News!Mega Uranium drills 4.4 m of 0.132% U3O8 at Wernecke
Mega Uranium Ltd (C:MGA)
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Last Close 4/18/2008 $2.33
Monday April 21 2008 - News Release
Mr. Richard Patricio reports
MEGA URANIUM LTD.: ADDITIONAL ASSAY RESULTS FROM IGOR URANIUM PROPERTY, YUKON TERRITORY; EXTEND MINERALIZED ZONE TO THE NORTH
Mega Uranium Ltd. has released the remaining assay results from the 2007 drill program at the Igor iron-oxide copper-gold-uranium property, located in the Wernecke uranium district, Yukon. Work on the Igor property is performed under the terms of a joint venture with Cash Minerals Ltd., where Cash Minerals is the operator. Cash Minerals can maintain a 75-per-cent working interest in the Igor property provided it completes a bankable feasibility study on the Igor property by Dec. 31, 2012. As advised by Cash Minerals, significant intersections from this last batch of analyses from Igor include:
- Hole IG07-26 4.4 metres of 0.132 per cent U3O8, 7.24 per cent Cu, 0.21 gram per tonne (g/t) Au and 6.79 g/t Ag;
- Four metres of 0.045 per cent U3O8, 2.53 per cent Cu, 0.14 g/t Au and 2.17 g/t Ag.
Hole 26 was drilled on an azimuth of 50 degrees and a dip of minus 60 degrees and was drilled from the same collar location as hole 22 (details in Jan.. 23, 2008, news in Stockwatch). The intercept extends the known mineralized zone to the north of the intercept in hole 22 by approximately 100 metres.. Gravity and magnetic data suggest that the mineralized body extends further to the north and a ground EM survey is planned for early summer to aid in tracing the high-grade copper core of the zone. Drill testing this extension of the 600-metre mineralized zone to the north as well as the southwest will be the focus for drilling in 2008.
Highlights from results released earlier this year included 140 metres of 0..042 per cent U3O8 and 0.76 per cent Cu from surface, including seven metres of 0.417 per cent U3O8 and 7.37 per cent Cu. A total of 9,042 metres in 31 holes were completed at Igor in 2007. Mineralization at Igor is similar in style to the iron-oxide copper-gold-uranium mineralization at the Olympic Dam (Gawler Craton) and Ernest Henry (Mt. Isa Inlier) deposits in Australia.
SELECTED DRILL HOLE ASSAYSHole ID From (m) To (m) Metres U3O8(%) Cu(%) Ag(g/t) Au(g/t)IG-2007-26 17.00 21.40 4.40 0.132 7.24 6.79 0.21 56.00 68.00 12.00(1) - 0.38 - 0.05including 57.00 60.00 3.00(2) - 0.95 1.16 0.10 81.50 83.50 2.00 - 0.77 - 0.06 107.00 132.50 25.50 - 0.37 1.15 0.05including 116.50 121.50 5.00(3) - 0.98 2.01 0.09 153.00 159.00 6.00 - 0.33 1.01 0.06 193.00 194.50 1.50 0.030 - - - 199.00 213.50 14.50 0.013 0.79 - 0.05including 205.50 209.50 4.00 0.045 2.53 2.17 0.14 289.00 299.00 10.00 - 0.45 - - 358.00 380.00 22.00 - 0.41 - 0.05including 374.00 379.50 5.50(4) - 1.08 1.08 0.13IG-2007-24 145.00 151.00 6.00(5) 0.047 - 2.05 0.05IG-2007-27 70.00 76.50 6.50 - 0.33 - -IG-2007-28 89.50 93.00 3.50 - 0.44 - - 186.50 211.00 24.50 - 0.23 - - 252.00 255.00 3.00 - 0.42 - -IG-2007-29 204.50 216.00 11.50 0.007 0.20 - -(1) Includes 0.034 per cent cobalt(2) Includes 0.047 per cent cobalt(3) Includes 0.040 per cent cobalt(4) Includes 0.038 per cent cobalt(5) Includes 0.078 per cent cobaltMinimum values shown are: Cu 0.2 per cent; U3O8 0.006 per cent; Ag one g/t; Au 0.05 g/t; Co 0.030 per centNote that true width intervals are as yet unconstrained
Drill core samples were prepared and analyzed by ALS Chemex, Vancouver. Samples were crushed, pulverized and digested in a four-acid solution and all elements except gold were analyzed by ICP. Gold was analyzed by fire assay and ICP-AES. Exploration in the Wernecke uranium district, including the sampling, was conducted under the supervision of Christopher K. Hutchings, PGeo, who is the qualified person for Cash Minerals, as specified in National Instrument 43-101.
Michael Downes, PhD, PGeo, vice-president, North America, and qualified person (as specified in National Instrument 43-101) for Mega Uranium Ltd. has reviewed the technical content of this news release as provided by Cash Minerals.
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