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RED LAKE DRILLING CONFIRMS STRUCTURAL AND GOLD ASSAY CONTINUITY ON THE LAVERTY DYKE ZONE
Thunder Bay, Ontario
January 14, 2010
http://www.megapmi.com/recent/2010-jan_-14_laverty_assays
MEGA PRECIOUS METALS EXTENDS BLUE CARIBOU DEPOSIT TO 225 METRE DEPTH AND DEMONSTRATES POTENTIAL FOR A LARGE SCALE COPPER-SILVER DEPOSIT
http://www.megapmi.com/recent/nr_02-12-2009_blue_caribou_drill
"... the current drilling program is returning consistently high grade intercepts and with the depth potential extended, Blue Caribou has the potential to be a large scale copper-silver deposit. In 2010 we plan to conduct metallurgical testing, to focus our exploration program on extending the deposit at depth and along strike as well as exploring new zones... ”
MEGA PRECIOUS METALS ACQUIRES 100% OPTION ON
THE MINK LAKE AND THE SUNSHINE LAKE PROPERTIES
Thunder Bay, Ontario
November 13, 2009
Shares Issued: 43,605,780
Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to announce that it has signed a definitive agreement to acquire a 100% interest in the “Mink Lake” property in Birch Lake area, northeast of Red Lake, Ontario and the “Sunshine Lake” property south of Dryden, Ontario from Perry English, on behalf of Rubicon Minerals Corp (“Vendor”).
The Mink Lake property is located approximately 100 kilometres east-northeast of Red Lake, Ontario and consists of nine (9) unpatented mining claims totaling approximately 5150 acres. The Mink lake area lies west of Cangold and Tribute Birch Lake Properties. The Mink Lake property is an early stage project within the Birch-Uchi Greenstone belt gold system.
The property has been historically prospected and a number of very high gold assays from samples taken by Madsen Red Lake Gold Mines Ltd. include 3 inches of 1015.7 ounces Au per ton (O/T), 5 inches of 1591.8 O/T and 4 inches of 1666.5 O/T. Sampling by Esso Minerals Canada Ltd. also included gold assays up to 1.14m of 30.07 g/t. These results do not reflect average values.
The Sunshine Lake property is located approximately 31 kilometres south-southeast of Dryden, Ontario and consists of twelve (12) unpatented mining claims totaling approximately 3963 acres. The Sunshine Lake property is an early stage exploration project on a greenstone belt that exhibits strong evidence of a gold mineral system and the structural deformation that can potentially host economic orebodies.
In 1988 the Ontario Geological Survey reported in the Summary of Field Work and Other Activities, (Misc. Paper 141.017 - Project Number 86-21. “Gold Studies in the Manitou Lakes-Stormy Lake Belt, Districts of Kenora and Rainy River, by J.R. Parker and M. Perrault”) that gold mineralization is widespread throughout the Manitou Lakes-Stormy Lake belt and the gold deposits are spatially and genetically related to a major tectonic zone that was the focus for shear development, and intrusive and hydrothermal activity. Detailed prospecting was recommended in the vicinity of Mosher Bay and Sunshine Lake, where results of the author's sampling indicate that anomalous gold mineralization occurs in a variety of variably altered, pyritic rock types. OGS grab samples of pyritic, carbonatized gabbro yielded 130 ppb gold, a pyritic, dacitic flow contained 210 ppb gold, and a sample of pyritic, carbonatized mafic flows, taken from a small point on the north shore of Sunshine Lake, assayed 0.19 ounce gold per ton (MP141.017, Parker et al. 1988).
Both properties are strategically located in developing camps and appear to have the right structures, rock types and mineralization in accessible locations that could support the discovery and development of economic gold deposits. Mega plans to compile all available data and prospect both properties this fall with the intention of formulating subsequent exploration programs.
Vendor holds an option to acquire a 100% interest to the mineral rights of both properties from the Crown. Terms of the option agreement between Mega and the Vendor include cash payments totaling CAD$147,420.00 and issuance of 120,000 common shares of Mega.
Initial payment obligation at signing of the Definitive Agreement between the parties is CAD$24,420.00 and an issuance of 30,000 Mega shares. The Vendor retains a 1.5% Net Smelter Royalty with Mega on both the Mink Lake and the Sunshine Lake Properties subject to the right of Mega to purchase one-half (0.75% NSR) of the royalty on the Mink Lake Property and Sunshine Lake Property for $1,000,000.00 at any time during the one (1) year period following the Closing Date. Mega shall retain a right of first refusal on acquisition of the entire or any part of the NSR at all times.
Terms and share issuance remain subject to TSX Venture Exchange and all regulatory approvals.
This press release is approved by Mr. Gord Yule, P.Geo, Qualified Person and Vice President Exploration for Mega Precious Metals Inc. Mr. Yule has over 30 years of mineral exploration and mine development experience in industry and as a mineral development regulator with the provincial government.
Jim Rogers, P.Geo, President and CEO, has 30 years experience, 20 in Red Lake as former Chief Mine Geologist at the Dickenson Gold Mine, forerunner to the prolific Red Lake Mine complex and most recently Regional Exploration Manager for Goldcorp in the Red Lake gold camp.
Mega Precious Metals Inc. is a well financed Canadian-based mineral exploration company with sufficient cash to carry out all planned exploration programs on properties in Northwestern Ontario, Nunavut and the Yukon. 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
Now, the news is coming faster... 3X in October so far...
http://www.megapmi.com/recent
Mega Precious Metals will be the new name here in September -
http://www.megasilver.ca/home/news/20090817
broke through briefly but got knocked down... we'll see.
Heading towards resistance... but in this market, I don't forsee any problems breaking through. FWIW.
Yep... and look at that candle today!!!
That gap up is still holding up...
Yep... it appears to be in and some further consolidation should steady this for the new upleg.
Indicators are turning upward making me think we have seen the bottom... the market will tell us.
Particularly silver...
In Silver, or precious metals in general? Why do you like Mega Silver? I read a report a little while back that said they have some 14M in cash on hand. Is this true?
Of course!!! There has never been a better time to step into this market.
Anyone still around here?
A few hours and some pixie dust and HI HO Silver! a new i-Box!!!
* The novelist George Eliot once said that "it is never too late to become what you might have been." That quote inspires me to seek those investments in the future that I didn't in the past.
Cool... we just started this board and just as construction commences, we get our very first boardmark! NICE!!!
* The novelist George Eliot once said that "it is never too late to become what you might have been." That quote inspires me to seek those investments in the future that I didn't in the past.
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Mega Precious Metals is a junior Canadian-based precious metal exploration company with projects in Red Lake, the Yukon and Nunavut. Mega is committed to an accelerated growth strategy and despite the market uncertainties, remains optimistic about commodities in general and the precious metals outlook in particular.
Backed by a team of experienced mining experts and a strong financial position, Mega Precious Metals is well poised for rapid expansion through quick response to new opportunities and changes in the market.
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