Nov 27 2012
Mega Uranium Ltd. ("Mega") and Forum Uranium Corp. ("Forum") are pleased to announce assay results from the first drill target at the Northwest Athabasca property under option from Cameco Corporation. Uranium mineralization was encountered at shallow depths in two holes drilled on Zone 2A (see news release dated November 8, 2012).
Drillhole NWA-35 - 2.48% U3O8 over 1.5 metres at a vertical depth of 26 metres with a 0.5 metre interval grading 5.77% U3O8.
Drillhole NWA-34 - 20 centimetres grading 0.27% U3O8 at a vertical depth of 50 metres, located only 20 metres west of the historic Zone 2A mineralization.
Further drilling is recommended in the Zone 2A area where additional targets have been delineated including an EM conductor 40 metres to the west, along strike from the known mineralization at Zone 2A.
The drill rig is currently investigating the Barney target, a gravity low west, and on strike from, the Maurice Bay deposit. Uranium mineralization within zones of strong basement alteration has been intercepted in several holes. This is the third target that has encountered uranium mineralization on the property. A full description of the results will be released upon completion of drilling at the Barney zone.
The Northwest Athabasca property hosts the Maurice Bay deposit (historical resource* of 1.5 million pounds uranium at a grade of 0.6% U3O8). A winter drill program is planned for the first quarter 2013. All targets are similar to Cameco's Millennium deposit and Rio Tinto's Roughrider deposit 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.
Michael Downes Ph.D., P.Geo., 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% interest in the Northwest Athabasca project, a joint venture between Cameco Corporation and Areva Resources Canada, by completing $4 million in exploration over four years and making cash payments totaling $400,000 over three years, of which $140,000 has been paid. It is anticipated that Forum and Mega will vest their joint 60% 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 August 9, 2012 and November 15, 2012. That transaction is expected to close in the fourth quarter of 2012.
To view "Figure 1: Northwest Athabasca Project Gravity Survey", please visit the following link: http://media3.marketwire.com/docs/mega1126.pdf
*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.
Source: http://www.megauranium.com