Mega Precious Metals Intersects 39.3m of 4.43 g/t Gold Including 14.2 g/t Gold Over 9.2m, Confirms High Grade Continuity Near...
05 Maggio 2014 - 4:46PM
Marketwired Canada
Press Release Highlights:
-- Mega's 2014 drill program has further defined near surface high grade
gold and gold/tungsten structures within a broader gold mineralized zone
and multiple occurrences of visible gold ("VG").
-- TL-14-514 intersects 39.3m of 4.43 g/t gold including 14.2 g/t gold
over 9.2m
-- TL-14-515 intersects 23.0m of 1.52 g/t gold including 6.2 g/t gold
plus 0.07% WO3 over 3.0m
-- TL-14-511 intersects 26.4m of 0.90 g/t gold including 1.76 g/t gold
over 9.7m
-- The Old Core Assay Program (OCAP) continues to define broad gold zones
coupled with multiple gold/tungsten shear zones
-- TL-03-131 intersects 57.9m of 1.29 g/t gold including 0.39% WO3 over
6.2m equating to 1.79 g/t gold equivalent
-- TL-04-220 intersects 44.6m of 1.96 g/t gold including 0.2% WO3 over
3.7m equating to 2.24 g/t gold equivalent
-- TL-11-430 intersects 20.0m of 1.08 g/t gold and 0.2% WO3 equating to
3.68 g/t gold equivalent
-- Additional gold and tungsten assays are pending from the ongoing 2014
OCAP and drill program
Mega Precious Metals Inc. (TSX VENTURE:MGP) ("Mega") is pleased to announce five
(5) holes from its 29 hole, 4,784m winter drill program and six (6) holes from
the ongoing OCAP program on its 100% owned high grade gold and tungsten Monument
Bay Project, located in mining friendly Manitoba. The results continue to
demonstrate near surface high grade gold and gold/tungsten structures and
continuity within a broader gold mineralized zone. Monument Bay deposit remains
open and currently has a strike length in excess of 4 kms and is at least 500 m
in depth with limited deep drilling.
Hole's TL-14-510 to TL-14-512 and TL-14- 515 were focused on converting near
surface inferred low grade or waste material into considerable grade potential
within the eastern/western edges of the current proposed pit shell. Hole
TL-14-514 demonstrates further high grade gold mineralization located
approximately 60 m from surface on the eastern edge of the proposed pit. This
high grade gold trend has some of the highest grade gold zones discovered within
the Twin Lakes deposit.
The OCAP program continues to demonstrate the continuity and consistency of the
mineralization at or near surface. The 2014 analysis exhibits the same
predictable and consistent high grade gold and tungsten shoots that have been
encountered every 180-290 m. These shoots begin at or near surface and increase
in size with depth. The intercepts are suggesting an expansion opportunity of
the proposed high grade starter pit, as well as the potential to 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 1-5)
Over 12,000 m of new drilling (2013/2014) and over 8,000m of historical core
from over 64 drill holes of the OCAP program has yet to be incorporated into a
new resource. Mega expects to provide an updated NI 43-101 resource during the
latter part of 2014 which will encompass gold, tungsten and the results from the
metallurgical testing program currently in progress (details available in news
release of March 24, 2014). The Company currently has two drill rigs at the
Monument Bay Project.
Glen Kuntz, P.Geo, President and CEO, stated "The winter drill program focused
on both extending the high grade shoots of the deposit up to surface and also
reducing the drill spacing for the upper portion of the deposit in order to
increase the overall resource base. Although drilling has intersected multiple
zones of high grade mineralization to over 500 m vertical, Mega has opted to
focus its efforts on near surface resource expansion, above 150 meters, and
further increase the level of confidence in resources.
This drilling also aimed at confirming the continuity of the gold/tungsten
bearing horizons interpreted in the 2013 resource model while at the same time
being used to upgrade, or convert, as much of the inferred resources as possible
into the indicated resource category. To date, drilling has definitively
confirmed the mineralized horizons grade and structural continuity, providing
further confidence in the geological model and in Mega's ongoing ability to
continue to convert resources to the indicated category.
These results have the potential to significantly change the overall economics
in the proposed pit and we are more than encouraged at the continuity of the
multiple shallow high grade gold/tungsten structures along strike and at depth."
2014 Gold and Tungsten Infill Drill Results
----------------------------------------------------------------------------
FROM Width Au Grade (g/t) Au Grade (g/t)
HOLE# ZONE (m) TO (m) (m) (uncapped) (capped)
----------------------------------------------------------------------------
TL-14-510 MZTLD 44.5 58.0 13.5 0.80 0.80
----------------------------------------------------------------------------
TL-14-511 MZTLD 54.0 82.5 28.5 0.90 0.90
----------------------------------------------------------------------------
includes 54.0 64.0 10.0 1.80 1.80
----------------------------------------------------------------------------
TL-14-512 MZTLD 55.0 82.1 27.1 0.82 0.82
----------------------------------------------------------------------------
TL-14-513 Assays pending
----------------------------------------------------------------------------
TL-14-514 MZTLD 66.7 106.6 39.3 4.43 4.43
----------------------------------------------------------------------------
includes 75.2 84.4 9.2 14.16 14.16
----------------------------------------------------------------------------
FW 1 125.0 133.0 8.0 0.66 0.66
----------------------------------------------------------------------------
FW2 143.0 145.1 2.1 1.84 1.84
----------------------------------------------------------------------------
TL-14-515 MZTLD 124.5 148.0 23.5 1.52 1.52
----------------------------------------------------------------------------
includes 136.0 139.0 3.0 6.18 6.18
----------------------------------------------------------------------------
2014 Gold and Tungsten Infill Drill Results
----------------------------------------------------------------------------
WO3 Grade Au Grade Equiv. Au Grade Equiv.
HOLE# ZONE (%) (g/t) (uncapped) (g/t) (capped) Comments
----------------------------------------------------------------------------
TL-14-510 MZTLD - 0.80 0.80 Porphyry
----------------------------------------------------------------------------
TL-14-511 MZTLD - 0.90 0.90 Porphyry
----------------------------------------------------------------------------
includes - 1.80 1.80 Incl.VG
----------------------------------------------------------------------------
TL-14-512 MZTLD - 0.82 0.82 Porphyry
----------------------------------------------------------------------------
TL-14-513 Assays pending Incl.VG
----------------------------------------------------------------------------
TL-14-514 MZTLD - 4.43 4.43 Porphyry
----------------------------------------------------------------------------
includes - 14.16 14.16 Incl.VG
----------------------------------------------------------------------------
FW 1 - 0.66 0.66
----------------------------------------------------------------------------
FW2 - 1.84 1.84
----------------------------------------------------------------------------
TL-14-515 MZTLD 0.01 1.64 1.64 Porphyry
----------------------------------------------------------------------------
includes 0.07 11.12 11.12 Incl.VG
----------------------------------------------------------------------------
2014 Gold and Tungsten OCAP Infill Results
----------------------------------------------------------------------------
FROM Width Au Grade (g/t) Au Grade (g/t)
HOLE# ZONE (m) TO (m) (m) (uncapped) (capped)
----------------------------------------------------------------------------
TL-02-83 MZTLD 34.0 39.5 5.5 1.41 1.41
----------------------------------------------------------------------------
MZTLD 66.6 158.1 91.5 0.80 0.80
----------------------------------------------------------------------------
includes 69.0 73.4 4.4 1.51 1.51
----------------------------------------------------------------------------
includes 74.9 93.0 18.1 3.01 3.01
----------------------------------------------------------------------------
TL-03-131 MZTLD 34.1 92.0 57.9 1.29 1.09
----------------------------------------------------------------------------
includes 34.8 41.0 6.2 2.30 2.30
----------------------------------------------------------------------------
TL-03-145 MZTLD 22.2 76.0 53.8 1.06 1.06
----------------------------------------------------------------------------
includes 31.6 33.0 1.45 1.84 1.84
----------------------------------------------------------------------------
includes 45.5 51.5 6.0 1.10 1.10
----------------------------------------------------------------------------
TL-04-186 MZTLD 96.5 226.0 129.5 1.12 1.12
----------------------------------------------------------------------------
includes 96.5 103.5 7 2.99 2.99
----------------------------------------------------------------------------
includes 159.7 164.7 5 1.0 1.0
----------------------------------------------------------------------------
includes 221.5 225.5 4 1.38 1.38
----------------------------------------------------------------------------
TL-04-220 MZTLD 100 144.6 44.6 1.96 1.96
----------------------------------------------------------------------------
includes 123.6 127.6 4.0 3.7 3.7
----------------------------------------------------------------------------
TL-11-430 MZTLD 172 192 20 1.08 1.08
----------------------------------------------------------------------------
MZTLD 221 257.7 36.5 0.82 0.82
----------------------------------------------------------------------------
MZTLD 420 440 20.0 1.32 1.32
----------------------------------------------------------------------------
2014 Gold and Tungsten OCAP Infill Results
----------------------------------------------------------------------------
WO3 Grade Au Grade Equiv. Au Grade Equiv.
HOLE# ZONE (%) (g/t) (uncapped) (g/t) (capped) Comments
----------------------------------------------------------------------------
TL-02-83 MZTLD 0.02 1.63 1.63 Porphyry
----------------------------------------------------------------------------
MZTLD 0.03 1.17 1.17 Porphyry
----------------------------------------------------------------------------
includes 0.63 9.14 9.14 Incl.VG
----------------------------------------------------------------------------
includes - 3.01 3.01
----------------------------------------------------------------------------
TL-03-131 MZTLD 0.04 1.79 1.60 Porphyry
----------------------------------------------------------------------------
includes 0.39 7.01 7.01 Incl.VG
----------------------------------------------------------------------------
TL-03-145 MZTLD 0.04 1.56 1.56 Porphyry
----------------------------------------------------------------------------
includes 0.18 3.97 3.97
----------------------------------------------------------------------------
includes 0.22 3.80 3.80
----------------------------------------------------------------------------
TL-04-186 MZTLD 0.01 1.29 1.29 Porphyry
----------------------------------------------------------------------------
includes 0.01 3.06 3.06
----------------------------------------------------------------------------
includes 0.17 1.70 1.70
----------------------------------------------------------------------------
includes 0.09 2.44 2.44
----------------------------------------------------------------------------
TL-04-220 MZTLD 0.02 2.24 2.24 Porphyry
----------------------------------------------------------------------------
includes 0.18 5.92 5.92 Incl.VG
----------------------------------------------------------------------------
TL-11-430 MZTLD 0.21 3.68 3.68 Porphyry
----------------------------------------------------------------------------
MZTLD 0.01 0.89 0.89 Porphyry
----------------------------------------------------------------------------
MZTLD - 1.32 1.32
----------------------------------------------------------------------------
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. The Company has
not determined the economic cut-off grade for and metallurgical recoveries
WO3.
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. 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.
To date, all of the holes assayed for gold and tungsten have collectively
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 approx. 0.49% Tungsten
http://www.itia.info/minerals-deposits.html.
To view Figure 1: Twin Lakes Deposit Composite Long Section - Total Au (Grade X
Metre) Contour Diagram with DDH Pierce Points - Showing Consistent High Grade
Gold Cores, please visit the following link:
http://media3.marketwire.com/docs/mega_precious_metals_may05_fig01.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/mega_precious_metals_may05_fig02.pdf
To view Figure 3: Twin Lakes Deposit Long Section - High Grade Starter Pit
Vertical Ounce Distribution with DDH Pierce Points and Drill Targets, please
visit the following link:
http://media3.marketwire.com/docs/mega_precious_metals_may05_fig03.pdf
To view Figure 4: 2014 Drill and OCAP Plan View location Map, please visit the
following link:
http://media3.marketwire.com/docs/mega_precious_metals_may05_fig04.pdf
To view Figure 5: 2014 Drill Hole Cross Sections, please visit the following
link: http://media3.marketwire.com/docs/mega_precious_metals_may05_fig05.pdf
The property is located on Crown property in an area of low topographic relief
and outcrop is fairly rare. The Monument Bay Gold Project is located 52 kms
North of Red Sucker First Nation (RSLFN), Manitoba.
Mega currently has winter road access to its camp from local communities.
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 approximately 52 km of our project area.
The current power lines with very low electricity rates (estimated at
$0.02-0.04/kWh) are approximately 48 kms from 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.
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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