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

2016 News Releases

2015 News Releases

2014 News Releases

2013 News Releases

2012 News Releases

2011 News Releases

2010 News Releases

2009 News Releases

2008 News Releases

2007 News Releases

2006 News Releases

2005 News Releases

2004 News Releases

2003 News Releases

2002 News Releases

2001 News Releases

Investor Resources

TSX: MGA
(15-20 min delay)

[Chart]

>> view stock information

Contact

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

Phone 416.643.7630
Fax 416.941.1090
 

Signup for email alerts

2008 News Releases

Mega Uranium Update on 2007 Thelon Exploration Program


January 18, 2008

Toronto, Canada, January 18, 2008 – Mega Uranium Ltd. (MGA-TSX) (“Mega”) is pleased to report on the results of the 2007 exploration program on the Thelon Project, Nunavut, which is subject to an option agreement with Titan Uranium Inc. (“Titan”) (TSX-V: TUE, TUE.WT.A). The 100,048 hectare project is located approximately 100 km NNW of the AREVA’s Kiggavik uranium project that hosts a reported resource of 131 million lbs U3O8 (Nunavut Geoscience Overview, 2006).

The 2007 exploration program consisted of an airborne magnetic and radiometric survey with 11,786 km flown, claim staking with 32,704 hectares acquired in 41 claims, prospecting/mapping with 52 radioactive samples taken for geochemical analysis, and 1,600 metres of diamond drilling. The airborne survey covered all of Titan’s lands and the final data, received late in 2007, is being reviewed by Titan’s geophysical consultants. A preliminary review of radiometric data shows several areas of anomalous readings including some which correlate with known radioactive boulder trains. Follow-up field examination will be conducted on these hot-spots in 2008.

The 2007 prospecting program field-checked eight of the anomalous areas that had been defined by historic work and 52 radioactive samples were submitted for geochemical analysis, with results ranging from 50 PPM U3O8 to 6.0% U3O8. Significant results were recorded from boulders on the RAD 8 claim (6.00% U3O8), R22 lease (0.21% U3O8 and 0.78% U3O8), RAD 3 claim (0.57% U3O8) and RAD 14 claim (0.53% U3O8). On Permit 6660, uranium mineralized boulders were found in four areas with six boulders having greater than 0.10% U3O8; results ranged from 0.14% to 2.17% U3O8. The uranium occurs as pitchblende and secondary uranium minerals in fractured basement quartzites and feldspathic meta-sandstones. More definitive exploration is planned for these areas in 2008.

A total of 1,600 metres of diamond drilling in 23 holes tested six areas of known uranium mineralization in boulder trains and outcrop. Drill hole RADC-07-01 intersected fracture-controlled basement mineralization with a grade of 0.19% U3O8 over 0.7 metres, adjacent to drill hole RADC-06-05 which intersected 0.16% U3O8 over 3.9 metres in 2006. None of the remaining holes intersected any significant mineralized zones, however, two other drill holes in the RAD “C” area intersected geological formations exhibiting structural and chemical features favourable for uranium mineralization and on Permit 6660 drill hole WP-07-06A intersected graphic meta-mudstone in contact with fractured quartzite. Most of the drill holes displayed fracture-filled clay and hematite alteration. In the vicinity of the drilling on the RAD 9 claim, three samples were taken of highly radioactive material in a frost boil which gave results of 1.47% U3O8, 1.99% U3O8 and 3.95% U3O8.

The majority of the drilling in 2006 and 2007 tested radiometric and magnetic anomalies near the interpreted bedrock source of radioactive boulders. Further work is required to locate the basement source for the uranium mineralized boulders and this will be conducted in 2008.

Mega and its partner Titan are very encouraged by the results of the 2007 exploration program, in particular the results from the prospecting work, which located uranium mineralization in boulders reporting up to 6% U3O8.

Sampling was done under the supervision of John Dixon, P. Geo., and Qualified Person, Paul Nicholls, P.Eng., as defined by National Instrument 43-101. All samples were analyzed at SRC laboratory in Saskatoon, Saskatchewan. Sampling methods include the use of standards and blanks for QA/QC control.

Michael Downes, Mega’s Vice President North America and Qualified person under NI43-101, has reviewed the technical information in this release.

ABOUT MEGA URANIUM

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Canada, Argentina, Bolivia, Colombia, Mongolia and Cameroon. 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 Ben Lomond, Maureen and Lake Maitland, are subject to State policies which presently prohibit the mining of uranium.

For further information, please contact:

Investor Relations
Media Relations
Mega Uranium Ltd.
Mega Uranium Ltd.
Richard Patricio
Wanda Cutler
VP Corporate and Legal Affairs
Director of Corporate Communications
T: (416) 643-7630
T: (416) 860-1717
 
  

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Titan Uranium, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Titan Uranium’s expectations are exploration risks detailed herein and from time to time in the filings made by Titan Uranium with securities regulators.