TSX-V : TAS
OTC : TASFF
FSE : G7K
VANCOUVER, Jan. 20 /CNW/ - Terra Ventures Inc. (TSX-V: 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
January 20, 2011, Hathor reported:
"Hathor Exploration Limited (HAT:TSX-V) is pleased to announce that the
2011 winter diamond drill program is underway at its Roughrider Project
in the Athabasca Basin of northern Saskatchewan.
Two rigs are now on site and drilling has begun. An additional third rig
will be arriving shortly. The program will run for the duration of the
winter season. Between 35 and 40 holes are planned, for approximately
15,000 metres in total.
For greater clarity going forward in 2011, the Company will refer to
work on the Midwest Northeast claims (the Property) as simply the Roughrider Project. Deposits previously referred to as Roughrider and Roughrider East are part of the same over all uranium mineralizing system, and
therefore will be referred to collectively as the Roughrider Uranium Deposit, which currently comprises the West Zone and the East Zone respectively. Figure 1 shows the zones in an aerial view of the Property.
As reported on Nov. 30th, 2010, and filed on SEDAR January 14th, 2011, the West Zone of the Roughrider uranium deposit is estimated to
contain 27.81 M lbs U308 (17.21 M lbs U308 Indicated; 10.60 M lbs U308 Inferred), including a core zone of 24.25 M lbs U308 at 11.7% U308 average grade (13.70 M lbs U308 at 10.68 % U308, Indicated; 10.55 M lbs U308 at 13.07% U308 Inferred). The current resource does not include the East Zone. The
Roughrider system has not been fully tested and Figure 2 shows the overall exploration and resource potential on the property.
Figure 3 shows holes planned for this winter in the immediate vicinity of the
Roughrider deposit, including 23 holes on the East Zone to both infill
areas of known mineralization, and to test for extensions of
mineralization which is open both to the east and west. Seven holes
are planned for infill on the West Zone itself, with two additional
holes planned to test for an extension of mineralization to the
northeast, based on magnetics and alteration in drill core.
Figure 4 shows the resistivity anomaly which extends for some 700m to the
southwest of the East Zone. As shown on Figure 5, the anomaly extends for 5 km to the south, and in conjunction with
regional magnetic and structural patterns, defines the Midwest Trend,
which currently has a proven uranium endowment of approximately 90 M
lbs U308. Figure 6 shows the scale of alteration intersected in 2010 in a drill fence
across the anomaly just south of the East Zone. This alteration will
be followed up this winter with two additional fences located farther
to the south (Figure 4). Areas along the trend to the northeast and southwest of the East
Zone at Roughrider are largely untested and provide significant upside
potential for the project.
The Midwest Northeast Property is within the main uranium-producing eastern corridor of the Athabasca
Basin. The Property comprises 3 claims covering 543 ha.
Infrastructure is excellent. The Property is connected to Highway 955
by a 6 km winter road. The property is 8.5 km north of the community
of Points North and the Points North commercial airport, the main
service hub for northeastern Saskatchewan. It is within 25 km of
operating uranium mine, mill and tailings facilities established at
Rabbit Lake and McClean Lake during the past 35 years of production in
Terra Ventures Inc. owns a qualified 10% interest in the largest claim
on the Property, carried to the completion of a positive feasibility
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
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
On behalf of the board of directors of
TERRA VENTURES INC.
Gunther Roehlig, President
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
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.
SOURCE Terra Ventures Inc.
For further information:
about Terra Ventures, please contact Ryan Johnson, Investor Relations, at 1-866-683-0911 or visit the Company's website at www.terrauranium.com.