Mega Uranium Ltd. Plans Drill Program at Ben Lomond Project in Queensland Following Results in State Election
Published : March 27, 2012

- Mega's Ben Lomond deposit hosts a NI 43-101 compliant resource, comprising an Indicated Resource of 1.33 million tonnes @ 0.27% U308 (7.9 Mlbs U308) and an Inferred Resource of 0.6 million tonnes @ 0.21% U308 (2.8 Mlbs U308).

- Mega is currently planning a 4,200 metre drill program to test potential extensions of the deposit to the west and northwest where recent soil sampling has located anomalies partly coincident with potential dilational zones identified in a 2011 3D structural/mineralization modelling study.

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

TORONTO, ONTARIO--(Marketwire - March 27, 2012) - Mega Uranium Ltd. (News - Market indicators) ("Mega") is pleased to report the favorable outcome of the Queensland State election held on 24 March 2012 that resulted in the incumbent Labor Party government, which opposed uranium mining, being replaced by the Liberal National Party ("LNP"). The new LNP State Government has not announced its position on uranium mining, but is expected to follow the Federal LNP policy which supports uranium mine development throughout Australia. If so, there would no longer be any political impediment to the development of Mega's Ben Lomond project and its other uranium resources in the State.

The Ben Lomond uranium-molybdenum property is located in Queensland, Australia, approximately 50km west of the port of Townsville. The property contains two adjacent Mining Leases (total 21.6 km2), which were each renewed for 10 years from December 2004. The Ben Lomond deposit comprises an east-west trending, steeply dipping (75°) vein system within Carboniferous volcanic rocks immediately underlying an unconformity. Evaluation work culminated in the delineation of an NI 43-101 compliant resource, comprising an Indicated Resource of 1.33 million tonnes @ 0.27% U3O8 (7.9Mlbs U3O8) and an Inferred Resource of 0.6 million tonnes @ 0.21% U3O8 (2.8Mlbs U3O8). The resource also contains a substantial molybdenum credit at an average grade of 0.15% Mo*.

Attractive features of the deposit:

- On the basis of its relatively high average 0.25% U3O8 grade, and the substantial molybdenum credit, Ben Lomond is one of the highest grade per tonne uranium resources in Australia.
- The deposit has significant upside potential, as it is open to the east over at least a 1.05 km strike length. In this area, limited widely spaced surface drilling has intersected encouraging intervals of uranium mineralization and rock alteration.
- Surface rock, soil and stream sediment geochemical sampling in 2011 has located evidence of further uranium mineralisation in several areas to the west and north west of the current resource,
- Zones of high deformation and dilation have been identified in areas west, north-west and east of the known deposit using 3D structural fluid flow modelling. Some of these are partly coincident with recently located soil and rock anomalies.
- A 1982 Feasibility Study conducted by Minatome concluded that 70% of the resource was mineable by open cut at a 5:1 stripping ratio and that the remainder is conducive to extraction by underground workings from the pit.
- The deposit occurs at low elevation in remote, sparsely populated hill country at an easily accessible site some 50km west of the major port city of Townsville, and is favourably located with respect to future mine development as it is close to power, water and essential services.

Mega is undertaking prefeasibility studies of Ben Lomond with a view to determining the project economics, the preferred mining and processing options and the key steps in mine development. As part of the prefeasibility and based on the results of soil sampling surveys and a structural/mineralisation study completed in 2011, Mega is planning a 4,200 metre drill program to test the resource expansion potential to the west and north-west. Core from this program will also be used as part of ongoing metallurgical studies. Mega presently expects to commence this program following receipt of requisite approvals.

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 properties in Queensland, Australia are subject to a state policy which presently prohibits the mining of uranium.

TECHNICAL NOTES

* The molybdenum grade was defined in a 1982 internal feasibility study by Minatome Australia Pty Ltd., and as such, should not be relied upon. Mega has not conducted any work at this time to verify the grade or the corresponding historical resource and is not treating the grade or resource as a current estimate for the purpose of NI 43-101. The grade should be viewed as conceptual in nature until such time that further exploration is done and an NI 43-101 compliant molybdenum resource is defined.

CAUTIONARY NOTES:

Mineral Resources

Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resources may never be converted into reserves. Furthermore, inferred resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Further exploration will be required to upgrade the inferred resources to a higher resource category.

NOTE 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. Forward-looking information in this press release includes, but is not limited to, statements about our plans regarding future acquisitions and property development, our expectations regarding the uranium market, global growth and the use of nuclear power, our drill results, commodity prices and core intersection lengths, in that they constitute estimates, based on certain assumptions of mineralization that may be encountered if a deposit were to be mined.

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: risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations; results of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined; mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages and strikes) or other unanticipated difficulties with or interruptions in exploration and development; the potential for delays in exploration or development activities or the completion of feasibility studies; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; risks related to commodity price and foreign exchange rate fluctuations; the uncertainty of profitability based upon the cyclical nature of the industry in which the Company operates; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities; risks related to environmental regulation and liability; political and regulatory risks associated with mining and exploration; and other risks and uncertainties related to the Company's prospects, properties and business strategy.

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.

NOTE REGARDING DISCLOSURE FOR MINERAL PROJECTS

This press release contains disclosure regarding our mineral resources. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resources may never be converted into reserves. Furthermore, inferred resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Further exploration will be required to upgrade the inferred resources to a higher resource category.



Mega Uranium Ltd.
Investor Relations
Richard Patricio, EVP, Corporate Affairs
(416) 643-7630
info@megauranium.com
www.megauranium.com
Data and Statistics for these countries : Australia | Cameroon | Canada | All
Gold and Silver Prices for these countries : Australia | Cameroon | Canada | All

Mega Uranium Ltd.

DEVELOPMENT STAGE
CODE : MGA.TO
ISIN : CA58516W1041
CUSIP : 58516W104
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Mega Uranium is a uranium exploration company based in Canada.

Mega Uranium holds various exploration projects in Argentina, in Australia, in Bolivia, in Brazil, in Canada, in Colombia and in Guinea.

Its main asset in development is LAKE MAITLAND in Australia and its main exploration properties are KINGOONYA, HARRIS BLUFF, GUNBARREL BASIN, OASIS, NEUTRAL JUNCTION, BOWGAN PROJECT, KINTYRE PROJECT, COOLBRO, TALLARINGA SOUTH/NORTH, GARFORD, INDOOROOPILLY, HALF MOON LAKE, PETERLUMBO HILL, CORUNNA NORTH, OLD WARTAKA, IRON KNOB, UNO, GEORGETOWN, MAUREEN and BEN LOMOND in Australia, KITONGO PROSPECT, LOLODORF and TEUBANG in Cameroon and WEST MICMAC, GREENWICH, THELON, LAC DES ILES, BRUCE RIVER, MAURICE POINT, AILLIK EAST, MUSTANG LAKE, ADAIR, IGOR and JOBURKE in Canada.

Mega Uranium is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 58.6 millions as of today (US$ 46.8 millions, € 41.0 millions).

Its stock quote reached its highest recent level on April 13, 2007 at CA$ 8.68, and its lowest recent point on March 20, 2020 at CA$ 0.05.

Mega Uranium has 285 670 016 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Mega Uranium Ltd.
3/14/2011Announces Closing of Flow-Through Financing
2/17/2011Announces Increase To Flow-Through Financing
2/17/2011Announces Flow-Through Financing
Nominations of Mega Uranium Ltd.
3/19/2013Announces Election of Directors
Project news of Mega Uranium Ltd.
8/12/2013(Lake Maitland)to Sell Lake Maitland Uranium Project to Toro Energy
10/25/2012Drilling To Commence On The NW Athabasca Property=2C Saskatc...
5/9/2012Drilling Discovers Basement=2DHosted Uranium on the NW Athab...
3/27/2012(Ben Lomond)Plans Drill Program at Ben Lomond Project in Queensland Foll...
10/26/2011(Lake Maitland)on the Lake Maitland Uranium Project
6/21/2011(Lake Maitland)Provides Update on the Lake Maitland Uranium Project
10/25/2010(Lake Maitland)Environmental Scoping Document For Mega’s Lake Maitland Uran...
1/12/2010(Bruce River)Provides Update On Canadian Exploration
4/8/2010(Lake Maitland)Lake Maitland Project Update
9/24/2009(Kitongo Prospect)Wide Drill Intersections in the Salaki Uranium Prospect in C...
8/7/2009(Lake Maitland)No Objection Received from the Foreign Investment Review Boa...
6/19/2009(Lake Maitland)Agreements for the Sale of 35% of the Lake Maitland Resource...
3/3/2009(Kitongo Prospect)Provides Update on Exploration Activities in Cameroon
2/27/2009(Lake Maitland)To Sell 35% of Lake Maitland Resource for US$49 Million to J...
2/5/2009(Patagonia Uranium)Update On Exploration Activities In Chubut Province, Argenti...
1/15/2009(Georgetown)On Georgetown Project, Queensland, Australia
10/22/2008(Lake Maitland)Announces Results of Scoping Study of Lake Maitland Uranium ...
6/26/2008(Patagonia Uranium)Extensive Shallow Uranium Mineralization Delineated in Argen...
4/7/2008(Ben Lomond)Update on Progress on Mega’s Uranium Resource Development Pr...
2/20/2006(Ben Lomond)Announces closing of Ben Lomond uranium-molybdenum resource ...
Corporate news of Mega Uranium Ltd.
3/31/2016Mar 31, 2016 Mega Uranium Announces Results Of Annual And Sp...
12/21/2015Dec 21, 2015 Mega Uranium Ltd. Announces Appointment Of CFO ...
12/21/2015Mega Uranium Ltd. Announces Appointment of CFO
7/30/2015Jul 30, 2015 Cameco Australia Pty Ltd Earns 51% Interest In ...
7/30/2015Cameco Australia Pty Ltd Earns 51% Interest in Kintyre Rocks...
7/13/2015Jul 13, 2015 Mega Uranium Announces Completion Of Private Pl...
3/23/2015Mar 23, 2015 Mega Announces Results Of Annual And Special Sh...
3/23/2015Mega Announces Results of Annual and Special Shareholder Mee...
3/23/2015Announces Results of Annual and Special Shareholder Meeting
3/19/2015Mar 19, 2015 Mega Uranium Ltd. Announces Director Retirement...
3/19/2015Mega Uranium Ltd. Announces Director Retirements
3/6/2015Announces Management Rationalization
3/6/2015Mega Uranium Ltd. Announces Management Rationalization
2/13/2015Feb 13, 2015 Mega Uranium Ltd. Announces New By-Law Read Mor...
2/13/2015Mega Uranium Ltd. Announces New By-Law
2/13/2015Announces New By-Law
7/7/2014Mega Uranium Ltd. Acquires Securities of Macusani Yellowcake...
3/19/2014Mar 19, 2014 Mega Announces Election Of Directors & Corporat...
3/19/2014Mega Announces Election of Directors & Corporate Update
9/24/2013Announces Termination of Arrangement Agreement with Rockgate...
7/11/2013and Cameco Australia Pty Ltd Enter Farm in and Joint Venture...
5/14/2013Releases Unaudited Results for the Three and Six Months Ende...
4/23/2013Acquires Securities of NexGen Energy Ltd.
2/12/2013Releases Unaudited Results For The Three Months Ended Decemb...
11/8/2012Announces High Grade Uranium Mineralization Confirmed on Nor...
10/22/2012State Government Lifts Ban on Uranium Mining in Queensland
10/22/2012State Government Lifts Ban on Uranium Mining in Queensland
8/14/2012Releases Unaudited Results for the Three and Nine Months End...
8/9/2012to Sell Canadian Projects to NexGen Energy to Create the Pre...
5/12/2012Releases Unaudited Results for the Three and Six Months Ende...
5/9/2012Drilling Discovers Basement-Hosted Uranium on the NW Athabas...
3/29/2012Announces Reconfirmation Of Shareholder Rights Plan
3/16/2012Releases Unaudited Results for the Three Months Ended Decemb...
3/12/2012Nunatsiavut Assembly Lifts Uranium Moratorium in Labrador
2/23/2012Completes Acquisition of Canadian Exploration Assets
1/23/2012Commences Drill Program on Northwest Athabasca Property
1/4/2012to Acquire Portfolio of Canadian Exploration Assets from Tit...
12/18/2011Releases Audited Results for the Year Ended September 30=2C ...
12/15/2011Provides Update on Canadian Exploration
8/12/2011Releases Unaudited Results for the Three and Nine Months End...
5/13/2011Releases Unaudited Results for the Three and Six Months Ende...
2/16/2011Provides Australian Update
2/15/2011Releases Unaudited Results For The Three Months Ended Decemb...
1/6/2011Acquires Securities Of Tournigan Energy Ltd.
8/13/2010Releases Unaudited Results For The Three And Nine Months End...
4/8/2010Acquires Securities of U308 Corp.
4/8/2010Completes South American Asset Sale and Declares Dividend-in...
2/12/2010Releases Unaudited Results For The Three Months Ended Decemb...
1/11/2010Acquires Securities Of Macusani Yellowcake Inc.
10/7/2009Proposed Public Offering of Units
8/13/2009Unaudited Results For The Three And Nine Months Ended June 3...
5/13/2009Unaudited Results For The Three And Six Months Ended March 3...
3/18/2009Acquires Securities Of Titan Uranium Inc.
2/13/2009Releases Unaudited Results For The Three Months Ended Decemb...
11/13/2008Join Mega Uranium at the San Francisco Hard Assets Conferenc...
9/15/2008Removal Of The Uranium Mine Development Ban In Western Austr...
6/17/2008Drilling Underway Close To Rio Tinto’s Kintyre Uranium Resou...
5/13/2008Provides Update on Colombia Properties
5/6/2008Announces Closing of Energentia Resources Acquisition
4/4/2008 And Energentia Resources Inc. Sign Acquisition Agreement
3/25/2008$44 Million Uranium Exploration Budget on Mega’s Properties ...
5/22/2007Kaminak Options Washburn Project to Mega Uranium Ltd.
4/2/2007Airborne Survey Detects Numerous Untested Radiometric Anomal...
4/4/2006New deaty gold zones Shebandowan camp, Thunder Bay, Ontario
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (MGA.TO)FRANKFURT (M6J.F)
0.205-6.82%0.166-0.60%
TORONTO
CA$ 0.205
09/23 17:00 -0.020
-6.82%
Prev close Open
0.220 0.220
Low High
0.195 0.220
Year l/h YTD var.
0.175 -  0.410 -28.07%
52 week l/h 52 week var.
0.175 -  0.410 -33.87%
Volume 1 month var.
804,114 -18.00%
24hGold TrendPower© : 27
Produces
Develops Uranium
Explores for Copper - Gold - Lead - Molybdenum - Platinum - Silver - Uranium - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 2/5/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-24.07%
202150.00%0.300.16
2020100.00%0.200.05
2019-25.00%0.130.08
2018-42.86%0.240.11
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.75-1.02%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.28-6.82%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.60+0.67%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.11+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.13-11.98%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.44-8.39%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26-7.14%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.32-5.88%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.95-10.14%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 57.69-8.60%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :