Mega Uranium Ltd. is a mining company with a focus on uranium. It has uranium resources in Australia (totaling 23.6 million lbs) and uranium exploration projects in Australia, Argentina, Mongolia, Bolivia and Canada. In addition, through Maple Minerals, it has interests in base and precious minerals exploration properties in Canada and a copper-nickel exploration project in Guinea, West Africa
Highlights of 2005-2006 Activities
Mega acquired 100% of Uranium Mineral Ventures whose principal asset is the Ben Lomond uranium-molybdenum deposit in North Queensland, Australia. Ben Lomond contains a 43-101 compliant Indicated Resource of 7.9 million lbs and an Inferred Resource of 2.8 million lbs (1). In addition, the deposit contains 9.8 million lbs molybdenum based on an average grade of 0.15% Mo(2).
Mega acquired the Georgetown Project, which comprises the Maureen uranium deposit (historical resource of 6.5 million lbs), and surrounding properties (1,580 km2) in North Queensland, Australia.
Mega entered into an agreement to acquire Future Metals and Energy Ltd., a private Australian company, holding 4874 km2 around the Georgetown Project in Queensland, Australia. The ground contains historical resources totaling 6.4 million lbs U3O8.
Mega acquired Hindmarsh Resources, an Australian Stock Exchange listed group which holds, or is earning interests in, 14000 km2 of ground with uranium discovery potential in South Australia and Northern Territory.
Mega entered into an Alliance Agreement with Red Hill Energy Inc. (formerly UGL Enterprises Ltd.) to earn up to a 60% interest in Red Hill Energy’s uranium exploration properties in Mongolia which currently cover 2325 km2.
In Argentina Mega acquired exploration permits covering a total of 2783km2 in the two areas acknowledged to have the country’s best uranium discovery potential, the San Jorge Gulf Basin of Chubut Province and the Sierra Pintada Uranium District of Mendoza Province. The ground covers uranium occurrences and radiometric anomalies detected by the Argentinean Atomic Energy Commission in the 1960s and 1970s. Priority targets comprise untested radiometric anomalies in the vicinity of the Cerro Solo (10.3Mlbs ) and Sierra Pintada (30Mlbs) deposits.
Mega entered into a farm-in agreement to earn an interest in 137.5 km2 of ground in Bolivia held by Intrepid Minerals.
In the Mt Kakoulima Ni-Cu-Co-PGM Project in Guinea, West Africa (Mega earning 50% from FNX Mining), drilling by FNX continued to make encouraging intersections of disseminated copper-nickel sulphides at the basal contact of the Kaloum Igneous Complex. The geological setting of this property is similar to that of the Jinchuan Cu-Ni deposit in China (~ 500Mt @ 2.21% Ni, 1.71% Cu).
Encouraging results were obtained on gold and base metal targets in the Shebandowan Greenstone Belt in Ontario where the 50/50 Mega/East West Minerals Joint Venture has 100% of seven contiguous properties and is earning 60% of the Ardeen property from Pele Gold Corporation
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