- Central Mineral Belt contains Michelin, one of North America’s largest uranium deposits
- Benedict Mountains Property area shares geological characteristics with Michelin
- Exploration highlights include 3 uranium showings & samples up to 13.8% U3O8
MegaWatt’s CEO,
The Michelin deposit is one of North America’s largest uranium deposits. It contains a total Mineral Resource of 92 million pounds (Mlb) uranium, with 82.2Mlb being in the Measured and Indicated Mineral Resources category.[1] Other significant uranium deposits in the Central Mineral Belt include
Evidence that the Benedict Mountains Property’s area should represent a prospective environment for uranium mineralization of similar style to that occurring in the
In 2006, Monster Copper ran a program of reconnaissance geology/prospecting, lake and stream sediment sampling on the Property, which defined 8 significant multi-element anomalies. In 2007/2008, an airborne radiometric and magnetic survey was completed. Follow-up prospecting, channel sampling, geological mapping and detailed ground radiometric surveys identified 3 uranium showings – Priority One, Harbinger, and Powe – which were selected for future drill testing. Exploration highlights for each of the showings are below.
Priority One showing highlights:
- Geological mapping and ground radiometric surveying revealed 2 discrete targets approximately 250 m x 75 m and 105 m x 11 m respectively
- In 2007, 16 grab samples from the zone were analyzed, with results ranging from 0.018% to 0.70% U3O8, with an average of 0.19% U3O8
- In 2011, 3 holes were drilled in 1 of the showing’s target zones with each hole intersecting a subvertical zone of mineralization; the best drill intercept was 5.85 m of 0.032% U3O8 from 13 m to 18.85 m and 1.5 m of 0.044% U3O8 from 97 m to 98.5 m (Mega Uranium Ltd. news release,
December 15, 2011 ) - In 2006, Monster Copper identified 2 anomalies to the north and south of the showing; with 1 containing 2 anomalous uranium values (Setterfield, 2007)
Harbinger showing highlights:
- 45 m x 160 m zone of anomalous radioactivity with good qualitative continuity of mineralization
- In 2007, 18 grab samples assayed from 0.05 to 0.38% U3O8, with an average of 0.17% U3O8
- In 2008, sampling returned up to 0.52% U3O8 (Kruse and Tykajlo, 2009)
- In 2011, 3 holes were drilled with the best result being 7 m of 0.020% U3O8 from 56 m to 63 m (Mega Uranium Ltd. news release,
December 15, 2011 )
Powe showing highlights:
- Showing is 40 m from a showing discovered in 2006 that yielded up to 0.14% U3O8
- Mineralized shear zone is 15-30 cm (6-12 inches) wide
- 1-m channel sample across the shear zone yielded 7% U3O8
- In 2007, a grab sample returned 13.8% U3O8, the highest-grade uranium showing in the area
As announced in the Company’s news release of
Qualified Person
Mr.
For Additional Information
Investors can learn more about the Company, our team and latest news at https://megawattmetals.com.
About
MegaWatt is a
MegaWatt has acquired a 100% interest in a company that holds a 100% interest (subject to a 1.5% NSR) in the Benedict Mountains Uranium Property, consisting of 2 mineral licenses covering an area of approximately 350 hectares in the Central Mineral Belt on the east coast of
MegaWatt holds a 100% undivided interest (subject to a 1.5% NSR) on all base, rare earth elements and precious metals, in the Cobalt Hill Property, consisting of 8 mineral claims covering an area of approximately 1,727.43 hectares located in the Trail Creek Mining Division in the Province of
Additionally, the Company has acquired a 100% interest in a company that indirectly holds a 100% interest (subject to a 2% NSR) in the
MegaWatt holds a 100% interest (subject to a 2% NSR) in and to the Route 381 Lithium Property, comprised of 40 mineral claims located in James Bay Territory, north of
On Behalf of the Board of Directors,
V7X 1M5
For Further Information Please Contact:
kelvin@megawattmetals.com, (236) 521-6500
SOURCES:
1. https://www.paladinenergy.com.au/exploration/michelin-canada/
2. https://www.findnewfoundlandlabrador.com/files/2017/03/Uranium-in-Labrador-Jan-2012.pdf
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These forward-looking statements or information may relate to the Company’s business plans, the exploration plans of the Company and the timing thereof, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
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