Mega Precious Metals Intersects 52 M of 1.81 g/t Gold Equivalent
Including 6.3% WO3 Over 0.50 M Equating 74.64 g/t Gold Equivalent
THUNDER BAY, ONTARIO--(Marketwired - Jan 16, 2014) - Mega
Precious Metals Inc. (TSX-VENTURE:MGP) ("Mega") is pleased to
announce additional 2013 drill program results including the
highest grade tungsten intercept to date significantly extending
the gold/tungsten vein system near surface and at depth of the Twin
Lakes Deposit . Collectively, these Tungsten results continue to
demonstrate the potential for an economic by-product credit due to
the consistent nature of the Gold/Tungsten association throughout
the Monument Bay Gold and Tungsten Project.
Hole TL-13-509 returned an intercept of 1.82 g/t gold Equivalent
over 52.0 metres, including a High Grade Tungsten core intercept of
6.3% WO3 (74.64 g/t gold equivalent) over 0.50 metres. This
intercept is 273% greater than the tungsten grade intercepted in
the discovery hole that tested the western portion of the Twin
Lakes Deposit (see Feb 25, 2013 TL 12-484 intersected, 94.0 metres
at 1.50 g/t Gold Equivalent). The continuity of these intercepts
along with previously reported high grade gold and tungsten results
are located in continuous shear zones that flank the broad QFP dike
that hosts the majority of the gold mineralization located within
the Twin Lakes Deposit.
The tungsten results to date have not been included in the
latest NI 43-101 resource. During the second quarter of 2014, Mega
expects to provide an updated NI 43-101 resource which will include
Tungsten as well as the results from the metallurgical testing
currently in progress (details available in news release of October
31, 2013).
Focused on Resource Expansion of High Grade Cores
The current results for hole TL-13-509 are thicker and higher
grade than those previously used in the most recent June 17, 2013
resource update and will continue to extend and improve the
contained ounces, open pit design and overall economics of the
deposits.
Table 1: 2013 High-Grade Gold Equivalent Infill Drill
Results
HOLE# |
ZONE |
FROM (m) |
TO (m) |
INTERCEPT (m) |
Au Grade (g/t) |
WO3 Grade (%) |
Au Grade Equivalent (g/t) |
% Increase |
TL-13-509 |
MZTLD |
203.0 |
255.0 |
52.0 |
0.97 |
0.07 |
1.81 |
88% |
|
includes |
203.0 |
239.0 |
36.0 |
1.01 |
0.10 |
2.20 |
117% |
|
includes |
210.21 |
210.71 |
0.5 |
1.31 |
6.3 |
74.64 |
5601% |
|
MZTLD |
287.0 |
296.0 |
9.0 |
0.86 |
0.01 |
1.00 |
16% |
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
$40.12/gram ($1250/ounce), then adding the Gold grade. MZTLD
equates to Main Zone Twin Lakes Deposit Tungsten Current Spot price
is $48,000/tonne. |
Mega's 2013 drill and OCAP programs were focused on the Twin
Lakes starter pit and continued 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 TL-13-509 exhibits the
same predictable and consistent high grade gold cores that occur
every 180-290 m. These cores begin at or near surface and increase
in size with depth. These cores have the potential to significantly
enrich the current overall open pit resource grade of 1.4 g/t gold
and convert gold mineralization previously below cut-off into
economic mineralization. (Figures 1 - 4)
Glen Kuntz, P.Geo, President and CEO, stated "We continue to be
impressed with the scale of the Twin Lakes Gold/Tungsten Deposit
and the potential to develop multiple near surface high-grade
shoots within a very broad halo of anomalous gold mineralization.
This successful follow-up to the western portion of the high grade
Tungsten discovery adds another significant element to the Twin
Lakes Deposit. While the price of gold may have retreated from
historic highs, the tungsten market has remained robust at a 3 year
average price of $50,300/tonne. As such, during these volatile
markets, having the potential for a tungsten by product credit
improves the economics of the project."
To date, over 65 drill holes out of 509 have been assayed for
gold and tungsten and collectively they continued to increase the
overall gold equivalent grade by a weighted average of
approximately 30% when compared to the gold only results. As a
point of reference, current Tungsten only mines have resource
grades between 0.09 and 1.1% Tungsten with the average being ~0.49%
Tungsten http://www.itia.info/minerals-deposits.html.
To view Figure 1: Twin Lakes Deposit Composite Long section -
Tungsten Au Equivalent (Grade X Metre) contour Diagram with DDH
Pierce Points - Showing consistent High Grade Tungsten Cores,
please visit the following link:
http://media3.marketwire.com/docs/Figure1_Mega-Precious.pdf.
To view Figure 2: Twin Lakes Deposit Composite Long section -
Total Au Equivalent (Grade X Metre) contour Diagram with DDH Pierce
Points - Showing consistent High Grade Gold and Tungsten Cores
Combined, please visit the following link:
http://media3.marketwire.com/docs/Figure2_Mega-Precious.pdf.
Highlights of the 2013 OCAP Gold and Tungsten Program
- Increased the overall gold equivalent grade by an average of 30%, smaller
intercepts increasing up to 2,589%
- All 65 holes tested for tungsten have elevated tungsten
grades
- Current Mineralization is domain controlled and 30-120 M in
width
To view Figure 3: Plan View - Tungsten Credits Significantly
Increasing Gold Equivalent Assay Values, please visit the following
link:
http://media3.marketwire.com/docs/Figure3_Mega-Precious.pdf.
To view Figure 4: TL- 13-509, 210 - 210.49m, high grade tungsten
> 11.1% WO3 in the form of scheelite veins, please visit the
following link:
http://media3.marketwire.com/docs/Figure4_Mega-Precious.pdf.
2014 Exploration Plans
During 2014, Mega will continue to focus on resource expansion
through 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.
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 48 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 June 17, 2013 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, P. Geo, President and CEO, 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 Manitoba,
Northwestern Ontario 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.
Mega Precious Metals Inc.Glen Kuntz, P.Geo.President, Chief
Executive Officer & DirectorO: 807-766-3380 or TF:
877-592-3380info@megapmi.comwww.megapmi.com
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