Mega Uranium Mining & Exploration in  Canada, Cameroon, Australia, Argentina, Bolivia, Columbia and Mongolia.

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Mega Uranium Ltd.
211 Yonge Street, Suite 502
Toronto, Ontario, Canada
M5B 1M4

Phone 416.643.7630
Fax 416.941.1090
 

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2007 News Releases

Mega Uranium and Cash Minerals Announce Igor and Lumina Drilling Results Wernecke Uranium District, Yukon


September 19, 2007
  • 0.055% U3O8 and 2.82% Copper Over 22.25 Metres in First Phase of Drilling at Igor
  • 1.5 Metres Of 0.14% U3O8, 0.035% Molybdenum and 0.08 G/T Gold at Lumina

Toronto, Canada, September 19, 2007 – Mega Uranium Ltd. (MGA-TSX) (“Mega”) has been advised by its joint venture partner, Cash Minerals Ltd. (CHX-TSXV) (“Cash”), of results from the first phase of drilling at the Igor and Lumina properties. Cash is presently the operator and funding 100% of the Wernecke Uranium project to earn a 75% interest in the project. Cash advises that advanced exploration in the Wernecke Uranium district builds on past exploration success, again producing notable results as shown by intersections yielded in this first phase of drilling.

Highlights from recent drilling at Igor and Lumina include:

  • At Igor: 22.25 metres at 0.055% uranium oxide (U3O8), 2.82% copper (Cu), 5.2 g/t silver (Ag) and 0.03 g/t gold (Au); and
  • At Lumina: 1.5 metres of 0.14% U3O8, 0.035% molybdenum (Mo) and 0.08 g/t Au; as well as 40.1 metres of 0.014% uranium (U), 0.047% Mo and 0.31 g/t Au.

Igor and Lumina, known as iron-oxide, copper-gold-uranium (IOCG-U) and U-Mo-Au targets, respectively, are both located in Canada’s mineral-rich Wernecke Uranium District, Yukon Territory. A total of 16,000 metres has been diamond drilled in 2007, with up to six drill rigs operating concurrently on a number of the Yukon properties. The focus of Cash’s drilling in 2007 has been the Igor and Lumina properties. Exploration on other Wernecke properties is engaged in testing other areas to identify targets for this year and 2008 drilling.

Cash, the operator, has advised that they are extremely pleased with results from the first phase of drilling, which continues to show the potential of a world-class IOCG target, similar to that of Australia’s Olympic Dam mine. The joint venture continues to focus on extending the distribution of known uranium mineralization, in addition to creating additional project value through new mineral discoveries, such as the polymetallic U-Mo-Au mineralization shown in the 2007 drilling data at Lumina.

Igor Property Continues to Deliver

At Igor, IOCG-U mineralization crops out and is open at depth. Uranium-copper mineralization is largely coincident with masses of magnetite, hematite, barite and pyrite within dilatant veins and breccias, interpreted to have formed over a long period of geological time.

Drilling at Igor began in June 2007 and initial results show intersections with appreciable uranium and copper mineralization, which include 22.25 m at 0.055% U3O8, 2.82% Cu, 5.2 g/t Ag and 0.03 g/t Au; 9.5 m at 1.68% Cu, 0.24 g/t Au: and 3.0 g/t Ag; and 3.6 m at 0.125% U3O8 (Table 1).

The objective of the 2007 drill program at Igor aims to define a resource by testing existing areas with known uranium and copper mineralization, as well as examining the potential for IOCG-U mineralization at depth, which would comprise of testing the annulus-shaped sub-surface geophysical anomaly identified in 2006. Initial drilling conducted this year has yielded intersections of U-Cu-Au-Ag mineralization comparatively close to the surface, with the source of the anomaly currently being tested. Drilling will continue at Igor until the end of October weather conditions permitting, with three drills allocated to the property.

Hole
Name
From
(m)
To
(m)
Interval
(m)
U3O8
(%)
Cu
(%)
Au
(g/t)
Ag
(g/t)

IGOR
IG-06
138.75
161.00
22.25
0.055
2.82
0.03
5.2
 
 
 
 
IG-02
6.0
15.5
9.50
-
1.68
0.24
3.0
includes
9.0
12.0
3.00
-
3.01
0.39
4.4
and
110.2
119.4
9.25
-
0.60
0.05
1.0
includes
110.15
111.90
1.75
-
2.01
0.16
2.4
 
 
 
 
IG-03
186.2
191.7
5.50
0.037
-
0.03
1.6
includes
190.7
191.7
1.00
0.099
-
0.01
0.6
and
223
226.6
3.60
0.125
-
-
2.2
includes
225
225.6
0.60
0.310
-
-
1.8


Table 1. Summary drill hole results from preliminary analysis from the Igor property.

Dr. Geordie Mark, Cash’s Vice President, Exploration, has stated that the district appears to be a polymetallic minerals province, noting that the Cash exploration team continues to apply an integrated technical approach with the aim of adding value by enhancing targeting strategies, which in the case at Lumina would assess the hydrothermal mineralization as part of a polymetallic U-Mo-Au system.

Adding Value at Lumina

Drilling and exploration at the Lumina property began in June primarily near the Jack Flash showing, which returned significant uranium mineralization during the 2006 exploration season (55.1 m at 0.103% U3O8). Drilling in 2007 has proved continuity of the uranium mineralization discovered in 2006, and it has extended the known sub-surface distribution of uranium mineralization around 130 m to the southwest (e.g., LU-27, Table 2).

Cash advises that additional drilling and geochemical sampling are planned to define the presence of significant polymetallic U-Mo-Au mineralization (Table 2), and to enhance the metal potential of the Lumina property. Exploration within the Lumina property shows that there are numerous areas with comparable geology, some with more than one kilometre long, on-surface uranium anomalies, which were defined from heli-borne radiometrics. The geology of many of these regions exhibit common characteristics and show U-(Mo-Au) mineralization, most likely formed in a single hydrothermal system distributed for tens of kilometres throughout the Lumina property.

Hole
Name
From
(m)
To
(m)
Interval
(m)
U3O8
(%)
Mo
(%)
Au
(g/t)
Ag
(g/t)

LUMINA
 
 
 
 
 
 
 
LU-20
124.05
153.45
29.4
0.026
0.034
0.23
0.9
includes
127.05
130.95
3.9
0.053
0.115
0.89
3.1
 
 
 
 
 
 
 
 
LU-21
78.10
98.10
20.0
0.031
0.022
0.04
0.5
includes
78.10
85.55
7.5
0.048
0.017
0.05
0.5
LU-23
52.0
65.5
13.5
0.043
0.008
0.03
0.6
includes
64.0
65.5
1.5
0.139
0.035
0.08
1.9
and
79.0
81.0
2.0
0.033
0.084
1.09
3.2
 
 
 
 
LU-27
96.7
136.8
40.1
0.014
0.047
0.31
1.3
includes
96.7
106.8
10.1
0.025
0.065
0.22
1.9
includes
125.3
131.3
6.0
0.015
0.062
0.88
1.4


Table 2. Summary drill hole results from preliminary analysis from the Lumina property.

Cash advises that drilling is still underway in the Werneckes with five drills operating at Igor, Lumina and properties in and around the Bear River camp. Drilling at Igor is currently testing the geophysical anomaly beneath the surface. At, Lumina drilling continues to test for U-Mo-Au mineralization to the north of the Jack Flash showing. Geochemical results from the second phase of drilling, as well as geophysical data collected from the Wernecke properties during the 2007 exploration season, are expected to be released in the last quarter of calendar 2007.

Samples prepared and analyzed by ALS Chemex, Vancouver. Samples are crushed, pulverized and digested in a four-acid solution and all elements, but gold were analyzed by ICP methods. Gold was analyzed by Fire Assay and ICP-AES. True width intervals are unconstrained due to insufficient data at depth.

ABOUT MEGA URANIUM

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Argentina, Cameroon, Mongolia, Columbia, Bolivia and Canada. Further information on Mega can be found on the company’s website at www.megauranium.com.  Mega Uranium’s Australian uranium properties, including without limitation the Ben Lomond, Maureen and Lake Maitland properties, are subject to state policies which presently prohibit the mining of uranium in Australia.

For further information, please contact:

Mega Uranium Ltd.
Richard Patricio, VP Corporate and Legal Affairs
T: (416) 643-7630
info@megauranium.com
www.megauranium.com