After being halted Thursday morning, shares of Hathor Exploration (TSX: V.HAT, Stock Forum) resumed trading at noon, jumping 6.5% to $2.30 as the company said that recent U3O8 assay results from one particular hole returned what it calls “some of the highest grades of uranium ever reported for Athabasca Basin mineralization.”
The company says hole #116 from the 2009 winter drill program on the Roughrider Zone at the company’s 90%-owned Midwest NorthEast property in Saskatchewan, intersected 2.5 metres of 70% U3O8 with assays up to 84% U3O8. For further results, see the company’s news release.
Twenty of the drill holes reported Thursday intersected uranium mineralization, using a 0.05 wt% U3O8 cut-off grade, says Hathor.
"We knew that drill hole 116 was going to be impressive from the visual examination, the down hole gamma survey and the high density measurements of core samples (up to 7.6 g/cc). We were, however, not expecting it to return some of the highest grades of uranium ever reported for Athabasca Basin mineralization. This further confirms that the Roughrider Zone may represent the best ever discovery by a junior in the Athabasca Basin," said Alistair McCready, Hathor's senior project geologist.
The company says the 2009 winter drill program has demonstrated that the Roughrider Zone remains open in all dimensions and intersected the highest grade assay reported from the project to date, falling “slightly short of the record grades from the McArthur River mine, but higher than the best assays reported from the Cigar Lake mine.”
Hathor says it plans to start a summer drill program shortly. Terra Ventures (TSX: V.TAS, Stock Forum) owns a 10% production carried interest in the Midwest NorthEast property.
On the company’s Bullboard deelishus voiced the following concern Thursday: “I'm somewhat new to HAT, love the grades, location, management etc. Can easily see this as a buyout when Uranium prices go up...Don't yet have a position due to the following concern: Despite the grades, the last 2-3 NR do not show a distinct expansion of strike length, instead formidable grades. Can anyone validate this concern or otherwise?[sic]”
circelburn replied: “My interpretation is that the strike has been increased and the deposit is open in almost all directions. Also consider that a new lower depth zone has been discovered. This is very complicated geology but my GEO friends love this play given the current results and upside potential with more drilling. Do your DD[sic]”
And, coffintrader noted: “Definately one of the better intercepts Hathor has pulled out of the ground.. Should get interesting once Hathor starts drilling on Forum Uraniums(FDC) property to fulfill their JV commitment... these grades have been known to be super high all over the basin[sic].”
Meanwhile, shares of Terra Ventures climbed 9.3% to 47 cents, and Fission Energy (TSX: V.FIS, Stock Forum) was up 19.7% to 39.5 cents, as one poster on the company’s Bullboard noted that “Hathor's hole #116 is within 15m of Fission's property.”