Hathor Intersects 27.0 m of 7.91 % U3O8, including 3.5 m of 41.77 % U3O8, As Far East Zone at Roughrider Continues to Surpass...
20 Septembre 2011 - 1:00PM
Marketwired Canada
Hathor Exploration Limited (TSX:HAT) ("Hathor" or the "Company") is pleased to
provide a further update on the 2011 summer drill program at the Far East Zone
of the Roughrider Uranium Deposit in the Athabasca Basin, with new data from 7
drill holes (MWNE-11-711 to 715, 717A, and 719; Figures 1 to 5; and Tables 1 and
2). Highlights from drill hole MWNE-11-715 include:
-- Composited interval of 27.0 m of 7.91% U3O8, including 3.5 m of 41.77 %
U3O8
-- Combined drill hole GT (grade x thickness) of 215, the new highest GT on
Far East, and the 12th highest GT of the nearly 400 drill holes
completed on Roughrider so far.
Table 1: Composited Assay Data Highlights. Drill holes MWNE-11-711 to 715
and 717A are from the Far East Zone. Drill hole MWNE-11-719 is collared
300 m to the south.
----------------------------------------------------------------------------
From To Grade Thickness
DDH (m) (m) (U3O8 %) (m) GT
----------------------------------------------------------------------------
MWNE-11-711 372.00 382.00 5.40 10.00 53.98
MWNE-11-712A 340.00 382.50 4.23 42.50 179.67
MWNE-11-713 406.00 410.50 5.33 4.50 23.97
MWNE-11-714 429.50 435.00 2.66 5.50 14.62
MWNE-11-715 354.50 381.50 7.91 27.00 213.57
Including 369.00 372.50 41.77 3.50
MWNE-11-717A 397.50 399.00 6.52 1.50 9.78
----------------------------------------------------------------------------
MWNE-11-719 385.00 386.00 0.07 1.00 0.07
============================================================================
GT - Grade x Thickness; Based on a cut-off of 0.05 % U3O8. All intervals are
core lengths. Grade values are rounded to two decimal places. GT values have
been calculated from original assay numbers which are listed to three
decimal places.
Assays are pending for 2 drill holes from the Far East Zone, including
MWNE-11-718, which intersected a total of 17.30 m of off-scale radioactivity;
the greatest amount of off-scale radioactivity within a single drill hole at Far
East. This radioactivity was intersected in two zones (Figure 3): one at a depth
correlative with other drill hole intersections at Far East, and; one at a much
shallower depth, only 45 m below the unconformity. The shallower zone presents
significant potential for the discovery of an additional zone in the Roughrider
system.
The Far East Zone continues to produce an intensity in mineralization and
alteration that surpasses the Company's expectations (see photos in Figure 5).
The zone is a material development in the overall mineral resource potential of
the Roughrider Uranium Deposit. Furthermore, it is open both to the east along
strike and southeast up-dip from the most pervasive alteration and replacement
mineralization intersected to date, and the largest grade-thickness quotients
from assays.
Mineralization at the Far East Zone is not included in the preliminary economic
assessment ("PA") that was released on September 13, 2011, which provided
summary estimates including C$1.0 billion for pre-tax Net Present Value and
payback of 1.2 years, based on a US$70 uranium price and 7 % discount rate.
Table 1 above presents select composited assay data from the seven new drill
holes. A complete list of composited assay data is provided in Table 2. Previous
mineralized intersections from the Far East Zone are summarized in the Company's
previous news releases dated July 26 and September 6, 2011.
The 3-D geological model for Far East Zone outlines an approximate geometry of
95 m (length) by 35 m (width), with an updated average thickness of 30.5 m. The
updated weighted average grade and average grade of all assays received to date
are 2.63 and 3.16 % U3O8, respectively (previously 2.25 and 2.90 % U3O8,
respectively). Density measurements range from 1.97 to 5.04 g/cm3, with an
average of 2.42 g/cm3 for 500 samples.
Mineralization between the East and Far East Zones is not included within the
current outline of either zone. This represents further potential for the
overall mineral resource of the Roughrider Uranium Deposit, as emphasized in the
NI 43-101 compliant report completed for the East Zone in June, 2011 and filed
on SEDAR.
Mineralization South of Roughrider
Drill hole MWNE-11-719, collared 300 m to the southeast of the Far East Zone,
intersected 1.0 m of 0.07 % U3O8. The surface projection of this mineralization
is approximately 170 m southeast of the Far East Zone (Figure 1). The area
between drill hole 719 and the Far East Zone remains untested and represents a
high priority target that will be tested during the winter 2012 exploration
program. The target area presents significant potential for the discovery of an
additional zone at Roughrider.
2011 Summer Program Summary
The 2011 summer drill program utilized two drill rigs for approximately nine
weeks. A total of 9,600 metres were completed in 20 drill holes; 19 were at the
Far East Zone. Figure 1 shows the spatial relationship of the three mineralized
zones at the Roughrider Uranium Deposit (West, East, and Far East) with drill
holes colour-coded on the basis of grade x thickness value (GT). Figure 2 shows
the spatial distribution of drill holes at the Far East Zone, with drill holes
colour-coded on the basis of GT value. Figure 3 is a cross section showing the
spatial distribution of the main zone of mineralization and the upper zone of
mineralization near the unconformity at Far East. Figure 4 is an updated cross
section depicting Line 125E (+/-10 m). Figure 5 shows images of mineralization
styles from the drill holes reported in this news release.
Sample Analysis and QAQC
All mineralized drill hole intersections are reported as down-hole intervals,
not true thickness. True thicknesses are determined within the context of 3D
geological models used for exploration and resource modeling.
Samples were chemically analyzed for U3O8 at the Geoanalytical Laboratories of
the Saskatchewan Research Council (SRC). The facility operates 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.
Field and laboratory of select samples show good reproducibility.
Dry bulk density determinations were carried out by Hathor staff on the drill core.
Full details of the Company's QAQC program are documented in the NI 43-101
compliant report completed for the East Zone in June, 2011 and available on
SEDAR.
Midwest Northeast Property
The Midwest Northeast Property ('the Property'), which contains the Roughrider
Uranium Deposit, is located within the main uranium-producing eastern corridor
of the Athabasca Basin. The Property comprises 3 mineral leases covering 598 ha.
Infrastructure is excellent. The Property is connected to Highway 905 by a 6 km
winter road. The property is 8.5 km north of Points North, the main service hub,
including airport, for northeastern Saskatchewan. The Property 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 the Athabasca.
Subsequent to the successful acquisition of Terra Ventures Inc. (see news
release dated August 5, 2011), Hathor owns 100 % of the Property and the
Roughrider Uranium Deposit.
Alistair McCready, Ph.D., P.Geo., Hathor's V.P. Exploration, and Michael
Gunning, Ph.D., P.Geo., Hathor's President & Chief Executive Officer, are
Qualified Persons as defined by National Instrument 43-101 and have reviewed and
approved the technical disclosures in this news release.
Rejection of Cameco's Hostile and Predatory Offer
On August 30, 2011 Cameco Corporation made an unsolicited all cash take-over bid
offer for Hathor at a price per Hathor common share of C$3.75 (the "Offer").
Hathor's closing share price on the TSX on Monday, September 19, was C$4.02.
The Board of Directors of Hathor, in consultation with its legal and financial
advisors, has determined the Offer to be inadequate. The Company continues to
urge its shareholders not to tender their shares in Hathor to the Offer. The
Offer does not reflect the strong economic parameters for Roughrider, it does
not take into account the mineralization and mineral resource potential at the
Far East Zone, it does not capture the scarcity value of quality projects like
Roughrider in comparison to other available undeveloped uranium deposits around
the world, nor does it account for the strategic value based on Roughrider's
location in the preeminent uranium mining district in the western world, and it
does not give any value to Hathor's exploration properties.
Hathor's Board of Directors is considering a variety of options in response to
the Offer. Prior to the Offer, Hathor was, and continues to be, in active
dialogue with a number of other major mining companies, and end-user utilities
in the down-stream part of the fuel cycle, about their potential interest in
Hathor. The process will be vigorously pursued and the Board will communicate
further with Hathor shareholders on a timely basis prior to the Expiry Time of
the Offer.
For more details of the reasons for the Board's recommendation to reject the
Offer, refer to the Directors' Circular of the Board dated September 13, 2011
available on SEDAR and on Hathor's website.
How to Withdraw Tendered Hathor Shares
To reject the Offer, you should do nothing. The Offer is open for acceptance
until October 31, 2011. Shareholders who have already tendered their Hathor
Shares to the Offer can withdraw them at any time before they have been taken up
and accepted for payment by Cameco. Shareholders holding shares through a
dealer, broker or other nominee should contact such dealer, broker or nominee to
withdraw their Hathor Shares.
Shareholders can contact the information agent retained by Hathor, Phoenix
Advisory Partners, North America toll free at 1-800-243-1162, or banks, brokers
and collect calls outside North America can call 1-201-806-2222 or via email at
inquiries@phoenixadvisorypartners.com.
For more information on Hathor, please visit the Company's website at www.hathor.ca.
Dr. Michael H. Gunning, President & CEO
Hathor Exploration Limited
This press release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Such forward-looking information
concerns Hathor's anticipated operations in future periods, planned exploration
and development of its properties, and plans related to its business and other
matters that may occur in the future. This information relates to analyses and
other information that is based on expectations of future performance and
planned work programs. Statements concerning mineral resource estimates may also
be deemed to constitute forward-looking information to the extent that they
involve estimates of the mineralization that will be encountered if a mineral
property is developed. Forward-looking information is subject to a variety of
known and unknown risks, uncertainties and other factors which could cause
actual events or results to differ from those expressed or implied by the
forward-looking information, including, without limitation: exploration hazards
and risks; risks related to exploration and development of natural resource
properties; uncertainty in Hathor's ability to obtain funding; precious and base
metal price fluctuations; recent market events and conditions; risks related to
the uncertainty of mineral resource calculations and the inclusion of inferred
mineral resources in economic estimation; risks related to governmental
regulations; risks related to obtaining necessary licenses and permits; risks
related to Hathor's business being subject to environmental laws and
regulations; risks related to Hathor's mineral properties being subject to prior
unregistered agreements, transfers, or claims and other defects in title; risks
relating to competition from larger companies with greater financial and
technical resources; risks relating to Hathor's inability to meet its financial
obligations under agreements to which it is a party; ability to recruit and
retain qualified personnel; and risks related to Hathor's directors and officers
becoming associated with other natural resource companies which may give rise to
conflicts of interests. This list is not exhaustive of the factors that may
affect Hathor's forward-looking information.
Should one or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described in the forward-looking information. Hathor's forward-looking
information is based on the reasonable beliefs, expectations and opinions of
management on the date the statements are made and Hathor does not assume any
obligation to update forward-looking information if circumstances or
management's beliefs, expectations or opinions change, except as required by
law. For the reasons set forth above, investors should not place undue reliance
on forward-looking information. For a complete discussion, please refer to
Hathor's Annual Information Form and unaudited financial statements and MD&A for
its most recently completed financial year on SEDAR at www.sedar.com.
Table 2: Complete Composited Assay Data for Holes in this Release.
GT - Grade x Thickness; Based on a cut-off of 0.05 % U3O8. All intervals are
core lengths.
----------------------------------------------------------------------------
From To Grade Thickness
DDH (m) (m) (U3O8%) (m) GT
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MWNE-11-711 226.50 228.00 0.31 1.50 0.47
----------------------------------------------------------------------------
MWNE-11-711 231.00 231.50 0.50 0.06 0.03
----------------------------------------------------------------------------
MWNE-11-711 232.00 232.50 0.50 0.06 0.03
----------------------------------------------------------------------------
MWNE-11-711 337.50 339.00 0.23 1.50 0.35
----------------------------------------------------------------------------
MWNE-11-711 341.50 344.00 0.15 2.50 0.37
----------------------------------------------------------------------------
MWNE-11-711 364.50 365.00 0.06 0.50 0.03
----------------------------------------------------------------------------
MWNE-11-711 372.00 382.00 5.40 10.00 54.00
----------------------------------------------------------------------------
comprising 372.00 374.50 3.18 2.50 7.94
----------------------------------------------------------------------------
comprising less than
374.50 376.50 0.01 2.00 0.01
----------------------------------------------------------------------------
comprising 376.50 382.00 8.37 5.50 46.03
----------------------------------------------------------------------------
MWNE-11-711 394.00 396.00 0.13 2.00 0.26
----------------------------------------------------------------------------
MWNE-11-711 408.00 408.50 0.10 0.50 0.05
----------------------------------------------------------------------------
MWNE-11-711 413.00 413.50 0.34 0.50 0.17
----------------------------------------------------------------------------
MWNE-11-711 420.00 421.00 0.24 1.00 0.24
----------------------------------------------------------------------------
MWNE-11-711 423.50 427.50 0.11 4.00 0.43
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MWNE-11-712A 340.00 382.50 4.23 42.50 179.78
----------------------------------------------------------------------------
comprising 340.00 347.00 1.12 7.00 7.81
----------------------------------------------------------------------------
comprising 347.00 349.50 0.01 2.50 0.03
----------------------------------------------------------------------------
comprising 349.50 382.50 5.21 33.00 171.83
----------------------------------------------------------------------------
including 365.50 371.50 17.09 6.00 102.55
----------------------------------------------------------------------------
MWNE-11-712A 390.00 393.00 0.21 3.00 0.62
----------------------------------------------------------------------------
MWNE-11-712A 414.50 415.00 0.56 0.50 0.28
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MWNE-11-713 406.00 410.50 5.33 4.50 23.97
----------------------------------------------------------------------------
MWNE-11-713 415.00 415.50 0.06 0.50 0.03
----------------------------------------------------------------------------
MWNE-11-713 419.00 420.00 0.37 1.00 0.37
----------------------------------------------------------------------------
MWNE-11-713 423.00 424.50 1.98 1.50 2.96
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MWNE-11-714 241.00 247.00 0.34 6.00 2.04
----------------------------------------------------------------------------
MWNE-11-714 249.00 251.00 0.43 2.00 0.87
----------------------------------------------------------------------------
MWNE-11-714 332.50 337.00 0.25 4.50 1.13
----------------------------------------------------------------------------
MWNE-11-714 421.50 422.00 0.26 0.50 0.13
----------------------------------------------------------------------------
MWNE-11-714 429.50 435.00 2.66 5.50 14.62
----------------------------------------------------------------------------
MWNE-11-714 443.00 444.00 0.52 1.00 0.52
----------------------------------------------------------------------------
MWNE-11-714 452.00 452.50 0.07 0.50 0.03
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MWNE-11-715 223.00 223.50 0.05 0.50 0.03
----------------------------------------------------------------------------
MWNE-11-715 333.00 333.50 0.15 0.50 0.07
----------------------------------------------------------------------------
MWNE-11-715 354.50 381.50 7.91 27.00 213.57
----------------------------------------------------------------------------
comprising 354.50 361.00 8.38 6.50 54.49
----------------------------------------------------------------------------
comprising less than
361.00 365.50 0.01 4.50 0.04
----------------------------------------------------------------------------
comprising 365.50 376.00 14.72 10.50 154.55
----------------------------------------------------------------------------
including 369.00 372.50 41.77 3.50 146.21
----------------------------------------------------------------------------
comprising less than
376.00 379.00 0.01 3.00 0.02
----------------------------------------------------------------------------
comprising 379.00 381.50 1.74 2.50 4.35
----------------------------------------------------------------------------
MWNE-11-715 396.00 397.00 0.58 1.00 0.58
----------------------------------------------------------------------------
MWNE-11-715 417.00 419.50 0.39 2.50 0.98
----------------------------------------------------------------------------
MWNE-11-715 421.50 422.00 0.31 0.50 0.15
----------------------------------------------------------------------------
MWNE-11-715 424.00 424.50 0.08 0.50 0.04
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MWNE-11-717A 360.50 362.00 0.16 1.50 0.23
----------------------------------------------------------------------------
MWNE-11-717A 384.50 386.50 2.00 2.00 4.00
----------------------------------------------------------------------------
MWNE-11-717A 397.50 399.00 4.35 1.50 6.52
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MWNE-11-719 385.00 386.00 0.07 1.00 0.07
----------------------------------------------------------------------------
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/hat920f1.pdf.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/hat920f2.pdf.
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/hat920f3.pdf.
To view Figure 4, please visit the following link:
http://media3.marketwire.com/docs/hat920f4.pdf.
To view Figure 5, please visit the following link:
http://media3.marketwire.com/docs/hat920f5.pdf.
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