2008 News Releases
Mega and Forum Commence Drilling at Maurice Point Uranium Project, Athabasca Basin, Saskatchewan
February 21, 2008
Toronto, Canada, February 21, 2008 – Mega Uranium Ltd. (TSX:MGA) (“Mega”) is pleased to announce the commencement of a 3,600 metre drill campaign on the Maurice Point property in the western Athabasca Basin. The Maurice Point uranium property is under option by Mega from Forum Uranium Corp. (TSX-V:FDC) (“Forum”) where Mega can earn a 55% interest in the project by spending $8 million over three years. Forum is operator.
The Maurice Point property is located along a 30 kilometre northeast trending structure known as the McKenzie Mylonite Zone, which hosts Cameco’s Maurice Bay uranium deposit (1.3 million pounds U3O8, source Saskatchewan Industry and Resources, Miscellaneous Report 2003-7).
Prospecting, geological mapping and geophysical surveys have been conducted over the past three years on the Maurice Point property, resulting in the identification of five main drill target areas, three of which are scheduled to be tested in the current drill campaign:
- McKenzie Point (Beach Zone, West Beach and Uranium Ridge) - Seven holes totalling 1,500m planned to follow up on surface mineralization along the shore of Lake Athabasca averaging 1.6% U3O8 in grab samples taken over 100m (see Forum News Release dated June 28, 2006) within a 400m by 200m area in regolithic basement rocks within the McKenzie Mylonite Zone. Elevated boron geochemistry in the mineralized occurrences is indicative of a major mineralizing event within a short distance of the unconformity contact.
- Colin River – Seven holes totaling 1,500m are planned to test a major northwest trending graben structure at the intersection of the northeast trending McKenzie Mylonite Zone.
- Spring Point – The intersection of major structures 3km northeast of an area of uranium-bearing boulders found on Cameco’s property (as reported in government assessment files). Ongoing gravity and resistivity surveys are aimed at providing additional drill targets.
- Spring Point Ice – Two holes totaling 600m are planned to test the east-northeast trending Spring Point structure where it intersects a northeast trending structure approximately 500m east of Spring Point.
- Maurice Point – Northwest trending structures intersecting the Maurice Bay deposit trend on to Forum’s property where previous drilling by Eldorado Nuclear in late 70’s intersected 0.064% U (0.076% U3O8) ¬over 3m at a depth of 368 to 371m.
Resistivity surveys to identify zones of clay alteration and gravity surveys to identify zones of silicification/desilicification are underway on the McKenzie Point, Colin River and Spring Point grids. A total of 92 line km of resistivity surveys and 316 line km of gravity surveys are planned this winter.
The drill program is anticipated to continue until April. Ken Wheatley, P.Geo. (Saskatchewan), Forum’s Vice President, Exploration is supervising the project.
Michael Downes Ph.D., P.Geo., Vice President North America and Qualified Person for Mega has reviewed the technical content of this news 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.
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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 Mega 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 Mega Uranium‘s expectations are exploration risks detailed herein and from time to time in the filings made by Mega Uranium with securities regulators.