MEGA PRECIOUS METALS EXPANDS DYKE ZONE AND CONFIRMS NEW SOUTH ZONE ON THE LAVERTY RED LAKE PROPERTY
- ML0917 intersects 4.00 grams per tonne (“gpt”) of gold (“Au”) over 10.0 metres(“m”) in Dyke Zone
- ML0913 intersects 4.46 gpt over 5.8m and ML0911 intersects 3.46 gpt over 4.1m in South Zone
Thunder Bay, Ontario
November 17, 2009 Shares Issued: 43,605,780
Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to announce the results of twelve additional drill holes numbered ML09-09 to ML09-20 on the Laverty Red Lake gold property. Seven (7) diamond drill holes (ML0914 - ML0920) from the “Laverty Dyke Zone” continue to confirm continuity of assay results and remarkably consistent assays over broad widths of the dyke. Encouraging gold values were also received from the five (5) drill holes (ML09-09 to ML09-13) competed on the Main Zone and South Zones located 200m south of the Laverty Dyke Zone. The Main and South Zones appear to be part of a much larger stockwork, breccia vein system hosted in the Dome Granodiorite. Results of the Laverty Dyke surface channel sampling and the first eight drill holes were previously released on October 13, 2009.
Jim Rogers, President and CEO commented that “recent drilling at Laverty is confirming our belief in a much larger gold system. Near surface values demonstrate that the property contains resource grades and geometry that could support surface bulk mining. Drilling will continue in 2009 and 2010 to expand and delineate these discoveries and to test other numerous targets on the Laverty and East My-Ritt properties. Resource growth on these properties will put a solid value base under Mega.”
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 former producing 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. The Laverty channel map can be viewed on our website in the North Madsen gallery at http://www.megapmi.com/assets/gallery/laverty_dyke_chan_au_tr_bars_oc8.jpg
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Laverty DYKE ZONE
Summary of Drill Results October 2009
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HOLE#
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ZONE
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SECTION
(m)
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CORE INTERVAL* (m)
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VERTICAL DEPTH (m)
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GOLD (g/t)
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INTERVAL
(m)*
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ML0914
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Dyke
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160N
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43.7 – 57.9
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-33
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1.813
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14.2
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|
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Includes
43.7-45.0
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11.054
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1.3
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ML0915
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Dyke
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160N
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80.0 – 83.0
|
-71
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2.101
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3.0
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|
|
|
|
|
|
|
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ML0916
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Dyke
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180N
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71.0 – 77.5
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-48
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1.500
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6.5
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|
|
|
|
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ML0917
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Dyke
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93N
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71.0 – 81.0
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-54
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3.999
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10.0
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|
|
|
|
|
|
|
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ML0918
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Dyke
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93N
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90.2 – 92.7
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-78
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2.634
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2.5
|
|
|
|
|
|
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ML0919
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Dyke
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50N
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72.1 – 88.7
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-59
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1.186
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16.6
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|
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Includes
72.1-77.5
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2.148
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5.4
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And includes 85.5-88.7
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1.834
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3.2
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ML0920
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Dyke
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17N
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82.0 – 89.5
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-61
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3.276
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7.5
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* reflects actual core length, not true width.
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Laverty MAIN & SOUTH ZONE
Summary of Drill Results October 2009
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HOLE#
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ZONE
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CORE INTERCEPT*
(m)
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VERTICAL INTERCEPT (m)
|
AU (G/T)
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CORE INTERVAL*
(m)
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ML0909
|
Main
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70.0 – 71.5
|
|
4.363
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1.5
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|
|
|
|
|
|
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ML0910
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Main
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78.5 – 82.0
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1.965
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3.5
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|
|
|
|
|
|
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ML0911
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Main
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14.9 – 19.0
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3.458
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4.1
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|
|
|
|
|
|
|
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ML0912
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South
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32.7 – 44.0
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|
0.744
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11.3
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|
|
|
|
|
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ML0913
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South
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76.5 – 82.3
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4.461
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5.8
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* reflects actual core length, not true width.
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. 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. 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 additional gold mineralization. The channel sampling program and the drill program consist 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.
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 defined by National Instrument 43-101.
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
O: 807-766-3380
TF: 877-592-3380
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.
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