Megawatt's Australian Rare Earth Projects prospective for Uranium Mineralization
Megawatt’s Australian Rare Earth Projects prospective for Uranium
Mineralization
Vancouver, British Columbia--(May 20, 2021) - Megawatt Lithium and Battery Metals Corp. (CSE:MEGA)
(FSE: WR20) (OTC PINK: WALRF) (the "Company" or "Megawatt") reports that further due diligence on the
recently acquired Artic Fox and Isbjorn properties in Northern Territory, Australia (refer to April 14, 2021
and May 12, 2021 press releases) indicates the projects are prospective for uranium mineralization. This
encouraging development complements the properties’ rare earth element (REE) potential at a time when
there is an emerging transformation underway towards green energy globally.
Northern Territory has well known uranium deposits
Moderating global uranium inventories, mine closures and growing pursuit of green energy have led to a
resurgence in the uranium price over the past 12-18 months, which has re-kindled significant interest in
the sector. Within Australia, the Northern Territory has some of the best-known and high-grade uranium
deposits. Moreover, the Northern Territory has a long history of allowing uranium mining, which
commenced in 1953.
Continuing due diligence has uncovered historical information that verifies the Artic Fox and Isbjorn
properties are prospective for uranium mineralization. This development readily complements the
known REE potential.
Uranium potential within Artic Fox and Isbjorn
To recap, the Arctic Fox property is contiguous to Arafura Resources’ (ASX: ARU) Nolans Bore Project,
which is primarily known for its REE potential as it has a JORC Compliant Mineral Resource. However,
according to the 2012 Annual Report, ARU reported that it had a defined a Uranium Resource that
complied to the JORC (2012) Code.
More specifically, within the Artic Fox property are historical assayed surface readings and radiometric
trends that are potential indicators of uranium mineralisation. Meanwhile, across the Isbjorn property,
assayed results at surface from several different locations indicate the potential for uranium
mineralisation.
With the known REE potential now bolstered by uranium prospectivity, the Board is reviewing strategies
to accelerate exploration work across the two properties.
David Thornley-Hall, Chief Executive Officer commented: "The growing demand for green energy
solutions is starting to occur at an accelerated pace. Consequently, the Board was pleased to be
advised of the uranium prospectivity within our two Northern Territory properties, as it clearly
complements the REE potential. Our Australian geology team will be focusing on identifying viable
uranium and REE targets for closer scrutiny.”
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 the
scientific and technical information in this press release.
About MegaWatt Lithium and Battery Metals Corp.
MegaWatt is a British Columbia based company involved in the acquisition and exploration of mineral
properties in Canada. The Company 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 eight mineral claims
covering an area of approximately 1,727.43 hectares located in the Trail Creek Mining Division in the
Province of British Columbia, Canada.
Additionally, the Company has acquired a 60% interest in a company that indirectly holds a 100%
interest (subject to a 2% NSR) in two prospective silver-zinc projects in Australia, being the Tyr Silver
Project and the Century South Silver-Zinc Project (see press release dated August 13, 2020), an indirect
100% interest (subject to a 1% NSR) in and to certain mining tenements in Northern Territory and New
South Wales, Australia prospective for nickel-cobalt-scandium and rare earths and 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 February 3, 2021).
Investors can learn more about the Company and team at https://megawattmetals.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
David Thornley-Hall Chief Executive Officer
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. Forward -looking statements
may include but are not limited to, statements relating to the trading of the Company's common shares on
the Exchange and the Company's use of proceeds and are subject to all of the risks and uncertainties
normally incident to such events. Investors are cautioned that any such statements are not guarante es of
future events and that actual events or developments may differ materially from those projected in the
forward- looking statements. Such forward-looking statements represent management's best judgment
based on information currently available. No securities regulatory authority has either approved or
disapproved of the contents of this news release.