HUNDER BAY, ONTARIO, Feb 09, 2015 (Marketwired via COMTEX News Network) -- Mega Precious Metals Inc. (TSX VENTURE: MGP) ("Mega") is pleased to
announce the company has commenced a 5,000 metre winter drill program
at the Monument Bay Gold and Tungsten Project located in Manitoba.
The company has two drill rigs on the property focusing on resource
expansion and new target development building on the success of the
2014 drill results which demonstrated a robust and high-grade
gold/tungsten system. This mineralized system continues to have
significant potential for resource expansion on strike along the Twin
Lakes Shear Trend as well as outlining new mineralized structures
such as the South Limb and Altered Island Shear Trends (December 1,
2014).
Winter Program Focus
-- The winter drill program will target prospective mineralized zones along the three main trends with the goal of discovering new zones of gold and tungsten mineralization. -- The top 10 exploration targets are in close proximity to the Twin Lakes Deposit. -- Each target is based upon the occurrence of new and/or historic high grade gold/tungsten intercepts with visible gold (VG) and scheelite, mineralized shearing, carbonate-sericite-silica alteration, together with coincidental soil and/or rock anomalies within the stratigraphy. -- Each target has the near-term potential to significantly add and also extend known mineralization associated with our Twin Lakes Deposit. -- Drilling started last week and the first phase of the winter program is expected to be completed during the second quarter of 2015.
Glen Kuntz, P.Geo, President and CEO, stated "We are excited to
announce the commencement of our winter drilling program. Drilling
will focus on expanding resources along the Twin Lakes Shear Zone and
targeting multiple geophysical and geological anomalies along the
South Limb and Altered Island Shear Trends. Ongoing modelling and
interpretation of Mega's drilling in conjunction with re-logging of
historic drilling has been utilized to develop multiple targets that
require follow up drilling. Our December 1, 2014 press release
outlines a number of targets that have never been tested and offer
near term potential to develop into a new multimillion ounce
gold/tungsten mining camp, which has the potential to provide
significant value creation for our shareholders."
Winter Drilling Program
Drilling results from the fall program indicates that the South Limb
structure displays very similar geological characteristics as the
Twin Lakes Shear Zone including contrasting rock types that host gold
and tungsten mineralization. Several zones of strong alteration have
been identified in drilling associated with mineralized shearing,
quartz-carbonate-sericite alteration, gold and scheelite (tungsten)
assays within an ultramafic intrusive which are all indicators of the
potential of the area. The South Limb structure lies approximately
1.5 km south of the Twin Lakes conceptual open pit and is associated
with the same geological sequence of host rocks that support the Twin
Lakes resource. (Figure 1)
The Gold Pond and 498 West Extension targets, located within the Twin
Lakes Shear Trend, are 4-6 kms east of the Twin Lakes Deposit. These
targets have been further defined from our recently completed
geophysics compilation along with various geochemical surveys,
channel sampling, magnetics, Induced Polarization (IP), regional
mapping and some historic drilling and are accompanied by strong
path-finder elements such as elevated tungsten (Scheelite) and
multiple occurrences of visible gold. Each of these targets have
potential for high grades as well as bulk tonnage gold and are ready
to be drilled in the upcoming program. (Figure 2)
To view Figure 1: 3D Plan View Looking Down to the North of the
Regional Geophysics Inversion Solids, Current Drilling, Twin Lakes
Conceptual Pit and South Limb Targets, please visit the following
link: https://media3.marketwire.com/docs/MGP-Figure1-Feb09.pdf.
To view Figure 2: 3D Plan View Looking Down to the North of the
Regional Geophysics Inversion Solids, Current Drilling Associated
with Gold Pond and 498 West Extension Targets, please visit the
following link:
https://media3.marketwire.com/docs/MGP-Figure2-Feb09.pdf.
The Twin Lakes Deposit is one of three gold/tungsten deposits that
make up the 338km2 area within the Monument Bay Project. The project
has potential development advantages given the current winter road
access to its camp from local communities and Manitoba's Northern
Development Strategy which is building all-purpose roads and
infrastructure improvements within the region. Once these are
complete, Mega will have all-purpose roads within approximately 52 km
of our project area. The current power lines which connect Red Sucker
Lake First Nation and God's Lake Narrows First Nation have very low
electricity rates (estimated at $0.02-0.04/kWh) and are approximately
48 km 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 November 21, 2014 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.
Tim Twomey P. Geo, VP Exploration, is the Qualified Person for the
information contained in this press release and is a Qualified Person
defined by National Instrument 43-101. Tim was most recently VP
Exploration for Premier Gold Mines Limited, and prior to that was
Senior Exploration Geologist for Goldcorp Inc. at their flagship Red
Lake Mine.
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.
Contacts: Mega Precious Metals Inc. Glen Kuntz, P.Geo. President, Chief Executive Officer & Director O: 807-766-3380 or TF: 877-592-3380 info@megapmi.com www.megapmi.com
SOURCE: Mega Precious Metals Inc.
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