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Market: TSX-V
Sector: General Mining
Epic: TSX-V:HAT
News: Latest news
Web Site: Hathor Exploration
Other Articles: 26-06-200926-06-200911-06-2009

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Tuesday March 16, 12:29Mercator Gold to sell exclusive Copper Flat option to Canada's THEMAC Resources

The deal will allow the group to retain a substantial interest in the promising Mexican copper-gold-molybdenum-silver project without the associated costs.

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Monday March 15, 11:56Bionomics to present at Ultimate Healthcare & Biotechnology Event, March 24

Deborah Rathjen, CEO of Bionomics, recommended by UK Investment Reseach house Edison Investment Research, "our new valuation for BNO is at 55 cents" will present in Sydney.

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Monday March 15, 09:01China's growth boosting commodity prices

The latest economic figures from China have put pressure on the dollar and boosted a number of high-yielding currencies, including the Australian dollar and the South African rand.

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Hathor Exploration

Hathor Exploration

Hathor Exploration Limited (TSX:V-HAT) is a junior uranium company focused on exploration projects in the Athabasca Basin of Northern Saskatchewan, Canada.

Hathor's main exploration properties are located in the eastern side of the Athabasca Basin in the Wollaston Domain, a geological terrain that hosts all currently producing Canadian uranium mines and accounts for 25% of global production.

Hathor's land package was acquired when uranium was $7 a pound. This early entry enabled the company to acquire strategic ground in close proximity to Cameco, AREVA and Dension Mines.
Friday, June 26, 2009

Terra Ventures – Free carried interest on Hathor’s Midwest Northeast property

by Sam Kiri company news image

Investors with focus on uranium companies have keenly followed Hathor Exploration (TSX: HAT) and its 90% owned Midwest NorthEast Uranium property. The project has yielded high grade intersections consistently and recently reported one of the highest drill interval assays ever in the Basin at 84.20 % U3O8. Hathor just announced the completion of the U3O8 results from the 2009 winter drill programme on the Roughrider Zone at the Midwest NorthEast property where 17of the currently reported drill holes have intersected uranium mineralization (0.05 wt% U3O8 cut-off grade).

Together with Hathor, Canadian Venture listed Terra Ventures (TSX.V: TAS) has a 10% production carried interest in the Midwest Northeast property and is a beneficiary of Hathor’s development endeavours. This is a free carried interest and Terra Ventures is not required to participate in financing Hathor’s drill programme. In other words Terra Ventures benefits without any dilution.  Hathor is currently working towards a NI 43-101 resource estimate.

To decipher drill results at the Midwest NorthEast property perhaps it is appropriate to mention grades at better known uranium deposits. Cameco’s McArthur River uranium deposit has an average grade of 20.7% U3O8 and is one of the highest grade uranium deposits in the world. In that context results from the Midwest NorthEast, even though over short intervals, provide considerable confidence in the prospects of this property. High-grade highlights of U3O8 assayed core-length intervals from 9 of the 17 drill holes include grades as high as 48.1% (MWNE-09-131) over 13.5 m interval and 383.9% (MWNE-09-129) over 26 m interval. The minimum grade among the nine holes was from MWNE-09-121 at 4.21% over 10.5 m.

According to Dr. Alistair McCready, Hathor's Senior Project Geologist the 2009 winter drill programme has exceeded all expectations which entailed 89 holes for 30,711 metres. The Roughrider Zone now extended from 110 metres to approximately 200 metres in length, it remains open in all directions and recent gravity and geological models show the potential to significantly expand the size of mineralisation. The other 8 drill holes of the 17 contained uranium mineralization ranging from 0.05% U3O8 over 0.5 metres to 1.34% U3O8 over 2 metres. Drill hole MWNE-09-85, although mineralized, was a metallurgical test hole and was not assayed.

A summer drill programme is planned to commence shortly, utilising both barge-based and land-based drill rigs. According to Hathor, these will be used to further test for strike-length extensions and for potential sandstone-hosted mineralization occurring above the basal unconformity; continue in-fill drilling; and provide material for detailed metallurgical testing. Hathor is well financed and currently has approximately $35 million and should have no difficulty in advancing its portfolio of Athabasca region uranium exploration projects including the Midwest NorthEast property.

Terra Ventures is currently trading at an apparently low $0.37 a share and has a market capitalisation of at $19.9 million (June 26th 2009, 53.154 million shares outstanding). Hathor is currently trading at $1.95 and has a market capitalisation of $167 million (85.675 million shares outstanding) (Source: TSX).

It is important to note that Terra is not a one-trick pony and also has another uranium property in Quebec (Lac Kachiwiss property). The Lac Kachiwiss property was explored by Getty Mineral Company Ltd., a wholly owned subsidiary of Getty Oil, from 1975-1978, and they advanced the property to a historic resource estimate based on 28 diamond drill holes. The project is well-supported by excellent infrastructure and is considered to have the potential for large tonnage, low-grade uranium deposits.

Lac Kachiwiss is referred to as a "Rossing-type" uranium deposit. The Rossing Uranium Mine, located in Namibia, Africa, is a large tonnage, low-grade uranium mine that has been operating since 1976. Total production plus current reserves is estimated to be 300 million tonnes at 0.33-0.77 lbs U3O8/tonne (0.015%-0.03% U3O8). This property has a historic resource estimate of 18.3 million tons (16.1 million metric tonnes) grading 0.31 lbs U3O8/ton (0.015% U3O8) as calculated by Getty Minerals Company in 1978. This is a contained value of 5.67 million pounds of uranium (non 43-101 compliant).

About Terra Ventures
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

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