MegaWatt Metals Provides Work Program Plans for Benedict Mountains Uranium Property in Labrador’s Central Mineral Belt
MegaWatt Metals Provides Work Program Plans for Benedict Mountains Uranium
Property in Labrador’s Central Mineral Belt
● Central Mineral Belt contains Michelin, one of North America’s largest uranium deposits
● Past property exploration found several high-grade uranium showings, sampling up to
13.8% U3O8
● Work program stages, dates and timelines will be released as available
Vancouver, British Columbia, May 29, 2024 -- MegaWatt Lithium and Battery Metals Corp.
(CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the " Company", " MegaWatt Metals " or
“MegaWatt”) is pleased to provide details of the Company’s work program to strategically
advance the Benedict Mountains Uranium Property, which hosts significant uranium resources.
Historical results from past exploration on the property include 4 uranium showings, grab samples
up to 13.8% U3O8, a 1 -meter (m) channel sample yielding 7% U3O8, and di amond drill hole
intersections that include 5.85 m of .032% U3O8. MegaWatt has a 100% interest in a company
that holds a 100% interest (subject to a 1.5% NSR) in the Benedict Mountains Uranium Property.
The property consists of 2 mineral licenses covering an area of ~350 hectares (865 acres) ~200
km (124 mi) NE of Goose Bay, on the east coast of Labrador, Canada, in the Central Mineral Belt,
which is also home to one of North America’s largest uranium deposits: the Michelin deposit.
Michelin contains a total Mineral Resource of 92 million pounds (Mlb) uranium, with 82.2Mlb being
in the Measured and Indicated Mineral Resources category.[1]
In 2006, a program of reconnaissance geology/prospecting, lake and stream sediment sampling
was completed on the Benedict Mountains Uranium Property, which defined 8 significant multi -
element anomalies. In 2007/2008, global geo -data leader Fugro completed an airborne
radiometric and magnetic survey. Follow-up prospecting, channel sampling, geological mapping
and detailed ground radiometric surveys identified 3 uranium showings (i.e., Priority One,
Harbinger, and Powe) that were selected for future drill testing.
MegaWatt’s CEO, Casey Forward, commented: “We’re excited to build on the exploration to date
that’s produced such encouraging results. Fugro’s data from the airborne survey proved very
useful, since most of the radiometric anomalies reflected outcropping r adioactive material. The
survey also discovered several new radioactive zones and expanded the zones that were
discovered in 2006. We’re also interested in gathering more data on the local presence of
anomalous precious and base metals on the property. A l ot of heavy lifting has already been
done. Now we’re looking forward to gaining a much more detailed picture of the property’s full
mineral potential.”
MegaWatt is reviewing current work program plans for the Benedict Mountains Uranium Property
that include:
● Additional prospecting to more precisely delineate known zones of radioactivity
● Follow‐up prospecting of untested anomalies identified by Fugro’s airborne radiometric
and magnetic survey
● Complete ground radiometrics over all known anomalous zones to provide greater detail
and more focused targets within the zones
● Thorough interpretation of data for showings with the most promise and/or that warrant
future drill testing, including a detailed examination of the magnetic data to deduce and
interpret structures
● Production of a geological map of the northwestern part of the property with the goal of
mapping stratigraphic variations and different generations of dikes and any observable
structures (such a map, combined with the known distribution of anomalous uraniu m,
could enable a better understanding of the controls on mineralization)
● Obtain a better topographic map or Digital Elevation Model (DEM), since a good surface
delineation of the anomalous zones, combined with a precise map of relief, will provide an
accurate understanding of the three-dimensional characteristics of prospective zones
● Following the program outlined above, and should the data warrant drilling, several zones
would be drilled to further expand the Company’s understanding of the mineral potential
of the Benedict Mountains Uranium Property
Details about work program stages, dates and timelines will be released as they become
available.
Qualified Person
Mr. Geoffrey Reed (MAusMM (CP)) (MAIG), Consultant for the Company, is a Qualified Person
as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and has
reviewed and approved the scientific and technical information in this press release.
For Additional Information
Investors can learn more about the Company, our team and latest news at
https://megawattmetals.com.
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About MegaWatt Lithium and Battery Metals Corp.
MegaWatt is a British Columbia based company involved in the acquisition and exploration of
mineral properties.
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 Labrador,
Canada, approximately 200 km NE of Goose Bay (see press release dated April 1, 2024).
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 Cree k Mining Division in the
Province of British Columbia, Canada.
Additionally, the Company has acquired a 100% interest in a company that indirectly holds a
100% interest (subject to a 2% NSR) in the Tyr Silver Project (see press release dated October
15, 2020).
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 Matagami in the Province
of Quebec, covering 2,126 hectares (see press release dated Febr uary 3, 2021), and a 100%
interest in 229 additional mineral exploration claims prospective for lithium, also in the James Bay
area of Quebec covering an area of 12,116 hectares or 121 square kms.
On Behalf of the Board of Directors,
MegaWatt Lithium and Battery Metals Corp.
Casey Forward, CEO
1055 West Georgia Street, Suite 1500
Vancouver, BC, Canada
V7X 1M5
For Further Information Please Contact:
Kelvin Lee, Chief Financial Officer
[email protected], (236) 521-6500
SOURCES:
1. https://www.paladinenergy.com.au/exploration/michelin-canada/
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 es timates 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 ex pressed 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 eve nts affecting such statements and information other
than as required by applicable laws, rules and regulations.