Press Release Source: Mega Uranium Ltd.
Airborne Survey Detects Numerous Untested Radiometric Anomalies in the Georgetown Project, Queensland, Australia
Monday April 2, 9:29 am ET
TORONTO, ONTARIO--(CCNMatthews - April 2, 2007) - Mega Uranium Ltd. (TSX:MGA - News; "Mega") is pleased to announce that an interpretation of its high resolution airborne magnetics-radiometric survey over a 3528 km2 portion of its Georgetown Project in northern Queensland, Australia has identified numerous untested uranium radiometric anomalies in favourable geological settings.
Mega's Georgetown Project comprises rights to the uranium-molybdenum content of 6412 km2 of ground in tenements held by Mega's subsidiary companies and other parties. The ground contains the Maureen uranium-molybdenum deposit, which comprises a historical Indicated Resource of 6.5 million pounds U3O8 at a grade of 0.12% U3O8 and molybdenum grade of 0.07%. Some 30 kilometres to the south and southeast of Maureen occur other smaller, historical Inferred Resources, which aggregate to a total of 6.4 million pounds U3O8 at an average grade of 0.10%U3O8(i).
The 40,270 line kilometre airborne survey was flown in late 2006 by UTS Pty Ltd at a line spacing of 100 metres (with local infill at 50 metre spacing) and sensor height of 50 metres. The airborne data have since been integrated with satellite and geological data, then imaged and interpreted by Mega's geological team and consultants.
The radiometrics and magnetics data have clarified the distribution and structural controls of the known uranium mineralisation and highlighted significant targets for follow up in the 2007 field season, which is scheduled to commence in early April.
Mega's President, Stewart Taylor, commented "We are encouraged by the airborne survey results, which have enhanced our potential to increase our uranium and molybdenum resources in the Georgetown Project".
The new target zones highlighted by the survey include the following - refer to the figure below:
- Uranium anomalies, occurring over a ten kilometer strike length in the West Newcastle range area, which have not been previously tested by drilling.
- Uranium anomalies within a three kilometre strike length in the Cumberland Range area south of the Maureen resource.
- Partially covered extensions of east-west structures, similar to those associated with the Maureen resource, located both to the north and south of the resource.
- Several local, high amplitude anomalies, which may indicate the presence of more extensive mineralized structures.
Mega will now proceed to investigate these zones with ground scintillometer traversing and geological mapping with a view to prioritizing specific targets for drill testing in the second half of 2007.
(i) The Georgetown Project uranium-molybdenum resource estimates referred to in this release were reported in the late 1970s to early 1980s by Getty Mining Pty. Ltd. (Maureen resource) and by Minatome Australia Pty. Ltd. and Esso Exploration and Production Australia Inc.(the other resources). As these resource estimates were competently conducted according to the standards of the day, they are regarded by Mega as a reasonable reflection of the magnitude and grade of mineralisation. However, as they were conducted prior to the introduction of the JORC regulations in Australia, they must therefore be reported as unreliable at this time according to the NI43-101 guidelines. Mega has recently conducted validation drilling of the Maureen resource and intends to drill the other resources in 2007. When the drilling results are available, Mega will engage an Independent Qualified Person to establish resources that are NI43-101 compliant.
Stewart Taylor, Mega's President and Qualified person under NI43-101, is responsible for this release and has verified the contents disclosed.
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 and Mongolia. 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.
NOTE: To view the map associated with this release, please visit the following link - http://www.ccnmatthews.com/docs/mga0402.pdf
Contact:
Richard Patricio
Mega Uranium Ltd.
VP Corporate and Legal Affairs
(416) 643-7630
Email: info@megauranium.com
Website: www.megauranium.com
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Source: Mega Uranium Ltd.
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