RED LAKE LAVERTY DYKE ZONE SURFACE CHANNEL SAMPLE ASSAYS AVERAGE UP TO 14.75 GRAMS PER TONNE OVER 11.9 METRES
September 14, 2009 Shares Issued: 35,333,972
Thunder Bay, Ontario
Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to announce that the first batch of channel sample assay results from the “Laverty Dyke Zone” have returned a weighted average grade of 5.99 grams per tonne (g/t) over an average width of 7.87m. These initial results are from six channel lines testing a 75 metre (m) strike length of the 180m long surface exposure of the north-northwest striking, steeply southwest dipping dyke zone.
Assays for the remaining nine channel lines that will test the remaining 105m of surface exposed strike length, and the first 6 diamond drill holes that tested the down dip portion of the dyke are complete, and have been shipped to the Accurassay Laboratories in Thunder Bay for processing.
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Line
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Width (m) (Channel cut length is equivalent to horizontal width, true width is 95% of horizontal width)
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Au
FA/AA
(ppm)
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Au
*Gravimetric (ppm)
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80S
|
7.80
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1.82
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1.89
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90S
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11.90
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6.66
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14.75
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includes
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1.30
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45.46
|
119.39
|
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100S
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3.65
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1.37
|
1.48
|
|
110S
|
6.20
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3.40
|
3.10
|
|
120S
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10.75
|
3.77
|
4.12
|
|
145S
|
6.90
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3.91
|
3.41
|
|
Average All
|
7.87
|
3.96
|
5.99
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*Assays in this column for samples < 3.0 g/t are the original fire assays with AA finish. For fire assay samples > 3.0 g/t the sample was rerun by gravimetric method and is included in the average
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 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 includes near surface, steeply dipping diabase dyke zone, as well as east-west trending, steeply dipping gold mineralization in granodiorite similar to the near-by Howie and Hasaga mines. The Laverty Dyke Zone Channel map can be viewed at http://megapmi.com/laverty_gallery.
In early June, 2009 Mega initiated exploration on a 1.5km portion of a promising northeast-trending structure traversing the East My-Ritt and Laverty properties. Previous exploration diamond drilling on these northeast structures has intersected from nil values up to 18.2 g/t gold over 3.65m on the East My-Ritt Property and from nil values up to 7.74 g/t gold over 11.2m on the Laverty portion of the structure. 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 Section and Gradient Induced Polarization geophysical surveys. The Dyke Zone was the first target to be tested. Mega is currently re-drilling the historic Dyke Zone resource to classify the results but until the drilling is complete the QP is not treating the inferred resource as current or compliant with National Instrument 43-101 standards and such information should not be relied upon.
Diamond drilling continues to include confirmation and extension of other historic drill intercepts as well as new areas where there is interpreted potential for litho-structural traps that may host economic mineralization. The channel sampling program and the phase 1 drill program consisting of a minimum of 4,000 metres of diamond drilling are being conducted under NI43-101 quality assurance and quality control reporting standards. The handling and shipping of samples is being rigorously follows a Chain of Custody protocol. The QA/QC procedure includes the insertion of blind independent gold standards and blank samples into the sample stream. Assay results from channel samples were received from Accurassay Laboratories Ltd., an ISO 17025 accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and mineral analysis utilizing both fire assay and screen metallic methods. The assay table lists both fire assay with an atomic absorption finish and with a gravimetric finish. Gravimetric analytical results typically provide a more accurate and precise measurement of gold content with assays greater than 10 to 15 grams gold. The nugget-effect of coarse gold is a recognized sampling issue in the Red Lake mining camp and the company is continually working with the analytical laboratory to verify results.
Mr. Gord Yule, P.Geo., Vice President Exploration for Mega Precious Metals Inc. is the Qualified Person for the information contained in this press release and is a Qualified Person as defined by NI43-101 standards.
Jim Rogers, President and CEO, is 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.
The prolific Red Lake camp has produced more than 23 million ounces of gold and production of about 700,000 ounces of gold per year continue as the district’s production base from Goldcorp’s Red Lake Gold Mines. When compared to other camps, Red Lake is still a young and developing camp where consolidation, mechanization, improvements to processing technology and “Big Picture” economics will improve margins and drive future success.
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.megapmi.com
For further information, please contact:
Mega Precious Metals Inc.
Jim Rogers, President and Chief Executive Officer
807-766-3380
ir@megapmi.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.
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