Welcome!

News Feed Item

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 Surface at Monument Bay

THUNDER BAY, ONTARIO -- (Marketwired) -- 05/05/14 --

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, discussed the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filterin...
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Much of IT terminology is often misused and misapplied. Modernization and transformation are two such terms. They are often used interchangeably even though they mean different things and have very different connotations. Indeed, it is somewhat safe to assume that in IT any transformative effort is likely to also have a modernizing effect, and thus, we can see these as levels of improvement efforts. However, many businesses are being led to believe if they don’t transform now they risk becoming ...
"We provide DevOps solutions. We also partner with some key players in the DevOps space and we use the technology that we partner with to engineer custom solutions for different organizations," stated Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...