Hathor and Terra keep on rising

Hathor Exploration (HAT-V) and Terra Ventures (TAS-V) have both been on a tear thanks to drill results from their Midwest NorthEast Uranium property in Saskatchewan’s Athabasca basin.

Terra owns a 10% production carried interest while Hathor owns the remaining 90% in the property.

On Mar. 25 Hathor announced gamma ray scintillometer results from seven drill holes completed at Midwest NorthEast.

Since the news was released Hathor shares have gained 27% and were trading for $2.61 on 5.5 million shares in Toronto on Mar. 26. Terra shares gained 30% over the same period and were trading for 65 on 1.8 million shares on Mar. 26.

The seven holes were sunk close to the discovery hole at the site which intersected mineralization highlighted by 11.9 metres grading 5.2% U₃O₈.

Hathor says six of the seven holes extended what it describes as basement-hosted mineralization.

Natural gamma emission radiation in drill core from the holes was measured in counts per second (cps). Individual zones of highly-radioactive mineralization were encountered from 5,000 to greater than 9,999 cps — within broader zones of elevated radioactivity — greater than 500 cps.

While scintillometer readings are not uniformly related to uranium grades, and are used as merely a preliminary indication of radioactive materials, the back log at assaying labs has forced the company to make greater use of the instrument.

Drill core samples are being sent for assaying and results should be known in just over two months.

Two diamond drills rigs will be turning on the property for another 2 weeks to finish up the 8,000 metres drill program.The property sits adjacent to AREVA(ARVCF-O), Denison Mines (DML-T, DNN-X) and OURD Canada‘s Midwest property where mine construction is slated to begin in mid-2009 and open-pit mining of a shallow orebody that grades 5.47 per cent uranium oxide is planned for early 2010. The orebody hosts reserves of 360,000 tonnes grading 4% U₃O₈ and is expected to produce roughly 36 million lbs. U₃O₈.