The target area consists of a structural zone containing Aillik Group volcanic stratigraphy interpreted to trend from Paladin’s Michelin uranium deposit (located eight kms to the southwest) through the Mustang Lake property.
Mega holds a 66.69% stake in the project, while Virginia Energy Resources holds the remaining interest.
A total of 888.5 m of diamond drilling was completed in four holes on the property.
In hole ML-11-02, a 46m long zone of discontinuous anomalous radioactivity was intersected from 141m to 187m depth.
Analysis of samples from this zone yielded best results of 1 m of 0.08% U3O8 at 163m and 1m of 0.06% U3O8 at 187m, the company said.
Though the analytical results were low, the presence of Aillik Group volcanic stratigraphy, with Fe-oxide alteration and uranium mineralization in ML-11-02 validated the exploration model and prospectively of the Mustang Lake Property.
Sampling was conducted in accordance with NI 43-101 as well as the Mineral Exploration Standards implemented by the Nunatsiavut Government of Labrador.
Mega said it includes regular standards and locally obtained blanks in its sample submissions.
