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Terra Ventures Updates on Midwest Northeast Uranium Property

Terra Ventures Inc. (TSX VENTURE:TAS) has provided an update on the Midwest Northeast Uranium property in which Terra owns a 10% production carried interest.

In a press release dated October 21, 2010 Hathor reported:

"Hathor Exploration Limited (TSX VENTURE:HAT) is pleased to announce assay results from drill hole MWNE-10-648, the first complete set of drill hole assays from the recently completed 2010 summer drill program at the Company's Midwest NorthEast project in the Athabasca Basin, Saskatchewan. This drill hole enforces the resource potential for the Roughrider East deposit.

Results include:

  • A composite interval of 63.5 m grading 7.75 % U3O8. The composite interval includes:

    • 42.0 m of 11.06 % U3O8, which itself includes:

    • 17.5 m of 24.28 % U3O8

  • The highest individual assay to date on the property, at 87.2 % U3O8.

  • Mineralization is nearly continuous. For example, 57 of 72 samples are mineralized within the 42.0 m composite interval.

  • The 63.5 m intersection is near to the true structural thickness of the mineral zone.

  • Arsenic and selenium contents are low, similar to the Roughrider deposit itself.

This News Release provides assay data for MWNE-10-648. Geology and radioactivity data from the drill hole were released previously (NR dated September 1, 2010).  

The mineralization on Line 20W at Roughrider East is robust. It extends from approximately 10 m below the unconformity to 90 m down into the basement rocks. It comprises two high-grade intervals of 42.0 m at 11.06 % U3O8 and 18.5 m of 1.48 % U3O8 respectively, separated by a 3 m zone with an average of grade of < 0.05 % U3O8 (below cut-off grade). Compositing of the two mineralized zones and the zone of internal dilution produces an average grade of 7.75 % U3O8 over 63.5 m.

Alteration is pervasive throughout the composite interval, including hematite, illitic and chloritic clay assemblages. Desilicification occurs in sandstone above the unconformity, and breccia textures are common in the basement. Overall, there is no preferred host rock to mineralization and alteration; ALL basement rock types are affected, including Wollaston Group pelitic (± graphite) gneiss and overlying hanging wall micro-granite and pegmatite.

Drill Hole 648 provides infill data for the heart of the Roughrider East mineral system. For resource modelling, it will provide new data for high grade mineralization previously separated by 40 m between holes MWNE-10-613 and 610. Twenty metres down-dip from hole 648, drill hole MWNE-10-610 intersected two distinct zones of mineralization, an upper zone of 61 metres of nearly continuous lower grade mineralization (< 1 % U3O8), including 12.0 m at 22.51 % U3O8. Twenty metres up-dip from hole 648, drill hole MWNE-10-613 intersected an upper zone of 39.0 metres of nearly continuous lower grade mineralization (< 1 % U3O8), including 4.5 m at 1.17 % U3O8, and a lower zone of 16.0 m at 1.24 % U3O8.


The overall exploration and resource potential for the Midwest NorthEast Property grows as Roughrider East is solidified. Resource models are currenttaly being developed for the Roughrider uranium deposit, with results expected later this fall. A geologic model is also being developed in two dimensions for Roughrider East, on geologic cross-sections spaced ten metres apart, congruous with the model for Roughrider. Resource models will be built in three dimensions for Roughrider East based on this work, once all geochemical data from the summer drill program are in hand. Drilling in the upcoming winter season will complete infill and extension work both in the eastern and western parts of the 220 m of strike of Roughrider East, as it is currently identified. Further, drilling will test the footwall zone of the resistivity anomaly which extends for 700 m to the southwest, along the Midwest uranium trend.

Samples were analyzed for U3O8 at the Geoanalytical Laboratories of the Saskatchewan Research Council (SRC). The facilities used for the analysis operate in accordance with ISO/IEC 17025:2005 (CAN-P-4E). The samples were analyzed using ISO/IEC 17025:2005-accredited U3O8 method. The samples were analyzed for a suite of other base metal elements including nickel, cobalt, copper and lead by ICP-ES. Select samples are analysed for precious metals including gold, platinum, palladium and rhenium. These results will be released upon receipt of all results. Dry bulk density determinations of core are determined both in the field, and at the SRC laboratories.

The Midwest NorthEast Property is located along strike to the north of the Midwest and Midwest A uranium deposits. The Roughrider deposit is accessed by a 6 km winter road connected to Highway 955. The property is approximately 8.5 km north of the community of Points North, the main service hub for northeastern Saskatchewan.

Terra Ventures Inc. owns a qualified 10% interest on the Property, carried to the completion of a positive feasibility study on the Roughrider Deposit.

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 Inc.

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