The study concludes that overall, positive disequilibrium exists in the deposit which will increase the magnitude of the resource potential of uranium.
Resource estimation has been based mainly on data from downhole radiometric logging which significantly understates the actual uranium grade.
An analysis of the close spaced drilling program conducted during the test pit program has also been completed.
Examination of the diamond core assays reveal that radiometric logging understates the mineralisation thickness, mineralisation volume and understates the U3O8 grade.
Mega is also postponing completion of the project feasibility study while environmental studies which are nearing completion will be submitted to the Western Australian Environmental Protection Authority.
The Lake Maitland uranium project is supported by Mega’s farm-in partners, the Japan Australia Uranium Resources Development and ITOCHU Minerals and Energy of Australia, under a farm-in agreement dated18 June 2009.
The company has completed a drilling program to seek additional uranium resources to the south and southwest of Lake Maitland.
The program comprised 103 air core holes of 5 to 30 meters depth, for a total of 1350 meters. Several holes intersected carbonate horizons similar to hosting uranium mineralization at Lake Maitland.
Downhole radiometric logging is underway at the site.
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