2006 News Releases
Gold-Copper Values Exposed on Deaty Project, Thunder Bay, Ontario
June 29, 2006
Iron Oxide Copper Gold (IOCG) setting confirmed
Field work continuing throughout the summer
Toronto, Ontario, Canada, June 29, 2006 – Mega Uranium Ltd. (“Mega”) (MGA-TSX-V) (through its Maple Minerals division) and East West Resource Corporation (TSX-V: EWR), both 50% partners, are pleased to give an update on trenching activity on the Deaty Creek project (Shebandowan Belt) that has continued for the past 5 months.
Trenching has exposed a number of new gold and copper zones along a two-kilometre length of the property. Two sub-parallel gold trends, each one kilometre long were confirmed as well as a new copper-bearing zone that is 500 m long and open along strike that is adjacent to one of the gold trends.
More than one style of gold mineralization is present. As previously reported on February 1, 2006 alteration zones consisting of magnetite, pyrite, and epidote within altered hematized rhyolite contain widths up to 85 m with significant gold values. Drill hole DC06-04 found gold values within sheared volcanics containing fine-grained pyrite (see NR April 3, 2006). Disseminated pyrite zones in altered rhyolite (hole DC06-09) are adjacent to breccias with magnetite matrix and intense silicified zones containing magnetite and molybdenite, all of which suggest an IOCG system (Iron Oxide Copper Gold). Age dating of this special type of gold-copper system is near completion and early indications suggest the gold-copper bearing breccias are Timiskaming in age, which is similar to some large IOCG deposits that occur in Brazil. Rare earth trends for Deaty and Hamlin also resemble the Brazilian deposits.
Download the Deaty Creek Assay Results (pdf)
Detailed mapping and sampling is continuing on Deaty as well as expansion of the grid. Numerous drill targets remain to be tested. Field crews from the Ontario Geological Survey have also arrived to map the region, which will be of assistance.
The project set out above was supervised by R. Middleton, P.Eng, who is the qualified person and responsible for quality control of the assaying and reporting. More details are available on all of Mega’s properties at www.megauranium.com.
Gold assays were carried out by ALS Chemex using fire assay on a 30 g sample with an AA (Atomic Absorption) finish. Samples were prepared by ALS Chemex in Thunder Bay.
Mega Uranium Ltd. is a Toronto–based mineral resources company with a focus on uranium properties in Australia, Argentina, Mongolia, Bolivia and Canada. Further information on Mega can be found on the company’s website at www.megauranium.com
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Mega’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Mega Uranium disclaims any intent or obligation to update these forward-looking statements and cautions investors from placing undue reliance on forward-looking statements. Mega does have an ongoing obligation to disclose material information as it becomes available.
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For further information, please contact:
Mega Uranium Ltd.
Sheldon Inwentash, CEO
Telephone: (416) 643-7630