Vancouver, Canada, November 10, 2012 --(PR.com
)-- Mr. Richard Patricio of Mega Uranium reports:
Mega Uranium Announces High Grade Uranium Mineralization Confirmed on NW Athabasca Property, Saskatchewan
Mega Uranium Ltd. and Forum Uranium Corp. are releasing preliminary results from the first of three high-priority targets being drilled on the Northwest Athabasca property. Uranium mineralization was encountered at shallow depths in two of four holes drilled in the first target area.
Drill hole NWA-35 intersected a 1.4-metre mineralized interval at a vertical depth of 26 metres and is interpreted to be part of zone 2A, discovered in 1978. Within this interval, a 25-centimetre section gave an off-scale scintillometer (i) reading (greater than 9,999 counts per second). Mineralization consists of blebs and flecks of pitchblende. Sufficient drilling has now been completed in the vicinity of zone 2A to conclude that the zone is of very limited extent; however, the intercept in hole NWA-35 confirms the presence of high-grade mineralization on the Northwest Athabasca property. Further drilling is recommended outside zone 2A to define the controlling structure.
Drill hole NWA-34 intersected a 10-centimetre zone, within a graphitic shear, with a scintillometer (i) reading of 1,400 counts per second at a vertical depth of 50 metres and located 20 metres west of zone 2A. Approximately 20 metres to the west of the NWA-34 intercept is an untested electromagnetic conductor, which has been selected for future drill testing.
The current drill program is continuing with testing of the Maurice Creek South target (a gravity low situated immediately south of the historic Maurice Creek mineralization) and the Barney zone (tested by a single hole in March, 2012, with very positive results of strong bleaching and faulting associated with dravite clays in the overlying sandstones).
Large gravity lows are present both to the north and south of zone 2A. Drilling on the gravity low to the south discovered the Opie zone in March, 2012 (0.142 per cent triuranium octoxide over 7.6 metres at a depth of 40 metres to 100 metres), which requires more drilling this winter. An untested gravity low also lies to the north of zone 2A and is a priority target for future drill programs.
The Northwest Athabasca property hosts the Maurice Bay deposit (historical resource (ii) of 1.5 million pounds uranium at 0.6 per cent U3O8). The positive results returned from the drill program completed in March, 2012, including the discovery of the Opie, encouraged Forum and Mega to step up exploration on the property. All targets are similar to Cameco's Millennium deposit and Rio Tinto's Roughrider deposit and at much shallower depths (less than 100 metres).
Quality assurance and quality control
Core samples are collected and shipped in sealed containers to the Saskatchewan Research Council, an ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory for geochemical analysis, using the uranium ICP Package. This package is the preferred analytical technique for detecting uranium and pathfinder elements in the alteration halos of unconformity-type uranium deposits in the Athabasca basin.
Dr. Michael Downes, PhD, PGeo, vice-president, North America, and qualified person for Mega, has reviewed the technical content of this news release.
Forum and Mega option with Cameco
Forum and Mega Uranium have entered into a 50/50 joint venture agreement to manage the exploration program during the earn-in period with Forum as initial operator. Forum and Mega can earn a 60-per-cent interest in the Northwest Athabasca project, a joint venture between Cameco Corp. and Areva Resources Canada, by completing $4-million in exploration over four years and making cash payments totalling $400,000 over three years, of which $140,000 has been paid. It is anticipated that Forum and Mega will vest their joint 60-per-cent interest in the property upon completion of the current program.
The Northwest Athabasca project will form part of the Mega projects being sold to NexGen Energy Ltd., as announced Aug. 9, 2012. That transaction is expected to close in the fourth quarter of 2012.
(i) Natural gamma radiation in drill core that is reported in this news release was measured in counts per second using a hand-held Exploranium GRS-101 total count gamma-ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials. The degree of radioactivity within this interval is highly variable and associated with visible pitchblende mineralization. Core recovery is generally between 90 per cent to 100 per cent in hole NWA-35. All intersections are downhole; core interval measurements and true thickness are yet to be determined.
(ii) Historical resource for the Maurice Bay deposit, as reported by Saskatchewan Industry and Resources' miscellaneous report 2003-7, has not been calculated or classified under the specifications of National Instrument 43-101 and should not be relied upon.