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THUNDER BAY, Ontario--(Business Wire)--
Mega Precious Metals Inc. (MGP:TSX-V) ("Mega") is pleased to announce that the
results of the first eight diamond drill holes and surface channel samples
confirm historic exploration and show potential to expand the "Laverty Dyke
Zone". Both drilling and surface channel sampling assays are remarkably
consistent over broad widths of the dyke and demonstrate continuity of
mineralization over the 210 metre (m) strike length of the exposed zone.
Initial diamond drill results are consistent with the previous drilling done in
1981. Mega`s first four holes (ML0901 - ML0804) situated centrally on the Dyke
Zone confirmed the vertical continuity to a depth of over 200m. Holes ML0905
through ML0908 were completed approximately 30m apart on strike have been able
to reproduce earlier results. The Laverty Dyke Zone was reported to contain a
historical resource of 790,000 tons at 0.08 ounces per ton (2.73 g/t) in
government assessment files (B.Gillies, 1982). Although Mega drill results are
confirming historic drill results, Mega is not treating historic intersections
or resources as compliant with National Instrument 43-101.
Detailed channel sampling has returned an average grade of 3.63 grams per tonne
(g/t) over an average width of 6.15m. These results from fifteen composite
channel sample lines spaced approximately 10m apart, across the dyke tested a
190m strike length of the 210m long surface exposure of the north-northwest
striking, steeply east dipping diabasic textured dyke.
The Laverty property is located 1.5km west of the town of Red Lake, Ontario and
consists of six (6) patented claims on the boundary between Heyson and Dome
Townships. Mega management believe that their Laverty and East My-Ritt
properties (North Madsen) are all part of a much larger gold system that
encompasses the adjacent Howey, Hasaga and Gold Shore mines which historically
produced approximately 640,000 ounces of gold. Mega has an option to acquire a
100% interest in both Laverty and East My-Ritt properties. The property
mineralization hosts two styles of gold mineralization, including near surface,
steeply dipping north-northwest striking diabase Dyke Zone, and the east-west
trending, steeply dipping gold mineralization in sheared granodiorite similar to
the near-by Howey and Hasaga mines.
http://www.megapmi.com/laverty_gallery
Mega has compiled historic geological and geophysical work on the East My-Ritt
and Laverty Properties and has completed geological mapping, outcrop stripping,
channel sampling and INSIGHT Induced Polarization Geophysical Surveys. The Dyke
Zone was the first target to be tested. Mega`s drilling plan is to continue to
develop a resource on the Dyke Zone, to verify and extend historic gold
intercepts and to test targets that have been generated from the above
geological and geophysical programs. Historic intercepts that remain to be
tested include 7.74 g/t gold over 11.2m on the Laverty property, and 18.2 g/t
gold over 3.65m on the adjoining East My-Ritt property.
Laverty Dyke Zone Channel Sample Results September 2009
(Previously released indicated by an *, True width is 95% of channel width)
Zone Section Vertical Au Au Grade Channel
Intercept core length (g/t) Interval
(m) (opt/feet) (m)
Dyke 230N 0 0.033/9.5` 1.13 2.90
Dyke 190N 0 0.02/13.8` 0.64 4.20
Dyke 180N 0 0.01/22.3` 0.17 6.80
Dyke 170N 0 0.13/15.4` 4.34 4.70
Dyke 160N 0 0.07/30.3` 2.39 9.25
Dyke 150N 0 0.04/12.3` 1.25 3.75
Dyke 140N 0 0.07/18.2 2.38 5.55
Dyke *130N 0 0.05/25.6` 1.85 7.80
Dyke *120N 0 0.31/39.0` 10.71 11.90
Dyke *110N 0 0.04/12.0` 1.43 3.65
Dyke *100N 0 0.10/20.3` 3.25 6.20
Dyke *90N 0 0.12/35.3` 4.00 10.75
Dyke *65N 0 0.11/22.64` 3.66 6.90
Dyke 40N 0 0.16/5.9` 5.61 1.80
Dyke 20N 0 0.02/2.3` 0.56 0.70
Assays for samples < 3.0 g/t are the original fire assays and for fire assay samples > 3.0 g/t
the rerun sample done by gravimetric method is included in the average
Laverty Dyke - Summary of Drill Results September 2009
(Assay Zones defined by a 1.0 gram per tonne cutoff, True width is 60% to 90% of intersection width)
MEGA 2009 Dyke Zone Drill Results
Hole# Section Core Vertical Au Au Grade Core
Intercept Intercept core length (g/t) Interval
(m) (m) (opt/feet) (m)
ML0901 128N 50.0-62.1 -52 0.10/39.7` 3.34 12.1
ML0902 128N 88.5-91.5 -90 0.04/6.6` 1.25 3.0
ML0903 128N 113.0-146.0 -110 0.08/108.3` 2.72 33.0
Includes 113.0-118.8 -98 0.09/19` 3.01 5.8
and 128.0-146.0 -117 0.11/59` 3.93 18.0
ML0904 128N 175.6-210.0 -175 0.06/112.9` 2.18 34.4
Includes 175.6-180.6 -161 0.06/16.4` 2.12 5.0
And 183.6-186.6 -168 0.31/9.8` 10.53 3.0
And 201.4-210.0 -186 0.08/28.2` 2.84 8.6
ML0905 94N 43.0-79.9 -44 0.10/91.5` 3.56 27.9
Includes 43.0-50.0 -36 0.13/22.96` 4.3 7.0
and 53.5-70.9 -48 0.12/57` 3.93 17.4
ML0906 63N 50.2-63.6 -40 0.07/44.0` 2.45 13.4
Includes 50.2-55.2 -37 0.13/16.4` 4.57 5
and 61.7-63.6 -44 0.09/6.2` 3.07 1.9
ML0907 32N 31.0-49.6 -31 0.06/61.0` 2.21 18.6
ML0908 0N 21.0-41.5 -23 0.09/67.3` 3.00 20.5
The channel sampling program and the phase 1 drill program consists of a minimum
of 4,000 metres of diamond drilling are being conducted under NI 43-101 quality
assurance and quality control reporting standards. QA/QC procedures include the
insertion of blind independent gold standards and blank samples in the sample
stream. Assay results from channel samples were received from Accurassay
Laboratories, mineral analysis laboratory in Thunder Bay, Ontario, accredited
for preparation and mineral analysis utilizing both fire assay and screen
metallic methods. A Chain of Custody protocol for the handling and shipping of
samples is being rigorously followed.
Jim Rogers, President and CEO of Mega states; "The Dyke Zone is a unique style
of gold mineralization found in the Red Lake Camp that may potentially provide a
source of low cost surface pit and or underground bulk mineable gold. The
availability of infrastructure, improvements to mining and milling technology
combined with numerous areas to be tested all give optimism for the potential to
grow an economic centre of gravity on our North Madsen claims. With the results
continuing to meet and exceed expectations and with Mega in a cashed up
position, the drilling will continue well beyond the phase 1 program."
This press release is approved by Mr. Gord Yule, P.Geo., Qualified Person and
Vice President Exploration for Mega Precious Metals Inc.
Jim Rogers, 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 several projects 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.megampi.com
This news release includes certain forward-looking statements concerning the
future performance of our business, its operations and its financial performance
and condition, as well as management's objectives, strategies, beliefs and
intentions. The Company does not intend, and does not assume any obligation, to
update these forward-looking statements. Forward-looking statements are
frequently identified by such words as "may", "plan", "expect", "anticipate",
"estimate", "intend" and similar words referring to future events and results.
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. All forward-looking
information is inherently uncertain and subject to a variety of assumptions,
risks and uncertainties, including the speculative nature of mineral exploration
and development, fluctuating commodity prices, competitive risks and the
availability of financing and as described in more detail in our recent
securities filings available at www.sedar.com. Actual events or results may
differ materially from those projected in the forward looking-statements and we
caution against placing undue reliance thereon.
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.
Mega Precious Metals Inc.
Jim Rogers, 807-766-3380
President and Chief Executive Officer
ir@megapmi.com
Copyright Business Wire 2009
