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Through its subsidiary, Mega Hindmarsh Pty Ltd Ltd ("Hindmarsh"), Mega has interests in two uranium projects in the Northern Territory.
Neutral Junction Project
The Neutral Junction Project (214 km2) is held by joint venture partners Hindmarsh (33.3%), the Australian public company Mithril Resources (ASX:MTH, 33.3%) and the private company Bowgan Minerals (33.3%). Bowgan is increasing its interest by sole funding exploration expenditure, while both Hindmarsh and Mithril are diluting. The Project, located some 220 km south of Tennant Creek, covers approximately 80 km of the concealed unconformable contact between the Proterozoic basement of the Arunta Province and overlying sediments of the Georgina Basin. The sediments are thought to have potential for uranium mineralisation sourced from uraniferous granites in the basement.
Bowgan Project
The Bowgan Project (212 km2) is held by joint venture partners Hindmarsh (33.3%), the Australian public company Marengo Mining Ltd (ASX:MGO, 33.3%) and the private company Bowgan Minerals Ltd. Bowgan can increase its interest to 80% by spending $A944,000 by August 2014. The Project, located 250 km northeast of Tennant Creek, is thought to have potential for unconformity-related uranium-gold at the unconformable contact between the Mesoproterozoic South Nicholson Group and the Lower Proterozoic Basement.
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