Hathor Exploration* (HAT : TSX : $2.46), Net Change: 0.16, % Change: 6.96%, Volume: 1,754,073
On a weight-gain program. Hathor Exploration announced an initial resource statement for the East Zone, effectively doubling the amount of the contained U3O8 lbs at its 100%-owned Roughrider uranium project. The East Zone is estimated to contain 118,000 Inferred tonnes at 11.59% U3O8 for 30.13 million lbs of uranium contained. In total, Roughrider now contains Indicated + Inferred resources of 555,800 tonnes at 4.7% U3O8 for a significant 57.9 million lbs of uranium contained. Unlike the West Zone, the East Zone resource is not uniformly mantled by a rim of low grade mineralization; however, there is abundant low grade mineralization surrounding the deposit that is not included in the current resource model, and represents additional resource potential. A Bay Street analyst commented that he now expects Hathor to focus on the recently discovered Far East Zone, which could also considerably increase the Roughrider resource. A uranium deposit of this size could also encourage potential suitors to start looking at Hathor. Generally, an Athabasca uranium deposit past the 50 million lbs is considered a threshold to become attractive for development and a potential acquisition target from a senior developer. Later in the day on Tuesday, after one analyst highlighted that Hathor's "huge Roughrider deposit makes it a tempting takeover target", Hathor's CEO Mike Gunning told BNN the company would be open to a takeover from any uranium miner. “If you were a uranium miner for the next 30 years, you want to be in the Athabasca basin,” Gunning said. Adding that, “For the first time, Roughrider is presenting a potential entry point for any of these companies.”