VANCOUVER -- Terra Ventures Ltd. (TSX-V: TAS) is pleased to announce assay results from the first drill hole of a 4,400 metre diamond drilling program on its Lac Kachiwiss uranium property near Sept-Iles, Quebec. The uppermost of six sills of pegmatitic granite cut by drill hole LK08-01 returned an average of 103 ppm U3O8 over 116.95 metres including 16.00 metres of 137 ppm U3O8. Five lower sills ranged in thickness from 1.66 to 12.75 metres and in grade from 49 to 97 ppm U3O8.
Drill hole LK08-01 was drilled vertically to a depth of 305 metres, 3 metres away from historic hole 76-17, which was put down by Getty Mines Ltd. (a subsidiary of Getty Oil Co.) in 1976. The purpose was to compare new assay results with historic values, to assess the viability of including the old data in a future resource calculation, as well as to test the uranium-bearing zones at depth. The following table gives a summary of average assay values for the six individual pegmatite sills in LK08-01, with comparison values from 76-17 (which was drilled to 123 metres and only tested the uppermost sill: pegmatite 1).
ASSAY SUMMARY DDH LK08-01
Hole 76-17 comparison
Getty Mines Ltd. assayed both core and sludge from the 1976 drill holes, possibly because core recovery was significantly less than 100%. It is not known what assay methods were used by Getty. On the basis of this test, the sludge assays compare best with present drill results. Terra’s drilling is using NQ core and the recovery is excellent. Assays of split core are using a proven nuclear analytical method that does not depend on keeping refractory minerals in solution.
In addition to confirming the results of hole 76-17, LK08-01 has confirmed the presence of uranium-bearing sills to a depth of 273 metres, essentially more than doubling the known vertical dimension of the mineralized system. The average depth of Getty Mines’ 1976 and 1978 drill holes was only 87 metres and the deepest hole was 181 metres.
To date, twelve vertical diamond drill holes totalling 4,400 metres have been completed at Lac Kachiwiss. Terra’s drill program is designed to test the mineralized zones for possible depth extensions, and to expand the mineralization laterally. The program includes bold step-out holes on a 200 metre by 200 metre grid with a view to rapidly increasing the dimensions of the body, as well as infill drilling to firm up the quality of the existing resource.
The Lac Kachiwiss property covers a large body of low-grade uranium mineralization hosted in a pegmatitic granite, which has similar characteristics to the alaskite intrusives that host the Rössing orebody and other uranium deposits in Namibia. The property is located 16 km from the port of Sept-Iles with a well-developed infrastructure including road and rail transport and hydro-electric power. The Lac Kachiwiss mineralization lies on a small mountain that rises 250 metres above the local base level, making it well suited to potential development.
A historical resource estimate (non 43-101 compliant) of 18.3 million short tons of “indicated plus geologically inferred” mineralization with a grade of 155 ppm U3O8 (equivalent to 5.7 million pounds of contained U3O8) was made by Getty Mines Ltd. in 1978. Getty’s estimate was based on 25 diamond drill holes in 1976 and 1978, totalling 2,173 metres. Getty’s final report stated that “..... The property has potential for large additional tonnage to the east and west of the main zone, and at depth .....”
Qualifying statement on historical resource estimate
The historical resource estimate cited in this press release was prepared by Getty Mines in 1978, and is found in a report submitted for statutory work requirements with the Quebec Ministry of Natural Resources in 1979. The resource estimate was stated to be a total of "drill indicated plus geologically inferred" categories of resources. Details of the calculations are not included in the report; therefore it is not possible to compare the categories of resource with those required by NI 43-101. The company believes that the estimate is relevant to an appraisal of the merits of the property because the estimate was based on all drill data available at the time, and because there is no evidence of any subsequent work on the property. The company believes that the estimate may, to a limited extent, be reliable because it appears to have been prepared internally for a major company (Getty Mines was a subsidiary of Getty Oil Co.), apparently seeking to make an objective appraisal of the economic potential of the deposit; it does not appear to have been used for promotional or publicity purposes at the time. No more recent data or resource estimates are available in the public domain. No work has been done by a qualified person to classify the historical resource estimate as a current resource or reserve. The company is not treating the historical resource as a current mineral resource or reserve. The historical resource estimate should not be relied on.
In collaboration with Discovery Diamond Drilling Ltd., Terra has developed a simple program of environmental reclamation for the drill program. Drill cuttings have been retained in filter bags and placed back in the drill holes, which were then cemented. Gunther Roehlig, president of Terra Ventures stated “Some local residents have expressed concern that our activities might contaminate waterways in the area. By going above and beyond any regulatory requirements, we hope that we can demonstrate our commitment to environmental responsibility. Also, it should be pointed out that the uranium-bearing material we will be drilling is basically the same rock that a large part of Daigle mountain is made up of. We will not be drilling into anything that is not already exposed very extensively on surface.”
Technical information in this news release has been prepared and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., a consultant to the company and a Qualified Person as defined in NI 43-101. Assays quoted herein were performed by Activation Laboratories Ltd. of Ancaster, Ontario using the DNC (delayed neutron counting) method. Activation Laboratories Ltd. is accredited under ISO/IEC 17025 with CAN-P-1579.
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 the 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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE.