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NEWS! 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. |
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| aus der Diskussion: | MEGA URANIUM LTD. (MGA.TO): JAMES DINES TOP PICK |
| Autor (Datum des Eintrages): | MONSIEURCB (06.12.06 18:12:44) |
| Beitrag: | 6 von 217 (ID:25976924) |
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