Mega Precious Metals Intersects 55m of 3.33 g/t Gold Including 15.0 g/t Gold Over 5m, Expands Multiple High Grade Structures ...
12 Giugno 2014 - 12:01AM
Marketwired Canada
Mega Precious Metals Inc. (TSX VENTURE:MGP) ("Mega") is pleased to announce an
additional four (4) holes from its 29 hole, 4,784m winter drill program and six
(6) holes from its OCAP (Old Core Assay Program) on its high grade gold and
tungsten Monument Bay Project, located in Manitoba. The success of the winter
drill program continues to expand multiple high grade gold/tungsten structures
to surface within the porphyritic dyke host rock and associated shear zones at
the Twin Lakes Deposit.
Highlights:
-- Mega's 2014 drill program has now encountered multiple high grade gold
and gold/tungsten structures near surface within broader gold
mineralized zones with multiple occurrences of visible gold ("VG")
-- TL-14-532 intersects 55.0m of 3.33 g/t gold including 15.0 g/t gold
over 5.0m plus 14.0m @ 0.16 WO3
-- TL-14-527 intersects 37.6m of 3.06 g/t gold including 5.32 g/t gold
and 0.12% WO3 over 17.0m
-- The OCAP program continues to define broad gold zones coupled with
multiple gold/tungsten shear zones that were previously left unassayed
-- TL-02-99 intersects 20.0m of 2.38 g/t gold along with 0.98% WO3 over
2.1m
-- TL-03-123 intersects 19.0m of 1.56 g/t gold along with 4.64 g/t gold
and 0.27% WO3 over 8.1m
-- TL-13-503 intersects 24.5m of 1.00 g/t gold including 2.35 g/t gold
and 0.17% WO3 over 8.5m
-- TL-11-427 intersects 43.0m of 1.66 g/t gold including 5.71 g/t gold
over 10.0m plus 0.03% WO3 over 14.0m
Holes TL-14-532, TL-14-531, TL-11-439, TL-11-466 and TL-11-427 have successfully
extended multiple high grade gold and tungsten mineralized structures up to or
near surface at the western portion of the potential Twin Lakes open pit. These
higher grade structures in the west and central portions of the pit constrained
resource demonstrate gold equivalent grades that are comparable to the high
grade structures found in the eastern area where previously released hole
TL-14-526 intersected 61.0m of 3.44 g/t gold including 6.64 g/t gold over 30.0m
plus 8.0m @ 0.21 WO3. (See Figure 1, 2 and 3).
In the central portion, holes TL-14-527, TL-13-503, TL-02-99 and TL-03-123 were
focused on identifying additional near surface high grade gold/tungsten
mineralization through the expansion of the high grade mineralized cores.
The 2014 winter drill program has encountered vein grades X thickness that have
improved since the June 2013 Twin Lake Resource. Collectively, these drill
results continue to identify near surface high grade gold/tungsten
mineralization, within a broader gold mineralized zone all within the upper
5-100 m of the deposit. Subsequent drill programs have the potential to identify
additional high grade structures within and between the high grade starter pits.
(See Figure 1)
Glen Kuntz, P.Geo, President and CEO, stated "We are pleased that our winter
drilling and OCAP programs are delivering multiple high grade gold and tungsten
intercepts. These results either correlate well to or are better than the
estimated grades in our June 2013 gold-only resource estimate. Overall, these
gold/tungsten results have the potential to change the economics of the project
and we continue to be excited at the continuity of the multiple high grade
gold/tungsten structures along strike and at depth. Our goal is to include as
much of the 2013/2014 drilling and OCAP program as possible into an updated
gold/tungsten NI 43-101 resource estimate in Q3 2014."
2014 Gold and Tungsten Infill Winter Drill Results
----------------------------------------------------------------------------
HOLE# ZONE FROM TO Width Au WO3 Au Comments
(m) (m) (m) Grade Grade Grade
(g/t) (%) Equiv.
(g/t)
----------------------------------------------------------------------------
TL-14-522 MZTLD 43.3 58.0 14.7 0.50 - 0.50 Porphyry Dyke
----------------------------------------------------------------------------
MZTLD 83.9 93.3 9.4 0.63 0.02 0.89 Porphyry Dyke
----------------------------------------------------------------------------
includes 92.0 93.1 1.31 0.50 0.15 1.81 Porphyry Dyke
----------------------------------------------------------------------------
TL-14- MZTLD 62.0 123.0 61.0 3.44 0.03 3.77 Porphyry Dyke
526(i)
----------------------------------------------------------------------------
includes 62.0 92.0 30.0 6.64 0.06 7.31 Incl.VG
----------------------------------------------------------------------------
includes 81.0 89.0 8.0 5.82 0.21 8.32 Porphyry Dyke
----------------------------------------------------------------------------
TL-14-527 MZTLD 60.0 97.6 37.6 3.06 0.07 3.89 Porphyry Dyke
----------------------------------------------------------------------------
includes 79.8 97.5 17.7 5.33 0.12 6.76 Incl.VG
----------------------------------------------------------------------------
includes 92.0 97.6 5.6 13.99 0.26 17.19 Incl.VG
----------------------------------------------------------------------------
TL-14-531 MZTLD 142.5 205.0 62.5 0.79 - 0.88 Porphyry Dyke
----------------------------------------------------------------------------
includes 142.5 146.0 3.5 3.21 0.07 4.11 Hole was abandon,
still in
mineralization
----------------------------------------------------------------------------
TL-14-532 MZTLD 80.0 135.0 55.0 3.33 0.05 3.87 Porphyry Dyke
----------------------------------------------------------------------------
includes 80.0 85.0 5.0 15.0 0.02 15.21 Incl.VG
----------------------------------------------------------------------------
includes 123.0 137.0 14.0 5.67 0.16 7.59 Incl.VG
----------------------------------------------------------------------------
Note: TL-14-517, TL- 14-521, TL-14-523 to TL-14-525, TL-14-528 to TL-14-530
and TL -14-533 to TL-14-538 have assays pending. TL-14-531 will be extended
in 2014
(i)TL-14-526 includes both gold and tungsten results, hole was previously
released with gold only assays (refer to May 22, 2014 news release)
2014 Gold and Tungsten OCAP Infill Results
----------------------------------------------------------------------------
HOLE# ZONE FROM TO Width Au WO3 Au Comments
(m) (m) (m) Grade Grade Grade
(g/t) (%) Equiv.
(g/t)
----------------------------------------------------------------------------
TL-02-99 MZTLD 346.0 366.0 20.0 2.38 0.10 3.63 Porphyry Dyke
----------------------------------------------------------------------------
includes 355.4 357.5 2.1 8.37 0.98 20.29 Incl.VG
----------------------------------------------------------------------------
MZTLD 418.5 420.2 1.7 24.96 - 24.96 Incl.VG
----------------------------------------------------------------------------
TL-03-123 MZTLD 94.2 113.2 19.0 1.56 0.05 2.21 Porphyry Dyke
----------------------------------------------------------------------------
MZTLD 174.5 182.6 8.1 4.64 0.27 7.87 Incl.VG
----------------------------------------------------------------------------
TL-11-427 MZTLD 214.0 256.0 42.0 1.58 0.01 1.87 Porphyry Dyke
----------------------------------------------------------------------------
includes 233.0 243.0 10.0 5.71 0.02 6.00 Incl.VG
----------------------------------------------------------------------------
MZTLD 370.0 381.1 11.0 0.76 0.01 0.83 Porphyry Dyke
----------------------------------------------------------------------------
TL-11-439 MZTLD 187.0 192.0 5.0 1.14 0.26 4.32 Incl.VG
----------------------------------------------------------------------------
MZTLD 216.0 218.0 2.0 0.44 0.17 2.44 Porphyry Dyke
----------------------------------------------------------------------------
MZTLD 264.0 273.0 9.0 0.54 0.03 0.87 Porphyry Dyke
----------------------------------------------------------------------------
TL-12-466 MZTLD 95.0 107.0 12.0 0.80 0.05 1.46 Porphyry Dyke
----------------------------------------------------------------------------
MZTLD 131.0 192.0 61.0 1.05 0.01 1.17 Porphyry Dyke
----------------------------------------------------------------------------
includes 145.0 154.0 9.0 2.54 0.02 2.75 Incl.VG
----------------------------------------------------------------------------
includes 189.0 191.0 2.0 2.68 0.19 4.98 Incl.VG
----------------------------------------------------------------------------
TL-13-503 MZTLD 146.5 171.0 24.5 1.02 0.06 1.79 Porphyry Dyke
----------------------------------------------------------------------------
includes 162.5 171.0 8.5 2.35 0.17 4.44 Incl.VG
----------------------------------------------------------------------------
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. 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 Q3 of
2014 which will encompass gold, tungsten and include the results from the
metallurgical testing program. 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. The current Monument
Bay pit constrained resource covers a strike length of 8 kms.
To view accompanying Figures 1 to 3, visit the following link:
http://media3.marketwire.com/docs/MGP_Figures1to3.pdf
The 338km2 property is located on Crown property 570 km northeast of Winnipeg
and 340 km east southeast of Thompson, Manitoba. The nearest communities are Red
Sucker Lake First Nation, 52 km to the southwest, and God's Lake Narrows First
Nation, 100 km to the west.
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, Mega
will have all purpose roads within approximately 52 km of our project area. The
current power lines which connect Red Sucker Lake First Nation and God's Lake
Narrows First Nation have very low electricity rates (estimated at
$0.02-0.04/kWh) and 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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