MEGA URANIUM LTD.:
“MGA” (TSX)
FOR IMMEDIATE
RELEASE: April 2, 2007
AIRBORNE SURVEY DETECTS NUMEROUS UNTESTED RADIOMETRIC
ANOMALIES IN THE GEORGETOWN PROJECT, QUEENSLAND,
AUSTRALIA
Toronto, Ontario, Canada, April 2, 2007 – Mega Uranium Ltd. (TSX: MGA) (“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*.
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.
*
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.
For further information, please contact:
Mega
Uranium Ltd.
Richard
Patricio, VP Corporate and Legal Affairs
T:
(416) 643-7630
info@megauranium.com
www.megauranium.com
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