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Mega Uranium Ltd T.MGA

Alternate Symbol(s):  MGAFF

Mega Uranium Ltd. is a Canada-based mineral exploration and development company. The Company is focused on the acquisition and exploration of uranium prospective properties. It has exploration stage mineral resource properties in Queensland and Western Australia and investments in uranium-focused companies. It also holds interests in junior and medium-sized uranium exploration and development companies, royalty and diversified uranium holding companies, and its own exploration and development projects. The Company’s project is Maureen Uranium-Molybdenum Project, which is located approximately 32 Kilometer (km) away from the small regional hub of Georgetown, located in Northern Queensland, Australia. Its subsidiaries include Maple Resources Inc.; Uranium Mineral Ventures Inc., Mega Georgetown Pty Ltd., Mega Hindmarsh Holdings Pty Ltd., Mega Redport Holdings Pty Ltd., Monster Copper Corporation., Nu Energy Uranium Corporation, and Northern Lorena Resources Ltd.


TSX:MGA - Post by User

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Post by orebody007on Nov 16, 2005 10:54pm
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Post# 9879238

News

NewsMega cuts Uranium zone containing Cu, Ag, Au and Mo Mega Uranium Ltd (TSX-V:MGA) Shares Issued 32,023,533 Last Close 11/15/2005 $3.40 Wednesday November 16 2005 - News Release Mr. Sheldon Inwentash reports LARGE COPPER-SILVER-GOLD-MOLYBDENUM ZONE INTERSECTED - HAMLIN PROPERTY, SHEBANDOWAN CAMP - THUNDER BAY, ONTARIO Mega Uranium Ltd. is providing an update of the drilling progress on the Hamlin-Shebandowan property, 100-per-cent-owned by Mega's Maple Minerals division and East West Resource Corp. Highlights include: a new higher-grade multiple zone discovered by drill hole HAM-05-33 on north contact EM target, 1.07 per cent copper to 1.61 per cent copper; higher-grade core zones identified within the central zone, 2.49 per cent copper over one metre in drill hole HAM-05-29b and 1.43 per cent coppper over one metre in drill hole HAM-05-30; 100-metre-wide disseminated sulphide zone cut by three holes; 800-metre-long zone confirmed by trenches and drilling; a total of 2,000 metres of mineralization traced by mapping and geophysics; breccia host rocks over 200 m wide; several other untested EM targets occur along the strike; and further assays pending. Geological details A large breccia-hosted copper-silver-gold-molybdenum-bearing system has been intersected by the first two cross-section holes HAM-05-29b and HAM-05-30, drilled at minus 45 degrees and minus 60 degrees to depths of 151 m and 176 m (line zero plus 70E), respectively. Both holes collared in disseminated sulphides mineralization with local concentrations of chalcopyrite 0.5 to one metre wide. In hole HAM-05-29b, splitting was initially done on the upper 71-metre section, as well as other sections lower in the hole. Two parts are presented below with a more complete table to follow once infill intervals are completed. In hole HAM-05-30 an 88-metre-wide zone has been split and assayed, with additional splitting of the remaining breccia to follow. Three zones, within the 88 m interval, are presented on the attached table for brevity. A complete table for the 88 m will be posted on SEDAR and the company's website. Both holes, HAM-05-29b and HAM-05-30, identified similar zones, confirming the sulphides extend to depth. A back up hole, HAM-05-36, drilled 50 m behind, HAM-05-29b and HAM-05-30, located another zone of higher sulphide concentration along the north contact with sulphide (pyrite-chalcopyrite) bearing volcanics, which expands the surface expression of mineralization to 100 m. This hole, HAM-05-36, which was just completed, was drilled to test for a new higher-grade contact zone that was originally discovered 430 m to the east in hole HAM-05-33. Assays will be reported, when available, along with additional splits of hole HAM-05-29b and HAM-05-30 to complete Section zero plus 70E. Hole HAM-05-33 was drilled northward on line five plus 00E, to test copper mineralization in a trench and was continued to a depth of 296 m (977 feet), with continuous disseminated sulphides. Veins and lenses of massive chalcopyrite-pyrite were encountered at 202 to 204 m in a chert zone within a five-metre fragment of volcanics hosted in the breccia. Two other five-metre-wide zones of massive sulphides (218 to 233 m and 235 to 240 m) occur 14 m below the chert within the breccia. Assays for these two zones are presented below and assays for the disseminated zone above will be reported once all the assays are completed. This discovery is associated with an EM conductor that was seen by the helicopter airborne EM survey and Crone ground pulsed EM survey. Other conductors along this contact occur on a 1,600-metre trend to the east from line five plus 00E that will be the subject of future follow-up drilling. HAM-05-33 north contact zone Ticket From To Length Cu Cu No. m m m ppm % 335673 202 203 1 12,900 1.290 335674 203 204 1 5,790 0.579 Wtd. Avg. 2 9,345 0.935 335689 218 219 1 1,940 0.194 335690 219 220 1 14,700 1.470 335691 220 221 1 10,700 1.070 335692 221 222 1 2,950 0.295 335693 222 223 1 13,200 1.320 Wtd. Avg. 5 8,698 0.870 638006 235 236 1 15,500 1.550 638007 236 237 1 3,200 0.320 638008 237 237.7 0.7 4,550 0.455 638009 237.7 238.7 1 16,100 1.610 638010 238.7 240 1.3 2,170 0.217 Wtd. Avg. 5 8,161 0.816 638019 276.5 277 0.5 13,800 1.380 638020 277 277.5 0.5 13,900 1.390 638021 277.5 278 0.5 11,600 1.160 Wtd. Avg. 1.5 13,100 1.31 Mo pounds Ticket Cu Ag Au Mo per No. pounds g/t g/t ppm tonne 335673 28.4 7.29 0.240 113.5 0.250 335674 12.7 3.34 0.420 89.0 0.196 Wtd. Avg. 20.6 5.32 0.330 101.3 0.223 335689 4.3 1.55 0.020 207.0 0.455 335690 32.3 16.90 0.190 152.0 0.334 335691 23.5 7.11 0.070 205.0 0.451 335692 6.5 2.15 0.020 142.0 0.312 335693 29.0 7.16 0.040 225.0 0.495 Wtd. Avg. 19.1 7.00 0.068 186.2 0.410 638006 34.1 9.66 0.160 129.0 0.284 638007 7.0 1.82 0.070 209.0 0.460 638008 10.0 2.61 0.050 151.5 0.333 638009 35.4 11.80 0.310 255.0 0.561 638010 4.8 1.55 0.050 87.5 0.193 Wtd. Avg. 18.0 5.00 0.128 162.6 0.358 638019 30.360 0.45 9.66 108.5 0.239 638020 30.580 0.1 5.79 128.5 0.283 638021 25.520 0.15 5.9 384 0.845 Wtd. Avg. 28.8 0.23 7.12 207.0 0.455 HAM-05-29b central zone Ticket From To Length Cu Cu No. m m m ppm % 639151 21.00 22.00 1 2,760 0.276 639152 22.00 23.00 1 5,160 0.516 639153 23.00 24.00 1 1,190 0.119 639154 24.00 25.00 1 4,770 0.477 639155 25.00 26.00 1 3,880 0.388 639156 26.00 27.00 1 1,855 0.186 639157 27.00 28.00 1 942 0.094 639158 28.00 29.00 1 848 0.085 639159 29.00 30.00 1 6,260 0.626 639160 30.00 31.00 1 2,530 0.253 Wtd. Avg. 10 3,020 0.302 639166 46.00 47.00 1 5,040 0.504 639167 47.00 48.00 1 7,050 0.705 639168 48.00 49.00 1 4,830 0.483 639169 49.00 50.00 1 1,320 0.132 639170 50.00 51.00 1 3,410 0.341 639171 51.00 52.00 1 2,480 0.248 639172 52.00 53.00 1 5,940 0.594 639173 53.00 54.00 1 24,900 2.49 639174 54.00 55.00 1 5,080 0.508 639175 55.00 56.00 1 3,000 0.300 639176 56.00 57.00 1 2,270 0.227 639177 57.00 58.00 1 2,450 0.245 639178 58.00 59.00 1 338 0.034 639179 59.00 60.00 1 3,530 0.353 Wtd. Avg. 14 5,117 0.512 Mo pounds Ticket Cu Ag Au Mo per No. pounds g/t g/t ppm tonne 639151 6.1 1 0.140 83.0 0.183 639152 11.4 2 0.150 226.0 0.497 639153 2.6 1 0.250 108.0 0.238 639154 10.5 2 0.240 76.0 0.167 639155 8.5 2 0.200 169.0 0.372 639156 4.1 1 0.080 97.0 0.213 639157 2.1 1 0.060 95.0 0.209 639158 1.9 0 0.030 38.0 0.084 639159 13.8 3 0.100 118.0 0.260 639160 5.6 2 0.110 65.0 0.143 Wtd. Avg. 6.6 1 0.136 107.5 0.237 639166 11.1 3 0.090 350.0 0.770 639167 15.5 5 0.210 384.0 0.845 639168 10.6 3 0.140 190.0 0.418 639169 2.9 1 0.040 75.0 0.165 639170 7.5 2 0.140 301.0 0.662 639171 5.5 1 0.080 92.0 0.202 639172 13.1 3 0.090 212.0 0.466 639173 54.8 17 0.240 349.0 0.768 639174 11.2 3 0.190 94.0 0.207 639175 6.6 2 0.130 108.0 0.238 639176 5.0 1 0.080 101.0 0.222 639177 5.4 2 0.150 90.0 0.198 639178 0.7 0 0.020 39.0 0.086 639179 7.8 2 0.100 76.0 0.167 Wtd. Avg. 11.3 3 0.121 175.8 0.387 HAM-05-30 central zone Ticket From To Length Cu Cu No. m m m ppm % Mo 639191 19 20 1 2,780 0.278 639192 20 21 1 3,750 0.375 639193 21 22 1 4,700 0.470 639194 22 23 1 3,830 0.383 639195 23 24 1 3,140 0.314 639196 24 25 1 1,825 0.183 639197 25 26 1 1,980 0.198 639198 26 27 1 966 0.097 639199 27 28 1 1,135 0.114 639200 28 29 1 6,940 0.694 639321 29 30 1 1,825 0.183 639322 30 31 1 2,940 0.294 Wtd. Avg. 12 2,984 0.298 Mo pounds Ticket Cu Ag Au Mo per No. pounds g/t g/t ppm tonne 639191 6.1 2 0.120 130.0 0.286 639192 8.3 2 0.140 116.0 0.255 639193 10.3 2 0.200 162.0 0.356 639194 8.4 2 0.340 106.0 0.233 639195 6.9 2 0.100 146.0 0.321 639196 4.0 1 0.070 96.0 0.211 639197 4.4 1 0.080 79.0 0.174 639198 2.1 0 0.040 74.0 0.163 639199 2.5 1 0.040 60.0 0.132 639200 15.3 3 0.290 122.0 0.268 639321 4.0 1 0.110 57.0 0.125 639322 6.5 2 0.120 85.0 0.187 Wtd. Avg.6.6 2 0.138 102.8 0.226 HAM-05-30 central zone Ticket From To Length Cu Cu No. m m m ppm % 639261 45 46 1 1,825 0.183 639262 46 47 1 1,870 0.187 639263 47 48 1 2,440 0.244 639264 48 49 1 2,660 0.266 639265 49 50 1 3,490 0.349 639266 50 51 1 1,995 0.200 639267 51 52 1 1,045 0.105 639268 52 53 1 4,690 0.469 639269 53 54 1 14,300 1.430 639270 54 55 1 1,255 0.126 Wtd. Avg. 10 3,557 0.356 Mo pounds Ticket Cu Ag Au Mo per No. pounds g/t g/t ppm tonne 639261 4.0 1 0.090 97.0 0.213 639262 4.1 1 0.090 113.0 0.249 639263 5.4 2 0.120 84.0 0.185 639264 5.9 2 0.110 87.0 0.191 639265 7.7 2 0.110 124.0 0.273 639266 4.4 1 0.070 105.0 0.231 639267 2.3 1 0.030 50.0 0.110 639268 10.3 3 0.100 73.0 0.161 639269 31.5 8 0.440 208.0 0.458 639270 2.8 1 0.040 58.0 0.128 Wtd. Avg.7.8 2 0.120 99.9 0.220 HAM-05-30 central zone Ticket From To Length Cu Cu No. m m m ppm % 639277 61 62 1 5,160 0.516 639278 62 63 1 8,860 0.886 639279 63 64 1 2,040 0.204 639280 64 65 1 3,270 0.327 639281 65 66 1 3,180 0.318 639282 66 67 1 930 0.093 639283 67 68 1 1,350 0.135 639284 68 69 1 2,170 0.217 639285 69 70 1 1,195 0.120 639286 70 71 1 1,350 0.135 639287 71 72 1 3,620 0.362 639288 72 73 1 2,330 0.233 639289 73 74 1 3,720 0.372 639290 74 75 1 3,750 0.375 639291 75 76 1 4,070 0.407 639292 76 77 1 5,150 0.515 Wtd. Avg. 16 3,259 0.326 Mo pounds Ticket Cu Ag Au Mo per No. pounds g/t g/t ppm tonne 639277 11.4 3 0.220 196.0 0.431 639278 19.5 4 0.210 454.0 0.999 639279 4.5 1 0.070 126.0 0.277 639280 7.2 2 0.120 195.0 0.429 639281 7.0 2 0.100 110.0 0.242 639282 2.0 1 0.030 86.0 0.189 639283 3.0 1 0.040 57.0 0.125 639284 4.8 2 0.070 84.0 0.185 639285 2.6 1 0.030 138.0 0.304 639286 3.0 1 0.030 147.0 0.323 639287 8.0 3 0.090 280.0 0.616 639288 5.1 2 0.080 305.0 0.671 639289 8.2 3 0.090 239.0 0.526 639290 8.3 3 0.110 148.0 0.326 639291 9.0 4 0.120 529.0 1.164 639292 11.3 5 0.170 262.0 0.576 Wtd. Avg. 7.2 2 0.099 209.8 0.461 Five hundred parts per million is equal 0.5 per cent, which is equal to 1.1 pounds per tonne. The molybdenum content of the zone potentially is as important as the copper in terms of value credit. Silver correlates with copper values, as originally seen in trench results reported in Stockwatch on Oct. 18, 2005. Gold values also correlate with copper, but are very elevated when high concentrations of copper occur (see trench results Oct. 18, 2005). The majority of breccia fragments are altered pink rhyolite-quartz-eye rhyolite (with occasional blue quartz-eyes), reddish-brown altered volcanic and epidote altered diorite clasts forming the remaining clasts. Chert clasts also occur containing sulphides. Magnetite is associated with the copper in most cases, along with black-green chlorite. It can still be argued that a VMS-style system occurred in the volcanics and was intruded by an alkali porphyry system to generate this unique extensive breccia. It can also be argued that a form of IOCG (iron-oxide-coppper-gold) deposit has formed. Assays for other holes will be reported as they are completed, however additional splitting will be done to help determine the extent of values beyond the zones that have been initially identified by visual examination. Basemetal and silver values (coppper, silver and molybdenum) were determined by ICP-induced coupled plasma, after an aqua regia acid digestion. Assays exceeding 100 grams silver and 10,000 parts per million copper were repeated using multiacid digestion and atomic absorption (AA). Check assays were run on high values. Preparation and assaying of the samples outlined in this news release were carried out by ALS Chemex in Thunder Bay. Gold values were determined by fire assay extraction on 30-gram samples followed by an AA finish.
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