MEGA URANIUM LTD. (MGA.TO): JAMES DINES TOP PICK
neuester Beitrag 25.11.14 19:20:49 von
"Market Monitor"-James Dines of the "Dines Letter"
DINES: Number two, I like Mega Uranium.
KANGAS: Even now after that huge run-up?
DINES: I think you ain't seen nothing yet. They've been acquiring properties around the world, and that's going to be one of my biggest winners ever, I believe.
Mega Uranium Ltd. is a mining company with a focus on uranium. It has uranium resources in Australia totaling 47.3 million lbs and uranium exploration projects in Australia, Argentina, Mongolia, Bolivia and Canada. In addition, through Maple Minerals, it has interests in base and precious minerals exploration properties in Canada and a copper-nickel exploration project in Guinea, West Africa
Highlights of 2005-2006 Activities
Mega acquired 100% of Uranium Mineral Ventures whose principal asset is the Ben Lomond uranium-molybdenum deposit in North Queensland, Australia. Ben Lomond contains a 43-101 compliant Indicated Resource of 7.9 million lbs and an Inferred Resource of 2.8 million lbs (1). In addition, the deposit contains 9.8 million lbs molybdenum based on an average grade of 0.15% Mo(2).
Mega acquired the Georgetown Project, which comprises the Maureen uranium deposit (historical resource of 6.5 million lbs), and surrounding properties (1,580 km2) in North Queensland, Australia.
Mega entered into an agreement to acquire Future Metals and Energy Ltd., a private Australian company, holding 4874 km2 around the Georgetown Project in Queensland, Australia. The ground contains historical resources totaling 6.4 million lbs U3O8.
Mega acquired Hindmarsh Resources, an Australian Stock Exchange listed group which holds, or is earning interests in, 14000 km2 of ground with uranium discovery potential in South Australia and Northern Territory.
Mega acquired Redport Ltd., the ASX-listed group, whose principal asset is the 23.7 million pounds U3O8 Lake Maitland resource in Western Australia
Mega entered into an Alliance Agreement with Red Hill Energy Inc. (formerly UGL Enterprises Ltd.) to earn up to a 60% interest in Red Hill Energy’s uranium exploration properties in Mongolia which currently cover 2162 km2.
In Argentina Mega acquired exploration permits covering a total of 2766km2 in the two areas acknowledged to have the country’s best uranium discovery potential, the San Jorge Gulf Basin of Chubut Province and the Sierra Pintada Uranium District of Mendoza Province. The ground covers uranium occurrences and radiometric anomalies detected by the Argentinean Atomic Energy Commission in the 1960s and 1970s. Priority targets comprise untested radiometric anomalies in the vicinity of the Cerro Solo (10.3Mlbs ) and Sierra Pintada (30Mlbs) deposits.
Mega entered into a farm-in agreement to earn an interest in 137.5 km2 of ground in Bolivia held by Intrepid Minerals.
Mega entered into an agreement to acquire the TSXV-listed Twenty-Seven Capital Corp., which has extensive uranium exploration properties in Yukon Territory
In Columbia Mega acquired three exploration concessions totaling 48.7 km2.
In the Mt Kakoulima Ni-Cu-Co-PGM Project in Guinea, West Africa (Mega earning 50% from FNX Mining), drilling by FNX continued to make encouraging intersections of disseminated copper-nickel sulphides at the basal contact of the Kaloum Igneous Complex. The geological setting of this property is similar to that of the Jinchuan Cu-Ni deposit in China (~ 500Mt @ 2.21% Ni, 1.71% Cu).
Encouraging results were obtained on gold and base metal targets in the Shebandowan Greenstone Belt in Ontario where the 50/50 Mega/East West Minerals Joint Venture has 100% of seven contiguous properties and is earning 60% of the Ardeen property from Pele Gold Corporation
Day High: 5.98
Day Low: 5.62
52Wk High: 5.98
52Wk Low: 1.875
# of Issued & Outstanding Common Shares: 111,061,308
# of Fully Diluted Shares: 126,505,748
November 24 2006
MEGA URANIUM LTD
Suite 2810, The Exchange Tower, 130 King Edward Street
Toronto ON Canada M5X 1A9
Other Locations: Right to earn 50% interest in Kakoulima nickel-copper-cobalt-platinum group property in Guinea (West Africa); uranium exploration properties in the San Jorge Gulf Basin of Chubut Province (Argentina) and in the Sierra Pintada Uranium District of Mendoza Province (Argentina); option to earn interest in gold and base metals exploration project in the West Shebandowan Greenstone Belt in the Thunder Bay ON area; 50% interest in Lang Lake copper exploration property west of Pickle Lake ON; right to 100% of uranium-molybdenum-fluoride mineralization contained in 1,580 sq. km. of properties in the Georgetown area of Queensland (Australia); 100% interest in Ben Lomond uranium deposit in North Queensland (Australia); right to earn 50% interests in uranium exploration properties in Mongolia.
Fiscal Year End: Sep 30
Auditor: Feldman & Associates
MEGA URANIUM LTD.: “MGA” (TSX)
FOR IMMEDIATE RELEASE: November 24, 2006
MEGA REPORTS ON EXPLORATION PROGRESS
• Georgetown, Australia: Airborne magnetic-radiometric survey nearing completion. Maureen resource drilling completed.
• Patagonia, Argentina: Farm-in agreement secured for additional 724 km2 of properties; Widespread uranium mineralisation delineated in the Sierra Cuadrada prospect area.
• Cariewerloo, South Australia: Reconnaissance drilling programme completed. IOCGU target identified.
• Cronje Dam, South Australia: Reconnaissance drilling commenced.
• Mongolia: Low grade uranium drill intersections in the Baganurat property.
Toronto, Canada, November 24, 2006 – Mega Uranium Ltd. (MGA-TSX) (“Mega”) is pleased to announce the following progress in a number of its exploration projects.
Georgetown Project, Queensland, Australia
A detailed airborne magnetic-radiometric survey is nearing completion over a 3,520 km2 portion of the Georgetown Project, which contains the 6.5 million pounds U308 historical Maureen resource and additional historical resources of 6.4 million pounds U3O8. The survey, being conducted by Universal Tracking Systems Pty. Ltd., comprises a total of 40,270 line kms at a line spacing of 100 metres and sensor height of 50 metres.
The drilling programme to validate the Maureen resource and test for possible resource extensions has been completed as planned. A total of 3895 metres was drilled on 6 diamond core holes and 44 RC holes, of 90-198 metre lengths. Results are awaited. A NI43-101 compliant resource estimate will be established based on the new drilling results and historical data.
The Maureen resource is a pre-NI43-101 historical Indicated Resource of 2.38 million tonnes @ 0.12% U3O8 (6.5 Mlbs. contained U3O8) and 0.07% molybdenum. In addition, the other Georgetown Project historical resources of 2.9 million tonnes @ 0.10% U3O8 (6.4 Mlbs. contained U3O8) are also pre-NI43-101. These resource estimates were competently conducted in the 1970s and 1980s according to the standards of the day, and as such are regarded as relevant by Mega as a reasonable reflection of the magnitude and grade of the mineralization. However, as they preceded the introduction of the JORC guidelines in Australia, they must therefore be reported as unreliable at this time in accordance with the NI43-101 regulations.
Cariewerloo Project, South Australia
In its Cariewerloo Project, Mega’s wholly owned subsidiary, Hindmarsh Resources (“Hindmarsh”), has completed a programme of ten widely spaced RC holes to test the uranium potential of the unconformity between the Mesozoic Pandurra Formation and the underlying Mesoproterozoic Gawler Range Volcanics. The ten holes were of 114-193 metres depth and totaled 1,250 metres. A spectrometer scan of the material recovered from the holes indicated anomalous uranium levels only. Geochemical results are awaited. The South Australian Government funded $A50,000 of the direct drilling costs of this programme as part of its PACE (Plan for Accelerating Exploration) initiative to encourage innovative exploration in the State.
Elsewhere in the Cariewerloo Project, a gravity survey comprising 1,274 stations at 1 x 1 km spacing, with local infill at 500 x 500 metres spacing, has delineated an iron oxide-copper-gold-uranium (“IOCGU”) target represented by an anomaly with an interpreted source of 2.4 milligals, width of 500 metres and length of 2-8 km. Further gravity work will be undertaken, followed by drilling.
Cronje Dam Project, South Australia
In its Cronje Dam Project, Hindmarsh has commenced a 5,000 metre reconnaissance rotary mud drilling programme, comprising approximately 40 holes of 100-150 metre depths. The holes will test Miocene fluviatile sandstones in the vicinity of widely spaced 1970s drill holes, which intersected values to 0.05% U3O8.
Patagonia Project, Chubut Province, Argentina
In the Patagonia Project in Chubut Province, Mega has entered into an agreement with a private vendor to acquire 100% of 8 exploration permits (“cateos”), totaling 724 km2, through an initial cash payment of $US5,000, total expenditure of $U150,000 over a three year period and a final cash payment of $US50,000. One of the cateos is located some 20 km west of Cerro Solo, the 10.3 million pounds U3O8 resource, which is held by the Argentina Atomic Energy Commission (CNEA). The other 7 cateos, located in the northeast part of Chubut Province outside the area previously flown by the CNEA airborne radiometric surveys, cover previously unknown radiometric anomalies detected in Mega’s recent reconnaissance examination of the region.
Elsewhere in the Patagonia Project, Mega’s mapping, sampling and ground radiometrics programme in the Sierra Cuadrada prospect area has delineated widespread uranium mineralisation in the basal portion of the Cretaceous Chubut Formation over a 10km (north-south) x 15 km (east-west) area. The mineralisation occurs within four separate, 3-7 metres thick, shallow dipping horizons of volcaniclastic sandstones and conglomerate containing abundant organic matter and numerous fossilized tree trunks. In a 1.9 km2 tenement adjacent to Mega’s ground, previous CNEA drilling is reported to have delineated a shallow resource of 2.4 million pounds U3O8 at an average grade of 0.03% U3O8. Within its ground, Mega estimates that, from surface to 100 metres depth, the prospective uraniferous horizons extend over an area of 7.2 km2. Further work will be undertaken to delineate drilling targets.
In Bolivia, Mega’s uranium interests in the Sevaruyo Uranium district in the Altiplano have been increased to 10 claim blocks totaling 70.5 km2, following the recent staking by Intrepid Mines of 7 claim blocks based on reconnaissance field work and data from previous exploration conducted by the Bolivian Government nuclear agency COBOEN. The Mega-Intrepid Mines JV (see press release dated March 8, 2006) now holds
the largest ground position in the Sevaruyo Belt, which contains Miocene ignimbritic volcanics with fracture-controlled uranium mineralisation similar to the Macusani Belt of southern Peru.
Available airborne magnetic-radiometric data from selected portions of the Precambrian Belt of eastern Bolivia have been purchased and forwarded to Australia for processing. In this region the Mega-Intrepid Mines JV holds 117 km2 of ground in 13 claim blocks with potential for unconformity-related uranium mineralisation similar to the Athabaska Basin in Canada.
In Mongolia, where Mega is earning an initial 50% interest in uranium properties held by Red Hill Energy Inc., results were received for a 3001 metres aircore/RC drilling programme conducted over three prospect areas within Cretaceous sediments in the 134 km2 Baganurat property in Dornogovi Province.
On Block 1, shallow vertical drill holes, at 50-200 metre intervals on lines 400-800 metres apart, intersected shallow dipping siltstone horizons with low grade uranium mineralisation over 0.13-2.3 metre widths at 5-7 metre depths. Based on downhole gamma logging results, the grade of these mineralised intervals ranges from 0.01 to 0.03% equivalent U3O8. In Block 2,which is contiguous to the west of Block 1, three lines of vertical drill holes to 36 metres depth (total 820 metres) intersected thin intervals (0.23-2.24 metres) of low grade uranium mineralisation within argillaceous sediments at 7-12.5 metres depth. Downhole gamma logging results indicated average grades in the range 0.016-0.032% equivalent U3O8. In Block 3, located in the northern part of the Baganurat property, eight deeper holes of 44-120 metre lengths failed to intersect anything of significance within sediments and volcanics of Upper Jurassic-Upper Cretaceous age.
In the Maikhan Tolgoi property in Khentii Province, a 1499 metres diamond drilling programme was completed on seven steep angled holes of 65-73 metres depth. The downhole gamma logging delineated only narrow intervals of low equivalent uranium grades (maximum 0.04% U3O8) associated with fracturing, argillic alteration, and local disseminations and stringers of molybdenite and chalcopyrite. Geochemical assay results are awaited for other zones of molybdenite and chalcopyrite mineralisation.
Stewart Taylor, Mega’s President and Qualified Person under NI43-101, is responsible for this release and has verified the contents disclosed.
Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on uranium properties in Australia, Argentina, 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 and Maureen properties, are subject to state policies which presently prohibit the mining of uranium in Australia.
For further information, please contact:
Mega Uranium Ltd.
Sheldon Inwentash, CEO
Telephone: (416) 643-7630
Mega Commences Drilling in the Mount Kakoulima Copper-Nickel-PGM Project, Guinea
Wednesday December 6, 11:14 am ET
TORONTO, ONTARIO--(MARKET WIRE)--Dec 6, 2006 -- Mega Uranium Ltd. (TSX:MGA.TO - News) ("Mega") is pleased to announce that it has commenced a 5,000 metre diamond drilling programme to test several targets in the Mount Kakoulima copper-nickel-PGM project in Guinea, Africa. Mega also wishes to report that, FNX Mining Company Inc. ("FNX") is no longer a partner in the project and Mega is now providing sole funding to acquire 100% of the project (subject to a 3% NSR royalty) through expenditure of US$2 million, or by completing a bankable feasibility study.
The 298 km2 Mount Kakoulima project area, located 35-50 km northeast of Conakry, the principal port and capital city of Guinea, contains a portion of the extensive, northeast-trending Kaloum ultramafic intrusive complex ("KIC"). In 1996 to 2001, drilling by Semafo Inc/Afcan Mining and Rio Tinto intersected several narrow high grade Cu-Ni-Co-PGM sulphidic intervals within a gabbro-pyroxenite unit in the upper part of the KIC, and delineated a 0.8 metre thick massive sulphide horizon over a 100 metre x 100 metre area with average grades of 2.78% Ni and 0.86% Cu.
In December 2003, FNX entered into an agreement with the then joint holders of the property, Semafo Inc. (47%) and Afcan Mining (53%), to earn a 100% interest (subject to a 3% NSR royalty) by incurring US$2.4 million in exploration expenditure within a five year period, then either completing a bankable feasibility study or expending an additional US$2 million on the property. FNX entered the property to investigate the potential for significant copper-nickel-PGM along the previously untested basal contact zone of the KIC, based on a conceptual model that the contact zone dipped inwardly at approximately 45 degrees and therefore had potential for massive sulphides similar to the Jinchuan nickel-copper deposit in China.
In February 2004, Mega, under its previous name of Maple Minerals Corporation, entered into an agreement to acquire a 50% interest in FNX's rights to the property by sole funding the first US$2.4 million of exploration expenditure over a five year period.
The initial FNX/Mega drilling programme, conducted in late 2004, proved FNX's conceptual model to be correct, as the northern and southern contacts of the KIC were shown to dip inwardly at a shallow to moderate angle and disseminated copper-nickel sulphides were intersected along both contact zones. Prior to the current drill programme, the FNX/Mega partnership drilled a total of 9,303.5 metres on 23 diamond drill holes in three phases of exploration, comprising 16 holes testing the northern contact zone and 7 in the southern area. Drilling results included 14.7 metres @ 0.35% Ni, 0.39% Cu, 0.17 g/t Pt and 0.79 g/t Pd, and maximum values over one metre intervals of 0.45% Ni and 0.47% Cu.
Due to Afcan Mining's purchase of Semafo Inc's 47% interest in the property in December 2004, and the acquisition of Afcan Mining by Eldorado Gold Corporation ("Eldorado") in September 2005, Eldorado currently holds 100% of the Mount Kakoulima property.
In the Market ...
The uranium spot price rose again this month with TradeTech’s Exchange Value increasing to $64.00 per pound U3O8, up $3.75 from last month’s value. Prices were under pressure during November due to Cameco’s Cigar Lake mine flood that was reported in late October. Spot and long-term demand rose as several utilities entered the market to buy. Most sellers adopted a “wait and see” approach, choosing to offer only small quantities in anticipation of Future price increases.
"Stärkere Marktnachfrage durch neue Käufer im Markt. Verkäufer zögerlich und warten weitere Preisentwicklung ab, daher nur kleine Mengen im Angebot".
Sollte sich diese Situation in den nächsten Wochen fortsetzen, sehen wir ganz schnell Preise > $ 70 im neuen Jahr.
Uran auf $72 ! (+ $7 / + 10%)