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 338km2.
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.
June 2013 - Mega presented an updated calculation of mineral resources at the Monument Bay Project. Highlights of the updated mineral resource estimate by Tetra Tech include:
- Measured and Indicated Resources of 2.9 M Ounces of Gold at 1.3 g/t Au
- Upgrading 1.8 M ounces in classification, an overall increase of 94% from the previous resource estimate.
- Inferred Resources of 0.7 M Ounces of Gold
- High Grade Starter Pit providing optionality, flexibility and potential rapid payback
- Monument Bay is estimated to contain a distinct, higher-grade Measured and Indicated open-pit resource of 667,308 ounces of gold averaging 2.7 g/t Au at a 1.5 g/t Au cut-off
- Over 143,460 m of drilling, plus channel sampling and surface mapping incorporated into the geological model
- Includes over 32,500 m of drilling since the last resource update
- Improved Confidence in the Twin Lakes Open Pit deposit with 91% of the resource in the Measured and Indicated category
- Additional Unconstrained Open-pit Resources at the Expanding Mid East and AZ Zones increasing total Measured and Indicated resources to 80,084 ounces of gold and Inferred resources to 312,361 ounces of gold.
- Defined Repeatable Cores every 180-290 m that are consistent and predictable continue along strike and depth providing potential for significant resource expansion
- Recently Discovered gold and tungsten zones, offering further potential upside
Monument Bay Project - Measured, Indicated & Inferred Mineral Resources
|
Material |
Cut – Off Category |
Classification |
Tonnes (000’s) |
Gold (Au) Grade |
Au Ounces (000’s) |
|
Pit Constrained Twin Lakes Deposit |
Open Pit (0.7 g/t) |
Measured (M) |
15,543 |
1.5 |
736 |
|
Indicated (I) |
46,941 |
1.4 |
2,060 |
||
|
Subtotal M & I |
62,484 |
1.4 |
2,796 |
||
|
Inferred |
7,630 |
1.2 |
289 |
||
|
|
|||||
|
Underground (4.0 g/t) |
Measured (M) |
0.1 |
4.3 |
0.2 |
|
|
Indicated (I) |
133 |
5.5 |
24 |
||
|
Subtotal M & I |
133 |
5.5 |
24 |
||
|
Inferred |
592 |
5.0 |
96 |
||
|
Mid East and AZ Deposits |
Open Pit (0.4 g/t) |
Measured (M) |
- |
- |
- |
|
Indicated (I) |
4,529 |
0.5 |
80 |
||
|
Subtotal M & I |
4,529 |
0.5 |
80 |
||
|
Inferred |
18,238 |
0.5 |
312 |
||
|
|
|||||
|
Combined Deposits |
Open Pit |
Total M& I |
67,014 |
1.3 |
2,876 |
|
Total Inferred |
25,868 |
0.7 |
602 |
||
|
Underground |
Total M&I |
133 |
5.5 |
24 |
|
|
Total Inferred |
592 |
5.0 |
96 |
||
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.
