Uranium high flyer Hathor reports further exciting drill intersections
One of the stock market darlings in the Canadian uranium exploration sector is Hathor Exploration which has been reporting what could be described as more than encouraging drill results from it drilling programme in northern Saskatchewan, notably on the Roughrider Zone on which it is currently concentrating.The latest results from the company’s winter drilling programme on the zone continue to deliver strong results, with 17 holes intersecting uranium mineralisation using a cut-off of 0.05 wt% U3O8. High grade highlights include 13.5 m of 9.64% U3O8.Commenting on the latest drilling results, Dr. Alistair McCready, Hathor’s Senior Project Geologist, said: "Hathor’s 2009 winter drill programme exceeded all of our expectations. We were able to complete 89 holes for 30,711 metres, and we hit one of the highest drill interval assays ever in the Basin at 84.20 % U3O8. Not only is the Roughrider Zone now extended from 110 metres to approximately 200 metres in length, it remains open in all directions and recent gravity and geological models show the potential to significantly expand the size of mineralization. For example, drill hole MWNE-09-129, a 20 metre step out from 116, returned 26 metres at 3.57 % U3O8, including 5.0 metres at 15.65 % U3O8. This is the most southwesterly grid-drilled uranium mineralization to date."A full listing of U3O8 assay results, detailed drill collar information (for the entire winter’s drilling), select pictures of altered and uranium-mineralized drill core and scintillometer results (cps values) are available on Hathor’s website: www.hathor.ca.A summer drill programme is planned to commence shortly, utilizing both barge-based and land-based drill rigs. These will be used to: further test for strike-length extensions and for potential sandstone-hosted mineralization occurring above the basal unconformity; continue in-fill drilling; and provide material for detailed metallurgical testing.In a research report on Hathor, Canadian investment firm Salman Partners, reckons on a rough calculation from Hathor’s drilling results to date that the Roughrider zone has been shown to contain so far some 642,758 tonnes of mineralization at an average grade of 3.43% U3O8, containing approximately 48.6 million lbs of U3O8. This compares to an earlier estimate of 350,175 tonnes of mineralization at a grade of 4.1% U3O8 containing approximately 31.7 million lbs of U3O8. Salman continues to believe that further drilling to the east, northeast and southwest could possibly expand the Roughrider Zone considerably. The firm cautions that this is only a rough calculation based on Hathor’s own figures and is not a NI 43-101 compliant resource.Hathor still has capital resources of some $35 million so has plenty of cash available to continue its drilling programmes on what looks to be working out to be a large and high grade uranium resource.