventures Inc. owns a qualified 10 per cent interest in the
Midwest Northeast property, carried until a decision is made to go
to production based on the completion of a feasibility study.
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.
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by terminology such as "may", "should", "expects", "plans",
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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.
Contacts: Terra Ventures Inc. Ryan Johnson Investor Relations
1-866-683-0911 www.terrauranium.com
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