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

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Fax 416.941.1090
 

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2010 News Releases

Mega Provides Update On Exploration In Cameroon


November 10, 2010

Drill intersections in the Salaki prospect include 3.7m @ 0.13% U3O8, 3.2m @ 0.11% U3O8 and 2m @ 0.11% U3O8.

Toronto, Canada, November 10, 2010 – Mega Uranium Ltd. (MGA-TSX) ("Mega") is pleased to announce the results of its 2010 Cameroon drilling program, in the Salaki and Kitongo prospects of the Kitongo Project and the Ngombas portion of the Lolodorf Project. Title to the properties is held by Mega Uranium Cameroon plc (Mega 92%, local shareholders 8%). A map showing the locations of Mega’s three project areas in Cameroon - Kitongo, Lolodorf and Teubang (total area 3411 km2), can be found on Mega’s website www.megauranium.com.

Kitongo Project

The 2258 km2 Kitongo project, comprising the contiguous Poli, Salaki, Gouna and Voko concessions, is located in northern Cameroon southeast of the small village of Poli. Access is achieved via two east-west dirt roads that connect with Cameroon’s main north-south sealed road east of the project area.   

Salaki Prospect

The Salaki prospect is one of several prominent radiometric anomalies that were identified in an airborne magnetic-radiometric survey of the Kitongo Project area in mid 2007. In the first half of 2009, Mega investigated the prospect by means of geological mapping, ground radiometrics, trenching and rock chip sampling. The work delineated a 1.2 kilometer long, NW-trending zone of elevated radiometric values within basic to intermediate volcanic and intrusive rocks, in an area of poor outcrop along a regional lineament. The initial drilling programme, in July/August 2009, comprised seven angled diamond drill holes (total 796 meters) on a NE orientation on five lines along a 600 meter strike length of the NW-trending zone. Intersections, based on downhole gamma probe results, included 54.1 meters @ 206ppm eU3O8, 14.7 meters @ 258ppm eU3O8 and 12.6 meters @ 461ppm eU3O8 - refer to Mega’s news release of September 24 2009.

Mega’s 2010 program consisted of 15 angled diamond drill holes (total 2204.9 meters) on a NE orientation, located both within the 600 meter strike length investigated in 2009, and also testing the projected trend of the mineralized zone extending 300 meters to the NW of the previously drilled area. As listed in Table 1, 12 holes intersected >200ppm U3O8 over minimum widths of one meter, the best intersections being 3.7m @ 0.13% U3O8 (SAL006), 2.3m @ 0.08% U3O8 (SAL008), 1.7m @ 0.11% U3O8 plus 3.2m @ 0.11% U3O8 (both SAL013) and 2.0m @ 0.11% U3O8 (SAL020).

Based on a detailed study of the microstructures in drill core, the intersections are interpreted to be spatially associated with a steep north-dipping shear zone which transects metabasalts, metadolerites and metadiorites along the western limb of an open fold which trends and plunges northwards. Due to the complex geology and structure it is not possible at this time to estimate the true widths represented by these intersections. Further drilling planned for 2011 will seek to establish the resource potential of these high grade intersections.

Kitongo Prospect

The Kitongo prospect, located in the Poli concession 15 kilometers southeast of Poli village, occurs in albitised granite along a 250 meter high cliff face, which marks the NE-trending fault contact between the Kitongo Granite of Pan-African (Late Proterozoic) age and Middle Proterozoic Poli Group metasediments. From 1971 through to 1987, the prospect and the surrounding area were investigated in various exploration programmes by the IAEA, the Canadian International Development Agency, Utah Development Company, the German Federal Institute for Geoscience and Natural Resources ("BGR") and the Cameroon Ministry of Mines and Energy ("Minmen"). Exploration included airborne and ground radiometric surveys, geological mapping, trenching and diamond drilling. The most detailed exploration of the prospect itself, conducted by the BGR and Minmen in 1982-1987, included the driving of two adits into the cliff face (total 96.4 meters) and the drilling of 14 holes (total 1016 meters) at various angles and orientations over a 170 meter long portion of the target. Of these 14 holes, 9 intersected significant intervals of uranium mineralization, with grades of the order of 0.05-0.1% U3O8, in the form of uraninite mineralization in wide zones of albitised granite and in narrow high grade veins.

In 2008 Mega conducted a first pass program of 11 diamond core holes (total 1253 meters) along a 300 meter strike length of the Kitongo Fault to investigate the geological and structural controls of the mineralization delineated in the BGR/Minmen program. Of the 11 holes, 9 made intersections of >one meter intervals at a 200ppm U3O8 cut-off – refer to Mega’s news release of March 3 2009. The holes showed that the bulk of the uranium mineralization is concentrated in zones of albitised granite, lying parallel to the ENE-trending Kitongo Fault and also occurs to a lesser extent along crosscutting faults of a NW trend.

The main intention of the 2010 drilling program was to test the strike projections of the known mineralization to the NE and SW in areas where the bedrock geology is obscured by overburden and granitoid boulders from the cliff face. A total of 2000 meters was planned on 12 holes, but after three holes (total 498.3 meters) intersected nothing of economic significance over a 300 meter length of the projected mineralized trend to the NE, the decision was taken to terminate the program and to move the rig to the Salaki prospect.

A detailed review of all available Kitongo drill core is underway in order to reassess the merits of the 2010 targets and revise the 2011 drilling program accordingly.

Lolodorf Project

The 501 km2 Lolodorf property, located in southern Cameroon some 70 kilometers SW of the capital Yaounde, is located between the towns of Lolodorf and Mbalmayo in low rolling hills covered by generally thick rain forest vegetation. The western and eastern extremities of the tenement are easily accessed by sealed road from Yaounde.

Mega’s exploration of the tenement is focused on alkaline syenite intrusions of Palaeoproterozoic age which extend along a 70 kilometer portion of a NE-trending sinistral shear zone. In 1979, the Bureau de Recherches Geologiques et Minieres (BRGM) of France discovered uranium mineralization in this belt as part of a general investigation of the mineral potential of the region. This was followed up in 1980 by an airborne magnetic-radiometric survey, which detected 15 significant radiometric anomalies located in four major clusters – Madong, Bikoue, Awanda and Ngombas. These four sectors were explored in 1980/81 by means of ground radiometric surveys, trenching, soil and rock chip sampling, but only limited shallow drilling was undertaken on the Awanda and Ngombas areas. In April 2007, just prior to its takeover by Mega, Nu-Energy Corp. conducted a detailed 7350 line kilometer helicopter-borne magnetic-radiometric survey over the entire Lolodorf property at 150 meters line spacing and flying height of 30 meters.

In 2008, Mega conducted ground radiometrics and trenching of a prominent and easily accessible radiometric anomaly in the Ngombas sector, but planned follow up drilling in 2009 was deferred due to budgetary constraints. The 2010 drilling program comprised a total of 1385 meters in 15 diamond core holes along a 550 meter long portion of the main Ngombas radiometric anomaly. Only five of the holes intersected >200ppm U3O8 over a minimum width of one meter (Table 2), the best intersection being one meter @ 0.12% U3O8 in hole NG008.

It should be noted that the 2010 drilling only tested a small portion of the 70 kilometer long prospective uraniferous belt as delineated by the airborne radiometric data. Ground radiometric surveys and prospecting activities are ongoing over several large radiometric anomalies in other portions of the belt in order to identify targets to be drilled in 2011

The work programs described above, while testing only a small portion of prospective areas, have demonstrated the potential of Mega’s Cameroon project portfolio. However, given Mega’s focus on advancing the Lake Maitland project in Western Australia toward production, the company is reviewing strategic alternatives for these projects which could include, but are not limited to outright sale in whole or in part, joint venturing the projects or spinning off the assets into a new Africa-focused uranium exploration company.

Stewart Taylor, Mega’s President and Qualified Person under NI43-101, is responsible for this release and has verified the contents disclosed.

TABLE 1: Salaki – Intersections of > 200ppm U3O8 at a minimum width of one meter

Hole
Angle
E of H (m)
From (m)
To (m)
Width1 (m)
ppm U3O82
SAL006
-60o
250.1
120.5
122.5
2.0
512
 
 
 
125.8
129.5
3.7
1306
 
 
incl.
128.5
129.5
1.0
3557
 
 
 
148.1
149.1
1.0
249
 
 
 
161.7
162.7
1.0
571
SAL007
-60o
145.3
14.8
15.8
1.0
248
 
 
 
49.2
50.2
1.0
297
 
 
 
58.6
60.7
2.1
721
 
 
 
65.8
69.9
4.1
365
 
 
 
74.2
76.6
2.4
770
 
 
 
84.6
85.6
1.0
205
SAL008
-60o
151.2
12.0
13.0
1.0
550
 
 
 
37.2
38.2
1.0
202
 
 
 
51.9
54.2
2.3
819
 
 
 
57.6
58.6
1.0
317
 
 
 
98.5
102.3
3.8
205
 
 
 
106.5
109.4
2.9
733
SAL009
-45o
121.1
17.6
18.6
1.0
286
SAL012
-60o
151.3
25.3
26.3
1.0
435
SAL013
-45o
128.5
44.1
45.1
1.0
772
 
 
 
64.3
67.3
3.0
650
 
 
 
72.0
73.7
1.7
1087
 
 
 
74.9
75.9
1.0
292
 
 
 
88.1
91.3
3.2
1082
 
 
 
97.7
98.7
1.0
542
SAL014
-60o
158.8
78.0
79.2
1.2
624
SAL015
-45o
131.5
73.6
74.6
1.0
505
 
 
 
107.3
110.3
3.0
374
SAL019
-60o
151.3
84.1
85.1
1.0
720
 
 
 
86.9
89.5
2.6
685
 
 
 
96.3
97.5
1.2
442
 
 
 
109.3
110.3
1.0
364
 
 
 
112.7
113.7
1.0
609
 
 
 
114.8
115.8
1.0
241
 
 
 
128.7
129.7
1.0
492
SAL020
-45o
119.5
17.1
19.1
2.0
1143
 
 
 
31.1
32.1
1.0
393
SAL021
-60o
149.8
28.3
29.7
1.4
762
 
 
 
31.0
33.0
2.0
624
SAL028
-45o
122.5
79.5
80.6
1.5
788

TABLE 2: Ngombas, Lolodorf – Intersections of >200ppm U3O8 at a minimum width of one meter    

Hole
Angle
E of H (m)
From (m)
To (m)
Width3 (m)
ppm U3O82
NG004
-40o
50
4.2
6.2
2.0
366
NG008
-45o
150
40.6
43.3
2.8
458
 
 
incl.
40.6
41.6
1.0
1211
NG009
-60o
70
25.4
27.4
2.0
215
NG010
-40o
50
22.9
23.9
1.0
242
NG012
-45o
150
52.9
55.4
2.5
211

Notes

1. Due to the structural complexity of the Salaki prospect it is not possible to estimate true widths at this time.  

2. Sample preparation of half core samples from the Salaki and Ngombas (Lolodorf) drill holes was undertaken at the ALS Chemex Laboratories facility in Yaounde Cameroon. Uranium analysis was conducted by inductively coupled plasma spectrometry (lab. method ICPAES-MA/ES) at the internationally accredited OMAC Laboratories Ltd. of Loughrea, Co. Galway, Republic of Ireland.

3. True widths are estimated to be 80-90% of core widths. 

About Mega Uranium

Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Canada and Cameroon. Further information on Mega can be found on the company’s website at www.megauranium.com. Mega Uranium’s Ben Lomond and Maureen uranium resources are subject to a Queensland State Government policy that presently prohibits the mining of uranium.

For further information, please contact:

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

Cautionary Statement Regarding Forward-Looking Information

Certain information contained in this press release constitutes "forward-looking information", which is information regarding possible events, conditions or results of operations that is based upon assumptions about future economic conditions and courses of action. All information other than matters of historical fact may be forward-looking information. In some cases, forward-looking information can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook.

By its nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to differ materially from those expressed or implied by such forward-looking information. Some of the risks and other factors that could cause actual results to differ materially from those expressed in the forward-looking information contained in this release include, but are not limited to: the possibility that the necessary shareholder and regulatory approvals will not be obtained in a timely manner or at all, and that other conditions to completion of the acquisition will not be satisfied; and risks related to the inherent uncertainty of mineral exploration and development activities generally, including political and regulatory risks.

Although we have attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking information, readers are cautioned that this list is not exhaustive and there may be other factors that we have not identified. Readers are cautioned not to place undue reliance on forward-looking information contained in this release. Forward-looking information is based upon our beliefs, estimates and opinions as at the date of this release, which we believe are reasonable, but no assurance can be given that these will prove to be correct. Furthermore, we undertake no obligation to update or revise forward-looking information if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

All forward-looking information contained in this release is expressly qualified by this cautionary note.