Hathor Exploration* (HAT : TSX-V : $2.28)
Net Change: 0.09, % Change: 4.11%, Volume: 3,303,417
Terra Ventures* (TAS : TSX-V :
.37)
Net Change: 0.05, % Change: 15.63%, Volume: 1,081,480

Homerun! Hits 63.5 metres of (for context) ~ 5.7 oz/tonne gold-equivalent. Canaccord Genuity Senior Mining Analyst Eric Zaunscherb has been bullish on Hathor shares for some time now, but it got taken up a notch Thursday after the company released Hole 648 - which delivered the best intercept on the project to date and, potentially, one of the best intersections in the Athabasca ever. Infill Hole 648, located in the heart of the Roughrider East zone on Hathor's 90%-owned Midwest Northeast project (Terra Ventures owns a 10% carried interest), intersected 63.5 metres grading 7.75% U3O8 including 42.0 metres grading 11.06%, including 17.5 metres grading 24.28%. One 0.5-metre sample graded 87.2%. For context, the 63.5-metre intercept at 7.75% represents rock valued over US$8,500/t gross, or approximately 5.7 oz/tonne gold-equivalent. Taking a 5-metre radius around the hole, the intercept represents approximately 3.4 million pounds U3O8.

Zaunscherb believes Hathor's Midwest NorthEast project is one of the most important high-grade uranium discoveries in the past decade. He expects strong news flow as Hathor delivers assays from the summer Midwest NorthEast program, assays from the Russell Lake project, a Roughrider zone resource update, and an initial Roughrider East zone resource. Additionally, Hathor is delivering positive exploration results into a receptive market. Zaunscherb highlights that momentum is building in junior uranium equities as the spot price passes through US$50/lb U3O8. It is interesting to note, that on a fully-diluted basis (and assuming that all of Hathor's market cap is attributable to the Midwest Northeast project) Terra Ventures trades at an approximate 18% discount to Hathor shares. Also, Terra's 10% production carried interest in Midwest Northeast means that Terra will not have to provide any funding for the project through completion of a feasibility study and therefore will not need to dilute shareholders.