Mega Precious Metals Intersects 61M of 3.44 g/t Gold Including 6.64
g/t Gold Over 30M, Expands High Grade Continuity Near Surface at
Monument Bay
THUNDER BAY, ONTARIO--(Marketwired - May 22, 2014) -
Press Release Highlights:
- Mega's 2014 drill program continues to define near surface high
grade gold and gold/tungsten structures within a broader gold
mineralized zone and multiple occurrences of visible gold ("VG").
- TL-14-526 intersects 61m of 3.44 g/t gold including 6.64 g/t
gold over 30m
- TL-14-518 intersects 52m of 1.34 g/t gold equivalent including
1.98 g/t gold over 31m plus 1.17% WO3 over 3.0m
- TL-14-516 intersects 18.5m of 1.81 g/t gold including 2.71 g/t
gold over 11.85m
- TL-14-520 intersects 25m of 1.00 g/t gold including 1.40 g/t
gold over 15m
- 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 an additional six (6) holes from its 29 hole, 4,784 m
winter drill program on its 100% owned high grade gold and tungsten
Monument Bay Project, located in Manitoba.
Prior to this year's 2014 drill program, limited drilling had
taken place in the top 100 m of the porphyritic dyke host rock and
associated shear zones at the Twin Lakes Deposit. The results are
especially significant because of the width of near surface high
grade mineralization, up to 30m in true thickness, and Mega's
ability to continue to intersect continuous gold and gold/tungsten
mineralization within a broader gold mineralized zone all within
the upper 50 m of the deposit.
The results from TL-14-526 are among the highest gold intercepts
with multiple occurrences of visible gold (VG) in the Twin Lakes
Deposit. Drilling continues to demonstrate that appreciable high
grade mineralization occurs within 25m of surface along the eastern
edge of the proposed starter pit. Holes TL-14-513, TL-14-516,
TL-14-518 to TL-14-520 were focused on converting near surface
inferred low grade or waste material into considerable grade
potential within the eastern/central portions of the current
proposed pit shell. The current Monument Bay open-pittable resource
covers a strike length of 8 kms with limited deep drilling.
Glen Kuntz, P.Geo, President and CEO, stated, "The 2014 drill
program has definitively confirmed that there are multiple
continuous high grade gold and gold tungsten mineralized horizons
within the deposit. These horizons are providing further confidence
in our geological model, our ability to continue to building
resources and to realize the full potential of the Monument Bay
Project.
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 which hosts the majority of the
gold and tungsten mineralization and suggest the potential for an
economic Tungsten by-product credit due to the consistent nature of
the gold and tungsten association throughout the Monument Bay
Project. Mega's decision to focus its efforts on near surface
resource expansion, above 150 meters, has further strengthened the
geological model and continues to added significant value for our
shareholders."
2014 Gold and Tungsten Infill Drill Results
HOLE# |
|
ZONE |
|
FROM (m) |
|
TO (m) |
|
Width (m) |
|
Au Grade (g/t) |
|
WO3 Grade (%) |
|
Au Grade Equiv. (g/t) |
|
Comments |
TL-14-513 |
|
MZTLD |
|
93.0 |
|
100.0 |
|
7.0 |
|
0.93 |
|
- |
|
0.93 |
|
HW Porphyry Dyke |
TL-14-516 |
|
MZTLD |
|
94.0 |
|
112.5 |
|
18.5 |
|
1.81 |
|
- |
|
1.81 |
|
Porphyry Dyke |
|
|
includes |
|
98.65 |
|
110.5 |
|
11.85 |
|
2.71 |
|
- |
|
2.71 |
|
Incl.VG |
TL-14-518 |
|
MZTLD |
|
85.0 |
|
137.0 |
|
52.0 |
|
0.50 |
|
0.07 |
|
1.34 |
|
Porphyry Dyke |
|
|
includes |
|
86.0 |
|
116.0 |
|
31.0 |
|
0.60 |
|
0.11 |
|
1.98 |
|
Incl.VG |
|
|
includes |
|
113.0 |
|
116.0 |
|
3.0 |
|
0.90 |
|
1.17 |
|
15.11 |
|
Porphyry Dyke |
TL-14-519 |
|
MZTLD |
|
49.0 |
|
65.0 |
|
16.0 |
|
0.75 |
|
- |
|
0.75 |
|
Porphyry Dyke |
|
|
MZTLD |
|
80.0 |
|
98.0 |
|
18.0 |
|
0.54 |
|
0.03 |
|
0.96 |
|
Porphyry Dyke |
|
|
includes |
|
96.4 |
|
98.0 |
|
1.6 |
|
1.58 |
|
0.30 |
|
5.24 |
|
Porphyry Dyke |
TL-14-520 |
|
MZTLD |
|
59.0 |
|
84.0 |
|
25.0 |
|
1.01 |
|
- |
|
1.01 |
|
Porphyry Dyke |
|
|
includes |
|
59.0 |
|
74.0 |
|
15.0 |
|
1.40 |
|
- |
|
1.40 |
|
Incl.VG |
TL-14-521 to TL-14-525 |
|
|
|
Assays pending |
TL-14-526 |
|
MZTLD |
|
62.0 |
|
123.0 |
|
61.0 |
|
3.44 |
|
- |
|
3.44 |
|
Porphyry Dyke |
|
|
includes |
|
62.0 |
|
92.0 |
|
30.0 |
|
6.64 |
|
- |
|
6.64 |
|
Incl.VG |
TL-14-527 to TL-14-538 |
|
|
|
Assays pending |
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 $41.47/gram ($1290/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. |
|
Down-hole thickness, true width varies depending on drill
hole dip; most 2014 drill holes are intersecting the vein
structures perpendicularly therefore down hole width are close to
true width |
|
More than 12,000 m of new drilling (2013/2014) and over 8,000m
of historical core from 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 Q2/Q3 of 2014 which will
encompass gold, tungsten and the results from the metallurgical
testing program currently in progress. The Company has limited deep
drilling at Monument Bay which is located in an Abitibi style Green
Stone Belt and has the same style of gold and tungsten
mineralization as the Hollinger Mine in the Timmins Camp. These
types of deposits are known to extend beyond 2,000 m.
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 ~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/Figure1MGP.jpg.
To view Figure 2: 2014 Drill Hole Cross Section, please visit
the following link:
http://media3.marketwire.com/docs/Figure2MGP.jpg.
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 km North of Red Sucker Lake 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.
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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