Jan 19 2011
Hathor Exploration Limited (TSX VENTURE:HAT) has announced that the winter diamond drill program is underway at its Russell Project in the southeastern part of the Athabasca Basin in northern Saskatchewan.
Drilling will follow-up on uranium intersected at Christie Lake in the fall of 2010, and it will test the nearby Fox Lake and M Zone Extension target areas.
Ground geophysics (gravity) will also be carried out this winter, on the target named 'Key Lake Trend' located in the southern part of the Property.
Drilling and geophysics will continue until April, for the duration of the winter season.
Diamond DrillingDiamond drilling is the focus of the 2011 winter program. Drilling will be carried out in the northwestern part of the Russell property. The two holes at Christie Lake will be drilled at the start of the 2011 winter program, followed by drilling at Fox Lake, which targets basement geologic features (quartzite ridge) extending northeasterly from the recently discovered Pheonix deposit. Drill holes will be completed at M Zone Extension pending results from the first two target areas, and the length of the winter drill season.
Drill holes at Christie Lake follow-up hole last fall's drill hole CL-10-03 which intersected an occurrence of visible pitchblende mineralization occurring as disseminations and fracture linings within an intensely Ca-P-REE-rich, hematite-altered pegmatite in basement rocks some 60 m below the unconformity. Drilling this winter will move further up-section, and further into the core of the regional magnetic low.
Drill targets at Fox Lake (FLT) and M Zone Extension (MZE) integrate a wide range of data, including a Transient magnetotelluric survey (AMT) completed last fall (24.2 line-km on 12 lines at FLT and 26.8 line-km on 12 lines at MZE). Drilling at Fox Lake this winter will specifically target changes in resistivity and gravity patterns in relation to the northeasterly grain of basement and magnetic features.
Ground GeophysicsThe entire property is covered by numerous airborne geophysical surveys, augmented locally by ground geophysics, including gravity, resistivity, and electromagnetics (EM).
A priority target area for the Russell Property is named the Key Lake trend. Basement geology and airborne magnetic trends trend northeasterly from the Key Lake uranium mine through the southern part of the Russell Property. This work will help identify specific targets for future drilling.
The Russell property is within the Wollaston-Mudjatic magnetic low transition zone, commonly referred to as the eastern corridor of the Athabasca Basin. This corridor accounts for 100% of current uranium production in Canada, and it has consistently contributed between 20 and 30% of global primary uranium supply for the past 30 years. Looking forward, the greatest endowment of proven resources for future production within the Athabasca is within the eastern corridor, in the region immediately surrounding Russell Lake. The south end of the property is 15 km northeast of the Key Lake mine/mill complex. The northern end is 12 km southeast of the McArthur River mine. The Phoenix deposit now estimated at 39 M lbs by Denison Mines is immediately west of the central part of the Russell Lake property.
The Property is vastly underexplored and has seen little previous drilling relative to surrounding areas. Targets generated during data compilation in 2010 are for the most part untested, enhancing the overall exploration potential of Russell Lake.
The Russell Project covers both of the properties historically referred to as Russell Lake and South Russell. Combined, the properties cover approximately 71,670 ha in one contiguous block of 23 claims. Hathor controls 100% of the Russell Lake property (45,742 ha), following the successful acquisition of Northern Continental Resources (see News Release dated November 23, 2010). The South Russell property is owned 90% by Hathor, with a cumulative 10% interest held by two parties, and carried to completion of a feasibility study.
Russell Lake has excellent infrastructure. The McArthur River - Key Lake haul road and associated power line run along the western margin of the property. The exploration camp is road-accessible all year round.
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.
Source: Hathor Exploration Limited