Mega Precious Metals Inc MPRXF

January 09, 2012 - Headway News

[RX4H1N1]

https://www.megapmi.com/releases/nr_09-01-2012_nm_exploration_update

Headway Project:

Some of the key developments and aspects include:

• MH1103 is currently located at 2474 m and is coring (see figure 3).
  • Current rock type is a bleached mafic volcanic that has strong biotite, chlorite,
    ± andalusite, ± epidote, and silica alteration.
    • These bleached basalts are strongly leached in CAO, Fe2O3, MGO, MNO and Na2 which represent the same geochemical signature as the rocks found in the Red Lake Mine.

• To date the drilling has confirmed the following:
  • The geological model has been proven to a depth of ~2601 m;
  • 2 of the holes have encountered the mafic/ultramafic volcanic sequence of the Balmer Assemblage that hosts high grade mineralization, which includes the current hole;
  • The current geochemical signature of the mafic volcanic sequence is displaying very similar characteristics to the bleached mafic volcanics found in the Red Lake Mine; and
  • The current known geological horizon is known to host the current sulphide and bonanza gold mineralization associated with the Red Lake Mines.

Mr. Rogers commented, "Mega is committed to finding and making mines. Red Lake and the North Madsen area have a rich history of underground mining. Mega’s approach to unlock the economic potential of the North Madsen Project is to compile and analyze the drilling and historical mining done throughout the years. I believe that when one steps back and considers the advances in mining technology, large scale equipment and improvements to milling, metallurgy and recovery that the North Madsen property is very comparable to districts where open pit mining is common place. The technical issues at Headway have delayed and overshadowed the project, however, we believe in the potential of a high grade zone(s) in the hanging wall of Goldcorp’s Red Lake Gold Mines and our goal is to get to a target depth in 2012. We are excited and look forward to discovering new gold ounces and moving Mega’s Red Lake and Monument Bay projects closer to feasibility in 2012.”