Monument Bay Project
The Monument Bay Project, Mega Precious Metals Inc.'s, most advanced project, is located 570 km northeast of Winnipeg and 340 km east southeast of Thompson, Manitoba. The nearest communities are Red Sucker Lake, 60 km to the southwest, and Gods Lake Narrows, 100 km to the west. Hydro power lines currently run as far as Red Sucker Lake.
Size of Property
The N.E. Manitoba property consists of 136 contiguous claims totaling over 371km2.
Ownership
The Monument Bay project is 100% owned by Mega Precious Metals Inc.
A Memorandum of Understanding (MOU) has been signed with Red Sucker Lake First Nations to cover certain portions of the Monument Bay Projects that lie within the tranditional lands of the Red Sucker Lake FN.
February 2012 - Mega presented an updated calculation of mineral resources at the Monument Bay Project. Highlights of the updated mineral resource estimate by Tetra Tech include:
- 1.05M Measured and Indicated at a grade of 2.5 g/t and 1.73M Inferred ounces at a grade of 3.78 g/t;
- Since January 2011, Mega has substantially increased the overall resource;
- All final data available as of December 20, 2011 was used in completing the estimate which includes all updated resources from the previous estimate issued June 2011;.
- 30 additional gold anomalies outside this current resource are being explored in 2012; and
- All of the 18 mineralized zones outlined in this updated resource model remain open for expansion and are the subject of an ongoing drill program in 2012.
Monument Bay Project - Measured, Indicated & Inferred Mineral Resources
|
Material |
Classification |
Cut off |
Grade Estimate |
Resource Tonnes |
Contained Au Ozs |
|
Open Pit (OP)
|
Measured |
0.4
|
2.46
|
1,121,000
|
88,781
|
|
|
Indicated |
0.4
|
1.59
|
8,738,300
|
447,547
|
|
|
Inferred |
0.4
|
2.34
|
3,442,000
|
258,496
|
|
|
|
|
|
|
|
|
Underground (UG)
|
Measured |
2.2
|
5.56
|
307,950
|
55,004
|
|
|
Indicated |
2.2
|
5.01
|
2.822,400
|
454,678
|
|
|
Inferred |
2.2
|
4.24
|
10,779,000
|
1,468,178
|
|
|
|
|
|
|
|
|
OP + UG
|
Measured + Indicated |
|
2.50
|
12,989,700
|
1,046,010
|
|
OP + UG
|
Inferred
|
|
3.78
|
14,221,000
|
1,726,674
|
Mineral Resources
Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. The mineral resources in this press release were estimated using CIM Standards.
