2008 News Releases
Mega and Forum Complete Winter Drill Program at Maurice Point Uranium Project, Athabasca Basin, Saskatchewan
April 22, 2008
Toronto, Canada, April 22, 2008 – Mega Uranium Ltd. (TSX:MGA) ("Mega") is pleased to announce that the winter drill program has been completed on the Maurice Point property, which is under option 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 the operator.
Drilling was successful in intersecting a major fault zone accompanied by strong hydrothermal alteration which is continuous from surface to a depth of 250m. Alteration of this magnitude is comparable in size and style to that associated with known basement-hosted uranium deposits in the Athabasca Basin such as Cameco’s Millennium deposit (indicated resource of 45.8 million pounds U3O8, source: Cameco 2005 Annual Report) and Areva’s and UEX’s Shea Creek (grades of up to 5.4% U3O8 over 37.7m located in the basement, source: UEX’s web site www.uex-corporation.com).
The Maurice Point property is located along a 30 kilometre northeast trending structure known as the McKenzie Fault. Cameco’s Maurice Bay uranium deposit (1.3 million pounds U3O8, source Saskatchewan Industry and Resources, Miscellaneous Report 2003-7) lies on a parallel but smaller fault zone approximately 4km to the southeast of the McKenzie Fault. The exploration model on the Maurice Point property is to find an Athabasca type basement-hosted deposit associated with the much larger McKenzie Fault.
A total of 10 holes for 2,321 metres were completed in two target areas known as the Colin River and the Beach Zone, (please refer to our February 21, 2008 news release for additional details on the targets). A third target known as Spring Point was not tested as the drill had to be demobilized for spring break-up. Ground gravity surveys were completed on all three grids.
Five holes were drilled on the Colin River grid which is located about 18 kilometres northeast of Cameco’s Maurice Bay deposit. These holes tested the McKenzie Fault whose position was interpreted from the results of a 2007 airborne magnetometer survey and the 2008 gravity survey. Three of these holes intersected a strongly developed fault system showing extensive breccias together with pronounced hydrothermal alteration in the form of strong bleaching, hematization and chloritization down to 250m in depth. The characteristics of this alteration system indicate that both reducing and oxidizing fluids have moved through the system and are considered an important component for the formation of uranium deposits in this geological environment. Although no anomalous radioactivity was detected in the alteration zone at Colin River the discovery of the major structure with strong alteration is considered a very positive step in the search for uranium deposits.
Five holes were completed on the Beach Zone target where uranium mineralization was previously identified both in boulders and in regolithic basement outcrop, with grades in grab samples of up to 6.3% U3O8. Weak gravity anomalies were tested on land around the mineralized outcrop areas. Drilling intersected hematized and mylonitic basement lithologies, locally containing breccias, however no anomalous radiometric lithologies were intersected.
"We are very impressed with the size and strength of the newly discovered alteration zone and this is an important step in advancing the Maurice Point project. Additional drilling is clearly warranted" said Michael Downes Vice President North America , Mega Uranium.
In addition, a ground gravity survey, used to identify zones of silicification/desilicification, was completed on 3 grids. A resistivity survey, designed to identify zones of hydrothermal clay alteration in the vicinity of the McKenzie Fault, has recently been completed on parts of the Beach Zone and Colin River grids.
Core samples were collected from the 10 drill-holes and shipped in sealed containers to the Saskatchewan Research Council, an ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory for geochemical analysis using the Uranium ICP Package. This package is the preferred analytical technique for detecting uranium and pathfinder elements in the alteration halos of unconformity-type uranium deposits in the Athabasca Basin. Results are expected in 3 to 4 months. Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum’s Vice President, Exploration has supervised the drill program including all sampling and related procedures.
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.
For further information, please contact:
Mega Uranium Ltd.
VP Corporate and Legal Affairs
T: (416) 643-7630
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.