Mega Precious Metals Reports 51.7m of 4.8 g/t Gold Including 0.7%
Tungsten Over 2.0m and the Commencement of the 2014 Drill Program
at Monument Bay
THUNDER BAY, ONTARIO--(Marketwired - Feb 20, 2014) -
Press Release Highlights:
- Old Core Assay Program (OCAP) continues to define broad near
surface gold and tungsten mineralization
- TL-05-264 intersects 38.2m of 3.7 gpt gold including 0.3% WO3
over 1.2m equating to 3.9 g/t gold equivalent
- TL-05-265 intersects 51.7m of 4.8 gpt gold including 0.7% WO3
over 2.0m equating to 5.1 g/t gold equivalent
- TL-05-306 intersects 48.6m of 1.7 gpt gold including 0.5% WO3
over 9.5m equating to 3.0 g/t gold equivalent
- Additional gold and tungsten assays are pending from ongoing
OCAP program
- 2014 drill program has commenced with two drills, focusing on
expanding the surface/near surface high grade repeatable gold and
tungsten cores
Mega Precious Metals Inc. (TSX-VENTURE:MGP) ("Mega") is pleased
to announce Old Core Assay Program (OCAP) results which continue to
define multiple high grade structures within broad near surface
gold mineralization and the potential for significant tungsten
by-product credits. Holes TL-05-264 and TL-05-265 are exciting
results as they outline higher grade structures located in the
middle of the proposed pit, approximately 1000m east of some of the
highest grade zones discovered within the Twin Lakes Deposit. The
Company will focus on extending the emerging mineralized zones with
its OCAP and drilling program.
TL-05-306 with previously released holes TL-12-484 and TL-13-509
are successfully demonstrating the continuity and consistency of
the mineralization at or near surface. More importantly, TL-05-306
was drilled only 100m from surface and up-plunge from holes
TL-12-484 and TL-13-509 significantly extending the high grade
cores to near surface at Twin Lakes Deposit. These holes exhibit
the same predictable and consistent high grade gold and tungsten
cores that have been encountered every 180-290 m. These cores begin
at or near surface and increase in size with depth. The intercepts
are suggesting a considerable expansion opportunity of the proposed
starter open pit, as well as the potential to significantly enrich
the current overall open pit resource grade of 1.4 g/t gold and
continue to convert gold mineralization previously below cut-off
into economic mineralization. (Figures 1-4)
Historical gold only assays from TL-05-306 returned 5.44 g/t
gold over 6.1m; subsequent to Mega's OCAP for both gold and
tungsten the hole now returns an intercept of 1.73 g/t gold
equivalent over 48.6 metres, including a wide and higher grade
tungsten core intercept of 0.5% WO3 (6.99 g/t gold equivalent) over
9.5 metres including 0.5% WO3 over 3.1m and 1.9% WO3 over 1.6m.
The continuity of these intercepts along with previously
reported 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.
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.
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 will continue to extend and improve the
contained ounces, open pit design and overall economics of the
deposits.
2014 High-Grade Gold Equivalent Infill Drill Results
|
Historical |
HOLE# |
ZONE |
FROM (m) |
TO (m) |
Width (m) |
Au Grade (g/t) (uncapped) |
Au Grade (g/t) (capped) |
WO3 Grade (%) |
Au Grade Equiv. (g/t) (uncapped) |
Au Grade Equiv. (g/t) (capped) |
From (m) |
To (m) |
Width |
Au Grade (g/t) (uncapped) |
TL-05-264 |
MZTLD |
224.0 |
262.5 |
38.2 |
3.65 |
0.83 |
0.01 |
3.95 |
1.14 |
261.2 |
262.2 |
1.2 |
106.34 |
|
includes |
261.0 |
262.2 |
1.2 |
106.34 |
16.8 |
0.28 |
109.62 |
20.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TL-05-265 |
MZTLD |
114.0 |
132.0 |
18.0 |
1.54 |
1.54 |
0.01 |
1.66 |
1.66 |
269.9 |
271.9 |
2.0 |
105.66 |
|
MZTLD |
164.0 |
176.5 |
12.5 |
0.38 |
0.38 |
0.01 |
0.46 |
0.46 |
|
|
|
|
|
MZTLD |
221.0 |
272.9 |
51.7 |
4.80 |
2.42 |
0.02 |
5.12 |
2.74 |
|
|
|
|
|
includes |
220.0 |
224.0 |
4.0 |
7.26 |
6.91 |
0.01 |
7.35 |
7.00 |
|
|
|
|
|
includes |
269.9 |
271.9 |
2.0 |
105.66 |
44.60 |
0.66 |
113.35 |
52.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TL-05-306 |
MZTLD |
68.3 |
116.9 |
48.6 |
1.73 |
1.73 |
0.11 |
3.01 |
3.01 |
71.3 |
77.4 |
6.1 |
5.44 |
|
includes |
104.4 |
113.9 |
9.5 |
0.84 |
0.84 |
0.49 |
6.99 |
6.99 |
|
|
|
|
|
includes |
104.4 |
107.5 |
3.1 |
2.58 |
2.58 |
0.53 |
8.76 |
8.76 |
|
|
|
|
|
includes |
112.3 |
113.85 |
1.55 |
2.21 |
2.21 |
1.86 |
24.02 |
24.02 |
|
|
|
|
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
$42,000/tonne. Gold assays capped at 88.0 gpt as per June 2013
NI43-101 Report. |
Glen Kuntz, P.Geo, President and CEO, stated "The Monument Bay
project continues to confirm that the system hosts multiple high
grade structures within broad near surface gold mineralization and
the potential for significant tungsten by-product credits. This
mineralization continues past our deepest drilling, approximately
500 vertical m. The combination of these two styles of
mineralization has the potential to reduce waste rock and increase
overall tonnes and ounces in the proposed pit. Over the past
months, Mega has been releasing some of the broadest and highest
total gold equivalent grades intersected to date. A resource
estimate with this new data has not yet been completed; however a
preliminary interpretation has confirmed the continuity of multiple
gold and tungsten structures within the proposed open pits. This is
significant and crucial for the Twin Lakes Deposit as there are a
number of gold and tungsten zones which required additional infill
sampling to improve the confidence in order to develop a successful
mine plan. We are focusing our 2014 drilling and OCAP programs on
our near surface high grade targets. We see 2014 as continuing to
be a pivotal year for Mega and will maintain our focus on advancing
and de-risking our projects."
To date, over 65 drill holes out of 509 have been assayed for
gold and tungsten and collectively they increased 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 -
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/Figure1-MGP.pdf.
To view Figure 2: Twin Lakes Deposit Composite Long Section -
Total 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/Figure2-MGP.pdf.
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-MGP.pdf.
2014 Exploration Plans
The 2014 drill program has commenced with two drills, focusing
on expanding the surface/near surface high grade repeatable gold
and tungsten cores. 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.
To view Figure 4: 2014 Open Pit Drill Targets, please visit the
following link:
http://media3.marketwire.com/docs/Figure4-MGP.pdf.
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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