Mega Precious Metals Inc MPRXF

Headway Drilling Suspended at 2541 metres

[inkstain]

Here is today's update, as per the Mega website:

 

Geological & Exploration Update – January 18, 2012

MH1103

Deep drilling exploration on drill hole MH1103 at the Headway High Grade Project has been suspended as a result of the current drill contractor, Layne Christensen, announcing they are ceasing all Canadian diamond drilling services effective immediately. As of January 16, 2012 the drill was at a depth of 2541 m.

As such, Mega is currently conducting extensive discussions in regards to securing a new drill contractor for the 2012 season.

Based upon the current drill locations, we have doubled the potential mineralized footprint and in the process have acquired much needed geological/geotechnical information that is essential to future definition drilling which will define the true width and depth of the high grade mineralization extensions. We have drilled for structure to locate the controlling features that host the mineralization and the next step is drilling for mineralization, grade and width.

[threepalms]

What's up with LC? It does appear that the company still believes the odds are with us.

[ramblersrest]

Is that info about the driller what the shorts knew ?

[ramblersrest]

This news would make the Pope swear given all the problems we have had at Headway . Just when things were finally going right after several years this happens . HOLY FUC.K !!! . Maybe Mega should get ahold of an old buddy of mine from way back ,Francis McGuire . He runs Major Drilling in Moncton . They drill for minerals throughout the world .  

[threepalms]

In the big picture of things it's not a significant material change to a company the size of LC. As far as how it affects us it is mostly another delay. I would think that management will now take it one step at a time. a)complet hole 3 450 metres. b)depending on the outcome complete sister holes.

[tootall123]

This post has been removed in accordance with Community Policy

[threepalms]

I agree big dissapointment. Thank Goodness for the other 2 projects that are expected to provide positive news soon. I checked the LC web site and they have not put out a news release re this decision.

[hrattle]

What am I reading - problems at hole 3???? What a surprise! Is it coincidence that they hit problems just when they are supposed to be hitting gold? Just teasing rambler - I'm sure they can solve this one. Seems an over-reaction to the news - perhaps a buying opportunity soon - maybe Sheldon and Pinetree should have waited for this drop?

[threepalms]

Murphy's Law strikes again.lol Some day I hope we can all laugh about these challenges. Bet your life that management will not let just anyone take over this hole and when they find someone they will be looking over their shoulder for every metre yet to go on this hole.   Deposit hunters interview clearly states why they expect to find it and where. Intersection between ultramafic units