Mega, Drills 38.5 g/t Au Over 0.70 Metres And 26.1 g/t Au Over 0.80 Metres Extending Mineralised Zones at the Monument Bay Project
Mega Precious Metals Inc. (MGP:TSX-V) ('Mega?) is pleased to
announce assay results from its first 9 diamond drill holes of a planned
15,000 meter summer drill program. To date, this program has extend 3 of
the mineralized zones by as much as 50 metres along strike and upwards
of 75 metres down plunge and delineated one new mineralized structure
bringing the total to 19 discrete mineralized zones. Significant results
from the ongoing summer drill program are tabled below.
Highlights:
C Zone expands with:
Drill hole TL 11-390 intersecting 3.27 g/t gold over 15.0 metres which
includes 38.5 g/t gold over 0.7 metres
Drill hole TL 11-394 intersecting 7.86 g/t gold over 2.0 metres which
includes 11.5 g/t gold over 1.0 metre
GK Zone expands with:
Drill hole TL 11 390 intersecting 4.32 g/t gold over 8.7 metres which
includes 26.1 g/t gold over 0.8 metres
146 Zone expands with:
Drill hole TL 11 397 intersecting 7.91 g/t gold over 5.2 metres
New Zone:
Drill hole TL 11-391 intersects 5.2 g/t gold over 1.0 metre, a newly
discovered mineralized zone, currently located between the C and
Oogath zones.
The planned 15,000 metre drill program has been designed to extend known
mineralization and upgrade current inferred resources into the measured
and indicated categories for incorporation into a future preliminary
economic assessment (PEA) being scheduled for Q1, 2012. The program has
focused on the western corridor of the deposit which is at least 3000
metres in strike length,> 50 metres wide and upwards of 900 metres in
depth and hosts 9 of the 19 mineralized structures. In order to maximize
the addition of near surface, potentially bulk mineable M&I Resources,
the remaining 2011 drilling will focus on upgrading and extending the
'Burn Zone? to the west. All of the drilling Mega has completed to date,
continues to deliver robust widths and grades and significantly expand
the mineralization.
On June 2011, using 116,000 metres of core, Mega compiled an upgraded
resource that added significant ounces to the project. Monument Bay now
hosts an estimated 2.4 million measured and indicated tonnes at 7.61
grams gold for 592,000 ounces contained ounces gold, plus 6.2 million
inferred tonnes at 6.01 grams gold for a further 1.19 million contained
ounces, both using a 3 gram gold cut off. (see Press Release dated
June 27, 2011)
| MEGA 2011 Monument Bay Drill Results | |||||||||||
| HOLE# | ZONE | FROM (m) | TO (m) | INTERCEPT (m) | Au Grade (g/t) | ||||||
| TL-11-389 | C | 109.70 | 119.70 | 10.00 | 2.06 | ||||||
| TL-11-390 | C | 72.00 | 87.00 | 15.00 | 3.27 | ||||||
| Incl | C | 86.30 | 87.00 | 0.70 | 38.49 | ||||||
| TL-11-390 | GK | 97.30 | 106.00 | 8.70 | 4.32 | ||||||
| Incl | GK | 97.30 | 98.10 | 0.80 | 26.14 | ||||||
| TL-11-391 | New zone | 80.70 | 81.70 | 1.00 | 5.23 | ||||||
| TL-11-391 | C | 94.00 | 104.00 | 10.00 | 1.48 | ||||||
TL-11-392 | GK | 135.80 | 138.80 | 3.00 | 1.77 | ||||||
TL-11-392 | C | 167.80 | 172.60 | 4.80 | 1.43 | ||||||
TL-11-393 | 146 | 356.00 | 361.30 | 5.30 | 1.92 | ||||||
incl | 146 | 357.00 | 358.00 | 1.00 | 4.22 | ||||||
| TL-11-394 | C | 82.00 | 103.00 | 21.00 | 1.44 | ||||||
incl | C | 88.00 | 94.00 | 6.00 | 1.38 | ||||||
| incl | C | 101.00 | 102.00 | 1.00 | 11.45 | ||||||
TL-11-396 | C | 139.4 | 145.1 | 6.70 | 1.00 | ||||||
| TL-11-397 | 146 | 457.00 | 462.22 | 5.20 | 7.91 | ||||||
Note: True Width is approximately 75% of Intersection Width
Minimum
Reported Interval of ? 5 gram-metres using a cut-off grade of 0.8 g/t
Since Jan 2011, Mega has completed over 15,000 metres of drilling on the
Monument Bay Project. This current definition program will increase this
total towards of 29,000 metres, which will result in a total of
approximately 145,000 metres drilled on the property.
Mr. Jim Rogers commented 'The results continue to demonstrate the size
and strength of gold mineralization at our Monument Bay Project. Our
exploration to date has outlined sufficient gold resources to move
forward with an advanced underground exploration program in 2012.
Results have also demonstrated that the 'Burn Zone? and west extension
may be a source of bulk-tonnage that can drastically improve the project
economics and increase the total potential gold production model.?
The Monument Bay deposit is open in all directions and Mega management
firmly believes that their Monument Bay property is part of a much
larger gold system that encompasses the Twin Lakes/Stull Lake gold
bearing structures.
Glen Kuntz, Chief Operating Officer (COO), is the Qualified Person for
the information contained in this press release and is a Qualified
Person defined by National Instrument 43-101. Glen was Sr. Resource
Geologist at the Campbell Gold Mine and Global Spatial Data Systems
Coordinator for Placer Dome, Vice President Enterprise Mining Solutions
for Runge Ltd., and most recently, Vice President Global Operations for
GMC Global.
Mega Precious Metals Inc. is a well financed Canadian-based
mineral exploration company with several projects in Northwestern
Ontario, Manitoba and Nunavut. The Company is committed to an
accelerated growth strategy and is backed by a team of experienced
mining experts and a strong financial position. The Company is poised
for rapid expansion through quick response to new opportunities and
changes in the market. Mega′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.
Shares Issued: 76,256,980
Mega Precious Metals Inc.
Jim Rogers, President and Chief Executive
Officer
O: 807-766-3380
TF: 877-592-3380
info@megapmi.com