Welcome!

News Feed Item

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) -- 05/22/14 -- 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


----------------------------------------------------------------------------
                                                             Au
                                              Au    WO3   Grade
                      FROM     TO  Width   Grade   Grade Equiv.
HOLE#      ZONE        (m)    (m)    (m)   (g/t)     (%)  (g/t)     Comments
----------------------------------------------------------------------------
                                                                 HW Porphyry
TL-14-513  MZTLD      93.0  100.0    7.0    0.93       -   0.93         Dyke
----------------------------------------------------------------------------
                                                                    Porphyry
TL-14-516  MZTLD      94.0  112.5   18.5    1.81       -   1.81         Dyke
----------------------------------------------------------------------------
           includes  98.65  110.5  11.85    2.71       -   2.71      Incl.VG
----------------------------------------------------------------------------
                                                                    Porphyry
TL-14-518  MZTLD      85.0  137.0   52.0    0.50    0.07   1.34         Dyke
----------------------------------------------------------------------------
           includes   86.0  116.0   31.0    0.60    0.11   1.98      Incl.VG
----------------------------------------------------------------------------
                                                                    Porphyry
           includes  113.0  116.0    3.0    0.90    1.17  15.11         Dyke
----------------------------------------------------------------------------
                                                                    Porphyry
TL-14-519  MZTLD      49.0   65.0   16.0    0.75       -   0.75         Dyke
----------------------------------------------------------------------------
                                                                    Porphyry
           MZTLD      80.0   98.0   18.0    0.54    0.03   0.96         Dyke
----------------------------------------------------------------------------
                                                                    Porphyry
           includes   96.4   98.0    1.6    1.58    0.30   5.24         Dyke
----------------------------------------------------------------------------
                                                                    Porphyry
TL-14-520  MZTLD      59.0   84.0   25.0    1.01       -   1.01         Dyke
----------------------------------------------------------------------------
           includes   59.0   74.0   15.0    1.40       -   1.40      Incl.VG
----------------------------------------------------------------------------
TL-14-521
 to TL-14-
 525                                      Assays pending
----------------------------------------------------------------------------
                                                                    Porphyry
TL-14-526  MZTLD      62.0  123.0   61.0    3.44       -   3.44         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 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/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.

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
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo Silicon Valley Call for Papers is now open.
DevOps at Cloud Expo – being held October 31 - November 2, 2017, 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 r...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.
SYS-CON Events announced today that Carbonite will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Carbonite protects your entire IT footprint with the right level of protection for each workload, ensuring lower costs and dependable solutions with DoubleTake and Evault.
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...