LAVERTY RED LAKE DRILLING INTERSECTS 3.56 GRAMS PER TONNE GOLD OVER AN AVERAGE WIDTH OF 27.9 METRES

 

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.  

 

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 – Summary of Drill Results September 2009

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.

 

 

For further information and presentation material, please review the Mega website at www.megapmi.com