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Hathor Upgrades Mineral Resource Estimatefor Roughrider Uranium Deposit to 28 M lbs U3O8, Including High GradeZone of 24 M lbs at 11.7% U3O811/30/2010 8:03:07 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Nov 30, 2010 (MARKETWIRE via COMTEX News Network) --
HathorExploration Limited (TSX VENTURE: HAT) is pleased to announce theupdated and upgraded mineral resource estimate for the RoughriderUranium Deposit located on its Midwest NorthEast property, AthabascaBasin, Saskatchewan. Details are provided below in Table 1. Otherattributes of the Roughrider uranium deposit include:
-- Approximately 60% of the mineral resource is in the Indicated category.
-- Conceptual Whittle pit optimization indicates 99% of the mineral
resource is amenable to open pit extraction.
-- Metallurgical extraction recoveries of 98% have been reported previously
for the Roughrider deposit (see News Release dated June 16, 2010).
-- Low As (arsenic) levels are confirmed.
-- Average depth to the top of the deposit is approximately 215 m.
-- Nearly all mineralization is located within basement rock.
Thismineral resource estimate does not include Roughrider East. It islocated 200 m east along strike. Once final assays for summer drillingat Roughrider East are received, geological models will be developed andpreliminary resource models will be evaluated. Roughrider Eastrepresents further significant upside for the overall resource potentialof the project.
Table 1 below shows the Mineral ResourceStatement ("MRS") for Roughrider as determined by SRK Consulting(Canada) Inc. ("SRK") based on an ordinary kriging (OK) estimate.
Table 1: Mineral Resource Statement(i) for the Roughrider Uranium Project, Saskatchewan, SRK Consulting, November 29, 2010.
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Category Quantity Grade Contained
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U3O8 As Co Cu Mo Ni U3O8
(Tonnes) (%) (%) (%) (%) (%) (%) (million lb)
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Indicated High
Grade Zone 58,200 10.68 0.17 0.03 0.41 0.22 0.15 13.703
Inferred High
Grade Zone 36,600 13.07 0.69 0.10 0.57 0.26 0.55 10.546
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Indicated Low
Grade Zone 336,000 0.48 0.00+ 0.00+ 0.00+ 0.00+ 0.00+ 3.556
Inferred Low
Grade Zone 7,000 0.31 0.00+ 0.00+ 0.00+ 0.00+ 0.00+ 0.048
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Indicated Total 394,200 1.98 0.03 0.00(x)0.06 0.03 0.02 17.207
Inferred Total 43,600 11.03 0.58 0.08 0.48 0.22 0.47 10.602
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(i) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures have been rounded to reflect the
relative accuracy of the estimates. Reported at a cut-off of 0.05 % U3O8
above 200 m elevation and within the Roughrider property owned by
Hathor. "Reasonable prospect for economic extraction" assumes open pit
extraction, metallurgical recovery of 98 %, and metal prices of US$80.00
per pound of U3O8.
+ Less than 1 ppm
(x) 0.004%
Table2 on the following page provides a comparison, or sensitivity analysis,for the Roughrider estimates by using the inverse distance squared(ID2) interpolation. The similarity of results underscores therobustness of the drill hole and assay data base for Roughrider, and thecontinuity (predictability) of high grade mineralization at Roughrider.
Table 2: Global Model Quantities and Grade Estimates(i), Roughrider Uranium Project.
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Ordinary Kriging Inverse Distance Squared
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Cut-off Quantity Grade Contained Grade Contained
U3O8(%) (t) U3O8(%) U3O8(lb) U3O8(%) U3O8(lb)
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Indicated
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0.00 404,431 1.93 17,207,000 2.01 17,920,000
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0.05 394,200 1.98 17,207,000 2.06 17,903,000
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0.10 371,400 2.10 17,195,000 2.18 17,850,000
0.50 158,100 4.55 15,859,000 4.76 16,591,000
1.00 85,200 7.87 14,783,000 8.28 15,553,000
2.00 64,600 9.96 14,185,000 10.49 14,940,000
3.00 55,000 11.27 13,655,000 11.89 14,406,000
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Inferred
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0.00 43,600 11.02 10,593,000 11.82 11,362,000
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0.05 43,600 11.03 10,602,000 11.82 11,362,000
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0.10 42,800 11.23 10,596,000 12.03 11,351,000
0.50 37,700 12.71 10,564,000 13.63 11,328,000
1.00 36,000 13.26 10,524,000 14.23 11,294,000
2.00 34,700 13.71 10,488,000 14.73 11,268,000
3.00 32,200 14.57 10,343,000 15.7 11,145,000
============================================================================
(i) The reader is cautioned that the figures in this table should not be
misconstrued with a Mineral Resource Statement. The figures are only
presented to show the sensitivity of the block model estimates to the
selection of cut-off grade.
Theexploration database for Roughrider is robust. It is based on based on174 drill holes exceeding 60,000 m completed in five successive summerand winter drill programs starting in 2008 (Figure 1). Drill holeseparation varies from less than 10 m in the core zone to approximately25 m elsewhere in the deposit (Figure 2). The Roughrider data baseincludes 24,300 sample intervals assayed for U3O8 and other metals(including arsenic, cobalt, copper, molybdenum, and nickel), and morethan 420 bulk dry density measurements obtained in the field.
Roughrideruranium deposit is a robust, high grade uranium system. As shown onFigure 3, the major attributes of the deposit are concordant andpredictable, including: 1) the alteration envelope; 2) mineral depositoutline (120 ppm U3O8); 3) outer low grade mineral resource shell (0.05%to 3% U3O8), and; 4) high grade core zone with grade greater than 3%U3O8. All attributes have a long axis of approximately 080 degrees to090 degrees azimuth, with a moderate dip (30 degrees to 40 degrees) tothe north. In plan view, the deposit is up to 220 m in length and 100 min width. In section view, the mineral zones span a thickness of up to55-60 m. The following data highlight the strength and continuity ofmineralization at Roughrider:
-- High grade mineralization intersected and delineated on virtually all
twenty cross-sections spaced 10 m apart along the entire 200 m length of
the deposit.
-- 618 chemical assays over 3.0 % U3O8.
-- 7,000 chemical assays over 0.05 % U3O8.
-- Bulk dry densities of mineralized rock range from 1.74 to 5.51 g/cc.
-- Wireframe models outline eleven high grade wireframes and four low grade
wireframes. All high grade domains are contained in one main low grade
wireframe solid (Zone 100).
Figure4 is a grade/tonnage plot which shows the similarity of resourceestimates using ID2 and OK interpolations. As such, Table 2 and Figure 4reinforce that mineral resource estimation for the Roughrider depositis not sensitive to analytical approach.
Mineral Resource Statement
TheMineral Resource Statement for Roughrider was constructed by SRKConsulting (Canada) Inc. A completed technical report prepared followingCanadian Securities Administrators' National Instrument 43-101 and Form43-101F1 guidelines is anticipated for early January, and will beavailable on SEDAR within 45 days of this News Release.
Theboundaries for uranium mineralization were modelled by SRK using apreliminary Hathor interpretation of high and low grade domains, andwireframe grade shells generated with LeapFrog software. The Leapfroggrade shells were generated using a three percent U3O8 thresholds forthe high grade domain and a 0.10 to 0.05% threshold for the low gradedomain. SRK used both the Hathor interpretation and Leapfrog shells togenerate a wireframe outline of high and low grade uraniummineralization on vertical sections spaced by 5 to 10 m. SRK generatedeleven high grade wireframes and four low grade wireframes that wereconsidered for geostatistical analysis, variography and gradeestimation.
The database considered for resource estimationconsists of 149 drill holes comprising approximately 24,300 sampleintervals with chemical assays for U3O8 and other metals (includingarsenic, cobalt, copper, molybdenum, and nickel) and approximately 420specific gravity measurements. All assay intervals within the high gradeand low grade wireframe solids were composited to 0.5 m to providecommon support for analysis and estimation. SRK evaluated impact of highgrade outliers in each zone using cumulative probability plots,histograms and examining the spatial distribution of higher grades withrespect to other drill holes and adjacent composites. SRK concludes thatno significant assay outliers are present in the database, thus nograde capping of assays was applied.
Variogram model radii forresource estimation were restricted to 20x20x2 m for the high gradezones and 20x15x15 m for the low grade zone. A sub-blocked model for theRoughrider project was generated using Datamine Studio 3. The blockmodel coordinates are based on the local UTM coordinate grid (NAD 83,Zone 13). The parent block size is 4 by 4 by 2 m and is sub-blocked to1.0 m in the X and Y directions and 0.002 m in the Z direction.
Theestimation strategy for the Roughrider deposit consists of estimatingU3O8 and other elements, and specific gravity into a block modelinformed from composited data and constrained by fifteen resourcedomains. Uranium oxide (U3O8) grades were estimated using threeestimation runs. The first estimation run is based on a search ellipsewith ranges equal to the largest variogram model structure the secondrun consists of a search ellipse range equal to twice the variogramrange. The third estimation ellipse consist of a search ellipsegenerally three times the search ellipse range. The bulk of blocks areestimated in the first run. Second and third estimation runs adds onlyabout 18 and 9% more material, respectively.
SRK tested fourestimation methods for density to ensure that the variability in thedata set can be approximately replicated in the estimate. The threeestimation methods used are:
-- Moving average using a 30 m sphere for averaging;
-- Global kriging of entire composite data set for each zone as well as all
each data set for high and low grade domains, using ordinary kriging;
-- Direct estimation of specific gravity composites using ordinary kriging;
and
-- Estimation of the product of specific gravity and U3O8 composites using
ordinary kriging, followed by dividing the estimated product by
estimated U3O8 grade.
Anexamination of density estimates results by Hathor and SRK indicatesthat the direct estimation of specific gravity composites appears toproduce the most reasonable results maintaining the variability of theoriginal composites. Global kriging is the next best result. Potentiallydeleterious elements arsenic, cobalt, copper, molybdenum, and nickelwere estimated using ordinary kriging. Variogram models for U3O8 wereassumed for these metals. Estimates were verified by conducting checkson Zones 5 and 100. Verification procedures included visual examinationof block grades to drill hole composites, and comparing estimated gradesat zero cut-off to nearest neighbour estimates and declustered meansfor the two zones. All validation checks confirm that the blockestimates are appropriate and reflect the underlying borehole samplingdata.
All block model estimates were full block estimates with full block values assigned to sub-blocks.
MineralResources for the Roughrider uranium project have been classifiedaccording to the "CIM Standards on Mineral Resources and Reserves:Definition and Guidelines" (December, 2005), by G. David Keller, P. Geo(APGO#1235) an "independent qualified person" as defined by NationalInstrument 43-101, who has reviewed the technical aspects of this NewsRelease related to the Resource Estimate. Resource classificationcriteria include drilling density, variography results and estimationrun. All blocks in Zone 100 are classified as Indicated because thiszone is well informed by drilling spaced at 5 to 10 m and blocks wereestimated with U3O8 grades entirely by the first estimation run. Zone 5is also well informed by data spaced from 5 to 10 m with the exceptionof the extreme northwest portion of the Zone which is not well informedby drilling. This area was manually assigned an Inferred classification.Zone 2 was classified according to estimation run; first estimation runestimates was classified as Indicated with all other blocks classifiedas Inferred. All other zones were classified as Inferred because theyare informed by limited data.
Midwest Northeast Property
TheMidwest NorthEast Property is well located in the northeasternAthabasca Basin, accessed by a 6 km winter road from Highway 955. Theproperty is 8.5 km north of the community of Points North, the mainservice hub for northereastern Saskatchewan. It is within 25 km ofoperating uranium mine, mill and tailings facilities established in thenortheast part of the Basin during the past 35 years.
TerraVentures Inc. owns a qualified 10% interest on the Property, carried tothe completion of a positive feasibility study on the RoughriderDeposit.
Alistair McCready, Ph.D., P.Geo., Hathor's ExplorationManager with responsibility for all of Hathor's exploration inSaskatchewan, and Michael Gunning, Ph.D., P.Geo, Hathor's ChiefOperating Officer, are Qualified Persons as defined by NationalInstrument 43-101 and have reviewed and approved the technicaldisclosure contained in this news release.
Stephen G. Stanley, President & CEO
Hathor Exploration Limited
Neitherthe TSX Venture Exchange nor its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
Contacts: Hathor Exploration Limited Tony Nunziata 403-560-7040 HathorExploration Limited Kelsea Murray 604-684-6707 www.hathor.ca
SOURCE: Hathor Exploration Limited
https://www.hathor.ca
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