RE: Manitoba's newest gold rush? Mar. 03/ 12 Another junior mining company, Mega Precious Metals Inc., is further ahead than Bison at a property called Monument Bay, 340 kilometres southeast of Thompson and 60 kilometres northeast of Red Sucker Lake.
Last month it published an updated mineral resource estimate of 1.05 million ounces of gold. A week later it announced a $15-million private placement to fund Mega's exploration and development activities.
Chris Beaumont Smith, manager of mineral policy and business development for Manitoba, says it's one of the largest undeveloped gold discoveries in Canada.
That region is believed to have the same geology as the Ring of Fire region in northern Ontario that has attracted several exploration companies. Cliffs Natural Resources has a major chromite project in the pre-feasibility stage of development in the region.
"This region (in northern Manitoba) should be significantly staked," Beaumont-Smith said. "Mega Precious Metals has a significant resource and the next drill hole 165 kilometres west. That is unheard of anywhere else in the country."