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Hathor Exploration completes summer drilling in Saskatchewan

9/24/2008 11:36:56 AM | Buzz on the Boards

1221 Reads | 3 Comments

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Miner says it encountered significant uranium mineralization in two recent drill holes.

In resources news, Hathor Exploration (TSX: V.HAT, Stock Forum) announced after Tuesday’s market close that it has encountered “significant basement-hosted uranium mineralization” in two diamond drill holes recently completed during the summer 2008 drill program on its 90%-owned Midwest NorthEast project in northern Saskatchewan

The company says drill hole MWNE-08-40 intersected a 66.1 metre core-length interval having radioactivity readings ranging from 300 counts per second to greater than 9,999 cps. Within this zone, seven individual zones of highly-radioactive mineralization were encountered. "The mineralization in MWNE-08-40 is estimated visually to be the best we have intersected to date within the Roughrider Zone," said Alistair McCready, senior project geologist.

Meanwhile, drill hole MWNE-08-42 intersected a 5.3 metre mineralized core-length interval having radioactivity readings ranging from 200 cps to greater than 9,999 cps. Within this zone, a 1.4 m of highly radioactive mineralization was encountered at a core length of 277.8 m corresponding to a vertical depth of 218 m. Step-out drill hole MWNE-08-42 extends the Roughrider Zone a further 15 metres to the northeast, says Hathor.

Hathor says its summer diamond drill program has now ended, with thirteen drill holes totalling 5,296 metres completed, and anomalous radioactivity encountered in eleven holes. Terra Ventures (TSX: V.TAS, Stock Forum) also owns a 10% interest in the property.

Following the news, posters on the Hathor Exploration Bullboard - which was the second most posted board on Stockhouse Wednesday morning - were discussing the results and the issue of trading halts.

mrcashflow commented:

This latest release of news by HAT does not warrant any halt of trading. The results, although very encouraging are still only visual. There is nothing concrete at this point in time to confirm this visual showing. The company is only telling the market they may have found more promising results. I am sure, as others here very well know, this news is positive. HAT continues to expand the size of this resource, and eventually the market will give this company it's true valuation. In the mean time one must have extreme patience during these very turbulent times in the market[sic]…

Shares of Hathor Exploration were up 1.2% to $3.31 Wednesday.

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Comments

RCisback

providing Information on juniors a mere 10 km away from HAT is what sharing info on SH is all about. Seems to me you don't like the FACT that SLT/ RAY are so close.It also appears that you are trying to bulley me. Good luck with that.....LOL.

coffintrader

Do your dd on SLT and pay attention to insider selling. RC has been pumping this stock on the Hathor board. Coffin

RCisback

SLT is just west of Cigar lake (10 Km)...HAT discovery is just north of Cigar lake.Below is a property description from the SLT/ RAY JV. The area is going to heat up on HATS discovery, fish the deals like slt at .075. IMO. About the properties: The 10 claims under option total 18,328 hectares. The Little Cree River ‘D’ grid is comprised of 3 contiguous claims, totalling 14,415 Ha. and is located approximately 40 km’s west of the McArthur River Uranium Mine. The ‘C’ claims are 7 non-contiguous parcels, totalling 3913 ha, which stretch from “C7”, located about 10 km’s west of the Cigar Lake Uranium Mine, to ‘C1’, about 25 km’s west of Camecos’ Key Lake Uranium Mill. All of the ‘C’ claims are located within the Athabasca Basin, underlain by favourable rocks of the Western ‘transition zone’ of the Wollaston Domain, which hosts most of the major deposits in the eastern portion of the basin.

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