New PR late Wed. We're heading up. Thar's GOLD in them thar hills.
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
Thunder Bay, Ontario
August 3, 2011
Shares Issued: 76,256,980
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
For further information, please contact:
Mega Precious Metals Inc.
Jim Rogers, President and Chief Executive Officer
O: 807-766-3380
TF: 877-592-3380
info@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.
