VANCOUVER, BRITISH COLUMBIA, Nov 05 (MARKET WIRE) --
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 November 5, 2009,
Hathor reported: "Hathor Exploration Limited (TSX VENTURE: HAT), has
received a summary notification from Scott Wilson Roscoe Postle
Associates Inc (SCOTT WILSON RPA) with respect to the Mineral Resource
Estimate for the discovery area of the uranium mineralization in the
Roughrider Zone on its Midwest North East property, in northern
Saskatchewan. The full report has yet to be delivered to the Company, but
will be filed in accordance with NI 43-101 upon receipt and placed on
SEDAR within 45 days. The report will be used to focus the winter drill
programme in areas that have open potential for extensions of high-grade
mineralization. Also, areas within the bounds of known mineralization
that have not been included in the resource estimate will be given
similar priority. Hathor's objective for the upcoming drill programme is
to expand the Inferred Mineral Resource tonnage and to upgrade Mineral
Resources from the Inferred to the Indicated category. The resource
estimate has been made out of date by subsequent drilling results
received from the summer 2009 drill campaign.
The SCOTT WILSON RPA Mineral Resource Estimate describes a NI 43-101
compliant Indicated Resource of 116,000 tonnes of 2.57% U3O8 and an
Inferred Resource of 83,000 tonnes of 3.00% U3O8. The Indicated Resource
is thus 6,580,000 lbs U3O8 and the Inferred Resource, an additional
5,470,000 lbs of U3O8. The uranium resource is identified as having low
values for common toxic elements such as arsenic and selenium compared to
most other deposits in the area. This makes the Roughrider Zone
mineralization desirable for blending with such ores to reduce the bulk
toxic element content before processing.
High grade zones of uranium mineralization comprise a significant part of
the resource estimate as less than 10% of the resource tonnages described
in the Mineral Resource Estimate below contain more than 56% of both the
indicated and inferred uranium pounds. This large contribution by the
high grade zones should also be considered in the context of the notes to
the Resource Statement. Note 3. states that the "High U3O8 grades were
cut to 30% in the outer zones, and 50% in the high grade zones". The
Indicated Resource has approximately 20% larger tonnage than the Inferred
Resource in a mineralized system that in plan view is described as "200
m. long by 100 m. wide" and lies within a much longer zone of alteration.
Excellent potential exists to increase resources. The mineralized drill
hole MWNE 09-170, located approximately 200 metres to the East NorthEast
of the Roughrider Zone, was part of the summer drilling excluded from
this estimate. (Please see Hathor News Release of 09/09/09). This hole
intersected strong alteration, similar to that of the Roughrider Zone,
with over 60 metres of mineralization, including several sections of
mineralization that caused off-scale readings on the Exploranium GR-110G
gamma ray scintillometer used to assess mineralization. Assay results of
this core interval will be released as soon as they are received.
The Mineral Resource Estimate follows as an insertion in this news
release:
Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) prepared a
Mineral Resource estimate for the Roughrider Zone (RRZ) based on drill
results available as of September 1st, 2009. At a cut-off grade of 0.06%
U3O8, the Indicated Mineral Resources are estimated at 116,000 tonnes
grading 2.57% U3O8 containing 6.58 million pounds U3O8, and the Inferred
Mineral Resources are estimated at 83,000 tonnes grading 3.00% U3O8
containing 5.47 million pounds U3O8. Within the uranium resource, grade
estimates were made for an additional six metals, both potentially
deleterious and potentially economic (Table 1).
Table 1 - Mineral Resource Estimate for the Roughrider Zone as
September 1, 2009
U3 O8
Tonnage U3 O8 (lbs x As Ni Se Mo Co Cu
(T x 1000) (%) 1000) (%) (%) (ppm) (%) (%) (%)
-------------------------------------------------------------------------
INDICATED RESOURCE
Outer Zones 106 1.17 2,730 0.13 0.10 7 0.10 0.03 0.22
High Grade Zones 10 17.28 3,850 0.69 0.55 47 0.21 0.07 0.38
-------------------------------------------------------------------------
Total Indicated Resource 116 2.57 6,580 0.17 0.14 10 0.11 0.04 0.23
INFERRED RESOURCE
Outer Zones 75 1.46 2,420 0.10 0.08 10 0.09 0.03 0.16
High Grade Zones 7 19.15 3,050 0.63 0.58 60 0.25 0.05 0.46
-------------------------------------------------------------------------
Total Inferred Resource 83 3.00 5,470 0.15 0.13 14 0.10 0.03 0.18
Notes :
1. CIM Definition Standards have been followed for classification of Mineral
Resources.
2. The cut-off grade of 0.06% U3O8 was estimated using a U3O8 price of
US$65/lb and assumed operating costs and recoveries.
3. High U3O8 grades were cut to 30% in the outer zones, and 50% in the high
grade zones.
4. The Mineral Resource estimate uses drill hole data available as of
September, 2009.
5. Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability.
6. Totals may not add correctly due to rounding.
The drill hole database includes 120 diamond core holes (up to and
including MWNE-09-131) totalling 41,830 metres, which does not include
holes from the 2009 summer drill program. Mineral Resources are contained
within twelve zones, two of which contain semi-contiguous high grade
zones. A set of cross sections and plan views were interpreted to
construct three-dimensional wireframe models using a minimum grade of
0.05% U3O8 and a minimum core length of 1.5 metres. Prior to compositing
to one metre lengths, high U3O8 grades were cut to 30% U3O8 in outer
zones, and 50% in the high grade zones.
Variogram parameters were interpreted from one-metre composited assay
values. Block model U3O8 grades within the wireframe models were
estimated by ordinary kriging. Other metals were estimated by inverse
distanced squared (ID2). Both composites and block grade estimates were
weighted by linear regression of density measurements and analyses of
U3O8, Ni and As.
Classification into the Indicated and Inferred categories was guided by
the drill hole density, interpreted variogram ranges, and the apparent
continuity of the mineralized zones. In plan view, the resources are
contained within an area 200 m long by 100 m wide, elongated in the N75E
direction.
This information has been read and approved by David A. Ross, P.Geo,
Senior Consulting Geologist at Scott Wilson Roscoe Postle Associates Inc.
who is an independent "qualified person" as defined under National
Instrument 43-101.
This news release describing the context of the Scott Wilson Roscoe
Postle Associates Inc. Mineral Resources Estimate has been prepared by B.
Ainsworth, PEng SK, VP Exploration and a Qualified Person for the Company.
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.
For further particulars about Terra Ventures, please contact Gunther
Roehlig, President, at 1-866-683-0911 or visit the Company's website at
www.terrauranium.com.
On behalf of the board of directors of TERRA VENTURES INC.
Gunther Roehlig, President
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts:
Terra Ventures Inc.
Gunther Roehlig
President
Office: 1-604-683-0911 or Toll free: 1-866-683-0911
1-604-683-7161 (FAX)
www.terrauranium.com
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