Mega Provides Update on Canadian Exploration
Published : December 15, 2011

Nunatsiavut Assembly to Lift Uranium Moratorium in Labrador

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Keywords :   Australia | Cameroon | Canada | Diamond | Growth | Iron | Market | Recovery | Uranium |

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2011) - Mega Uranium Ltd. (News - Market indicators) ("Mega") is pleased to provide an update on its Canadian exploration. 

Highlights

  • Nunatsiavut Government votes to remove ban on Uranium Mining in Labrador.
  • New drill discovery at the NB showing with strong alteration and an initial best intercept of 10 m of 0.048% U3O8. Mineralized zone open at depth and across strike.

NEWFOUNDLAND AND LABRADOR - CENTRAL MINERAL BELT (U)

Nunatsiavut Government votes to remove ban on Uranium Mining

In a decision announced in a December 14, 2011 news release by the Nunatsiavut Government (NG) of Labrador, the Nunatsiavut Assembly has voted unanimously to lift a moratorium on uranium mining on Labrador Inuit Lands. The ban was imposed by NG in April 2008 and, according to NG, will be officially lifted after the Nunatsiavut Environmental Protection Act comes into force on or before March 9, 2012.

Drilling by Mega on its Labrador properties had been postponed since early 2008 due to the uncertainty surrounding the moratorium. The decision by Mega to resume drilling in 2011 was made in anticipation of the removal of the ban.

With the lifting of the moratorium, Mega is planning a 2012 exploration program. Mega and its JV partners hold title to 29,475 ha of prospective uranium mineral licences in the Central Mineral Belt of Labrador, of which 17,562 ha are within Labrador Inuit Lands, previously affected by the moratorium.

Aillik East Property (Mega 100%)

In 2011, eleven Diamond drill holes were completed for a total of 1109 m on Mega's wholly-owned Aillik East project in Eastern Central Labrador. Drilling tested four main targets; Harbinger, Priority One, Powe and NB. 

The most encouraging results were on the NB target where drilling intersected 10 m of 0.048% U3O8, (from 8 m to 18 m with a hole dip of -45°) in hole AE-11-10.  This mineralized zone is situated within a larger alteration zone of elevated sodium and iron (as hematite and magnetite). Alteration occurs both in the matrix of hydrothermal breccia zones and as pervasive replacement. This type of hydrothermal alteration is characteristic of other uranium mineralized zones in the Central Mineral Belt of Labrador, in particular Paladin Energy Ltd.'s Michelin deposit (43-101 Technical Report for Aurora Energy Resources Inc., Aug 28th, 2008). The presence of uranium mineralization at the NB showing and associated favourable sodium and iron alteration demonstrates the potential of the Aillik East property to host a deposit.

A second hole (AE-11-11) was attempted under hole AE-11-10, however it stopped short of the target zone due to mechanical problems with the drill, and it was not possible to resume drilling. This was the last hole on the last target of the program. Consequently the mineralized zone, which is open at depth and along strike, is earmarked for further drilling in 2012.

NB target

The NB showing is a zone of anomalous radioactivity parallel to a topographic lineament. The true width and strike extension of the lineament are obscured by cover but a target zone with discontinuous radioactivity and characteristic alteration is exposed over a zone of 80 m by 25 m. Uranium mineralization is hosted within Aillik Group felsic volcanic rocks and is associated with magnetite and hematite alteration. 

Two holes were drilled at the NB showing in 2011, AE-11-10 and AE-11-11. AE-11-10 intersected 10 m of 0.048% U3O8 from 8 m to 18 m. Hole AE-11-11 was abandoned due to mechanical problems with the drill before reaching target depth.

Priority One target

Two target zones, exposed over approximately 250 m by 75 m and 105 m by 11 m which are defined by anomalous radioactivity, mineralization in grab samples and iron oxide alteration. In 2011, three holes were drilled in one of the target zones at Priority One. A sub-vertical zone of mineralization was intersected in all three holes, associated with hematite and magnetite alteration in felsic volcanic rocks. The best drill intercept was 5.85 m of 0.032% U3O8 in hole AE-11-04 from 13 m to 18.85 m and 1.5 m of 0.044% U3O8 in AE-11-05 from 97 m to 98.5 m. 

Harbinger target

A zone of anomalous radioactivity exposed in several outcrops of Aillik Group felsic volcanic rocks over an area of approximately 15 m by 80 m. Three holes were drilled at Harbinger in 2011. The best result was 7 m of 0.020% U3O8 from 56 m to 63 m, in hole AE-11-03.

Powe target

Three holes were drilled under the Powe showing in 2011. Holes AE-11-07, AE-11-08 and AE-11-09 all intersected the target shear zone, but no mineralization was intersected.

Bruce River Property (Virginia-Mega JV)

Three Diamond drill holes were completed for a total of 361 m at the Noseman showing on the Bruce River property. The holes were designed to test the down dip and across strike continuity of a mineralized zone exposed intermittently over an area of approximately 200 m long by 75 m wide within a hydrothermal alteration zone exposed intermittently over 300 m long by 100 m wide. 

The best uranium result was 0.13% U3O8 over 1.0 m in hole NM-11-2 from 2.7 to 3.7 m in altered, cataclastic granite. The uranium mineralization at the Noseman showing correlated with 20 to 30 cm wide discreet shear zones at the contact between unaltered granitic host rock and cataclastic altered granitic rocks. 

The project is part of a joint venture with Virginia Energy Resources Ltd. (Mega 66.69%: Virginia 33.31%). 

On all drilling completed in 2011, core sampling was conducted in accordance with NI 43-101 as well as the Mineral Exploration Standards implemented by the Nunatsiavut Government of Labrador. Mega includes regular standards, and locally obtained blanks in its sample submissions. All samples were analyzed for uranium using the Delayed Neutron Count (DNC) method by Actlabs of Ancaster, Ontario. Actlabs is an ISO/IEC17025 and CAN-P-1579 accredited laboratory. Comprehensive procedures are in place to ensure that no contamination of the environment occurs and strict protocols have been established to maintain the health and safety of all program participants.

Michael Downes Ph.D., P.Geo., Vice President North America and Qualified Person for Mega, has reviewed the technical content of this news release.

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.

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.



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

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CODE : MGA.TO
ISIN : CA58516W1041
CUSIP : 58516W104
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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.

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