News today at 16:09 Mega Precious Metals (V.MGP) poised to grow Manitoba gold-tungsten project
Mega Precious Metals Inc. (TSX: V.MGP, Stock Forum), a company with an advanced gold-tungsten project in northeastern Manitoba, has been hit hard by tax loss selling in recent weeks.
But the recent decline in the stock price may be an opportunity, as the Thunder Bay, Ont., company is ready to press ahead with exploration and development at its flagship Monument Bay Project, which company officials believe has the potential to be a mine.
The wholly-owned Monument Bay project is situated on a gold-bearing shear system and is located 570 kilometres northeast of Winnipeg.
Spanning 338 square kilometres of ground, this project has seen extensive exploration dating back to 1987 and the delineation of three mineralized zones (Twin Lakes, Mid East and AZ) is predicated on diamond drill data and re-sampling of over 30,000 metres of historical diamond drill core, as well as surface stripping.
Confidence in Monument Bay was raised in October, 2014, when the company released an updated resource that included 13,500 metres of infill drilling and 11,000 metres of old core assay program sampling.
A key achievement was expansion of a high grade “starter pit” at Twin Lakes, which grew to 1.05 million measured and indicated gold ounces, grading 2.73 grams per tonne, based on near-surface mineralization, plus 250,000 inferred gold ounces, grading 2.41 grams.