Mega Precious Metals Intersects 36.3 m at 1.58 g/t Gold and 3.88 g/t Gold Equivalent at Its Monument Bay Gold Project
20 Novembre 2013 - 2:44PM
Marketwired Canada
Mega Precious Metals Inc. (TSX VENTURE:MGP) ("Mega") is pleased to announce
further gold and tungsten results from its ongoing 2013 exploration and drill
program at its Monument Bay Gold Project, in northern Manitoba.
The results from the 2013 drilling program continue to confirm Mega's geological
model of a unique gold and tungsten open pit mine. The current six (6) drill
holes (totaling 2,172 m) increases the gold equivalent grade by an average of
approximately 71% when tungsten is included in the results. The results continue
to confirm the continuity of strong, near surface high grade gold and tungsten
mineralization and the potential of tungsten to significantly increase the size
and economics of the current resources.
The tungsten results to date have not been included in the NI 43-101 resource
released June 17, 2013 and the Company expects to provide an updated NI 43-101
to include Tungsten following the results of the metallurgical testing expected
to be completed during the second quarter of 2014.
HIGHLIGHTS:
2013 Drill Program
-- TL 13-506 intersected, 36.3 metres at 3.88 g/t Gold Equivalent
-- Gold only intercept is 36.3 metres at 1.58 g/t gold
-- High Grade Tungsten 0.95% WO3 over 4.8 m (Figure 3)
-- 145% increase in Gold Equivalent Grade
-- TL 13-492 intersected, 30.9 metres at 0.98 g/t Gold Equivalent
-- Gold only intercept is 30.9 metres at 0.55 g/t gold
-- 76% increase in Gold Equivalent Grade
-- TL 13-504 intersected, 27.5 metres at 1.79 g/t Gold Equivalent
-- Gold only intercept is 27.5 metres at 1.66 g/t gold
-- 8% increase in Gold Equivalent Grade
Glen Kuntz, P.Geo, President and CEO, stated "These resource expansion holes
confirm the continuity of the multiple high-grade zones with extensive
high-grade cores becoming a dominant and predicable feature at Monument Bay. The
results from TL 13-506 are significantly higher than any previously released.
Our focus is to continue drilling and resource delineation of the near surface
high grade cores as part of the updated NI 43-101 Resource Estimate expected in
2014. The evolution of this deposit has been remarkable, going from a
grass-roots gold only discovery to a continuous gold/tungsten horizon over four
kilometers in strike length, in under 3 years, and we see much more potential
ahead as we continue our technical program."
Mega's 2013 drill and OCAP programs have been focused on the Twin Lakes starter
pit between sections 503000 E and 506300 E and continues to be successful in
further delineating the high grade continuity of gold and tungsten
mineralization, particularly for the shallow (less than 200 metre vertical
depth) mineralization. Drill hole's TL 13-492, 13-503, 13-504 and 13-506
noticeably exhibit the same predictable and consistent high grade gold cores
that occur every 180-290 m, begin at or near surface and increase in size with
depth and the high grade tungsten has the potential to significantly enrich the
current overall open pit resource grade of 1.4 g/t gold only and convert gold
mineralization previously below cut-off into economic mineralization (Figures 1
& 2).
2013 Open Pit Drill Program Focusing on Resource Expansion of High Grade Cores
The current results from our drill program were successful in extending the high
grade gold and tungsten mineralization between sections 503320 E and 505380 E in
the Twin Lakes Deposit and extending the strike of the Mid East zone at section
509730 E by approximately 100 m. Additionally, they are thicker and higher grade
than those previously used in the most recent June 17, 2013 resource update and
will continue to improve the contained ounces, open pit design and overall
economics of the deposits.
Table 1: 2013 High-Grade Gold Equivalent Infill and Step out Drill Results
---------------------------------------------------------------------------
Au WO3 Au Grade
FROM TO INTERCEPT Grade Grade Equivalent %
HOLE# ZONE (m) (m) (m) (g/t) (%) (g/t) Increase
---------------------------------------------------------------------------
TL-13-487 MZTLD 152.0 168.0 16.0 0.72 0.01 0.86 19%
---------------------------------------------------------------------------
MZTLD 192.0 222.0 30.0 0.96 0.01 1.05 9%
---------------------------------------------------------------------------
MZTLD 252.7 278.0 25.3 0.73 0.01 0.91 24%
---------------------------------------------------------------------------
includes 252.7 255.0 2.3 1.16 0.12 2.59 123%
---------------------------------------------------------------------------
includes 302.0 305.0 3.0 2.83 0.01 2.93 4%
---------------------------------------------------------------------------
TL-13-492 MZTLD 201.5 232.4 30.9 0.55 0.03 0.98 76%
---------------------------------------------------------------------------
includes 205.9 207.0 1.1 0.50 0.24 3.42 578%
---------------------------------------------------------------------------
includes 231.0 232.4 1.4 1.53 0.14 3.27 114%
---------------------------------------------------------------------------
TL-13-500 Mid-East 194.0 204.0 10.0 1.04 0.01 1.12 7%
---------------------------------------------------------------------------
TL 13-503 MZTLD 146.5 171.0 24.5 1.02 0.04 1.55 51%
---------------------------------------------------------------------------
includes 162.6 170.5 7.9 2.46 0.12 3.91 59%
---------------------------------------------------------------------------
TL 13-504 MZTLD 170.5 198.0 27.5 1.66 0.01 1.79 8%
---------------------------------------------------------------------------
includes 181.5 192.0 10.5 3.03 0.01 3.12 3%
---------------------------------------------------------------------------
TL 13-506 MZTLD 159.8 196.0 36.3 1.58 0.19 3.88 145%
---------------------------------------------------------------------------
includes 170.0 182.5 12.5 2.40 0.08 3.34 39%
---------------------------------------------------------------------------
includes 243.5 248.3 4.8 1.12 0.95 12.62 1025%
---------------------------------------------------------------------------
Note: Gold equivalent grade is calculated by multiplying the 3 year average
Tungsten price of $50,300/tonne by the%WO3 then dividing by the Gold price
$41.48/gram ($1290/ounce), then adding the Gold grade. MZTLD equates to Main
Zone Twin Lakes Deposit Tungsten Current Spot price is $58,000/tonne
Figure 1: Plan View - Tungsten Credits Significantly Increasing Gold Equivalent
Assay Values - http://media3.marketwire.com/docs/MGPfig1.pdf
The 2013 OCAP Gold and Tungsten sampling program has:
-- Increased the overall gold equivalent grade by an average of 30%,
smaller intercepts increasing up to 2,589%
-- Converting greater than 20% waste to economic mineralization
-- All 38 holes tested for tungsten have elevated tungsten grades
-- Current Mineralization is domain controlled and 30-120 M in width
Figure 2: Long Section View - Grade X Metre of Twin Lake Resource -
http://media3.marketwire.com/docs/MGPfig2.pdf
Figure 3: Hole 13-506, 194 - 196m, High Grade Tungsten greater than 2.56% WO3 in
the Form of Scheelite Veins - http://media3.marketwire.com/docs/MGPfig3_.pdf
2013 Regional Exploration Highlights - Strong Exploration Discovery Potential
Mega's ongoing regional exploration program has discovered a 5 km long near
surface gold trend that is 7 km along strike from our multi-million resorce
ounce compliant resource at the 338km2 Monument Bay Gold Camp. The regional
program to date has confirmed that Mega's land package hosts over 140 km of
proven gold bearing structures that are composed of three main shear zones (Twin
Lakes, AZ and Stull-Wunnummin). (Figure 4 and 5).
Each of these gold anomalies has been further developed by various geochemical
surveys, channel sampling, magnetics, Induced Polarization (IP), regional
mapping and some drilling (Figure 4 and 5). The coincident gold anomalies are
accompanied by strong path finder elements such as elevated tungsten (Scheelite)
and multiple occurrences of visible gold. Collectively, this information has
identified multiple potential high grade and bulk tonnage gold targets that are
ready to be drilled in the upcoming program.
Highlights of the Gold Pond Target Area:
-- Strong, open ended 5 km by 500 m soil/humus anomaly enhanced by strong
IP and magnetic signatures.
-- Greater than 80% of the 220 soil samples collected to date returned
values exceeding 2 ppb/Au including 2% greater than 25 ppb/Au
-- Strong sericite and scheelite alteration associated with surface breccia
and vein mineralization
-- Current Gold Pond anomaly is larger than the soil anomaly of the known
Twin Lakes Deposit
Figure 4: Plan View of Monument Bay Project - greater than 140 kms of
Gold/Tungsten Bearing Structures in a World Class Gold/Tungsten District -
http://media3.marketwire.com/docs/MGPfig4.pdf
-- All existing Deposits are open to Expansion
-- Multiple New bulk tonnage and High Grade gold/Tungsten Targets
Figure 5: Plan View of Gold Pond Regional Gold/Tungsten Anomaly Approximately 7
kms East of Twin Lakes Deposit - http://media3.marketwire.com/docs/MGPfig5.pdf
Shallow High Grade Gold/Tungsten Resource Targets - More Near Term Potential for
Success
Mega will continue to focus on resource expansion though its drilling, OCAP and
surface exploration programs to establish potential for future growth by
outlining multiple gold targets along the 140 kms of prospective mineralized
corridors.
All of the deposits remain open both along strike and down-plunge and new
prospective horizons located in close proximity to the current resource are
currently being further delineated by drilling, OCAP and surface exploration
which will provide valuable information to make additional new discoveries.
Monument Bay Gold Project is located 52 kms North of Red Sucker First Nation
(RSLFN), Manitoba. The property is located on Crown property in an area of low
topographic relief and outcrop is fairly rare. Manitoba's Current Northern
Development Strategy is building all-purpose roads and infrastructure
improvements within the region. Once these are complete, we will have all
purpose roads and power lines with very low electricity rates ($0.02-0.04/kWh)
that are within approximately 52 kms of our project area.
Technical Information
The design of Mega's drilling programs, Quality Assurance/Quality Control and
interpretation of results is under the control of Mega's geological staff
including qualified persons employing a QA/QC program consistent with NI 43-101
and industry best practices. A detailed review of Mega's QA/QC procedures is
filed in the NI 43-101 report dated March 19, 2012 and on SEDAR.
All drill core is transported by Company personnel from drill site to our camp
for logging, sampling preparation are completed. Sampling intervals are defined
after core logging and determination of scheelite content by examination under
short-wave UV-light. One half of the core is sent for analysis, while the other
half is retained in the core boxes for future reference. All samples are shipped
to Accurassay Laboratories in Thunder Bay, Ontario and analyzed employing the
appropriate gold fire assaying technique. For QA/QC purposes the Company as well
as the lab submits standards and blanks every 20 samples. Samples are analyzed
for W by XRF and Assay results for tungsten are reported by the laboratory as
W%. WO3 values are calculated using a conversion factor of 1.2611. BC Energy &
Mines
Glen Kuntz, President, Chief Executive Officer (CEO) and Director is the
Qualified Person for the information contained in this press release and is a
Qualified Person defined by National Instrument 43-101. Glen was Sr. Resource
Geologist at the Campbell Gold Mine and Global Spatial Data Systems Coordinator
for Placer Dome, Vice President Enterprise Mining Solutions for Runge Ltd., and
most recently, Chief Operating Officer with Mega Precious Metals.
Mega Precious Metals Inc. is a leading Canadian-based exploration company with a
high quality pipeline of projects located in the mining friendly jurisdictions
of Northwestern Ontario, Manitoba and Nunavut. The Company's significant
portfolio includes the flagship Monument Bay Gold Tungsten Project in NE
Manitoba as well as the N. Madsen Gold Project in the prolific gold mining
district of Red Lake, Ontario. Mega has established a record of delivering rapid
growth through their focused and low cost approach to exploration and resource
development. The Company's common shares trade on the TSX Venture Exchange under
the symbol MGP.
For further information and presentation material, please review the Mega
website at www.megapmi.com.
Forward-looking Statements
Certain statements in this press release relating to the Company's exploration
activities, project expenditures and business plans are "forward-looking
statements" within the meaning of securities legislation. The Company does not
intend, and does not assume any obligation, to update these forward-looking
statements. These forward-looking statements represent management's best
judgment based on current facts and assumptions that management considers
reasonable. The Company makes no representation that reasonable business people
in possession of the same information would reach the same conclusions.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. In
particular, fluctuations in the price of gold or in currency markets could
prevent the Company from achieving its targets. Readers should not place undue
reliance on forward-looking statements. More information about risks and
uncertainties affecting the Company and its business is available in Mega
Precious Metal's filings which are posted on sedar at www.sedar.com.
There is no guarantee that drill results reported in this news release will lead
to the identification of a deposit that can be mined economically, and further
work is required to identify a reserve or resource.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mega Precious Metals Inc.
Glen Kuntz, P.Geo.
President, Chief Executive Officer & Director
O: 807-766-3380 or TF: 877-592-3380
info@megapmi.com
www.megapmi.com
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